HSBC gets out of US trouble, Alphabet targeted by the DoJ…

12/11/2019 | 10:39am

HSBC's Swiss subsidiary will pay $192 million to extinguish a legal action in the United States, The US Department of Justice is interested in Alphabet's takeover of Fitbit for antitrust reasons, while the abundance of oil led Chevron to depreciate between $10 and $11 billion in assets.

 

High price to pay. HSBC's Swiss subsidiary will pay $192 million to extinguish a legal action in the United States, challenging the bank for organizing tax evasion by wealthy Americans.

The Middle Kingdom is expensive. Ford Motor wants to halve its losses in China in 2020, a market where automakers are definitely struggling to make a return on their investments, for the moment. The group suffered losses of $1.5 billion last year in the country.

Another brick in the wall. The US Department of Justice is interested in Alphabet's takeover of Fitbit for antitrust reasons in a market dominated by Apple, Samsung and others. Google's parent company announced the acquisition of Fitbit for $2.1 billion. The debate will undoubtedly focus on the additional access to sensitive data, particularly health data, that this new brick will represent in the Google architecture.

Job cuts at Safilo. The Italian group will launch a major restructuring that will result in the loss of 700 jobs, after losing the LVMH licenses. Safilo had been in the spotlight recently because of Kering's rumors of interest, which briefly caused the title to flare up.

Chevron depreciates. The abundance of oil led Chevron to depreciate between $10 and $11 billion in assets. It is also considering the sale of some natural gas projects in response to falling prices.

In other news. AutoZone beats the consensus and shines in the stock market. Facebook is out of the Glassdoor Top 10 of the "places to work" ranking, falling from 7th to 23rd place. Ryanair's general manager estimates that the carrier may not receive from Boeing 737MAX until summer 2020, due to the delay in Europe in approving the new safety tests. Saudi Aramco, whose stock market trading starts today in Riyadh, would already survey investors about a dual listing in Asia. New York Life is negotiating the acquisition of a $6 billion Cigna subsidiary specializing in insurance services for employers. Prosus joins the AEX in Amsterdam.

Romain Fournier
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