Business News
World shares subdued amid mixed earnings; oil falters
Global shares struggled on Wednesday as mixed earnings, doubts about the easing of coronavirus lockdowns and simmering U.S.-China tensions cast a pall over markets.
Year: 2020
Business News
Samsung heir Lee apologises over succession, won’t hand control to children
Samsung Group heir Jay Y. Lee, embroiled in a bribery scandal, on Wednesday made a rare apology over controversial succession plans and said he will not hand over management rights to his children at the family-controlled conglomerate.
Business News
UK watchdog deems Shell’s ‘drive carbon neutral’ ad campaign acceptable
A Royal Dutch Shell advertising campaign promising customers they can “drive carbon neutral” has been deemed acceptable under Britain’s advertising rules following an investigation, regulators said on Wednesday.
Business News
VW sees multi-speed coronavirus rebound led by China
Volkswagen said demand in China was rebounding, thanks to customers who want to switch from public transport to personal vehicles, but warned sales would not recover as quickly in other parts of the world.
Business News
BMW to delay Hungary plant in coronavirus savings drive
BMW will put investments on hold as it seeks to conserve cash to counter a fall in demand caused by the spread of the coronavirus pandemic, Chief Financial Officer Nicolas Peter said on Wednesday.
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Walt Disney Profit Plunges 63% Hit By Virus Impact, Cuts Cash Dividend
Walt Disney (DIS) reported worse-than-estimated profit in its fiscal second quarter and slashed its semi-annual dividend in an effort to save $1.6 billion in cash as the coronavirus pandemic disrupts most of its operations.Adjusted earnings per share dropped 63% to 60 cents in the three months ended March 28, from the year earlier period, while missing the 89 cents expected by analysts. Net income from continuing operations plunged 91% to $475 million during the same comparative period.The entertainment and media giant declared that it is suspending its semi-annual cash dividend for the first half of fiscal 2020, due to the …read more […]
Business News
BMW cuts outlook, expects coronavirus impact to last all year
BMW AG on Wednesday said the impact of the coronavirus will likely hurt demand and profit throughout the year, forcing the German automaker to lower its profit outlook for passenger cars following a slowdown in first-quarter deliveries.
Business News
Amber Capital: no plans to sell Lagardere stake and it may even raise it
The founder of activist investment company Amber Capital, which lost out this week in a bid to shake up the governance at French group Lagardere , said on Wednesday he had no plans to exit his stake in Lagardere and added that he could even raise it.
Business News
Asian shares gain on ‘risk-friendly’ yuan fixing, oil falters
Asian shares extended gains on Wednesday, as investors saw China’s yuan fixing offering a modest olive branch to Washington amid a resurgence in trade tensions, while oil ended its winning streak on oversupply fears and weak demand.
Business News
Samsung heir Lee apologises over succession, labour controversy
Samsung Group heir Jay Y. Lee, embroiled in a bribery scandal, on Wednesday apologised over controversial succession plans and said he will not hand over management rights to his children at the family-controlled conglomerate.
Business News
Yum China keeps bets on dine-in, sticks to expansion plans after virus
Yum China is betting that Chinese consumers will still choose to dine-in in the aftermath of the coronavirus crisis and plans to open more Pizza Hut and KFC outlets in China’s smaller cities in the coming months, its chief executive said.
Business News
Metro Bank posts rising deposits, lower first quarter lending
Britain’s Metro Bank reported a modest dip in lending in the first quarter and a 77 million pounds rise in total deposits to 14.6 billion pounds ($18.15 billion) as customers shrugged off lower fixed term deposit rates.
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Business News
Virgin Money profits erased by coronavirus provision
British lender Virgin Money swung to a first-half loss after setting aside 237 million pounds ($294.7 million) to handle loans likely to go bad because of the coronavirus crisis.
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BMW reports first-quarter profit rise as coronavirus saps demand
BMW AG on Wednesday reported a 133% rise in first-quarter profit, due to the absence of a one-off provision in the year-earlier period, but said the impact of the coronavirus could erode demand and profit. Earnings before interest and taxes rose to 1.38 billion euros ($1.50 billion). Its earnings before interest and taxes (EBIT) margin for its autos division reached 1.3% from a negative 1.6% margin in the year-earlier period. …read more […]