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Europe Stocks Slip With U.S. Futures; Dollar Jumps: Markets Wrap

February 20, 2020 admin Comments Off on Europe Stocks Slip With U.S. Futures; Dollar Jumps: Markets Wrap

(Bloomberg) — European stocks fell and U.S. equity futures edged lower as investors pored over the latest reports about the spread of the coronavirus beyond China and a batch of lackluster corporate earnings. The dollar jumped.The Stoxx Europe 600 Index slipped as South Korea reported its first fatality from the disease after cases there more than doubled. Earnings from some of the continent’s biggest companies also underwhelmed, from Belgian brewer Anheuser-Busch InBev SA to French insurer AXA SA and Telefonica SA of Spain. Futures on the S&P 500 Index turned lower after Japan reported two deaths from the virus. In …read more […]

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Telefonica Profit Miss Highlights Headwinds to Reinvention

February 20, 2020 admin Comments Off on Telefonica Profit Miss Highlights Headwinds to Reinvention

(Bloomberg) — Telefonica SA reported profit that missed estimates, highlighting the challenges the company faces to increase sales while it implements a new strategy.The company reported operating income before depreciation and amortization of 3.67 billion euros ($3.96 billion euros) in the fourth quarter, falling short of the 4.18 billion euros forecast by analysts. Impairments from Mexican and Argentine operations, along with staff cuts and other restructuring measures, were a drag on earnings.The company is pledging to maintain sales growth and cut debt as it undergoes a shift to focus mainly on four key markets. The difficulties abound, not least because …read more […]

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Lloyds posts lower annual profits as PPI and bad loans weigh

February 20, 2020 admin Comments Off on Lloyds posts lower annual profits as PPI and bad loans weigh

Britain’s biggest domestic lender Lloyds Banking Group reported a 27% drop in annual profit in 2019, as it paid out billions of pounds to customers mis-sold insurance products and saw bad loans rise. Lloyds reported a pre-tax profit of 4.4 billion pounds ($5.7 billion), in line with analysts’ expectations as nearly 2.5 billion pounds of provisions for compensating customers mis-sold payment protection insurance weighed. Lloyds announced a dividend of 3.37 pence per share, but no buyback as some investors had hoped for. …read more […]

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China Nears Takeover of HNA Group as Virus Hits Business

February 20, 2020 admin Comments Off on China Nears Takeover of HNA Group as Virus Hits Business

(Bloomberg) — China plans to take over indebted conglomerate HNA Group Co. and sell off its airline assets, the most dramatic step to date by the state to contain the deepening economic damage from the deadly coronavirus outbreak. HNA-related shares rose.The government of Hainan, the southern island province where HNA is based, is in talks to seize control of the group after the contagion hurt its ability to meet financial obligations, according to people familiar with the plans. The once little-known airline operator shot to prominence between 2016 and 2017 after a debt-fueled acquisition spree saw it become the leading …read more […]