HSBC says 3Q revenue growth slows
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HSBC Holdings PLC, one of the world's largest banks, said Tuesday that its underlying revenue growth slowed in the third quarter on a weaker performance in investment banking and an increase in bad loans.
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Hutchison Whampoa Ltd. has more than 13.5 million 3G mobile phone customers worldwide, but the rate at which it adds new users has slowed substantially.
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Diversified manufacturer 3M Co.   posted a weaker-than-expected quarterly profit on Tuesday and  said global economic growth was slowing, sending its shares  down 4.7 percent and weighing heavily on blue chip stocks  overall.
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SINGAPORE - Singapore&#39;s economy slowed in the third quarter but still recorded growth of 7.7% year-on-year, the government said Monday.
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Singapore&#39;s economic growth slowed to 7.7 percent in the third quarter after a 12.5 percent rise in the previous three months, as its central bank said it would keep a tight rein on monetary policy to support growth amid rising oil prices.
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German software maker SAP said a stronger euro significantly slowed the growth of its revenue and profits during the third quarter.SAP reported third-quarter revenue of &#8364;2.4 billion ($3.4 billion as of Sept. 30, the last day of the period being reported), up 9 percent over the same period last year. Net profit was &#8364;408 million, up 10 percent from a year ago.SAP said its results could have been stronger, but were held back by the stronger euro. Over the last year, the euro has risen 13 percent against the U.S. dollar, going from an exchange rate of $1.27 on Sept. 30, 2006, to hit $1.43 on Sept. 30, 2007.The euro also rose substantially against the Japanese yen, rising from an exchange rate of &#165;150 to &#165;164 during the same period.Excluding the impact of the stronger euro, SAP said its revenue growth would have been four percentage points higher using constant currencies, while the increase in operating profit -- a number that excludes nonoperating income and taxes used to calculate net profit -- would have been five percentage points higher, reaching 14 percent instead of 9 percent.Despite the hit from currency exchange rates, SAP executives were bullish on the third-quarter results and said the company remains on track to post revenue growth of up to 14 percent, in constant currencies, for the full year, compared to growth of 12 percent last year.Revenue from new software licenses in the quarter was &#8364;715 million, up 11 percent from the same quarter a year earlier, or an increase of 15 percent at constant currencies, SAP said.Revenue from software and software related services, which includes maintenance revenue, was &#8364;1.74 billion, up 13 percent from the year before, or 16 percent at constant currencies.The growth rate from new software licenses was&#160;slower than in SAP&#39;s second quarter, when new license sales increased 18 percent. It was also slower than Oracle&#39;s growth from applications for its latest quarter, reported in September, when new license revenue jumped 65 percent, helped by Oracle&#39;s acquisitions.SAP&#39;s growth was sluggish in Germany and the U.S., where revenue grew only 4 percent, but stronger in the rest of Europe and the Americas. Asia-Pacific growth was 20 percent, excluding Japan, but sales in Japan grew just 3 percent.SAP signed a global enterprise agreement during the quarter to provide software for Apple. Such contracts typically run for five years and generate about &#8364;100 million in revenue for SAP, said SAP spokesman Frank Hartmann. SAP has only eight contracts of this kind, he said, including others with Nestle&#160;and Unilever. Apple was already an SAP customer.The results come at a time of intense competition between SAP and Oracle.&#160;Oracle has sued SAP&#160;for allegedly stealing software and other copyright material, and the companies have announced big acquisitions that take them deeper into each other&#39;s turf.SAP said last week it would&#160;buy business intelligence vendor Business Objects&#160;for $6.8 billion, while Oracle has offered $6.7 billion to&#160;buy middleware vendor BEA Systems, although BEA has said the offer is too low.&#160;
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TOKYO Japan&#39;s once-robust recovery slowed to a near standstill in the third quarter as consumer spending weakened more than expected, according to revised growth figures released on Wednesday.
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AustraliaÂs economy grew at its slowest pace in three years in the second quarter as higher interest rates and record fuel prices curbed consumer spending. The gross domestic product rose 0.3 percent from the first quarter, the Bureau of Statistics said. Consumer spending slowed, rising 0.6 percent in the second quarter after increasing 0.9 percent in the first quarter, the report showed. A drop in inventories subtracted 0.7 percentage point from growth in the quarter, and net exports subtracted 0.2 percentage point from growth. First-quarter growth was revised lower to 0.7 percent from 0.9 percent. Also, the Reserve Bank of Australia left its benchmark interest rate unchanged at 6 percent.
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Most large US banks appear poised to post higher third-quarter profits, but may struggle to post big gains as sluggish commercial lending and weak stock trading
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The Swiss-based banking group UBS was cautious over the outlook for its investment bank after a lull in trading crimped its third-quarter profit.
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New Zealand business confidence fell for a third month in October as rising interest rates slow construction and a stronger local dollar crimps the incomes of farmers and exporters.
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Goldman Sachs Group Inc. on Tuesday   said third-quarter profit fell less than expected as strong   investment banking results helped offset a summer slump in   trading, sending its shares to a three-month high.
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The British economy braked sharply in the third quarter when growth slowed to 0.4 percent, the weakest pace for over a year, as a string of interest rate rises took effect, official figures showed.
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A slowing  economy may be a drag on corporate profits, some analysts say.
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The UK&#39;s economic growth slowed in the third quarter as manufacturing output declined, preliminary data has shown. Gross domestic output (GDP) increased 0.4% in the three months to 18 October, according to
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HSBC  (0005.HK) is not  considering acquisitions in Japan and will instead focus on  growth by itself as it rolls out retail banking in the world&#39;s  second-largest economy, HSBC Chairman Stephen Green said on  Thursday.
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Banking giant UBS (UBSN.VX: Quote, Profile, Research) was cautious over prospects for the rest of the year after a seasonal lull in trading hurt its third-quarter