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HSBC Profits Plunge as Brexit Uncertainty Bites

HSBC said Wednesday net profit plunged in April-June and that the bank was heading into "a period of heightened uncertainty" after Britain voted to leave the European Union.

Profit after tax sank 40 percent on-year to $2.61 billion, the firm said in a statement, but assured it had weathered the Brexit storm "securely".

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Britain to Look beyond London to Help Boost Economy

Britain aims to tackle the economic divide between London and the rest of the UK, the government said on Tuesday as part of efforts to boost the economy.

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Thousands of Jobless Asians Stranded in Saudi

Thousands of jobless Indians, Filipinos and Pakistanis are stranded and destitute in Saudi Arabia after the plunge in oil prices sparked construction layoffs, activists and officials said Tuesday.

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Coup Costs Turkey Economy $100 Billion

The foiled coup attempt seeking to unseat the government of President Recep Tayyip Erdogan has cost the Turkish economy 300 billion lira ($100 billion/90 billion euro), the trade minister was quoted as saying on Tuesday.

Customs and Commerce Minister Bulent Tufenkci was quoted as saying by the Hurriyet newspaper the heavy price tag may even go up but insisted that Turkey's economic fundamentals were solid.

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Lufthansa Warns European Terror Creating Turbulence

German flag carrier Lufthansa warned Tuesday that recent terror attacks in Europe were having a "tangible impact" on business, with second-quarter profits down 17 percent.

Net profits between April and June came in at 437 million euros ($488 million), the group said, slightly below analysts' expectations, who had forecast a figure of 443 million euros.

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Oil Drags on Asian Currencies, Aussie Down on Rate Cut

Asian currencies slumped Tuesday as an overnight selloff in oil hit sentiment, while the Australian dollar dropped after the central bank slashed interest rates to a record low.

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New Greek Bailout Finds IMF in a Political Bind

Ever since the IMF participated in the first Greek bailout six years ago, the stinging suspicion has been that the Fund is under Europe's thumb.

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Fresh Stoppages Loom as Air France Strike Hits 150 Flights

Air France canceled 150 flights in and out of Paris on Monday on the sixth day of a strike by flight crew, airport sources said, as unions warned of more disruption at the height of the holiday travel period.

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Qatar Pushes Stake in BA Owner to 20%

Qatar Airways exploited the post-Brexit slump in shares at British Airways owner IAG to increase its shareholding to 20 percent, the Gulf carrier announced on Monday.

In a statement, Qatar Airways boss Akbar Al-Baker said his company had raised its 15.01 percent stake to 20.01 percent because of the current state of the market.

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Oil Prices Up in Asia but Oversupply Worries Weigh

Oil prices edged up in Asia on Monday as the dollar weakened while bargain-buyers moved in following a recent sell-off but analysts warned a global supply glut and weak demand will temper gains.

Prices hit three-month lows last week after U.S. data showed an unexpected increase in commercial stockpiles of oil and gasoline, adding to worries about a global crude supply glut.

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