E-CIGARETTES DRAG IMPERIAL LOWER

Tobacco company Imperial Brands forecast better profits for 2021 on Tuesday, helped by expected improvements in its e-cigarette business, which declined dramatically in 2020. The maker of Gauloises and West cigarettes forecast low to mid-single digit growth in organic adjusted operating profit for 2021, excluding the impact of the sale of its premium cigar business. That is broadly in line with expectations, according to Investec analyst Alicia Forry. SOURCE: Reuters

SANTANDER RESCUES WIRECARD WORKERS

Spanish lender Banco Santander is paying about €100m for Wirecard’s core business in Europe in a transaction that marks an important step towards the dismantling of the disgraced German payments provider, which collapsed into insolvency this summer. Some 500 employees will join Spain’s biggest bank, which is acquiring Wirecard’s European technology platform that processes electronic payments for merchants as well as its remaining credit card issuing business in Europe. SOURCE: FT. READ MORE: https://www.ft.com/content/e7c38f82-f54c-431f-890e-17adbaa530d1

HIGHER OPERATING PROFITS FOR VODAFONE

Telecoms giant Vodafone has hailed “resilient” trading for the past half-year, as it posted higher operating profits. It told investors on Monday that its performance was “in line with expectations” over the period to September 30. It said revenues fell by 2.3% to 21.4 billion euros (£19.2 billion) as “good underlying momentum” was offset by the impact of Covid-19 on roaming, while it also sold fewer handsets. SOURCE: AP

DAIMLER TO BUILD ENGINES IN CHINA

German carmaker Daimler will cooperate with China’s Geely to build its next generation of engines, business daily Handelsblatt reported on Tuesday, citing company and industry sources. Most of the engines will be made in China, Handelsblatt said. The alliance with Geely, which owns a 10% stake in Stuttgart-based Daimler, means that an existing partnership with Renault will expire. SOURCE: Reuters