LVMH ‘s board met this week to discuss the fallout from the coronavirus crisis on its $16.2 billion purchase of U.S. jeweller Tiffany , the luxury goods group said on Thursday, opening the door to a possible attempt to review the deal terms.
Citigroup is looking to ramp up its commercial banking operations across Europe, Middle East and Africa, plugging gaps left by rivals facing fallout from a coronavirus-induced recession.
LVMH, the luxury goods giant, rules out buying the jeweller’s shares to get it on the cheap. …read more […]
JOHANNESBURG – World-leading renewables companies are lining up to invest in South Africa’s energy sector and help remedy a chronic generation shortfall that pushed the continent’s most advanced economy into recession even before the COVID-19 pandemic struck.
British luxury carmaker Aston Martin plans to shed up to 500 jobs as it seeks to bring its cost base into line with reduced sports car production levels, it said on Thursday. The job cuts come a week after Aston Martin confirmed that Tobias Moers, CEO of Mercedes-AMG, would become chief executive on August 1, replacing Andy Palmer. Aston Martin, famed for being fictional secret agent James Bond’s car of choice, has seen its share price plummet since floating in October 2018. …read more […]
Billionaire investor Dan Loeb’s Third Point LLC fund has Boeing Co (BA) listed among its top winners in May sending shares in the ailing planemaker up 13% on Wednesday.The stock help up its gains on Wednesday even after Loeb told CNBC that he bought Boeing debt and not stock, reversing earlier market rumors that the fund entered into an equity position. The planemaker is joined by the likes of Walt Disney (DIS) and Burlington Stores Inc. on the investor’s list of top winners in May. The hedge fund returned 1.6% on its investments in May after 7.1% a month earlier.In …read more […]
Ford Motor’s China ventures have reported year-on-year sales growth for May in a sign of how the world’s biggest auto market is continuing its recovery from coronavirus-induced lows.
LVMH said on Thursday it did not plan to buy shares in Tiffany on the market, which would be one way for the French luxury goods group to buy the U.S. jeweller for less than the $16.2 billion agreed in last year’s acquisition deal.
Shares in Elastic NV (ESTC) fell 7% in after-hours trading on Wednesday after the company reported strong fiscal fourth quarter results, but disappointed with weak guidance.Specifically, Q4 Non-GAAP EPS of -$0.12 beat consensus estimates by $0.19 while GAAP EPS of -$0.38 came in $0.15 above expectations. Revenue of $123.62M surged 53.4% year-over-year thanks to better execution and broad product traction, and beat Street estimates by $6.47M.However, FY21 guidance was below consensus taking into account expected (not yet witnessed) macro headwinds. Total revenue is expected to be between $530 million and $540 million (vs consensus of $561.3M), with non-GAAP operating margin …read more […]
Oil prices dropped on Thursday, reversing gains in the previous session, on concern over whether major crude producers will be able to agree to extend record output cuts, heightened by worries over a huge build in U.S. distillate inventories. Brent crude futures fell 1.18%, or 47 cents, to $39.32 a barrel as of 0652 GMT, while U.S. West Texas Intermediate (WTI) crude futures slid 1.80%, or 67 cents, to $36.62 a barrel. Saudi Arabia and Russia, two of the world’s biggest oil producers, have agreed to support extending into July the 9.7 million barrels per day (bpd) in …read more […]
The energy industry’s bet that a petrochemicals boom would support decades of oil and gas sales growth is on shaky ground as an already saturated plastic market is hit by a coronavirus demand shock.
(Bloomberg) — Bayer AG is blocked from selling its controversial dicamba-based herbicide in the U.S. after an appeals court rejected a federal regulator’s permit for the product, compounding the German company’s weed-killer woes.The three-judge panel concluded the Environmental Protection Agency had “failed entirely” to acknowledge some risks dicamba poses and that the agency violated federal regulations when it extended its approval of registration for the herbicide for another two years in October 2018.The ruling means farmers who bought seeds to be used with dicamba for this year’s growing season may not be able to plant them, since pesticides can’t be …read more […]
Carnival Corp’s Princess Cruises on Thursday extended the suspension of some of its voyages in Australia, Canada and Taiwan as ports around the world remain shut due to the coronavirus crisis.
Copyright 1997-2019 Wall Street Reporter / Octagon Media Corp.
