Global Markets: Wells Fargo sees heavy loss in recent quarter

By Commodity News Service Canada

WINNIPEG, October 13 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.

– The city of Paris says it wants to take all gas-powered cars off the road by 2030. Paris has faced rising problems with pollution over the past few years.

– There’s been a shakeup at Samsung. Kwon Oh-hyun, the company’s chairman of Samsung Electronics Co.’s board of directors, sent a letter to employees this week announcing he is leaving. The chip divisions headed up by Oh-hyun boasted high profits this year. Samsung’s net income nearly doubled from 2016 with many crediting Oh-hyun as the driving force behind the success.

– Wells Fargo suffered some stunning losses in the third quarter. The San Francisco-based bank saw its profits fall 18 percent. Analysts say legal expenses were the main culprit. Wells Fargo is dealing with an investigation into some of its former mortgage practices and has set aside US$1 billion for potential settlements.

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