EU to minimise the cod fishing in the Baltic Sea

The EU is to  minimize the cod fishing and catches in the Baltic Sea. The member country representatives agreed the new regulation in their meetings in Luxembourg last week.  According to the new regulation, the cod catches should be minimised 60 %  to 3806 tonnes from the beginning of next year.

The new fishing regulations is due to overfishing globally and cod is becoming also much rare due to climate change and due to the biodiversity changes in the Baltic Sea. The fishing of lax was kept at the same level as year before.



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WeWork valuation below 8 billion dollars – Bloomberg



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US banks start the earnings season next week

The US banks will start the earnings season during next week. For example Citigroup, Wells Fargo, JP Morgan, Goldman Sachs and Bank of America will be in the headlines. One of the big questions is the low interest rates and how the banks are coping with the margins.

It is also a question about the timing. How quickly the banks can swift the low rates to deposits? On the other hand mortgage loans are expected to have shown good trend for banks during the third quarter.

For investment bankers, the recent office-rentals company WeWork´s failed IPO listing might show some write offs in the balance sheet. The market valuation for the WeWork was expected to be around 47 billion dollars before the financial worries started.

The financial markets in general have faced the US China trade talks as an issue for market volatility. Now, when the first phase of the deal between the US and China, has been announced on Friday, the situation is expected to calm down a little when more information of the deal will be revealed.

The market speculation of the low interest rates policy in Europe, US and other Asian countries, is expected to continue while for example the US Central Bank Federal Reserve, Fed is expected to make one rate cut in October, according to Reuters.

The reason for low interest rates policy is the global growth concerns due to geopolitical differences, several trade talks and Brexit. In the UK, the Prime Minister Boris Johnson has said on Sunday that he believes the deal can be reached. On the other hand, the EU´s opinion is that the Brexit Plan is not good enough for the EU leaders Summit on the 17-18th October in Brussels.


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VW in talks with electric cars R&D sharing – Bloomberg


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Hong Kong Exchange is not proceeding with LSE

The Hong Kong Exchanges and Clearings (HKEX) has today informed that they will not proceed with the London Stock Exchange Group (LSEG) offer.  The company says it is disappointed about the feedback of the suggested merger, while Hong Kong still sees the merge would have offered the world-leading exchange services and products.

The stocks of the Hong Kong Exchanges and Clearings were up 2,92 % to 232,60 dollars in Hong Kong today.



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WeWork´s layoffs and credit rating cut

The US office-rental company WeWork has said it is in the process of laying some of its employees after the abandoned IPO process. According to Bloomberg, the size of the layoffs will be published later this month.
The company faced also a credit rating cut from Fitch. According to Fitch, the office provider is now in the CCC+ category, which means a junk bond rating. The credit outlook is now negative.
WeWork was planning a 20 billion dollar IPO deal for this autumn, but the largest owner Softbank decided to postpone the IPO related to market conditions.
After the decision the company also announced changes in the top management. The company has now two co-CEOs Artie Minson and Sebastian Gunningham after the former CEO Adam Neumann decided to step back from operating role and focus on the board work.


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Microsoft: Dual-screen devices for multitasking

The US tech company Microsoft (MSFT) has today announced five new products and two new dual-screen devices, Surface Neo and Duo, in its event in New York. According to Microsoft, the new dual-screen devices are being built in order to able more multitasking with one device and to enhance the mobile experience with Android apps.

– Surface Neo is dual-screen device built for productivity on Windows 10X, an expression of Windows 10. A 360-degree full-friction hinge connects two 9” screens, enabling Surface Neo to adapt to whatever posture you need in the moment. When you open it you have a full-size 13” display in the thinnest LCD in its class. It’s built for productivity and multitasking like a true PC would be, the company says.

– Surface Duo is the first Surface to fit in your pocket. Surface Duo brings together the best of Microsoft productivity experiences, Android apps and Surface hardware design into a single device you can take anywhere. And, yes, it makes phone calls. It has two paper-thin 5.6-inch screens that unfold to 8.3 inches, and just like Surface Neo, it can be used in a variety of modes to let you work the way you’d like, Microsoft adds.

-We’re excited to work with developers and the industry to create the next wave of dual-screen computing and unlock a new era of mobile creativity, the big tech says.

The company shares were down 1,79 % to 134,66 dollars in New York after the announcement.

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