HSBC's Bullish Outlook, France Business Tax Hike, Europe’s Solar Boom Woes

Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) HSBC raised its profitability outlook for 2025 even as earnings slid following an unexpected $1.1 billion provision tied to Bernard Madoff’s giant fraud case more than a decade ago.

(2) BNP Paribas’s trading unit suffered a hit from souring debt in the third quarter, adding to challenges for Chief Executive Officer Jean-Laurent Bonnafe after a string of recent setbacks.

(3) Goldman Sachs Group Chief Executive Officer David Solomon downplayed concerns that have surfaced following the collapse of US firms First Brands Group and Tricolor Holdings, and said he doesn’t see any systemic risk looming in the credit market.

(4) Amazon.com plans to cut corporate jobs in several key departments, including logistics, payments, video games and the cloud-computing unit, according to people familiar with the matter.

(5) Tom Hayes, the former star UBS Group AG trader who became the face of the Libor rigging scandal, sued his former employer accusing it of handing him over on a “silver platter” to global prosecutors in order to protect the bank and its senior leadership.

(6) President Donald Trump hailed the US’s alliance with Japan, reaffirming ties with a longstanding partner and praising new Prime Minister Sanae Takaichi on her plans to ratchet up defense spending as the pair met in Tokyo.

(7) France’s National Assembly adopted an amendment on Monday that would increase taxes on the country’s largest companies next year, part of the government’s effort to rein in the deficit and find compromises with opposition lawmakers.

Europe's Solar Boom: In 2020, Europe installed 23 gigawatts of solar, according to BloombergNEF data. Each year since then a new record has been set, with some 69.2 gigawatts expected to be added this year, capping a more than quadrupling of capacity in the last decade.

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