Winters grabs reins

HONG KONG: Standard Chartered Plc Chief Executive Bill Winters will take more direct responsibility for the bank’s biggest business divisions, as he seeks to restore the fortunes of the emerging markets-focused bank. Under a new management structure to be phased in from October 1, the heads of major business units will report directly to Winters rather than his deputy, Mike Rees, StanChart said on Sunday. The lender is aiming for cost savings of $1.8 billion by the end of 2018. StanChart’s shares fell by a third over the past two years, hurt by problems including fines from US regulators for misconduct, plunging commodities prices and a weakened trading environment.

Huawei revenue up

SHANGHAI: Chinese telecoms equipment giant Huawei said on Monday that revenue surged 30 per cent year-on-year in the first half, helped by ‘solid’ sales of smartphones and growth in other business areas. Huawei said sales reached $28.8 billion on an unaudited basis in the January to June period. Huawei will release figures for its smartphone business later this week, a company spokesman said.

Jamaica power theft

KINGSTON: Jamaica’s sole electricity provider says crews have pulled down nearly 10,000 illegal connections to the power grid and police have arrested over 300 people for theft so far this year. In a statement, the Jamaica Public Service Co says it is ‘relentlessly pursuing’ electricity thieves in neighbourhoods where a tangle of illegal wires can often be seen tapping into power lines. In one town in Jamaica’s St Catherine parish, residents fled their homes last week to avoid arrest as power crews removed about 850 illegal connections. The government has a 20 per cent stake in the electricity distributor on the Caribbean island, where power theft has long been rampant.

Morgan Stanley profit

LONDON: Morgan Stanley reported a better-than-expected second-quarter profit on Monday as its business that trades bonds and equities handily outperformed those of its Wall Street rivals. Morgan Stanley, the last big US bank to report for the quarter, said its net income from continuing operations applicable to the company fell to $1.67 billion, from $1.82 billion, a year earlier. On an adjusted basis, the bank earned 79 cents per share. Adjusted net revenue rose 12.2 per cent to $9.56 billion.

SAfrica tourism hit

JOHANNESBURG: South Africa’s tourism business index in the second quarter dropped to its lowest level in nearly four years due to new visa restrictions, an industry body said on Monday. The Tourism Business Index posted a score of 83.6 in second quarter, against 99.9 in first quarter and the lowest since third quarter of 2011. A score of 100 is regarded as indication of normal levels of trade.