(Reuters) – Zoom Video Communications Inc raised its annual revenue forecast by more than 30% after comfortably beating quarterly estimates on Monday as it converts more of its huge free user base to paid subscriptions. Shares of Zoom, which have surged almost... More »
SHANGHAI (Reuters) – Geely Automobile Holdings Ltd on Monday booked a 43% drop in half-year profit and trimmed its full-year sales goal, sending its shares down 4%, as the coronavirus outbreak continues to trouble the world’s biggest auto market. The results c... More »
(This August 13 story corrects to show that 2019 and 2020 H1 results are based on different accounting standards in paragraph 3, changes percentage change to profit figure in paragraph 1) By Joyce Lee SEOUL (Reuters) – Big Hit Entertainment, the management lab... More »
(Reuters) – Surging COVID-19 infections in big states like California, Texas and Florida are scaring shoppers away from newly reopened malls, dealing a blow to an industry that was on the ropes even before the pandemic began. Simon Property Group (SPG.N), the ... More »
SYDNEY (Reuters) – Australian companies are likely to deliver smaller dividends in what is forecast to be the country’s worst earnings season in a decade because of the coronavirus pandemic, with even firms that benefited from the upheaval expected to show cau... More »
DUBAI (Reuters) – State oil giant Saudi Aramco’s profit plunged 73% in the second quarter of the year, as a slump in energy demand and prices due to the coronavirus crisis hit sales at the world’s biggest oil exporter. But the company stuck with plans to pay $... More »
MILAN (Reuters) – Luxury carmaker Ferrari (RACE.MI) trimmed its full-year earnings forecast on Monday after second-quarter income plunged due to supply chain and production disruptions due to the coronavirus pandemic. The company known as the ‘Prancing Horse’ ... More »
(Reuters) – U.S. oil refiner Marathon Petroleum Corp posted a smaller-than-expected quarterly loss on Monday, hours after it announced the sale of its Speedway gas stations to Japan’s Seven & I (3382.T) for $21 billion, which is expected to ease the refiner’s ... More »
MILAN (Reuters) – Intesa Sanpaolo (ISP.MI) succeeded in its bid for UBI Banca (UBI.MI) on Tuesday after acquiring two thirds of its target’s shares to pass a vital threshold that leaves it in full control of what will be the euro zone’s seventh-largest bank. W... More »
BERLIN (Reuters) – SAP’s (SAPG.DE) plans to float online sentiment tracking business Qualtrics would be a “win-win” proposition, CEO Christian Klein said on Monday, as the business software group confirmed its second quarter results and guidance. SAP would ret... More »
(Reuters) – Hasbro Inc (HAS.O) missed analysts’ estimates for quarterly earnings and revenue on Monday, as production shutdowns due to the COVID-19 pandemic crimped the toymaker’s efforts to cash in on strong demand for its board games. The company’s shares, w... More »
(Reuters) – U.S. grocer Albertsons Cos Inc ACI.N on Monday reported a 26.5% rise in same-store sales in its first quarter as a publicly listed company, driven by demand for home deliveries of groceries during the COVID-19 pandemic. The company’s shares, which ... More »
BEIJING (Reuters) – Profits at China’s industrial firms rose for a second straight month and at the fastest pace in over a year, adding to signs the country’s economic recovery from the coronavirus crisis is gaining momentum. The statistics bureau said on Mond... More »
GDANSK/WARSAW (Reuters) – Poland’s industrial output PLIPY=ECI rose by 0.5% in June, better than the 6.9% decline forecast by analysts, who said the statistic office data suggest the economy may overcome the coronavirus crisis faster than initially expected. T... More »
BERLIN (Reuters) – The German parliament’s financial committee will hold an extraordinary meeting on the Wirecard (WDIG.DE) scandal on Wednesday next week and Finance Minister Olaf Scholz is expected to be there, a Social Democrat (SPD) lawamker said on Monday... More »
PARIS (Reuters) – French carmaker Renault (RENA.PA) on Monday reported a 34.9% drop in worldwide vehicle sales in the first half of the year due to the impact from the new coronavirus outbreak but said it had seen some signs of recovery in June. Sales of its Z... More »
(Reuters) – Euro zone shares were little changed on Friday as investors awaited the outcome of an European Union summit where leaders are expected to hammer out details of a 750-billion-euro ($858 billion) recovery fund. The euro zone STOXX index .STOXXE was f... More »
ZURICH (Reuters) – Lonza Group said on Monday that China’s Junshi Biosciences has licensed the Swiss contract drug manufacturer’s technology to help produce a neutralizing antibody against COVID-19. Lonza said Junshi’s first neutralizing antibody against the n... More »
BOSTON (Reuters) – Starting a hedge fund with more capital and scoring top first-year returns point to higher chances of survival in the often risky business, Goldman Sachs Group Inc said in research released on Friday. Goldman, which has helped launch and fin... More »
PARIS (Reuters) – Finland’s Nokia Oyj (NOKIA.HE) plans to cut 1,233 jobs at its French subsidiary Alcatel-Lucent International, equivalent to a third of the local workforce, the group said on Monday, confirming an earlier Reuters report. Nokia, which competes ... More »
BERLIN (Reuters) – Regulators worked hard and did their job in the case of payments firm Wirecard, which on Monday said that 1.9 billion euros ($2.13 billion) missing from its accounts was likely never there, Finance Minister Olaf Scholz said on Monday. “I thi... More »
SAO PAULO (Reuters) – Passenger revenue at Latin America’s No. 2 airline, Avianca Holdings AVT_p.CN, has fallen 51% for the year as of early June compared with a year ago, the carrier said, in a look into the dire financial toll that the coronavirus has taken ... More »
(Reuters) – The European Central Bank beefed up its bond-buying programme on Thursday in its latest effort to support a euro zone economy pummelled by more than two months of shutdowns to cope with the coronavirus pandemic. Following are highlights of ECB Pres... More »
TOKYO (Reuters) – Mitsubishi Motors Corp (7211.T) on Tuesday posted an 89% drop in annual operating profit in the year ended March as the Japanese automaker took a hit from falling vehicle sales as the coronavirus pandemic takes its toll on global demand for c... More »
ZURICH (Reuters) – A spike in trading volumes boosted margins for wealth manager Julius Baer (BAER.S) in the first four months of the year, even though markets slid and a strong Swiss franc ate into assets under management. Baer attributed a 16% rise in gross ... More »
(Reuters) – Chinese search engine giant Baidu Inc forecast second-quarter revenue above expectations on Monday, as businesses reopen in the world’s second-largest economy after strict lockdowns to curb the spread of the coronavirus. Baidu’s U.S.-listed shares ... More »
LONDON (Reuters) – Travel group TUI (TUIGn.DE) will cut 8,000 jobs and look to shed 30% of its costs as it gears up for a July restart to European tourism, the German company said on Wednesday. Holiday plans have been put on hold in the face of travel restrict... More »
FRANKFURT/DUESSELDORF, Germany (Reuters) – German conglomerate Thyssenkrupp (TKAG.DE) on Tuesday warned its operating loss could swell to 1 billion euros ($1.1 billion) in the current quarter citing the coronavirus pandemic. The group, whose operations range f... More »
TOKYO (Reuters) – Toyota Motor Corp (7203.T) on Tuesday said it expects profit to drop 80% to its lowest in nine years, as Japan’s biggest automaker grapples with the impact of the novel coronavirus which has sapped global demand for vehicles. Global automaker... More »
(Reuters) – Logitech International (LOGN.S) reported a 13.6% rise in quarterly sales on Tuesday as more people used its computer products while working from home due to the coronavirus crisis. Logitech said demand accelerated in the three months to the end of ... More »
(Reuters) – China’s Tencent Music Entertainment (TME.N) narrowly missed market estimates for quarterly revenue on Monday as the COVID-19 crisis hurt the company’s social entertainment services business, sending its shares down 4.5% in extended trade overnight.... More »
TOKYO (Reuters) – The runaway success of Nintendo Co Ltd’s (7974.T) island life simulator Animal Crossing: New Horizons has overshadowed an uncomfortable fact for fans of the Switch console – it lacks upcoming titles. Nintendo on Thursday said Animal Crossing,... More »
TOKYO (Reuters) – Japan’s Nintendo Co Ltd (7974.T) said on Thursday its fourth-quarter profit soared 200% due to surging demand for its Switch games console, and that title Animal Crossing: New Horizons shifted a record 13.4 million units in its first six week... More »
BOSTON (Reuters) – Global hedge funds posted their biggest monthly gain in more than a decade in April when stocks rocketed higher with the help of government rescue packages designed to fuel growth stalled by the coronavirus outbreak, according to new data on... More »
MILAN (Reuters) – Luxury sports car maker Ferrari (RACE.MI) still expects to make more than $1 billion in core profit this year, providing a relative beacon of stability in an auto industry ravaged by the coronavirus crisis. The company, known for its red Form... More »
PRAGUE (Reuters) – Czech carmaker Skoda Auto, part of the Volkswagen Group (VOWG_p.DE), reported a 25% drop in first-quarter operating profit on Monday, but said the biggest hit from the coronavirus outbreak would come in the second quarter. Skoda, the Czech R... More »
(Reuters) – Insurers are normally great with numbers. But the coronavirus pandemic has them struggling to estimate how many billions of dollars in losses they face, and what the fallout will be for their massive investment portfolios. Executives, lawyers and a... More »
(Reuters) – Tyson Foods Inc expects to continue idling meat plants and slowing production because of the new coronavirus, the company said on Monday, signaling more disruptions to the U.S. food supply. Tyson reported lower-than-expected earnings and revenue fo... More »
LOS ANGELES (Reuters) – Walt Disney Co’s (DIS.N) acquisitions spree that included swallowing much of Rupert Murdoch’s 21st Century Fox last year, and a reputation for operational excellence, turned the company into the world’s most powerful entertainment machi... More »
BERLIN (Reuters) – Adidas (ADSGn.DE) reported a 93% plunge in first-quarter profit and sales off 19%, missing forecasts, and warned of a deeper hit to second-quarter revenue as lockdowns forced the German sportswear maker and other retailers to close stores. F... More »
FRANKFURT (Reuters) – German drugs and pesticides company Bayer said the economic downturn has prompted it to take a tougher stance in talks to settle claims its glyphosate-based weedkillers cause cancer, even as its earnings rose. The pandemic has significant... More »
FRANKFURT (Reuters) – Daimler and Volvo Trucks have agreed to join forces to develop, produce and sell fuel cell systems for heavy-duty vehicles, in a sign that the coronavirus crisis is accelerating consolidation. Global car and truck makers are exploring way... More »
(Reuters) – International Business Machines Corp’s (IBM.N) clients have shifted priorities toward saving capital in recent weeks because of COVID-19, hitting software sales in particular, new Chief Executive Officer Arvind Krishna said as the company withdrew ... More »
BENGALURU (Reuters) – India’s Infosys suspended its full-year 2021 revenue forecast on Monday, joining its software outsourcing rivals in flagging a hit to its business as the coronavirus pandemic freezes client activity in the United States and Europe. Infosy... More »
SEOUL (Reuters) – The coronavirus-driven global shift to working from home is set to have boosted demand for Samsung Electronics’ memory chips from laptop makers and data centres, but first-quarter profits are likely to remain flat as the outbreak weakened con... More »
BOSTON (Reuters) – Glenview Capital Management, the hedge fund run by Larry Robbins, has lost roughly 30% in the first three months of 2020 as the spread of the new coronavirus hurt the healthcare facilities and hospital operators the firm has invested in. The... More »
(Reuters) – FedEx Corp (FDX.N) said on Friday it would slash its chief executive officer’s pay and draw down $1.5 billion from a credit facility as delivery services take a hit from coronavirus-led lockdowns across the globe. The company, which also suspended ... More »
BOSTON (Reuters) – Multi-strategy hedge funds – those that bet on a broad array of markets using teams of traders, leverage and centralized risk management – have flourished as stocks ended their worst three months since the 2008 financial crisis. Balyasny Ass... More »
BEIJING/SHANGHAI (Reuters) – China’s largest state banks said the impact of restrictions on movement imposed to slow the spread of the coronavirus could pull down asset quality as borrowers struggle to repay loans, though they are likely big enough to weather ... More »
BEIJING (Reuters) – China’s Geely Automobile Holdings Ltd (0175.HK) on Monday said 2020 may be “amongst the most difficult years” in its history, as pressure stemming from the coronavirus pandemic on production and sales is likely to persist in the near future... More »
(Reuters) – Yum China Holdings Inc (YUMC.N) said on Monday its business was in the early stages of recovery, weeks after the fast-food chain operator had to close over a third of its outlets at the peak of the coronavirus outbreak, which originated in the coun... More »
NEW YORK (Reuters) – The hit to U.S. corporate earnings from the coronavirus epidemic is getting harder and messier to predict. Wall Street strategists have been slashing forecasts as the impact from the virus is set to be felt far further than the first quart... More »
(Reuters) – JPMorgan Chase & Co (JPM.N) largely maintained its key profit goals for the medium term on Tuesday, signaling steady but slower growth, and raised its financial commitment for clean-energy initiatives after years of pressure from environmental acti... More »
(Reuters) – Warren Buffett’s Berkshire Hathaway Inc (BRKa.N) on Saturday posted a 23% decrease in quarterly operating profit, while soaring prices in stock holdings such as Apple Inc (AAPL.O) enabled the conglomerate to smash its old record for full-year earni... More »
(Reuters) – Warren Buffett on Saturday called on corporate America to make their boards of directors more accountable to shareholders and less beholden to chief executive officers, perhaps by reducing their pay and requiring that they buy more stock. In his an... More »
(Reuters) – Royal Bank of Canada plans to open a consumer bank in the United States early next year targeting wealthy clients, with the aim of expanding deposits, its chief financial officer told Reuters on Friday after the bank posted first-quarter profit tha... More »
(Reuters) – 1/CHINA ON SICK LEAVE A leap in coronavirus cases in Hubei gave markets pause, for all of 24 hours. Then attention shifted back to the global case-count and the rally resumed. But while investors are focused on containment, the world’s second-bigge... More »
(Reuters) – Cathay Pacific Airways (0293.HK) is expecting a significant drop in its first-half results and has also cut capacity due to the coronavirus outbreak, it said on Monday. Severe travel restrictions as a result of a coronavirus outbreak in China, whic... More »
BENGALURU (Reuters) – SoftBank-backed (9984.T) Oyo Hotels and Homes said on Monday losses widened more than six-fold in the year to March 2019, as the India-based hotel chain spent heavily to expand into China. The news comes weeks after Oyo began laying off r... More »
(Reuters) – Australia’s Boral Ltd (BLD.AX) said on Monday delays to building projects due to bushfires will likely cause a plunge in its second-half results, while revealing an investigation had found inflated earnings at its North American window-making busin... More »
FRANKFURT/ZURICH (Reuters) – The Credit Suisse (CSGN.S) spying debacle risks tipping the bank into a crisis that could engulf its top executives. Switzerland’s market supervisor is scrutinizing Credit Suisse’s oversight of chief executive Tidjane Thiam and his... More »
ZURICH (Reuters) – Credit Suisse (CSGN.S) and law firm Homburger will continue their investigation into employee observation at the bank, a spokesman said, after the bank on Monday confirmed a second former executive was tailed. [nL8N28X0TX] “We are looking in... More »
ZURICH (Reuters) – Credit Suisse (CSGN.S) on Monday cleared CEO Tidjane Thiam and other top executives from knowledge of a second spying incident, saying former Chief Operating Officer Pierre-Olivier Bouee had the Swiss bank’s then-head of human resources foll... More »
LONDON (Reuters) – From Harley Davidson to Colgate-Palmolive, U.S. companies are flocking to borrow in euros and their record issuance is breathing life into a market where yields have been hammered by the European Central Bank’s renewed stimulus push. Offshor... More »
BOSTON (Reuters) – D.E. Shaw’s Orienteer platform, the backbone of the $50 billion investment firm’s multi-asset class offerings, posted high double-digit returns this year, the best ever in its six year lifetime. The Orienteer platform’s HV variant gained 41.... More »
STOCKHOLM (Reuters) – H&M (HMb.ST) reported a slightly smaller-than-expected rise in fourth-quarter sales reflecting a later Black Friday this year, the world’s second-biggest fashion retailer said on Monday. Net sales rose 9% to 61.7 billion crowns ($6.41 bil... More »
ZURICH (Reuters) – Roche’s bid to rival Biogen and Novartis in treating spinal muscular atrophy (SMA) got a lift on Monday when the Swiss drugmaker said its drug risdiplam improved motor function of patients in a key study. Roche, which plans to seek approval ... More »
DHAHRAN, Saudi Arabia/DUBAI (Reuters) – Saudi Arabia’s giant state oil company finally kick-started its initial public offering (IPO) on Sunday, announcing its intention to float on the domestic bourse in what could be the world’s biggest listing as the kingdo... More »
(Reuters) – AT&T Inc on Monday unveiled a three-year strategic plan that included selling up to $10 billion worth of businesses next year, paying off all its debt from the purchase of Time Warner and adding two new board members, bowing to pressure from activi... More »
BERLIN (Reuters) – Business software group SAP said on Monday it had reached a three-year deal with Microsoft to help its large enterprise customers move their business processes into the cloud. The partnership, called “Embrace”, will help clients to run opera... More »
ZURICH (Reuters) – Roche’s Tecentriq immunotherapy mixed with the older cancer drug Avastin lifted both overall survival and progression-free survival in people with liver cancer that cannot be surgically removed, the Swiss drugmaker said on Monday. The compan... More »
(Reuters) – Streaming video leader Netflix Inc is planning to release around 62 new original productions, including films, series, documentaries, and comedy specials, from October to December as it braces for the debut of rival services from Apple Inc and Walt... More »
LONDON (Reuters) – Shares in Wirecard sank more than 20% in early trading on Tuesday after the Financial Times newspaper published documents on the company’s accounting practices alleging an effort to inflate sales and profits, dealers said. At 0806 GMT, share... More »
VIENNA (Reuters) – Plane parts maker FACC’s (FACC.VI) operating profit fell 6% in the second quarter as it produced fewer components for the Airbus (AIR.PA) A380 and Boeing (BA.N) 737NG jets being phased out and start-up costs for new cabin interiors bit. Chin... More »
(Reuters) – HSBC Holdings Plc (HSBA.L) is planning to cut up to 10,000 jobs, more than 4% of its workforce, as interim Chief Executive Officer Noel Quinn seeks to reduce costs across the banking group, the Financial Times reported on Sunday. The plan represent... More »
ZURICH (Reuters) – Credit Suisse (CSGN.S) cleared its CEO on Tuesday of snooping on a star wealth manager in an episode that saw suicide, scandal and espionage invade the secretive world of Swiss private banking. The spying on ex-wealth management chief Iqbal ... More »
BEIJING/HONG KONG (Reuters) – China’s ByteDance, owner of video-sharing app TikTok and one of the world’s most valuable unicorns, booked revenue of 50-60 billion yuan ($7 billion to $8.4 billion) in a better-than-expected result for the first half, people fami... More »
(Reuters) – Apple Inc on Friday disputed a Goldman Sachs research note which stated that the company’s plans to account for the trial of its new streaming service Apple TV+ will have a “material negative impact” on its results. “We do not expect the introducti... More »
ZURICH (Reuters) – Group assets under custody or management at Swiss private bank and asset manager Pictet rose nearly 10% in the first half versus the end of 2018, it said on Monday. Assets advanced to 544 billion Swiss francs ($558.23 billion) as of the end ... More »
TOKYO (Reuters) – Japanese companies raised spending on plant and equipment in April-June for the 11th straight quarter, underscoring the resilience of capital expenditure despite the Sino-U.S. trade war and slowing global growth. Firms raised capital spending... More »
ZURICH (Reuters) – Credit Suisse (CSGN.S) said on Monday it would invest hundreds of millions of francs in digital services and other parts of its Swiss division by the end of 2021 and said it no longer needed a bigger branch network in its home market than it... More »
LONDON/SINGAPORE (Reuters) – Crude oil prices rose on Monday following a weekend attack on a Saudi oil facility by Yemeni separatists and as traders looked for signs that Sino-U.S. trade tensions could ease. Price gains were, however, capped to some degree by ... More »
LONDON (Reuters) – Uber (UBER.N) appointed a new boss for Britain and Ireland on Monday just over a month before its licence expires in London, one of its most important global markets where the regulator has previously stripped it of its right to operate. Tra... More »
BERLIN (Reuters) – Online fashion retailer Zalando (ZALG.DE) has launched a pilot to deliver orders placed by customers in Paris on the website of Adidas (ADSGn.DE) as it extends moves to allow brands to use the logistics network it has built for its own ecomm... More »
(Reuters) – Airbnb Inc recorded $9.4 billion in total booking value in the first quarter, up 31% from the year-ago quarter, a source familiar with the matter said on Friday, a key number that could help pull in investors as the home-sharing company plans its f... More »
NEW YORK/FRANKFURT (Reuters) – Bayer AG has not offered to pay billions of dollars to settle claims in the United States related to the Roundup herbicide, mediator Ken Feinberg said, dismissing a report to that effect which drove its shares as much as 11% high... More »
(Reuters) – Shares of Uber Inc fell 10% in early trading on Friday after the ride-hailing service missed most Wall Street targets in its quarterly earnings report, in sharp contrast to upbeat numbers from U.S. rival Lyft Inc a day earlier. None of the Wall Str... More »
(Reuters) – Canada’s largest insurer insurer Manulife Financial Corp on Wednesday edged past estimates for second-quarter profit, helped by strength in Asia unit, its biggest. Insurers in Canada have been increasingly pivoting toward Asia for growth, looking t... More »
TEL AVIV (Reuters) – Israeli chip manufacturer TowerJazz reported a less than expected drop in second quarter profit and said it would invest $100 million to expand production capacity at a plant in Japan to meet growing demand. TowerJazz, which specializes in... More »
OSLO (Reuters) – Norwegian telecoms group Telenor (TEL.OL) said its second-quarter earnings would take a hit from “errors” discovered at Grameenphone GRAE.DH, its Bangladeshi telecoms division. “Grameenphone has discovered some erroneous omissions with regards... More »
OSLO (Reuters) – Online advertising group Adevinta said the newly introduced digital tax in France lacked clarity but would likely hit the Norwegian company’s earnings as it posted second-quarter earnings roughly in line with expectations. France’s Senate gave... More »
ZURICH (Reuters) – Julius Baer (BAER.S) has appointed Philipp Rickenbacher as its new chief executive officer, the Swiss private bank said on Monday, opting for a company insider to drive the wealth manager’s future growth. His appointment is the latest leader... More »
FRANKFURT (Reuters) – Daimler cut its 2019 earnings outlook on Sunday after lifting provisions for issues related to its diesel vehicles by hundreds of millions of euros, sending its shares lower on Monday. Group earnings before interest and tax this year are ... More »
MILAN (Reuters) – Italian mid-sized lender Creval said on Tuesday it would spin off its bad debts into a separate unit and sell half of them, in order to roughly halve its gross soured loan ratio to below 6.5% in 2023. Presenting a five-year business plan unde... More »
ZURICH (Reuters) – Investment banking conditions have improved over recent months but remains “very fragile,” UBS Chief Executive Sergio Ermotti said on Thursday, adding the Swiss lender’s own business was performing in line with the industry. “In March we sta... More »
FRANKFURT (Reuters) – Infineon has agreed to buy Cypress Semiconductors in a deal valuing the U.S. maker of microchips used in cars and electronic devices at 9 billion euros ($10.1 billion), including debt, the German company said on Monday. The cash offer of ... More »
BEIJING (Reuters) – Profits for China’s industrial firms shrank in April as slowing manufacturing activity halted the previous month’s surge, putting more pressure on policymakers to step up support for an economy hit by a bitter trade war with the United Stat... More »
FRANKFURT (Reuters) – Deutsche Bank denied a report that said some of its executives rejected the advice of the bank’s own anti-money laundering specialists and prevented some transactions involving entities controlled by President Donald Trump and his son-in-... More »
BEVERLY HILLS, Calif. (Reuters) – Hedge fund manager David Einhorn, whose hedge fund Greenlight Capital suffered double digit losses, is up nearly 19 percent in the first four months of 2019, a person familiar with the numbers said on Tuesday. Greenlight gaine... More »
HONG KONG (Reuters) – Huawei Technologies said on Monday its first-quarter revenue jumped 39 percent to 179.7 billion yuan ($26.81 billion), in the Chinese technology firm’s first-ever quarterly results. The Shenzhen-based firm, the world’s biggest telecoms eq... More »
