(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 »
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 »
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) – Chinese telecom company Huawei Technologies Co has cut its India revenue target for 2020 by up to 50% and is laying off more than half of its staff in the country, the Economic Times reported on Monday, amid calls to boycott Chinese goods. Huawei’s... More »
HONG KONG (Reuters) – Global wealth managers are examining whether their clients in Hong Kong have ties to the city’s pro-democracy movement, in an attempt to avoid getting caught in the crosshairs of China’s new national security law, according to six people ... More »
BRUSSELS (Reuters) – Signs emerged that leaders of northern European Union countries were willing to compromise on a 1.8 trillion euro ($2 trillion) coronavirus stimulus plan on Monday as talks in Brussels extended to a fourth day. Divided and slow to respond ... 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 »
HERAT (Reuters) – In the eastern Afghan city of Herat, 18-year-old high school student Somaya Faruqi adjusts a suction cap as she puts the finishing touches before unveiling a low-cost, lightweight ventilator created by her and six other young women. The all-f... 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 »
LONDON (Reuters) – The euro and euro zone bond markets held out hope European Union leaders would strike a deal on a recovery fund for the bloc’s pandemic-ravaged economy on Monday, but the region’s stock markets took a cautious turn lower as talks paused. The... More »
(Reuters) – EBay Inc (EBAY.O) is in advanced talks to sell its classified-ads unit to Norwegian group Adevinta ADEV.OL as the online auction pioneer seeks to refocus on its core marketplace business, the Wall Street Journal reported on Monday. The price of the... 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 »
WASHINGTON (Reuters) – The NASA astronauts who traveled to the International Space Station in SpaceX’s first crewed flight in May are expected to return to Earth on Aug. 2 after spending two months in orbit, a NASA spokesman said on Friday. U.S. astronauts Bob... More »
NEW YORK (Reuters) – Major U.S. bank executives this week said they extended forbearance programs to millions of credit card, auto loan and mortgage customers who were financially hard hit by the coronavirus pandemic. While that is good news for customers who ... More »
LONDON (Reuters) – Prime Minister Boris Johnson’s government will ban Huawei from Britain’s 5G network by ordering telecoms companies to remove its equipment by 2027, Media Secretary Oliver Dowden said on Tuesday. Operators will not be able to purchase 5G comp... More »
LONDON (Reuters) – Prime Minister Boris Johnson is set to ban Huawei from Britain’s 5G network in a landmark decision that will anger Beijing but win plaudits from President Donald Trump as the United States grapples with China’s rising economic and technologi... 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 »
(Reuters) – Mickey waved from a distance and visitors wore colorful face masks with mouse ears on Saturday as Florida’s Walt Disney World opened to the public for the first time in four months amid a surge of coronavirus cases in the state. Walt Disney Co (DIS... More »
CHICAGO (Reuters) – The coronavirus pandemic has exposed a clash among medical experts over disease transmission that stretches back nearly a century – to the very origins of germ theory. The Geneva-based World Health Organization acknowledged this week that t... More »
(Reuters) – Property data and analytics company CoreLogic rejected an unsolicited $7 billion takeover offer from two investment firms on Tuesday, saying it expected to earn more this year and would buy back more of its stock. A consortium of Cannae Holdings In... More »
LONDON (Reuters) – Cineworld (CINE.L) on Tuesday delayed the reopening of its cinemas in the United States and Britain until the end of July, citing changes to the release schedules for some of the big summer movies. The UK-based company had previously expecte... 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 »
MANILA (Reuters) – Bank of the Philippine Islands Chief Executive Cezar Consing said it was clear that a certificate purporting to be for a Wirecard deposit was “spurious” and reiterated that no cash from the German payments firm had entered the bank. Wirecard... 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 »
CHICAGO (Reuters) – United Airlines (UAL.O) said on Monday it is pledging its MileagePlus frequent flyer program for a new $5 billion loan aimed at further buffering its liquidity, even as its cash burn rate slows thanks to a steady improvement in demand. So f... 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 »
TOKYO (Reuters) – Sony Corp (6758.T) will turn its financial arm, Sony Financial Holdings Inc (8729.T), into a wholly owned unit through a tender offer worth about 400 billion yen ($3.72 billion), the Japanese electronics and entertainment giant said on Tuesda... More »
(Reuters) – Uber Technologies Inc (UBER.N) will concentrate on its core businesses in ride-hailing and food delivery and cut 23% of its workforce in an attempt to become profitable despite the coronavirus pandemic, Chief Executive Officer Dara Khosrowshahi sai... 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 »
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 »
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 »
OSLO (Reuters) – Norwegian Air (NWC.OL) shareholders backed its financial survival plan on Monday, with more than 95% of votes cast supporting the conversion of nearly $1 billion of debt into equity and raising more cash from its owners. The approval follows w... More »
(Reuters) – Holiday Inn-owner InterContinental Hotels (IHG.L) said on Monday it had raised 600 million pounds ($747 million) from Bank of England loans under the government’s coronavirus aid scheme as it estimated a 25% plunge in global revenue per available r... 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) – A historic rout in oil markets sent U.S. crude prices plummeting to as much as minus $40 a barrel as traders rushed to get rid of unwanted stocks with storage capacity already overflowing amid a coronavirus-induced demand collapse. U.S. West Texas ... 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 »
DUBAI (Reuters) – United Arab Emirates agriculture technology start-up Pure Harvest Smart Farms has raised $20.6 million in fresh funding and secured commitments for a further $100 million, it said on Monday. Wafra International, an investment firm owned by th... 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 »
NEW YORK (Reuters) – U.S. banks are expected to defend their dividend payments when they submit their annual capital plans to the Federal Reserve on Monday for the upcoming stress tests, the Financial Times reported on Sunday, citing people familiar with the s... 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 »
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 »
(Reuters) – As China reopens its economy after months of lockdown, Apple Inc’s (AAPL.O) iPhone factories are largely up and running. But with the coronavirus pandemic spreading across the world, the urgent question for the company is how many buyers there will... 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 »
LONDON (Reuters) – Deutsche Bank slashed its forecast for Germany’s economy on the coronavirus fallout, saying it now expected the euro zone’s largest economy to contract between 4-5% in 2020 while industrial production could shrink by 10%. “Within days lockdo... 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) – 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 »
LONDON (Reuters) – Fast-growing British digital bank Monzo plans to hire up to 500 people and forecasts it will get 5.5 million users this year, as it prepares to have another crack at charging some customers to turn a profit. The loss-making firm has burned t... More »
TOKYO (Reuters) – Japan’s SoftBank Group (9984.T) is expected to post a slide in profits for the past quarter, deepening concern about its ability to secure funding for a second Vision Fund and giving activist fund Elliott Management more fodder for a shake-up... 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 »
BEIJING/SHANGHAI (Reuters) – Automakers in China need to get used to a new normal of “low speed growth” in the world’s largest car market, the country’s top auto body said on Monday, as it reiterated predictions that sales will likely shrink for the third cons... More »
(Reuters) – AstraZeneca said on Monday it will discontinue a late-stage trial for heart disease drug Epanova to treat patients with mixed dyslipidaemia and expects a $100 million writedown to hit its core profit in the fourth quarter. The biggest British drugm... More »
SHANGHAI (Reuters) – Ford Motor Co’s (F.N) China vehicle sales fell for a third consecutive year, by 26.1%, as it battles a prolonged overall sales decline in its second-biggest market that has hit demand for its mass-market Ford brand and sports utility vehic... 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 »
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 »
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) – Swiss drugmaker Novartis on Monday said it is jettisoning what it had hoped would be a billion-dollar-selling asthma drug, fevipiprant, from its development program after the medicine failed another set of key trials. The drug’s star fell in... More »
CHICAGO (Reuters) – Delta Air Lines Inc (DAL.N) sees another annual rise in profit and revenue in 2020 driven by what Chief Executive Ed Bastian called a growing interest in air travel by consumers across the generational spectrum. “People are more inspired to... 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 »
(Reuters) – Goldman Sachs raised its oil price forecasts for 2020, citing tighter-than-expected inventories after the Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed to deepen oil output cuts through the first quarter of next yea... More »
WASHINGTON (Reuters) – Friday’s booming U.S. jobs report should give the Federal Reserve all it needs to stick to its plan not to cut interest rates further in the near future, so when U.S. central bankers meet this week, most of the focus will be on their out... More »
FRANKFURT (Reuters) – German biotech company Morphosys’ tafasitamab, the group’s most advanced drug which is currently being tested, has sales potential of significantly more than $1 billion a year, its finance chief said in remarks to a magazine. “Analysts es... 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 »
NEW YORK (Reuters) – Technology companies, which make up the largest swath of the U.S. stock market, are expected to post a nearly 8% drop in third-quarter profits as reports roll in from many of the sector’s biggest corporations. But below the surface, the es... 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 »
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 »
NEW YORK (Reuters) – Morgan Stanley (MS.N) and Bank of America Corp (BAC.N) are expanding the employee-benefits services they offer, hoping to gain market share in the dull-but-reliable business of managing wealth for companies and employees. The banks, which ... 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 »
SYDNEY (Reuters) – Australia’s AMP Ltd (AMP.AX) has lost at least one major pension contract while other companies are reviewing their relationship with the wealth manager, which has struggled to stem a client exodus following revelations of serious misconduct... More »
NEW YORK (Reuters) – Apple Inc APPL.O struck out at a Goldman Sachs Group Inc (GS.N) analyst on Friday in a relatively rare public dust-up between a blue chip Wall Street firm and its client. The disagreement came after Goldman Sachs analyst Rod Hall criticize... 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 »
FRANKFURT (Reuters) – European Central Bank President Mario Draghi said on Thursday that the euro zone economy was in a period of “protracted” economic weakness, with inflation staying low and the balance of risks tilted toward the downside. “Incoming informat... More »
BERLIN (Reuters) – The German economy will slide into a recession in the current quarter, the Kiel Institute for the World Economy (IfW) said on Wednesday as it slashed its growth forecasts for Europe’s biggest economy due to trade disputes and Brexit uncertai... 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 »
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 »
(Reuters) – Canadian property and casualty insurer Intact Financial Corp said on Thursday it agreed to buy The Guarantee Co of North America and Frank Cowan Co for C$1 billion ($750.6 million) in cash from Princeton Holdings Ltd. The deal, expected to close in... More »
(Reuters) – Goldman Sachs Group Inc (GS.N) said on Sunday that fears of the U.S.-China trade war leading to a recession are increasing and that Goldman no longer expects a trade deal between the world’s two largest economies before the 2020 U.S. presidential e... 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 »
