UK Economy has a year to forget
Britain's economy grew at its slowest annual rate in nearly a decade in the three months till the end of September.
Year-on-year gross domestic product growth slowed to 1.0 percent from 1.3 percent in the second quarter, Britain's Office for National Statistics said.
The slowdown reflected a smaller-than-expected rebound in quarterly GDP growth after a contraction in the second quarter, when businesses faced an overhang of stocks of raw materials after Brexit was delayed from the end of March.
"Looking at the picture over the last year, growth slowed to its lowest rate in almost a decade," an ONS spokesperson said.
The third quarter, under the new government of Prime Minister Boris Johnson, was riven by fears that the leader would trigger a no-deal Brexit, which many forecasters warned would cause economic strife.
Parliament forced Johnson to seek a delay from the EU, temporarily soothing businesses' no-deal fears at least until the next Brexit deadline, now set for January 31.
Nasper, a South African technology conglomerate, said it would not budge on its $6.3 billion offer to buy British takeaway food platform Just Eat, arguing the merits of their all-cash offer over the all-share combination from rival bidder Takeway.com.
"We actually believe that financial markets are under-estimating the cost of implementing the transformation Just Eat requires to protect its market position and to capitalize on its long-term opportunity," Bob Van Dijk, who runs the Nasper division responsible for the bid, said.
Nasper's offer values Just Eat's shares at $9.14, higher than the $6 billion all-share deal that Just Eat's board has agreed with Takeaway.com which is currently worth about $7.84 per share.
Changes at the top of Credit Suisse
Credit Suisse is making changes to its executive board, appointing veteran employee David Miller as Chief Executive of its investment banking and capital markets business.
Miller will replace James Amine, who is stepping down to take on a newly created job as the New York-based head of Private Credit Opportunities. Miller, who has spent 22 years at Credit Suisse, will take Amine's seat on Credit Suisse's group executive board.
The changes are effective immediately, Credit Suisse said.
TeamViewer booming profits
TeamViewer is especially popular in the IT sector (Credit: ANDREAS ARNOLD /AFP)
TeamViewer is especially popular in the IT sector (Credit: ANDREAS ARNOLD /AFP)
German tech company TeamViewer reported a near-doubling in core profits along with an expansion of its margins in the third quarter of 2019.
The company's billings rose by 63 percent to $91.6 million while cash earnings before interest, taxation, depreciation and amortization jumped by 95 percent to $39.4 million.
The Germany-based company, whose software enables remote connectivity between online devices, has almost half a million subscribers. It offers both free services to customers and paid subscription from business clients.
On September 25, TeamViewer floated in Europe's biggest initial public offering of 2019, valuing the company at $5.8 billion.
Source(s): Reuters