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Wells Fargo Fourth Quarter Findings Lacklustre

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Wells Fargo shares drooped on Friday following the release of a mixed quarterly performance. The bank has a reported revenue of $22.05bn, below forecasts of $22.64bn.

Following investigations into the improper mortgage and sales practices from September 2016, the bank has admitted paying a $3.25bn legal bill. The San-Francisco based lender has also committed to reducing running costs by $4bn. by 2019. They have also highlighted a 17% increase in profits compared to the same time last year.

Share earnings, which had been predicted at $1.54, came in at $1.16 with total profits at $6.15m. Share prices at midday were $62.88, 0.2% less than they were at the opening of New York.

(Source: Google Finance)

Wells Fargo has partly attributed the profit to the corporate tax overhaul passed by the U.S Congress in December. Unlike JPMorgan, which has reportedly written down a $2bn loss to tax assets, Wells Fargo will be able to profit from the $7bn it has in tax liabilities.

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Companies

Tencent Extends Facebook Lead

Tencent Facebook

Tencent has shot past Facebook to become the world’s most valuable social network.

Editor’s Remarks: Although Tencent briefly overtook Facebook in terms of market cap in November, the recent selloff of Facebook shares prompted the Chinese tech titan to regain the lead. Facebook investors responded negatively to news that Mark Zuckerberg’s plans to highlight family and friend-based content on the newsfeed would reduce the amount of time people spent on the site. Shares in Facebook have fallen 5% since that announcement, enabling Tencent to gain a $19bn lead over the US company. Tencent’s growth has been spurred on by its diversification away from its flagship messaging app, WeChat, and into video games.

Read more on Technology:

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Companies

Apple Returns Overseas Cash

Apple overseas cash

Apple has agreed to invest $30bn in the US and pay $38bn in tax to the government. 

Editor’s Remarks: The tech giant announced that it will repatriate hundreds of billions of dollars that it currently holds in various offshore accounts. A total of $38bn in tax will be paid by the company on the sum, with a further $30bn pledged towards domestic jobs, manufacturing and data centres. The capital expenditures will be rolled out over the next five years and are estimated to create around 20,000 jobs. On the news, Apple’s share price rose 1.7% as it was widely perceived that the move would reduce the flak the company has recently been receiving for its tax avoidance schemes.

Read more on the US:

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Companies

Saved: Emirates Places Order for Airbus A380

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airbus emirates

The Dubai-based airline, Emirates, has announced an order for 36 A380s worth $16bn, saving the superjumbo after Airbus threatened to stop production. The deal places a firm order for 20 planes with the option of ordering another 16. Deliveries are scheduled for 2020.

The two-decked superjumbo has faced declining sales as more airlines opt for smaller, cheaper aircraft.deal is said to be worth $1.6bn. Emirates is by far Airbus’ largest customer, with Thursday’s order taking their commitment to 178 aircraft.

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