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Shanghai gold boss wants super-sovereign currency for post-crisis times

April 28, 2020 admin Comments Off on Shanghai gold boss wants super-sovereign currency for post-crisis times

The president of the Shanghai Gold Exchange (SGE) called for a new super-sovereign currency to offset the global dominance of the U.S. dollar, which he predicted would decline long term, while gold prices rally. Concern has mounted among some market participants over the dollar-denominated system as the U.S. Federal Reserve cut interest rates to near-zero and embarked on unlimited quantitative easing to contain the economic damage of the coronavirus pandemic. Wang Zhenying, who heads the world’s largest physical spot gold exchange, said in an interview the gold gains should be sustained, but ultimately a new kind of currency …read more […]

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KPMG audit finds fault with Wirecard, shares slump 19%

April 28, 2020 admin Comments Off on KPMG audit finds fault with Wirecard, shares slump 19%

An independent investigation by auditor KPMG into Wirecard found on Tuesday the German payments company did not provide sufficient documentation to address all allegations of accounting irregularities made by the Financial Times. Following the release of the report, Wirecard said the KPMG audit had not uncovered incriminating evidence to support allegations it manipulated its accounts and it would not restate its accounts for the years 2016 through 2018. “I would like to underline that, overall and in every point, the allegations were not confirmed,” CEO Markus Braun told a conference call with reporters. …read more […]

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Caterpillar Sees Virus Pain Intensifying After Profit Trails

April 28, 2020 admin Comments Off on Caterpillar Sees Virus Pain Intensifying After Profit Trails

(Bloomberg) — The world’s biggest maker of mining and construction equipment is predicting that the pain from the coronavirus crisis is far from over.Caterpillar Inc. said the current quarter will be “more significantly impacted” by the virus after profits for the first three months of the year trailed analysts estimates. The Deerfield, Illinois-based company also shelved its traditional earnings forecast for 2020 as the fallout from the pandemic jolts customers in mining, construction and energy.Also read: Caterpillar 1Q Adjusted EPS $1.60 Vs. $2.94 Y/y, Est. $1.69Caterpillar is taking steps to slash costs and pare production in the face of deteriorating …read more […]

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Remote work revenue could help Microsoft offset coronavirus impacts, analysts say

April 28, 2020 admin Comments Off on Remote work revenue could help Microsoft offset coronavirus impacts, analysts say

Analysts expect those upticks to offset some of declines and position Microsoft as well or better than its peers as the full economic impact of the pandemic becomes clearer. Analysts expect Microsoft, based in Redmond, Washington, to report $33.63 billion in revenue and earnings of $1.27 per share for its fiscal third quarter, up from $30.5 billion and $1.14 per share the year before, according to IBES data from Refinitiv as of April 27. …read more […]

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PepsiCo beats revenue estimates but scraps forecast over virus crisis

April 28, 2020 admin Comments Off on PepsiCo beats revenue estimates but scraps forecast over virus crisis

While PepsiCo did not say how the virus was directly affecting its business, government lockdown orders around the world have triggered an unprecedented surge in demand for food and beverage products in recent weeks. PepsiCo’s net revenue rose 7.7% to $13.9 billion in the quarter ended March 21, beating analysts’ estimates of $13.21 billion, as a massive advertising campaign during the Super Bowl helped boost sales of its sodas and snacks. Excluding one-time items, Pepsico earned $1.07 per share, beating estimates of $1.03, according to Refinitiv IBES data. …read more […]

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Southwest posts first quarterly loss in nine years and warns of more coronavirus clouds

April 28, 2020 admin Comments Off on Southwest posts first quarterly loss in nine years and warns of more coronavirus clouds

The COVID-19 crisis has decimated travel demand, with an unprecedented number of flight cancellations in the second half of March. Dallas-based Southwest swung to a net loss of $94 million for the quarter ended March 31, compared to a profit of $387 million a year earlier. Total operating revenue declined 17.8% to $4.2 billion. …read more […]