Morning Wrap: need to know business stories
Top stories from around the web.
HSBC eyes up to 14,000 fresh job cuts (FT)
HSBC announced another round of heavy cost-cutting on Wednesday in a programme that could lead to between 4,000 and 14,000 more job losses.
The bank said it would seek $2bn-3bn of additional annual cost savings on top of the $4bn already achieved. But Stuart Gulliver, chief executive, still had to row back from a key efficiency target. The bank would in future aim for a cost-income ratio of close to 55 per cent, rather than the 48-52 per cent range previously targeted
ThyssenKrupp posts net loss on fresh Americas writedown (FT)
ThyssenKrupp posted a €852m second-quarter net loss after booking a big writedown on a network of Americas steel plants that it is in “intense” negotiations to sell.
Still, the €683m Americas writedown may cheer investors who feared the Essen-based steel and engineering conglomerate would struggle to get a good price for the steel plant assets in the sale. The quarterly net loss was worse than a €587m loss in the same period a year ago.
Severn Trent rejects takeover approach (BBC)
Water supplier Severn Trent has rejected a preliminary takeover offer from international investors.
In a statement, the company said the proposal "completely fails to recognise the existing and potential value of Severn Trent".
M&S tries to lure back shoppers with new fashion ranges (BBC)
Marks and Spencer has unveiled a new clothing collection and strategy that it hopes will reverse falling sales.
The High Street giant said on Tuesday evening that its new autumn/winter collection will put "quality and style back" into M&S clothing.
Hedge fund boss launches bold plan to break up Sony (Guardian)
Sony, the Japanese electronics and entertainment giant, is facing an audacious breakup attempt in a battle that could rock the staid Japanese corporate world.
The US hedge fund billionaire Daniel Loeb has amassed a 6.5% stake in the $18.5bn (£11bn) group and is calling for it to be broken up. Renowned for stirring up huge fights with US companies, Loeb wants Sony to spin off part of its entertainment arm, which owns one of Hollywood's largest film studios, behind the latest James Bond movie, Skyfall, and one of the biggest music labels in the world, behind artists such as Taylor Swift. But Sony said on Tuesday morning that its entertainment businesses were "not for sale".