Retail

London-based company to sell local loan portfolio to Blackstone, but will continue private and institutional banking servicesFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastThe London-headquartered HSBC is closing all Australian branches over the next 18 months after selling its local mortgage and personal loan portfolio to global asset giant Blackstone.The transaction will end HSBC’s decades-long retail presence in Australia, although it will continue to operate private and institutional banking services, the company said on Friday. Continue reading...

• The KOSPI index plummeted 16% over two days and approximately 33% within a single month, leaving South Korean retail investors in a state of "despair." • The market crash was directly triggered by the earnings announcement from SK hynix (000660.KS), which sparked a broader sell-off. • In response to the volatility, South Korean authorities have implemented restrictions on access to leveraged ETFs to mitigate further risk.

• A severe market crash in South Korea has resulted in significant financial losses for approximately 700,000 retail traders. • The rapid decline occurred over a 48-hour window, causing widespread panic among household investors who were previously encouraged to enter the market. • This volatility has created intense political pressure for the government to intervene and implement market rescue options to stabilize the economy.

• On July 29, the Korean stock market suffered a record-breaking plunge for the second consecutive day, causing extreme volatility for retail investors. • In an unprecedented event, circuit breakers were triggered simultaneously in both the KOSPI and KOSDAQ markets for two straight days to halt trading. • The crash has sparked widespread anxiety and anger among individual investors, who are voicing their frustrations across various social networking services.

Hot weather and World Cup fever help defy analyst expectations of decline, with sales volumes up 1% in JuneOnline sales accounted for the highest level of retail sales in five years last month as record hot weather spurred a rush for air conditioning, outdoor products and clothing.The Office for National Statistics (ONS) said the volume of retail sales in Great Britain grew 1% month on month in June, as the hot weather and a World Cup retail rush defied analyst expectations of a 0.3% decline. Continue reading...

• BNP Paribas reported a 33% increase in second-quarter net profit to €4.35 billion, surpassing analyst expectations. • The growth was primarily driven by strong equity trading, a recovery in retail banking, and gains from its insurance partnership with Ageas. • As the first major European investment bank to report Q2 earnings, the results highlight how the sector capitalized on market volatility and a resurgence in M&A and IPO activity.

• This week's retail technology roundup highlights major industry shifts, including Tesco increasing its investment in robotics and La-Z-Boy expanding its use of 3D technology. • The briefing covers a wide array of companies implementing tech updates, including Lidl Plus, Uber, Delivery Hero, Ulta Beauty, Asos, Decathlon, and Vusion. • These developments signal a broader trend of retailers integrating automation and digital tools to enhance operational efficiency and customer experience.