Chinese social media, entertainment and games giant Tencent managed a 6% increase in profits in the first quarter of the year – a period which contained two months of coronavirus-induced turmoil. The powerhouse company on Wednesday reported revenues increased by 26% year on year to $15.3 billion (RMB108 billion), and net profits up to $4.15 […] …read more […]
Easyjet and Lufthansa’s Germanwings on Wednesday lost their challenge against an EU ruling ordering Italy to recover illegal state aid granted to airlines serving Sardinia.
(Bloomberg) — On the September night in 1992 when George Soros famously broke the Bank of England, it wasn’t just the British pound that crashed. The Italian lira cratered too, the last of its numerous 20th century devaluations.One veteran who is still at the Finance Ministry in Rome recalls a colleague researching “bankruptcy” and “failed state” amid the chaos as resentment swelled at the indifference of European allies, notably Germany.Those memories of market mayhem re-emerged along with the old fault lines following the economic shock of the coronavirus lockdowns. Italy did make it to the monetary mainstream, becoming a founding …read more […]
Shipping group A.P. Moller-Maersk warned of a sharp drop in global container volumes due to the coronavirus pandemic, with weaker retail sales and depressed car production dampening demand.
Boeing Co (BA) said that it did not receive a single order in April, while it was also grappling with 108 order cancelations for its grounded 737 MAX plane.Last month, the ailing plane maker delivered 6 planes adding up to a total of 56 in first four months of this year, which represents a 67% decline year-on-year, as air travel demand has been halted in an effort to contain the coronavirus pandemic.The planemaker’s stock dropped 2.7% to $125.22 in U.S. trading on Tuesday, taking its year-to-date plunge to more than 60%.The April cancellations of its 737 MAX jets were from …read more […]
Travel group TUI will cut 8,000 jobs and look to shed 30% of its costs as it gears up for a July restart to European tourism, the German company said on Wednesday.
U.S. stock index futures edged higher on Wednesday, a day after Wall Street’s main indexes fell, as investors kept an eye out for Federal Reserve Chairman Jerome Powell’s address.
Sony Corp expects operating profit to drop at least 30% this financial year to its lowest in four years as the company anticipates a hit to demand for its TVs, cameras and smartphone image sensors from the coronavirus outbreak.
Tesla Inc Chief Executive Elon Musk’s fight with local authorities over the reopening of its California plant has gotten the attention of those who scout sites for new factories and corporate offices, as well as economic development officials hungry for more jobs.
Top news and what to watch in the markets on Wednesday, May 13, 2020. …read more […]
South Korea’s largest airline, Korean Air , plans to sell around 1 trillion won ($816.55 million) in new shares in its biggest rights issue in 20 years to raise funds amid mounting strains in the industry due to the pandemic.
(Bloomberg) — Tencent Holdings Ltd. reported better-than-expected sales after pandemic-induced lockdowns helped spur growth in its suite of online offerings from gaming to social media.The WeChat operator’s revenue rose 26% to 108.1 billion yuan ($15.2 billion) after gaming sales rose at their fastest pace since 2017 during the coronavirus-stricken March quarter. That compared with the average estimate of 101.07 billion yuan. Net income rose 6% to 28.9 billion yuan from a year earlier, when Tencent booked an 11 billion yuan one-time gain on investments.Tencent, which never offers precise financial guidance, warned that the boost to its gaming business from Covid-19 …read more […]
(Bloomberg) — Tencent Holdings Ltd. reported better-than-expected sales after pandemic-induced lockdowns helped spur growth in its suite of online offerings from gaming to social media.The WeChat operator’s revenue rose 26% to 108.1 billion yuan ($15.2 billion) after gaming sales rose at their fastest pace since 2017 during the coronavirus-stricken March quarter. That compared with the average estimate of 101.07 billion yuan. Net income rose 6% to 28.9 billion yuan from a year earlier, when Tencent booked an 11 billion yuan one-time gain on investments.Tencent, which never offers precise financial guidance, warned that the boost to its gaming business from Covid-19 …read more […]
(Bloomberg) — Caution hung over markets on Wednesday, with European stocks dropping in the wake of a late decline on Wall Street, and U.S. equity futures edging higher alongside Asian benchmarks. Treasuries rose, while oil futures slipped.Declines in travel and auto shares pulled the Stoxx Europe 600 Index lower, as corporate earnings continued to underscore the devastating impact of the coronavirus pandemic. The world’s largest container line, A.P. Moller-Maersk A/S, said the fallout from Covid-19 will drive volumes down by as much as 25% this quarter. European tech shares pared declines, however, after China’s Tencent Holdings Ltd. said first-quarter sales …read more […]
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