Starbucks sells Benelux-France cafés to franchisee
The American coffee chain Starbucks said it was selling 83 stores in Belgium, France, Luxembourg and the Netherlands to one of its franchisees, Alsea, according to the Associated Press, Bloomberg and DutchNews.nl. Alsea runs 900 Starbucks locations in central and south America. Starbucks will also cut 186 jobs in Amsterdam and consolidate its European HQ in London. The company sold its German cafés to a franchisee in 2016.
HSBC Shanghai London
London-based HSBC, one of the world’s largest banks, is expected to be the first foreign company to list on a Chinese stock market, under the new under the Shanghai-London Stock Connect programme. It would be a symbolic secondary listing. The bank has not confirmed its plans or the possibly timing. Details from Bloomberg, the Financial Times and Telegraph.
Chinese economic growth weakest since 2009
China’s economy grew 6.5% in the third quarter, its lowest rate in nearly a decade, reported the Financial Times and Reuters. Its ongoing trade disputes with the US had a dampening effect. Chinese economic growth is forecast to even slower next year.
Tax scheme led to €55bn in unpaid tax: reports
Banks and brokers could have avoided paying as much as €55.2bn in taxes to 11 European treasuries, reported the AFP and DW. German prosecutors are investigating the “cum-ex” scandal, which involves precisely timed share trades and short selling that allegedly allowed two parties to claim the same rebate on capital gains tax.
Brexit deadline could be pushed back
European leaders said the Brexit negotiation period could be extended to 2021--with the BBC and Guardian quoting Jean-Claude Juncker as saying it “will probably happen”--and are ready to lend support to Theresa May to sell the move domestically. Brexiteers were not happy with the possibility of a longer transition period, as reported by PBS and Sky News.
Papers, s’il vous plait
The French senate published a draft bill that could--in the case of a hard Brexit--require British nationals to obtain a visa to enter France and residency permits to stay longer than 90 days, reported The Local and International Advisor. However, much would depend on “reciprocity” from the UK.
Brussels set to clash with Rome over budget plans
The European Commission formally told the Italian government that its proposed budget, which would send spending and debt soaring, breached EU rules, reported the Financial Times and Reuters. The commission told Rome to revise it before the end of the month. But Italy’s prime minister, Giuseppe Conte, called the budget “beautiful” and could not be changed, according to Reuters. Italian bond yields were up.
Trump says Khashoggi likely dead; UK & US pull out of Saudi conference
Donald Trump has said that it “looks” like the missing Saudi journalist Jamal Khashoggi is dead, reported the Financial Times and Washington Post. He’s requested a copy of audio recordings that allegedly proves he was tortured and killed inside the Saudi consulate in Istanbul, said the Guardian. The source of the reported audio recording is unclear, but is probably not Khashoggi’s iWatch, as The Economist’s digital editor told the BBC World Service in a radio interview earlier this week. Turkish police are continuing their investigation, reported Reuters. Saudi leaders deny any knowledge of the journalist’s death. Meanwhile, Steve Mnuchin, the US treasury secretary, and Liam Fox, the UK trade secretary, both pulled out of a Saudi investment conference, said the BBC, Financial Times and Guardian.
The round was on Bettel
The photo--tweeted by the Croatian journalist Hrvoje Kresic--of Xavier Bettel, Emmanuel Macron, Charles Michel and Angela Merkel having a beer in Brussels on Wednesday night certainly made the rounds on Thursday (including in Delano’s noon briefing). Apparently Bettel picked up the tab, in celebration of his election victory on Sunday, reported Stefan Leifert and Valentina Pop on Twitter and the Reuters news agency.