Business & Finance News
Hugo Boss is seeing signs of a sales rebound in China and online, but expects the impact of the coronavirus crisis to worsen before any recovery kicks in after first quarter sales fell by 17%, which knocked its shares.
BNP Paribas set aside more than half a billion euros in loan provisions on Tuesday as the coronavirus crisis wiped out the French bank’s revenue from equity derivatives trading and knocked a third off its first quarter profit.
Vehicle and equipment maker CNH Industrial said on Tuesday it planned to return progressively to full operations at most of its facilities around the world by the end of May, in line with the easing of coronavirus lockdowns.
Liechtenstein-based financial group LGT will be split into three separate firms in 2021, all directly held by the Prince of Liechtenstein Foundation, LGT said on Tuesday.
Irish airline Aer Lingus said it was reviewing its social distancing procedures after a flight on Monday was packed with passengers.
Airline SAS said on Tuesday it had signed a 3.3 billion Swedish crown ($336 million) three-year revolving credit facility agreement, 90% guaranteed by Sweden and Denmark’s governments, as it looked to beat a path through the coronavirus crisis.
BNP Paribas’ profit fell by a third in the first quarter, as the coronavirus crisis hit equity trading and prompted the euro zone’s biggest bank to set aside more than half a billion euros in loan provisions.
French carrier Air France is to require all passengers on board its flights to wear masks from May 11 to comply with French government guidelines on COVID-19 protection measures.
Europe’s biggest budget airline Ryanair posted a 99.6% fall in passenger numbers in April, while smaller low cost carrier Wizz Air said numbers plunged 97.6%, as the novel coronavirus halted most flying across Europe.
Oakley and Ray-Ban maker EssilorLuxottica reported a slump in first-quarter sales on Tuesday and warned of an even bigger hit in the current quarter as the coronavirus outbreak prompted store closures.
Asian stocks rose on Tuesday, tracking a late Wall Street rally as governments eased coronavirus lockdowns while oil extended gains on expectations fuel demand would begin to pick up.
Hungarian low cost airline Wizz Air said its passenger numbers plunged 98% in April compared to the same month last year as the novel coronavirus halted most flying across Europe.
Activist investor Amber Capital faces its biggest test yet on Tuesday in its high-stakes bid to shake up governance at media and publishing firm Lagardere as shareholders vote on its attempt to revamp the French firm’s supervisory board.
Nivea-maker Beiersdorf said on Tuesday its La Prairie premium skincare brand has been hit hard by the drop in international travel due to the coronavirus pandemic but sales of its medicinal creams and plasters jumped.
German fashion house Hugo Boss said it expected the impact of the coronavirus pandemic to be worse in the second quarter after it reported that sales fell a currency-adjusted 17% in the first, but added that it was seeing signs of a rebound in China and online.
Copyright 1997-2019 Wall Street Reporter / Octagon Media Corp.
