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Wednesday newspaper round-up: Alphabet, China Telecom, Budget
Google parent Alphabet continued big tech’s profitable march through earnings season, reporting third-quarter results that exceeded Wall Street’s expectations and a near doubling in profits as advertisers chased the consumer shift to online. Alphabet’s revenue rose 41% to $65. 12bn over the last three months, its largest revenue figure in 14 years. It posted a profit of over $21bn, nearly three times the figure it reported before the pandemic. - Guardian .
Boeing makes progress on staunching free cash outflows in Q3
Boeing fell short of analysts' estimates fors both its top and bottom lines by a wide margin in the third quarter.
UK Budget: Sunak gambles on spending spree ahead of pre-election tax cuts
UK Finance Minister Rishi Sunak on Wednesday gambled on a budget spending package to help Britain recover from the Covid pandemic with a string signal that tax cuts would arrive before the next election.
US activist investor calls for break up of Royal Dutch Shell
Activist US investor Daniel Loeb called for the breakup of Royal Dutch Shell.
Thursday preview: ECB, Lloyds in the spotlight
All eyes will be on the European Central Bank on Thursday with investors expecting Christine Lagarde t0 push back on market pricing for tighter policy towards the end of 2022.
Europe close: Stocks end lower amid mixed earnings reports
European stocks were lower on Wednesday as investors mulled the implications of the latest UK Budget and mulled mixed earnings reports.
London close: Stocks mixed, pubcos rally on Sunak's Autumn Budget
London stocks finished in a mixed state on Wednesday amid weakness in the mining sector, as investors digested Rishi Sunak’s well-leaked autumn Budget.
Broker tips: Redcentric, Petra Diamonds
Analysts at Canaccord Genuity lowered their target price on IT services firm Redcentric from 185. 0p to 175. 0p on Wednesday, stating input costs had impacted the company's second half.
Director dealings: HSS Hire chairman lowers stake
HSS Hire Group revealed on Wednesday that chairman Alan Peterson had disposed of 2. 70m ordinary shares in the AIM-listed tools and equipment rental group.
FTSE 250 movers: Pub chains get Budget boost; Homeserve gains on acquisition
London’s FTSE 250 was up 0. 1% at 23,185. 25 in afternoon trade on Wednesday.
UK Budget: Pensions fee cap removal plan 'possibly unnecessary'
UK Finance Minister Rishi Sunak was accused of playing "fast and loose" with pensioners' retirement cash over his proposals to lift the regulatory cap on fund charges.
Kazera secures financing to see it through to cash generation
Investment company Kazera Global announced new financing arrangements on Wednesday, that it said would see it through to cash generation over the next six months.
BP and Daimler partner to roll-out hydrogen network for UK freight transport
BP and Daimler will work together to accelerate the introduction of a hydrogen network with the aim of decarbonising UK freight transport.
Canaccord Genuity lowers target price on Redcentric
Analysts at Canaccord Genuity lowered their target price on IT services firm Redcentric from 185. 0p to 175. 0p on Wednesday, stating input costs had impacted the company's second half.
Pub shares rally as chancellor announces 'draught relief'
Shares in pub chains rallied on Wednesday after Chancellor Rishi Sunak announced a new tax relief for pubs in the autumn Budget.
US open: Stocks mixed as Q3 earnings pour in
Wall Street trading began on a mixed note on Wednesday as investors digested a slab of quarterly earnings reports.
FTSE 100 movers: Admiral slumps after share placing; Entain recovers
London’s FTSE 100 was down 0. 2% at 7,265. 80 in afternoon trade on Wednesday as investors digested details of Chancellor Rishi Sunak’s autumn Budget.
UK Budget: Rising debt interest payments 'could hit growth forecasts'
Rising interest payments could hit the UK economy's chances of 6. 5% growth next year, economists said on Wednesday after the the government published its budget forecasts.
US durable goods orders point to extended business capex cycle
Orders in the US for goods made to last more than three years grew as expected last month but the trend was quite promising, some economists said, and pointed towards faster non-inflationary wage growth.
Phoenix Copper acquires partial royalties on Empire Mine
United States-focussed base and precious metals explorer and producer Phoenix Copper has entered into agreements with Honolulu Copper Corporation and Mackay to acquire part of the 2. 5% royalty payable to each of them, as well as the Honolulu mining claims, under mining leases on the Empire Mine in Idaho, it announced on Wednesday.