The COVID-19 pandemic is forcing the world’s biggest advertising company WPP to accelerate its strategy of bringing its multiple agencies together to produce work more quickly for clients battling to cut costs.
Shares in Wirecard slumped again on Wednesday as a prominent short seller demanded the sacking of CEO Markus Braun after a special audit of the German payments company was unable to verify its financial statements.
Shares in Wirecard slumped again on Wednesday as a prominent short seller demanded the sacking of CEO Markus Braun after a special audit of the German payments company was unable to verify its financial statements. Chris Hohn, head of $24 billion fund TCI, said in an open letter to Wirecard’s supervisory board that the audit by KPMG raised questions over management’s compliance with anti-money laundering and know-your-customer laws. “We are of the view that the supervisory board is legally obliged to intervene,” Hohn wrote in the letter, addressed to Wirecard Chairman Thomas Eichelmann and other supervisory board members. …read more […]
(Bloomberg) — U.S. equity futures ticked higher while European stocks struggled for direction as investors counted down to more big earnings, a Federal Reserve policy decision and key American economic data. The dollar fell for a third day while oil rebounded in New York.Nasdaq 100 futures advanced after Alphabet Inc. posted better-than-estimated sales. That took some of the focus off Tuesday’s sell-off in megacap tech stocks including Amazon.com Inc. and Netflix Inc, and before Microsoft Corp. reports today. Gains in energy shares, carmakers and banks helped the Stoxx Europe 600 Index edge higher, but they were countered by a drop …read more […]
Britain’s John Lewis Partnership has appointed James Bailey, a former director of Sainsbury’s , to be the new boss of its upmarket supermarket chain Waitrose, it said on Wednesday.
Top managers at Nivea-maker Beiersdorf are waiving 20% of their fixed compensation between April and December, Chief Executive Stefan De Loecker said on Wednesday, adding that the level of management below them was also foregoing 5% of its pay.
Britain’s John Lewis Partnership [JLPLC.UL] has appointed James Bailey, a former director of Sainsbury’s , to be the new boss of its upmarket supermarket chain Waitrose, it said on Wednesday.
British clothing retailer Next has shored up its finances to help get it through the coronavirus crisis by selling property, suspending share buybacks and dividends and cutting costs after first-quarter sales fell 41%.
(Bloomberg) — Volkswagen AG joined other automakers around the globe in warning of the unprecedented fallout from the coronavirus pandemic.Supply and demand disruptions from government measures to slow the spread of the disease will cause operating profit to drop “severely” this year, the world’s largest automaker said on Wednesday. Efforts to rein in spending will allow the German company to remain profitable for the full year, despite an anticipated second-quarter loss.Volkswagen’s warning pales in comparison to the announcement from Ford Motor Co. last night. The U.S. carmaker forecast a second-quarter operating loss of more than $5 billion, devastating its efforts …read more […]
AstraZeneca topped analysts’ estimates for quarterly profit and reiterated its targets for the year on Wednesday, as the British drugmaker benefited from higher demand for some of its medicines during the coronavirus pandemic.
German auto supplier and technology company Robert Bosch [ROBG.UL] on Wednesday said it expected automotive production to fall by at least 20% this year, as the coronavirus pandemic slams the brakes on factory production lines and saps demand.
World shares eked out slim gains on Wednesday, with optimism over economies easing coronavirus lockdowns and oil prices clawing back ground leavened by caution over corporate earnings.
Airbus on Wednesday posted a 49% slump in first-quarter core profit and called for an industry-wide campaign to restore confidence in flying after the coronavirus pandemic triggered the “gravest crisis the aerospace industry has ever known”.
(Bloomberg) — Standard Chartered Plc put aside $956 million against potential losses as souring loans spike during the coronavirus pandemic, even as a trading boom lifted first-quarter revenue.The emerging markets-focused lender reported the biggest provisions since 2015 as clients across Asia, Africa and the Middle East got into difficulty because of lockdowns and travel restrictions. That reflects similar warnings from other global banks, which have allocated billions of dollars to deal with the crisis.“While pressure on credit quality has increased recently, we delivered good underlying income growth of 6% in the first quarter and maintained strong cost discipline,” Bill Winters, …read more […]
Standard Chartered PLC on Wednesday said it expects its main markets to lead global economic recovery from the COVID-19 crisis as early as later this year, striking an optimistic note after increased bad loan provisions squashed quarterly profit.
Copyright 1997-2019 Wall Street Reporter / Octagon Media Corp.
