Latest World news
JDE Peet’s is scheduled to go public in June. On Tuesday, the company announced an indicative price range for its IPO that valued it in the range of £13.36 billion to £14.35 billion. JDE currently owns multiple brands including Jacobs, Douwe Egberts, and Peet’s Coffee and is among a handful of large companies that are planning an initial public offering amidst the Coronavirus pandemic that wreaked havoc on global businesses in March. The company...
Aryzta (DUB: YZA) blamed the Coronavirus pandemic on Tuesday for weighing on prospects and disrupting market conditions in mid-March that resulted in a sharp decline in the company’s revenue in April. Following the announcement, Aryzta was reported about 10% up in premarket trading on Tuesday. The company printed another 10% increase on market open. At 47 pence per share, Aryzta is roughly 50% down year to date in the stock market. Learn more abo...
As the Coronavirus pandemic weighed on global businesses, several companies resorted to increasing digitalisation to cushion the associated economic blow. In its statement on Tuesday, Kainos Group (LON: KNOS) highlighted its commitment to enhanced digitalisation worldwide. The company also said that digitalisation benefits are likely to persist even after the health crisis subsides. COVID-19 has so far infected more than a quarter-million million...
The Coronavirus pandemic has weighed heavily on the global auto industry as it pushed factories into temporary closure and wiped demand. Amidst the crisis, Sky News said on Saturday that Jaguar Land Rover is negotiating with the UK government seeking access to over £1 billion in state funding. Sky News cited Jaguar’s close source in its report as it announced the company to have filed a request for a loan with the United Kingdom’s Department for...
Air Canada (TSE: AC) was recently reported to have shown interest in acquiring Transat AT Inc. for £425 million. Launching a probe into the potential agreement on Monday, EU antitrust regulator warned that the buyout might result in reduced choices and increased prices for people travelling between Canada and Europe. Following the announcement, Air Canada is currently posting a 2% intraday loss in the stock market versus a much broader 10%...
In its announcement on Friday, Hertz Global Holdings Inc. (NYSE: HTZ) said it filed for bankruptcy as the Coronavirus pandemic weighed on demand and it failed to receive the required financial support from its creditors. Having operated for over a century, the car rental company filed for Chapter 11 protection in a Delaware court. It did not include its international operations in Australia, Europe, and New Zealand in its U.S. claim.  ...
Sources informed on Monday that management of the Europe’s 2nd largest air carrier, Lufthansa (ETR: LHA), and the German government have agreed on an £8.06 billion bailout. The preliminary deal, sources added, is targeted at helping the airline cushion the economic blow from the Coronavirus pandemic that has brought the global air travel to a near halt. Lufthansa said last week that hundreds of its aeroplanes will remain grounded until 2022...
In a statement on Monday, Bayer (ETR: BAYN) announced its settlement talks to have progressed as it made verbal agreements to settle about 50K to 85K cancer lawsuits in the United States. The German company’s Roundup weedkiller (glyphosate-based) was previously indicated for causing cancer. The multinational life sciences company is committed to closing the legal dispute that originated in 2018 following its £52 billion acquisition of Monsanto....
A German federal court announced its verdict on the Volkswagen’s (ETR: VOW) landmark case on Monday. The judge made VW liable to make compensatory payments to owners seeking damages for manipulated diesel engines in the Volkswagen vehicles they purchased. The ruling came as a massive blow to the German car manufacturer that is already struggling due to the ongoing emissions scandal and the Coronavirus pandemic that temporarily closed factories an...
The ongoing management shake-up at Aston Martin (LON: AML) is likely to see the departure of CEO Andy Palmer. As per the sources, Tobias Moers will be joining the British car manufacturer as its next Chief Executive. Moers is currently serving as the CEO of Mercedes-AMG. The luxury automaker highlighted in its emailed statement that the management team is under review but refrained from commenting on specifics of Palmer’s fate. Palmer and...
In a statement on Sunday, French Environment Minister Elisabeth Borne announced that for Air France (EPA: AF) to be eligible for state-backed loans, it will have to commit to drastically slash its domestic air traffic. The French government has been actively focusing on offering financial support to several domestic industries and businesses in a bid to kickstart the economy after the Coronavirus pandemic that has so far affected more than 182,00...
A Paris court announced its verdict on Friday that ordered insurer AXA (EPA: CS) to cover for a restaurant owner’s COVID-19 related loss in revenue in the past two months. The ruling, as per the restaurateur’s lawyer, may see a surge in similar litigations in the upcoming weeks. The ruling came as good news for nightclubs, cafes, and restaurants, in the United States and the U.K., which have recently been planning to take legal action against the...
As per the Daily Telegraph report on Friday, Prime Minister Boris Johnson is considering minimizing the role of Huawei Technologies in rolling out a nationwide 5G network in the United Kingdom. The Prime Minister has further instructed authorities that he wishes to see the role of Chinese telecommunications equipment maker’s involvement in the U.K. infrastructure to be reduced to zero by the year 2023. The U.S. restrictions resulted in a loss of...
The U.K.’s blue-chip FTSE 100 index remained downbeat on Friday as China proposed new security laws to be imposed on Hong Kong that weighed on Asia-focused banks and added to the already complicating trade tensions between the United States and China. As per research analyst Ian Williams of Peel Hunt: “Investors may have been more focused on the continued unhelpful dialogue between the U.S. and China, hence they chose to trim some risk exposure.”...
The Coronavirus pandemic has brought the global auto industry to a near halt. Amidst the crisis, finance minister of France, Bruno Le Maire, warned on Friday that Renault (EPA: RNO) might not be able to survive if it doesn’t receive sufficient financial support. The French minister also highlighted that a potential £4.47 billion loan is in the pipeline for the French multinational automobile manufacturer. Renault operates in 16 countries Accordin...
Alibaba Group (NYSE: BABA) was significantly hit by the Coronavirus disruptions at the start of the year. In its earnings report on Friday, however, the company said that it saw early signs of recovery in March. Alibaba attributed a decline in its Q4 net income to the devaluation of its equity investments in several public companies. CFO Maggie Wu of Alibaba commented on financial results on Friday and said: “Although the pandemic negatively impa...
Nvidia (NASDAQ: NVDA) released its quarterly financial results on Wednesday that topped the analysts’ estimates for earnings and revenue in the first quarter. Despite the upbeat performance, shares of the company were reported about 1% down in extended trading on Wednesday. The regular session closed with a 2% intraday loss for Nvidia in the stock market on Wednesday. Nvidia earnings report came only a week after its stock hit an all-time high af...
In an announcement on Friday, Geely’s (HKG: 0175) Chairman, Li Shufu, said that the company is considering a deeper collaboration with German luxury car manufacturer, Daimler AG (ETR: DAI). In 2018, Geely had made a sizeable investment to get a 9.69% stake in the Mercedes owner. Daimler also partnered with the Chinese holding company to manufacture Smart electric cars. Separately, the two companies also collaborated on a premium ride-hailing vent...
Burberry (LON: BRBY) warned on Friday that the impact of the Coronavirus pandemic will take time to subside in the UK’s luxury industry. The company said that its comparable sales in the fourth quarter came in 27% lower. It concluded the final quarter with roughly 60% of its nationwide retail stores remaining closed amidst the health crisis. The British company cited the rising COVID-19 uncertainty as it suspended its final dividend. Future payou...
United Utilities (LON: UU) said on Friday that it saw an unexpected increase in its annual operating profit. Owing to the Coronavirus pandemic, however, the company announced its plan of re-evaluating the dividend policy for the next five years. The British water supplier proposed a 28.40 pence per share of final dividend that was reported higher than 27.52 pence a share last year. Thanks to stable dividend payments, water utilities...
Etihad Airways said on Thursday that it plans on slashing its workforce by 1,200 employees. The company also said that it is expected to ground all Airbus A380s in its fleet permanently and may not be operating the already ordered A350s as well. Etihad attributed its move to the Coronavirus pandemic that has brought the global travel industry to a near halt and weighed heavily on demand. As per Etihad’s management, travel demand is likely to take...
Expedia (NASDAQ: EXPE) released its quarterly earnings report on Wednesday that showed the Coronavirus pandemic having weighed on its financial performance in the first quarter. The company said that early signs of recovery are starting to show in May, but it will take time for performance to return to pre-virus levels. Shares of the company were reported 4.5% up in extended trading on Wednesday. At £67.9 per share, Expedia is roughly 25% down ye...
Best Buy (NYSE: BBY) released its quarterly financial results on Thursday that posted a decline in earnings and revenue in Q1. The company said that sales were upbeat initially as customers rushed to shop ahead of the Coronavirus lockdown. Later on, however, its financial performance took a hit as the pandemic pushed its stores into temporarily shutting down. Best Buy also suspended in-home repairs or installations amidst the pandemi...
In an announcement on Thursday, Evotec (ETR: EVT) said that it has acquired the U.S-based biologics company Just Biotherapeutics. The U.S. company is financially backed by the Gates Foundation. As per the sources, Evotec is investing £73.59 million on the acquisition to boost its presence in the biologics industry. Learn more about return on assets (ROA). The news comes only weeks after Evotec released its quarterly financial results that posted...
The Italian infrastructure company, Atlantia (OTCMKTS: ATASF), announced on Wednesday that its digital toll-road payment subsidiary, Telepass, is not seeking state-backed loans. The local media had previously stirred speculation that the group needs financial support from Rome. Atlantia also highlighted that ADR (airport operator) and Autostrade per 1’Italia (motorway unit) approached the government in April to apply for £1.34 billion in financia...