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Wednesday newspaper round-up: Alphabet, China Telecom, Budget

Google parent Alphabet continued big tech’s profitable march through earnings season, reporting third-quarter results that exceeded Wall Street’s expectations and a near doubling in profits as advertisers chased the consumer shift to online. Alphabet’s revenue rose 41% to $65.12bn over the last three months, its largest revenue figure in 14 years. It posted a profit of over $21bn, nearly three times the figure it reported before the pandemic. – Guardian

The US communications regulator has voted to revoke China Telecom’s licence in America over national security concerns in the latest pushback by Washington against what it deems possible infiltration of key networks by Chinese companies. The decision by the US Federal Communications Commission (FCC) means China Telecom Americas must now discontinue US services within 60 days. China Telecom, the largest Chinese telecommunications company, has had authorisation to provide telecommunications services for nearly 20 years in the United States. – Guardian

Ministers will need to cut public spending by a further £5bn to fund the Chancellor’s planned savings drive as extra Covid costs threaten to hit budgets, economists have warned. Deutsche Bank said unprotected budgets for organisations such as universities and councils could be squeezed by Rishi Sunak in his Spending Review on Wednesday due to prolonged pandemic-related costs that risk ramping up funding pressures in the coming years. – Telegraph

The Bank of England is unlikely to raise interest rates despite mounting speculation that policymakers will attempt to rein in the recent spike in inflation, according to HSBC. The markets expect the Bank to lift rates by 15 basis points to 0.25 per cent at its meeting on November 4. However, analysts at HSBC suggested this may be an overreaction to comments made by ratesetters in recent weeks. – The Times

Monzo, one of the UK’s most prominent digital banks, is in talks to raise hundreds of millions of pounds at a sharply higher valuation despite a string of recent setbacks, including curtailing its expansion in the US. It is in discussions with investors about raising at least £300 million in new funding. Approximately £200 million is expected to be provided by new shareholders, the remainder from existing backers, according to Sky News. – The Times

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