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Tencent Sales Beat After Gaming Boost Offsets China Slowdown

May 13, 2020 admin Comments Off

(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 […]

Europe Stocks Decline, U.S. Futures Edge Higher: Markets Wrap

May 13, 2020 admin Comments Off

(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 […]

Emirates plans scheduled flights from May 21 to nine cities

May 13, 2020 admin Comments Off

Emirates Airline from May 21 plans to operate scheduled flight services from Dubai to London Heathrow, Frankfurt, Paris, Milan, Madrid, Chicago, Toronto, Sydney and Melbourne, it said in a statement on Wednesday.

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Forex firm Travelex to default on coupon payment

May 13, 2020 admin Comments Off

Currency service provider Travelex [TFPI.UL] said on Wednesday it would default on a 14.4 million euro ($15.6 million) coupon payment on some of its senior notes as it grapples with a hit to earnings amid the coronavirus crisis.

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Korean Air to issue $817 million in new shares as virus strains industry

May 13, 2020 admin Comments Off

South Korea’s largest airline, Korean Air , said on Wednesday its board decided to sell about 1 trillion won ($816.55 million) in new shares to raise funds amid mounting strains in the industry due to the coronavirus pandemic.

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Korean Air says to issue new shares worth about $817 million

May 13, 2020 admin Comments Off

South Korea’s largest airline, Korean Air , said on Wednesday its board decided to sell about 1 trillion won ($816.55 million) in shares to raise funds as airlines’ finances come under strain from grounded fleets due to travel restrictions and crippled demand from the coronavirus pandemic.

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Fear of coronavirus second wave stalks stock markets

May 13, 2020 admin Comments Off

Global stocks and oil prices fell on Wednesday as fears about a second wave of coronavirus infections gripped financial markets.

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Deutsche Bank targets 200 billion euros of sustainable investment by 2025

May 13, 2020 admin Comments Off

German lender Deutsche Bank plans to pump at least 200 billion euros ($216.8 billion) into so-called sustainable financing and investments by 2025, its first formal targets for doing so.

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Amazon expects to extend France warehouse closures to May 18

May 13, 2020 admin Comments Off

Amazon plans to extend until May 18 the closure of its six French warehouses, which have been closed since April 16 after court rulings ordering the U.S. e-commerce giant to restrict deliveries during the coronavirus pandemic.

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Japan stands by its integrated resort policy despite Sands’ move

May 13, 2020 admin Comments Off

Japan has no plan to change its schedule regarding the launch of integrated resorts (IR) – Las Vegas-style complexes that include casinos and shopping arcades – despite Las Vegas Sands’ decision to end its plan to open an IR casino in Japan, a top government spokesman said on Wednesday.

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Maersk sees drop in global container demand this year

May 13, 2020 admin Comments Off

Shipping group A.P. Moller-Maersk on Wednesday warned of a sharp drop in global container volumes due to the coronavirus pandemic, sending its shares down sharply.

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Aston Martin posts deep quarterly loss as pandemic slams brakes on sales

May 13, 2020 admin Comments Off

Aston Martin posted a deep first-quarter loss after sales dropped by nearly a third due to the impact of the coronavirus crisis, though the luxury car maker said production of a crucial sport utility vehicle was on track.

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Luckin Coffee’s Recovery Just Got Tougher After Firing CEO

May 13, 2020 admin Comments Off

(Bloomberg) — The firings of Luckin Coffee Inc.’s chief executive officer and her lieutenant in an escalating scandal over faked transactions is another body blow for the Chinese chain, which expanded at breakneck speed trying to supplant Starbucks Corp. as the dominant barista in a booming coffee culture.CEO Jenny Zhiya Qian and Chief Operating Officer Jian Liu were terminated and also resigned their board positions, according to a Tuesday filing by the U.S.-listed company. Six others either were suspended or placed on leave. Jinyi Guo, a board member and senior vice president, was named acting CEO.The dismissals reflect the increasing …read more […]

Amazon plans to extend France warehouse closures to May 18

May 13, 2020 admin Comments Off

Amazon plans to extend the closure of its French warehouses until May 18, the U.S. e-commerce giant said on Wednesday.

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European holidays to restart in July, tourism to recover by 2022: TUI CEO

May 13, 2020 admin Comments Off

Tourism will recover to its pre-coronavirus levels by 2022 at the latest and European holidays will restart in July said Fritz Joussen, the chief executive of travel group TUI .

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