LONDON (Reuters) – The option of a one-time payment holiday during times of intense crisis might enable countries to pandemic-proof their bonds, a prominent debt fund believes. Economic fallout from COVID-19 has triggered a record number of sovereign defaults ... More »
BERLIN (Reuters) – Business software group SAP (SAPG.DE) has been selected by Moderna (MRNA.O) to help distribute the potential COVID-19 vaccine that the U.S. pharmaceuticals company is developing, CEO Christian Klein said on Monday. “Moderna just selected SAP... More »
FRANKFURT/DUESSELDORF (Reuters) – Thyssenkrupp’s CEO on Tuesday said there were no taboos in plans to consolidate its steel unit, marking a break with tradition under which the business had been sacrosanct for centuries. “Nothing is off-limits anymore,” Martin... More »
(Reuters) – Hyatt Hotels Corp (H.N) said late Monday it would lay off 1,300 people globally as it tries to cope with the coronavirus crisis, which has virtually halted global travel by keeping people indoors. Hyatt said it had also cut pay for senior managemen... 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 »
STOCKHOLM (Reuters) – Appliance maker Electrolux AB (ELUXb.ST) said on Sunday its North American business would take a higher than forecast $70 million earnings hit in the fourth quarter, partly due to extra costs related to its move into a new facility in Sou... More »
(Reuters) – Tullow Oil Plc (TLW.L) on Monday said its Chief Executive Officer Paul McDade has resigned and the oil and gas explorer also scrapped its dividends, as it continues to face issues at its main producing assets in Ghana. The company has been facing p... More »
LOS ANGELES (Reuters) – The Mustang Mach E electric sport utility vehicle Ford Motor Co (F.N) unveiled in Los Angeles on Sunday is more than another car for the storied automaker. The Mach E has become within Ford a high-profile test for a restructuring that h... More »
LONDON (Reuters) – Neil Woodford has been ousted as manager of his flagship LF Woodford Equity Income Fund, which will now be wound up to pay back investors trapped in the fund since June. The fund’s administrator, Link Fund Solutions (LFS), said on Tuesday th... More »
(Reuters) – Banknote and passport printer De La Rue Plc (DLAR.L) on Monday named Clive Vacher as chief executive officer to replace Martin Sutherland, whose departure was announced in May after the company warned of a profit downturn for the year. Just last mo... More »
(Reuters) – Fashion retailer Forever 21 Inc filed for bankruptcy on Sunday, as it joined a growing list of brick-and-mortar players who have succumbed to the onslaught of e-commerce companies such as Amazon.com Inc (AMZN.O). Since the start of 2017, more than ... More »
STOCKHOLM (Reuters) – Sweden launched an inquiry on Friday into a national network outage at telecoms company Tele2 (TEL2b.ST) in June that knocked out voice calls for a many private customers and companies for several hours. Tele2, Sweden’s second-largest tel... More »
BEIJING/SHANGHAI (Reuters) – China’s Alibaba Group Holding Ltd on Tuesday unveiled its most significant business reshuffle since co-founder Jack Ma announced his pending retirement, as the e-commerce firm looks to bolster its investment focus in the face of sl... More »
SHANGHAI (Reuters) – China renamed and restructured its national railway corporation as part of its efforts to make the country’s government-run enterprises run in a more market-oriented fashion, its state-run railway group said on Tuesday. China State Railway... More »
TURIN, Italy/LONDON (Reuters) – Fiat Chrysler has been angling for a combination with another automaker for years, and its latest attempt – for a global tie-up with France’s Renault – could address some of the main weaknesses of both companies, sources say. Bu... More »
SAO PAULO (Reuters) – U.S. hedge fund Elliott Management is opposing a new plan by Brazilian airline Azul SA to purchase some of the routes operated by financially troubled rival Avianca Brasil for $145 million, according to a legal document seen by Reuters. E... More »
(Reuters) – Purplebricks Group Plc named Phil Felice as the interim boss of its U.S. operations on Monday to oversee the online estate agent’s review of the business and said it was optimistic about the future of the business. Purplebricks had said earlier thi... More »
LONDON (Reuters) – British sportswear group Sports Direct said any restructuring option pursued by Debenhams that could result in no equity value for the department store group’s shareholders “is not a workable solution”. Debenhams said on Friday it was seekin... More »
LONDON (Reuters) – Online retailer Amazon will create more than 1,000 apprenticeship roles in Britain over the next two years, it said on Tuesday, indicating the country’s imminent departure from the European Union is not deterring it from investing. With only... More »
LONDON (Reuters) – Royal Dutch Shell widened its lead over Exxon Mobil as king of cash among the world’s top oil and gas companies last year but its U.S. rival could catch up with its investment drive in new production. The five leading firms, known as oil maj... More »
LONDON (Reuters) – London-based fund firm City Financial and the chief investment officer of its Decca Fund, Shahraab Ahmad, have decided to wind down the credit-focused strategy after it “did not deliver the performance that you expect of us”, according to a ... More »
NEW YORK and LOS ANGELES (Reuters) – Netflix Inc, the streaming video pioneer that revolutionized television, is investing in one of the oldest forms of media to gain an edge in the raging battle for online viewers and top-notch talent. Known for acclaimed sho... More »
BOSTON (Reuters) – Billionaire investor Daniel Loeb on Sunday stepped up pressure on food group Nestle SA (NESN.S), in a letter that urged its board to be “sharper,” “bolder” and “faster” in spinning off businesses and untangling its complex management structu... More »
SYDNEY (Reuters) – More restructuring is needed at French flag carrier Air France, the head of Dutch sister airline KLM said on Monday. The two national airlines merged to form Air France-KLM (AIRF.PA) in 2004 but Air France’s economic performance has broadly ... More »
FRANKFURT (Reuters) – Deutsche Bank (DBKGn.DE) plans to cut 10,000 jobs, or about a tenth of its global workforce, as part of efforts to reduce costs, a person with knowledge of the matter said on Wednesday. The German bank’s supervisory board met on Wednesday... More »
MILAN (Reuters) – Italy must present the European Commission with a plan for its exit from lender Monte dei Paschi (BMPS.MI) by 2019, Chief Executive Marco Morelli told daily Corriere della Sera. Last year, the Commission and Italy reached a pact on a state ba... More »
TOKYO (Reuters) – Japan’s Toshiba Corp said it expects net income to jump 33 percent this financial year thanks to profits from the planned $18 billion sale of its memory chip unit. Net profit for the struggling conglomerate is likely to grow to 1.07 trillion ... More »
LONDON (Reuters) – The shipping industry has long been criticized by campaigners for allowing vessels to be broken up on beaches, endangering workers and polluting the sea and sand. Now, it is being called to account from a quarter that may have a bit more clo... More »
WILMINGTON, Del. (Reuters) – Bank of America said on Thursday it was standing by its pledge to stop financing civilian assault weapons and suggested it may be preparing to exit a loan for gun maker Remington Outdoor Corp that sparked criticism of the lender. T... More »
LONDON (Reuters) – Mark Read, tasked with running WPP (WPP.L) after the sudden exit of founder Martin Sorrell, said he would look at restructuring the world’s biggest advertising group but ruled out a break up. Digital boss Read, appointed joint chief operatin... More »
LONDON (Reuters) – Sainsbury’s chief executive Mike Coupe said that it was possible that competition authorities would force some stores to be sold to allow the British supermarket chain’s proposed merger with Asda to go ahead. Sainsbury’s and Asda, the UK arm... More »
LONDON (Reuters) – Mark Read, WPP’s (WPP.L) joint chief operating officer, said he would look at new ways to restructure the group but would not put a timetable on how long that would take and did not think a full break up made sense. Read was appointed to run... More »
ZURICH (Reuters) – Credit Suisse still has work ahead after making good progress towards achieving targets set for a three-year turnaround, Chairman Urs Rohner told the group’s annual general meeting on Friday. “Quite clearly, we still have plenty of work to d... More »
ZURICH (Reuters) – Credit Suisse delivered its best quarterly results on Wednesday since Chief Executive Tidjane Thiam launched his restructuring plan for Switzerland’s second-biggest bank in 2016, driven by its wealth management business. After 6.6 billion Sw... More »
SEOUL (Reuters) – General Motors Co’s (GM) South Korean unit dropped a plan for a vote on a bankruptcy filing after reaching a tentative wage deal with its labour union on Monday that helped the U.S. automaker win concessions on pay, bonuses and benefits. GM s... More »
SEOUL (Reuters) – The South Korean government said on Monday it would join forces to help normalize General Motors Co’s South Korean unit. The government said in a statement that it respected a tentative wage deal struck between the company and the union. Sour... More »
SAYANOGORSK, Russia (Reuters) – Workers at one of Russia’s biggest aluminum smelters say their Siberian town is doomed unless Moscow mitigates U.S. sanctions against aluminum giant Rusal, a predicament mirrored across the company’s sprawling operations. Trappe... More »
(Refiles April 19 story to clarify description of northern European markets with looser cross-border regulations) By Brenna Hughes Neghaiwi and Angelika Gruber ZURICH (Reuters) – UBS will centralize its European cross-border wealth management business and run ... More »
LONDON (Reuters) – HSBC (HSBA.L) said on Monday it would create a single regional structure for its private bank in Europe which includes its businesses in the UK, Channel Islands, France, Germany, Switzerland and Luxembourg. The new structure, which will be c... More »
(Reuters) – No. 2 U.S. nursing home chain HCR ManorCare Inc won court approval on Friday for a plan to exit a $7.1 billion Chapter 11 bankruptcy by transferring ownership to its landlord, Quality Care Properties Inc (QCP.N). U.S. Bankruptcy Judge Kevin Gross i... More »
WOLFSBURG, Germany (Reuters) – Volkswagen’s (VOWG_p.DE) new Chief Executive Herbert Diess on Friday said he will consider asset sales and seeks to turn the multi-brand conglomerate into a slimmed down company with strong brands. Speaking at his first news conf... More »
WOLFSBURG, Germany (Reuters) – Volkswagen’s (VOWG_p.DE) new Chief Executive Herbert Diess on Friday said the car and truck maker is open to alliances in areas like self-driving cars. Speaking in Wolfsburg, Germany, at his first news conference since being appo... More »
DETROIT/SEOUL (Reuters) – General Motors Co’s (GM.N) president said common ground must be reached on a long-term financial restructuring of GM’s South Korean auto unit by next Friday and if there was none, the operation would likely seek bankruptcy protection.... More »
WOLFSBURG, Germany (Reuters) – Volkswagen (VOWG_p.DE) will not list its trucks business this year and has no plans to cede control of the division, chairman Hans Dieter Poetsch said on Friday. “We want to ready the business for capital markets,” Poetsch said, ... More »
FRANKFURT/NEW YORK (Reuters) – Generic drug maker Mylan (MYL.O) is in advanced discussions to acquire Merck KGaA’s (MRCG.DE) consumer health business after other bidders failed to meet the German company’s price expectations, people familiar with the matter sa... More »
MOSCOW (Reuters) – Russian billionaire Mikhail Prokhorov has sold a 49-percent stake in the Brooklyn Nets basketball team to Joe Tsai, the executive vice chairman and co-founder of the Alibaba Group, the NBA team said in a statement. Prokhorov will continue to... More »
LONDON (Reuters) – GlaxoSmithKline is divesting its rare disease gene therapy drugs to private biotech company Orchard Therapeutics as Chief Executive Emma Walmsley makes good on her promise to prune the drugmaker’s pharmaceuticals portfolio. Financially, the ... More »
(Reuters) – Senior scholars in Islamic finance are exploring ways to prevent legal disputes that have roiled the industry, with new rules aiming to clarify responsibilities, while others raise the prospect of penalties for their peers. The discussions are part... More »
SEOUL (Reuters) – General Motors Co’s South Korean unit has proposed suspending one of two shifts at a plant near Seoul, an internal union newsletter seen by Reuters showed, increasing uncertainty about the fate of the factory as the U.S. automaker grapples wi... More »
SEOUL (Reuters) – Worries that Hyundai Motor Group’s planned restructuring will benefit the controlling family ahead of some shareholders have hit Hyundai Mobis Co Ltd (012330.KS), which is set to be the group’s de facto holding firm, sending its shares sharpl... More »
FILE PHOTO: Andrew Liveris, Chairman and CEO The Dow Chemical Company attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 17, 2017. REUTERS/Ruben Sprich (Reuters) – U.S. chemicals producer DowDuPont Inc said on Monday its Execut... More »
FILE PHOTO: Swiss drugmaker Novartis’ logo is seen at the company’s plant in the northern Swiss town of Stein, Switzerland October 23, 2017. REUTERS/Arnd Wiegmann/File Photo ZURICH (Reuters) – Novartis’s (NOVN.S) new Chief Executive Vas Narasimhan is remaking ... More »
FILE PHOTO: The main gate to GM Korea’s Gunsan factory is seen in Gunsan, South Korea February 13, 2018. Yonhap via REUTERS/File Photo SEOUL (Reuters) – South Korea held an initial meeting on Monday for its due-diligence of General Motors’ local unit to decide... More »
FILE PHOTO – Arif Naqvi, Founder and Group Chief Executive of Abraaj Group attends the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, January 17, 2017. REUTERS/Ruben Sprich NEW YORK/DUBAI (Reuters) – Embattled private equity firm Abraa... More »
Members of a civic group attend a protest demanding prosecutors in Gunsan to investigate GM Korea over its decision to shut down a plant in the city, southwest of Seoul, South Korea, March 5, 2018. Yonhap via REUTERS ATTENTION EDITORS – THIS IMAGE HAS BEEN SUP... More »
FILE PHOTO: The logo of Xerox company is seen on a building in Minsk, Belarus, March 21, 2016. REUTERS/Vasily Fedosenko/File Photo (Reuters) – Hedge fund manager Darwin Deason filed a new lawsuit against Xerox Corp (XRX.N) on Friday after it refused to allow h... More »
The logo of Takata Corp is seen on its display at a showroom for vehicles in Tokyo, Japan, February 9, 2017. Picture taken February 9, 2017. REUTERS/Toru Hanai WILMINGTON, Del. (Reuters) – Takata Corp’s U.S. unit reached a settlement with its creditors, lawyer... More »
FILE PHOTO: The Allergan logo is seen in this photo illustration in Singapore November 23, 2015. REUTERS/Thomas White/File Photo PARIS (Reuters) – Botox-maker Allergan (AGN.N) has embarked on a big push in China where it plans to hire 200 additional staff this... More »
FILE PHOTO: A logo of Toshiba Corp is seen on a printed circuit board in this photo illustration taken in Tokyo July 31, 2012. REUTERS/Yuriko Nakao/File Photo TOKYO (Reuters) – Toshiba Corp is considering an IPO of its prized memory chip business if an agreed ... More »
(Reuters) – TMX Group’s (X.TO) head of equity capital markets, Nicholas Thadaney, is leaving Canada’s biggest stock exchange operator after a reorganization of the company, Chief Executive Officer Lou Eccleston said. Thadaney’s role as president and CEO of cap... More »
FILE PHOTO: Cranes rise above Carillion’s Midland Metropolitan Hospital construction site in Smethwick, Britain January 11, 2018. REUTERS/Darren Staples/File Photo LONDON (Reuters) – Britain’s Carillion (CLLN.L) collapsed on Monday after its banks lost faith i... More »
FILE PHOTO: The company logo of China Oil and Foodstuffs Corporation (COFCO) is seen at its headquarters in Beijing, China, November 3, 2016. REUTERS/Thomas Peter/File Photo LONDON/PARIS/BEIJING (Reuters) – China’s COFCO International is in the throes of a sta... More »
FILE PHOTO – Christo Wiese, whose companies include Steinhoff International, speaks as Shoprite reported it’s results in Cape Town, South Africa, February 21, 2017. REUTERS/Mike Hutchings (This December 14 story corrects to clarify Christo Wiese did not start ... More »
Workers of Teva Pharmaceutical Industries and their relatives demonstrate at the entrance to the company’s facility in Ashdod, Israel December 17, 2017. REUTERS/Amir Cohen JERUSALEM (Reuters) – Workers at Israel’s Teva Pharmaceutical Industries (TEVA.TA) prote... More »
FILE PHOTO: A Poundland employee checks products in a store in London, Britain November 10, 2015. REUTERS/Stefan Wermuth/File Photo JOHANNESBURG (Reuters) – South Africa’s Independent Regulatory Board for Auditors (IRBA) is investigating Steinhoff’s (SNHG.DE) ... More »
Airbus Chief Executive Tom Enders attends a ceremony during the delivery of the new Airbus A380 aircraft to Singapore Airlines at the French headquarters of aircraft company Airbus in Colomiers near Toulouse, France, December 13, 2017. REUTERS/Regis Duvignau P... More »
FILE PHOTO: A logo of Toshiba Corp is seen on a printed circuit board in this photo illustration taken in Tokyo July 31, 2012. REUTERS/Yuriko Nakao/File Photo TOKYO (Reuters) – Toshiba Corp (6502.T) and Western Digital Corp (WDC.O) have agreed in principle to ... More »
LONDON (Reuters) – British car dealership Pendragon (PDG.L) is to sell its U.S Motor Group business after concluding a strategic review following a profit warning, it said on Monday. The firm, which warned on profit in October due to a fall in demand for new c... More »
FILE PHOTO: FILE PHOTO: Telecom Italia logo is seen at the headquarters in Milan, Italy, May 25, 2016. REUTERS/Stefano Rellandini/File Photo/File Photo MILAN (Reuters) – The board of Telecom Italia (TIM) will this week discuss options for its fixed-line networ... More »
Darren Woods, Chairman & CEO of Exxon Mobil Corporation speaks during a news conference at the New York Stock Exchange (NYSE) in New York, U.S., March 1, 2017. REUTERS/Brendan McDermid HOUSTON (Reuters) – Exxon Mobil Corp Chief Executive Darren Woods is reorga... More »
FILE PHOTO: The logo of Swiss specialty chemicals company Clariant is seen at the company’s headquarters in Pratteln, Switzerland October 29, 2017. REUTERS/Arnd Wiegmann ZURICH (Reuters) – Clariant (CLN.S) on Friday rejected its largest shareholder White Tale’... More »
FILE PHOTO: The logo of Toshiba Corp is seen as window cleaners work on the company’s headquarters in Tokyo, Japan, February 14, 2017. REUTERS/Toru Hanai/File Photo TOKYO (Reuters) – Toshiba Corp’s plan to raise some $5.4 billion through a sale of new shares w... More »
General Electric Co's (GE.N) new Chief Executive John Flannery on Monday outlined steps that will turn the biggest U.S. industrial conglomerate into a smaller, more focused company, surprising some investors who sold the company's shares to a five-year low. More »
Struggling commodities trader Noble Group agreed to sell its Americas-focused oil trading business to Vitol for about $580 million as part of a debt-cutting strategy, and warned of a big loss for its third quarter. More »
Activist investor RBR Capital Advisors is launching a campaign for breaking up Swiss bank Credit Suisse Group AG (CSGN.S) into three parts, the Financial Times reported on Monday. More »
BASF has agreed to buy seed and herbicide businesses from Bayer for 5.9 billion euros ($7 billion) in cash, as Bayer tries to convince competition authorities to approve its planned acquisition of Monsanto. More »
Toshiba Corp said it is discussing joint investment in a new chip production line with Western Digital Corp - its estranged business partner after the Japanese firm chose a different suitor to buy its $18 billion semiconductor business. More »
Honeywell International Inc (HON.N) plans to spin off non-core assets and create at least two new publicly listed companies, as the U.S. industrial conglomerate seeks to streamline its business, according to people familiar with the matter. More »
The main listed unit of Chinese technology conglomerate LeEco said on Sunday that it plans to buy investment and financial service assets from an affiliate for up to 3 billion yuan ($455.24 million) as part of a restructuring exercise. More »
The new boss of Carrefour (CARR.PA) could close some of the retailer's large hypermarket stores in France as part of plans to turn around the company, a union official said. More »
Germany's Merck KGaA is considering selling its $1 billion consumer health unit to meet its financial targets as a decline in its liquid crystal business forces it to review its strategy. More »
The maker of hit mobile phone game "Angry Birds" is planning an initial public offering to raise around 30 million euros ($36 million) and potentially use its shares to make acquisitions. More »
Evolva (EVE.S) is cutting 43 percent of its workforce, paring locations and jettisoning additional management by year's end as the Swiss-based sugar substitute maker seeks to arrest widening losses, it said in a statement on Wednesday. More »
Galvanize, a for-profit software coding school that has raised $63 million in venture funding, plans to lay off 11 percent of its workforce, the company said on Tuesday. More »
China Unicom's $11.7 billion ownership reform plan does not violate rules, the nation's securities regulator said, helping shares in the telecom group's units surge as they resumed trade on Monday after speculation that the deal was under scrutiny. More »
Toshiba Corp may gain a partial endorsement from its auditor for its annual financial results after disagreements over accounting for the much of the year, Japanese media reported - a step that would lessen, but not remove, the risk of a delisting. More »
Indian movie production house Eros Group is in preliminary talks with Apple and other major content distributors to sell its entire content library of films and music, a source familiar with the matter told Reuters on Monday. More »
FILE PHOTO: Carlos Tavares (C), Chairman of the Managing Board of French carmaker PSA Group, Mary Barra (L), chairwoman and CEO of General Motors, and Dr Karl-Thomas Neumann, Chairman of the Management Board Opel Group GmbH, pose during a news conference in Pa... More »
A VW logo is seen in front of the main building of the Volkswagen brand at the Volkswagen headquarters, in Wolfsburg, Germany May 19, 2017. Volkswagen (VOWG_p.DE) is considering options for majority-owned transmissions maker Renk (ZARG.F), as the German carmak... More »
FILE PHOTO — People walk beneath a Citibank branch logo in the financial district of San Francisco, California July 17, 2009. Three of the six biggest U.S. banks kicked off the earnings season on Friday, reporting profits that topped Street estimates but faile... More »
FILE PHOTO: People walk past a row of Volkswagen e-Golf cars during the company’s annual news conference in Berlin, Germany March 13, 2014. Picture taken March 13, 2014. When Volkswagen boss Matthias Mueller vowed to reform the carmaker after its emissions sca... More »
The logo of Toshiba Corp is seen behind cherry blossoms at the company’s headquarters in Tokyo, Japan April 11, 2017. Crisis-hit Toshiba Corp has regained access to a crucial $6 billion credit line after stumping up shares in its chip unit as collateral but it... More »
The logo of Toshiba is seen as a shareholder arrives at Toshiba’s extraordinary shareholders meeting in Chiba, Japan March 30, 2017. Toshiba Corp (6502.T) is in talks with Western Digital Corp (WDC.O) and Taiwan’s Foxconn, as well as with an already preferred ... More »
Inotek Pharmaceuticals Corp said on Friday it would evaluate strategic options after its sole experimental eye drug failed another trial, sending the company’s shares tumbling 45 percent in extended trading. More »
The International Monetary Fund logo is seen during the IMF/World Bank spring meetings in Washington, U.S., April 21, 2017. REUTERS/Yuri Gripas Overhauling land legislation will be key for Ukraine’s next review by the International Monetary Fund (IMF) and shou... More »
Ukraine could unlock some $50 billion of collateral for lending to the country’s agricultural industry by overhauling its land legislation, Francis Malige, Managing Director at the European Bank for Reconstruction and Development (EBRD), said on Friday. More »
The logo of Swiss bank UBS is seen at a branch office in Basel, Switzerland March 29, 2017. REUTERS/Arnd Wiegmann Swiss bank UBS (UBSG.S) is further reorganizing its wealth management businesses in European and emerging markets to simplify its structure, accor... More »
FILE PHOTO: Fabrice Bregier (L), Airbus President and Chief Executive Officer and Tom Enders (R), Chief Executive Officer of Airbus Group, at the Airbus headquarters in Toulouse April 11, 2015. REUTERS/Adrien Helou/File Photo Airbus unveiled on Monday a corpor... More »
FILE PHOTO: Customers pack goods in plastic bags at a parking outside an Aldi supermarket in Hamburg July 28, 2010. REUTERS/Christian Charisius German discount grocery chain Aldi North is planning to spend more than 5 billion euros ($5.71 billion) to revamp it... More »
The logo of Toshiba Corp is seen behind cherry blossoms at the company’s headquarters in Tokyo, Japan April 11, 2017. REUTERS/Toru Hanai Crisis-wracked Toshiba Corp suffered further indignities on Friday, estimating bigger losses for the past financial year an... More »
