Stock markets have retreated again over worries of further US interest rate rises after the Federal Reserve defied Donald Trump to increase rates for the fourth time this year.

The EU has confirmed it is “actively investigating” a potential breach of its diplomatic communications network, following reports that secret cables had been stolen by hackers.

The Bank of England has welcomed a “crucial and positive” move by the EU to help keep a key part of the financial system functioning in the event of a “no-deal” Brexit.

A handful of banks will be forced to write multimillion pound cheques to buy shares in the construction giant Kier Group after some of its biggest investors snubbed the chance to take part in a £250m fundraising.

GlaxoSmithKline (GSK) is to merge its consumer healthcare unit with that of rival Pfizer, to create a new market leader with almost £10bn in annual sales.

 

Santander has been fined more than £30m for “serious failings” in processing the accounts of dead customers, the Financial Conduct Authority (FCA) says.

TECHNOLOGY TOP STORIES

Bengaluru tops among Asian cities for technology enterprises

The Indian technology capital has been named the best location in Asia for technology companies to operate, according to a Colliers International report

Following it are Singapore and Shenzhen– in terms of starting and expanding technology operations in Asia, said the report on Wednesday.

Joe Verghese, Managing Director, Colliers International India, stated that: “Bengaluru’s boost comes from its socio-economic strengths that has set it to be the fastest-growing in Asia with an average predicted annual GDP growth of 9.6% till 2022.”

He also emphasized that as the natural hub for technology start-ups, Bengaluru has attracted the highest quantum of start-up investments at an annual average of $4bn over the last three years.

The report named “Top Locations in Asia: Technology sector” identified that “Bengaluru scores 68% in the ranking and comes first overall. Bengaluru is the largest office market in the country with total Grade A stock of 141 mn square feet (13.1 mn square metre) spread across multiple micromarkets.”

The report also stated that Bengaluru is set to become the fastest-growing city in Asia over the next five to ten years and will reap benefits from a wide and deep talent pool. The other Indian cities which figure among the top 10 are Hyderabad and Mumbai. Hyderabad ranked seventh, while Mumbai ranked tenth. Delhi-NCR, on the other hand figured at the 11th position.

-GBO Correspondent.

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