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...

AstraZeneca (LON: AZN) is collaborating with the University of Oxford to develop its COVID-19 vaccine.  In a statement on Thursday, the company said that results of its clinical trial (early stage) are expected presently. Upon successful testing, the drug manufacturer said, it will commit to supplying at least 1 billion doses in 2020 and 2021. The announcement also highlighted the British pharmaceutical company to have signed the 1st agreeme...

Aviva (LON: AV) said on Thursday that its life business posted a 28% increase in new sales in the first quarter to £12.3 billion. The company attributed upbeat sales to bulk annuities in Q1. The British multinational insurance company, however, forecast £160 million in claims primarily on travel insurance and business interruptions due to the Coronavirus pandemic. At £2.4 billion, the UK insurer announced a 3% increase in its net written premiums...

Xiaomi Corp. (HKG: 1810) said on Wednesday that its sales came in 13.6% higher in the first quarter. Topping experts’ forecast, Xiaomi attributed the upbeat performance to a greater demand for its 5G phones that are traditionally priced higher. Xiaomi’s increase in Q1 revenue came as a surprise as the Coronavirus pandemic that disrupted supply chains, hindered production, and weighed on demand was originally expected to hurt the company’s financi...

Lowe’s (NYSE: LOW) released its quarterly earnings report on Wednesday that posted stronger than expected earnings and revenue. The company also withdrew its full-year guidance for 2020 on rising Coronavirus uncertainty. The pandemic, Lowe’s added, increased its expenses by £203.57 million including a special bonus for full-time employees. Shares of the company were reported roughly 6% up in premarket trading on Wednesday. At £94.90 per share, th...

Target (NYSE: TGT) released its quarterly financial results on Wednesday that showed a sharp increase in digital sales in the first quarter. Sales of apparel and other high-margin items, however, came in lower than expected with increased labour costs having further weighed on its performance. Shares of Target were reported less than 1% up in premarket trading on Friday. At £100.62 per share, the company is roughly 2% down year to date in the sto...

Intesa Sanpaolo (BIT: ISP) released new guidelines on Tuesday that slashed funding to Italy’s coal sector. The move came in line with the other banks that are seeking to enhance their green credentials.   Italy’s largest retail bank announced that it will no longer be approving new applications for loans aimed at investments in building coal-fired facilities or coal-mining projects. The news came only weeks after the bank reported strong fin...

In its announcement on Wednesday, Lufthansa (ETR: LHA) said that hundreds of its aeroplanes are likely to remain grounded until 2022 due to the ongoing Coronavirus pandemic that has brought the global air travel industry to a near halt. The company also highlighted that deeper layoffs in its catering and maintenance businesses may even turn into a necessity in the upcoming months to shore up finances and cushion the economic blow from COVID-19. T...