Volvo Car Group, owned by China’s Geely Holding, said on Wednesday it was giving notice of redundancy to 1,300 white-collar workers in Sweden as the impact from the pandemic increased the urgency of lowering structural costs.
Shares in airline group IAG fell 3% after the airline group launched a plan to shrink its main British Airways business, axing staff numbers by a quarter as it warned of a slow recovery from the coronavirus pandemic.
(Bloomberg) — Billionaire activist investor Christopher Hohn has called on Wirecard AG to remove Chief Executive Officer Markus Braun after an independent audit of past revenues criticized the German payments processor for internal “shortcomings.”The probe by KPMG was unable to obtain the data needed to verify revenues of 1 billion euros ($1.1 billion) in transactions with third parties. Wirecard hired the accounting firm in October to look into its third-party partner business as well as operations in India and Singapore following a series of reports by the Financial Times that accused the company of accounting fraud in several countries.Shares in …read more […]
(Bloomberg) — Saudi Arabia’s central bank depleted its net foreign assets in March at the fastest clip since at least 2000, showing the severity of the damage inflicted by the slump in oil prices even as the government is only starting to lean on the holdings to cover budget needs.The drop of more than 100 billion riyals ($27 billion), or over 5% from the previous month, brought the stockpile to $464 billion, the lowest since 2011, according to data compiled by Bloomberg. In the first quarter, the government ran a budget deficit of 34.1 billion riyals, which was mostly covered …read more […]
Britain’s Fevertree Drinks said on Wednesday co-founder Charles Rolls plans to step down from his role as non-executive deputy chairman at the company’s annual general meeting in June.
Daimler on Wednesday warned the carmaker faces a difficult second quarter as it hiked credit risk provisions to anticipate rising delinquencies among customers who leased or bought Mercedes-Benz passenger cars.
Strategic investors will inject 7 billion yuan ($989 million) into Nio China, a new entity controlled by Chinese electric vehicle maker Nio Inc, the firm said on Wednesday. The new investment will boost product development and research, Chief Executive William Li told a news conference, adding that the firm would consider expanding capacity in the eastern city of Hefei if sales demand grew. In a statement, the firm said Nio will inject its core businesses and assets in China, which are valued at 17.77 billion yuan, into Nio China and invest 4.16 billion yuan in it. …read more […]
British clothing retailer Next said on Wednesday total product sales in its latest quarter crashed 41%, reflecting the closure of all its stores in the coronavirus lockdown and the temporary shutdown of its online operations.
Asian shares climbed to a near two-month peak on Wednesday as investors took heart from easing coronavirus lockdowns in some parts of the world, better-than-expected corporate earnings and a welcome rebound in oil prices.
AstraZeneca on Wednesday beat analysts’ estimates for first-quarter profit and reiterated its outlook for 2020, as demand for the company’s newer medicines remained steady.
British clothing retailer Next said on Wednesday total product sales in its latest quarter crashed 41%, reflecting the closure of all its stores in the coronavirus lockdown and the temporary shutdown of its online operations.
Shares in Alphabet (GOOGL) spiked 8% in after-hours trading following the release of the tech giant’s first quarter earnings results. Revenue surged 13% year-over-year to $41.16B, easily beating the Street forecast of $40.2B, although Q1 Non-GAAP EPS of $9.87 missed the consensus forecast by $0.89.As expected, the fallout from the coronavirus pandemic saw YouTube advertising revenue drop 14% compared to the previous quarter, but on a year-over-year basis the figure was still up over 33%.“Our business, led by Search, YouTube, and Cloud, drove Alphabet revenues to $41.2 billion, up 13% versus last year, or 15% on a constant currency basis,” …read more […]
Standard Chartered PLC on Wednesday said it expects virus-battered economies to recover later this year, striking an optimistic note after increased credit impairment and provisions for future loan losses pushed first-quarter profit down 12%.
WPP , the world’s biggest advertising company, said net sales fell 3.3% in the first quarter, with the impact of the COVID-19 pandemic dragging it down by 7.9% in March alone, prompting it to cut more costs.
WPP , the world’s biggest advertising company, said net sales fell 3.3% in the first quarter, with the impact of the COVID-19 pandemic dragging it down by 7.9% in March alone, prompting it to cut more costs.
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