- Thomson Reuters
Good morning! Here’s what you need to know.
1. Fewer than half of investment managers born in the EU say they’re “confident” they will keep living in the UK after Brexit, a survey from the CFA Institute released on Wednesday says. The CFA Institute – which represents investment professionals around the world – said that just 42% of investment managers it surveyed were clear that they will stay in the UK once Britain leaves the EU.
2. Swiss bank UBS asked staff whether they would prefer to relocate to Amsterdam, Madrid or Frankfurt after Britain leaves the European Union in a survey sent to its investment bankers on Tuesday, Reuters reported. Financial service firms need a regulated subsidiary in an EU country to offer products across the bloc, which means some are looking to move jobs out of Britain if it loses access to the European single market.
3. Theresa May will make a pitch to fellow EU leaders in Brussels on Thursday as she tries to break a deadlock in Brexit talks that has left Britain’s future trading position up in the air. But EU officials expect no movement in negotiating positions from either side before the other 27 leaders deliver a verdict on progress on Friday.
4. Businesses began distancing themselves from the investor and markets commentator Marc Faber because of an investor letter in which he wrote “thank god white people populated America, and not the blacks.” In the October edition of the “Gloom, Boom, and Doom” report, Faber addressed government regulation and what he considered to be impending issues facing the financial future of the US.
5. Sainsbury’s, Britain’s second biggest supermarket, is seeking to cut up to 2,000 jobs, mainly in its payroll and human resources departments. Sainsbury’s is consulting on measures that would lead to a loss of 1,400 jobs by removing all in-store human resource and payroll clerk roles.
6. British budget airline easyJet won’t enter the rapidly growing long-haul market given its abundance of options to buy parts of failed European airlines, CEO Carolyn McCall said. In the last week, easyJet has confirmed its interest in parts of Air Berlin and Alitalia, which went into administration earlier this year.
7. Bank capital rules are concentrating risk inside the clearing system and making clearing houses increasingly systemically important, the US Commodity Futures Trading Commission’s Brian Quintenz said. The Republican commissioner warned that the leverage ratio have made it too expensive for banks to provide clearing services, leading many to pull out of the business.
8. The Bahrain Defence Force signed a $3.8 billion deal with Lockheed Martin to buy 16 upgraded F-16 aircraft, the official Bahrain state news agency said. In September, the US State Department approved arms sales packages worth more than $3.8 billion to Bahrain including F-16 jets, upgrades, missiles and patrol boats.
9. Brazil said it may renew chicken exports to Indonesia as early as 2018 after the World Trade Organization ruled that the Southeast Asian country’s restrictions on such imports were unjustified. “We understand the decision will allow the elimination of the barriers,” Carlos Cozendey, economic affairs undersecretary at Brazil’s foreign ministry, told a press conference.
10. Mitsubishi said it planned to boost revenue and annual car sales by 30% in the next three years and crank up R&D investment. Announcing its mid-term strategic plan through the end of the 2019 financial year, Japan’s seventh-largest automaker also said it would increase its operating margin to 6% or more.