You are welcome to bloomberg daybreak europe, our flagship morning show in london. If you are a business, have you been using Deutsche Post . The numbers are better. Net income 602 Million Euros a beat on estimates of 594 million. 4915, aboveshare, the estimate. They are confirming there for your guidance. Bloomberg intelligence ran the numbers, binder headwinds in this business, train waits might is essentiallyit looking at moving through from last year, a more normal year is what Deutsche Post promises, a tough day on its reporting schedule on the first quarter. Today it looks as if they are beating that momentum. They have a target operating profit of 8 and are sticking to fullyear guidance. We will have a conversation at 8 00 a. M. U. K. Time with the Deutsche Post ceo for our first interview of the day. Just exactly what lamented is there on the ecommerce side . Daye sent to you today is a of binary outcomes. Im talking about president zuma in south africa. It is the eighth time h
Europes biggest bank by assets, hsbc holdings, has posted a 33 fall in annual pre tax profit, massivly below expectations. The bank which makes half of its revenue and 90 of its profits in asia posted a profit of 13. 35 billion for 2019, down from 19. 89 billion a year earlier. Lets go to our Asia Business hub, where Maura Fogarty is following the story. Good to see you, maura. Lets start with that big drop in earnings. Do we know more detail as to whats going on . Yeah, essentially, they have written down about 7 billion worth of their business in europe. That tells you exactly just how pessimistic they are about their business in europe. So, no surprises there that the theyre pessimistic. What was surprising was that they took that write down of goodwill and said overnight, thats over and done with by the way, were also exiting some of those businesses notjust in europe, but also in the us. What are those businesses . Mostly in investment banking. Hsbc mostly in investment banking. H
Plus hotels in china. And how the growing popularity of almond and soy lattes hitting the dairy industry we have a special report and feeling the grind well be getting the inside track on a coffe chain that wants to offer consumers a whole latte love. As the boss of amazon pledges 10bn of his own fortune to tackle Climate Change we want to know if firms green credentials affect where you shop. Let us know just use the hashtag bbcworklife. Hello and welcome to worklife. Europes biggest bank hsbc is to cut around 35,000 jobs after a sharp fall in profits. Its announced a major restructuring to save four and a half billion dollars by 2022. The Bank Reported an annual pre tax profit of 13. 35bn which sounds impressive but is actually down by a third on the previous year. Its unclear how many of the job losses will be made in the banks uk division where over 40,000 people are currently employed. 0ur Asia Business reporter monica millerjoins me now to discuss this whats going on, how are the
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