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corporate watch

January 13, 2018


Brussels as post-Brexit MoneyGram HQ

BRUSSELS: MoneyGram has picked Brussels as a possible alternative to London for its EU headquarters after Brexit, it emerged on Friday.

Texas-based MoneyGram follows a long list of global companies that are contingency planning for Britain’s impending divorce from the EU, set for March 2019.

The choice marks a success for the Belgian capital, once dubbed a ‘hell hole’ by US Presidency Donald Trump, as several European cities battle to take over London as the financial hub in Europe.—AFP

Facebook shares slip by 4 per cent

BENGALURU: Facebook Inc shares fell 4pc on Friday after Chief Executive Mark Zuckerberg announced changes to the platform’s centrepiece News Feed that he said would hit user engagement in the near term.

Zuckerberg said on Thursday the company would change the filter for the News Feed to prioritise what friends and family share, while reducing the amount of non-advertising content from publishers and brands.

If the premarket declines in shares hold, Facebook stands to lose nearly $23bn from its market capitalisation on Friday as a result of the move. —Reuters

China Telecom launches internet in Nepal

KATHMANDU: Nepal Telecom and China Telecom Global launched their services between Kerung in China and Rasuwagadi in Nepal, about 50km (30 miles) north of Kathmandu, the companies said.

“This will give us an alternative to India for cyber connectivity and ensure uninterrupted connections,” Pratibha Vaidya, a Nepal Telecom spokeswoman, told Reuters.

Addison Lee’s licence renewed

LONDON: London has renewed premium car service Addison Lee’s licence to operate in the capital for the next five years, four months after Uber was stripped of its licence.

In September, regulator Transport for London (TfL) refused Uber’s application, a decision the Silicon Valley firm is appealing. Last year, TfL had been considering a new operator fees system which will now see firms with between 1,001- and 10,000 drivers such as Addison Lee pay 700,000 pounds ($957,000) compared to the 2,414 pounds charged in 2012 for its original licence.

Addison Lee’s licence now expires on Feb 28, 2023.—Reuters

Wells Fargo profit jumps to $6.15bn

SAN FRANCISCO: Wells Fargo’s fourth-quarter earnings rose 17 per cent compared to last year, as it benefited from the recently passed GOP tax bill, but incurred additional costs related to improper sales practices and other matters. Wells said it earned $6.15 billion in the quarter, or $1.16 per share, versus $5.27bn, or 96 cents per share, in the same period a year ago.

Published in Dawn, January 13th, 2018