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Showing posts with the label Companies.

News | Business | Companies | Car Industry: Nissan Operating Losses Shrink as Restructuring Takes Hold

  By Shiho Takezawa and Tsuyoshi Inajima 4-5 minutes - BLOOMBERG Photographer: Kiyoshi Ota/Bloomberg Nissan Motor Co. cut its operating loss outlook for the current fiscal year by about a third, fueling optimism that the automaker is regaining its footing after the coronavirus pandemic dented global sales. The loss for the year to March will be 340 billion yen ($3.2 billion), compared with the prior forecast for a 470 billion yen operating loss, the Yokohama-based company said in a statement Thursday. For the July-September quarter, Nissan reported an operating loss of 4.8 billion yen, compared with analysts’ average estimate for a 148 billion yen loss. The shrinking deficits are an early sign that Nissan’s efforts to cut mor

News | Business | Companies: TikTok shrugs off Trump attack with expansion plans

  3-4 minutes - Source: BBC image copyrightGetty Images TikTok is continuing to expand despite coming under attack from the Trump administration in the US. The Chinese-owned firm has announced a tie-up with online retailer Shopify to help businesses create video ads to promote their products. TikTok also plans to take on around 3,000 engineers over the next three years, a spokesman told the BBC. The popular short-form video app is being forced to sell its US operations to an American company or face a ban. TikTok's Chinese parent company ByteDance will hire the engineers mostly in Europe, Canada, the US and Singapore "to support our rapid global growth," it said. It currently employs about 1,000 engineers outside of China, with nearly half of them based in California. Last month, it emerged that ByteDance plans to invest billions of dollars and recruit hundreds of employees in Singapore, which has been selected as its South East Asia headq

News | Business | Companies: Chinese companies are leading the global IPO rush amid a 'flight from uncertainty'

  Evelyn Cheng 6-8 minutes - Source: CNBC A men wearing a mask walk at the Shanghai Stock Exchange building at the Pudong financial district in Shanghai, China, as the country is hit by an outbreak of a new coronavirus, February 3, 2020. Aly Song | Reuters BEIJING — Chinese companies are piling into what they see as a window of opportunity to raise billions from global stock markets, amid a host of uncertainties from the coronavirus pandemic to political tensions. Just take Alibaba -affiliated fintech giant Ant Group, which is set to launch its long-awaited, massive initial public offering beginning next week. The dual listing on the Hong Kong Stock Exchange and Shanghai’s STAR board is slated to surpass the record $29.4 billion float by oil giant Saudi Aramco almost a year ago. The debut of Ant Group builds on a trend. One-fifth of global public listings in the first nine months of this year, or 180 of them, took place on the Sh

News | Business | Companies: SAP just saw $30 billion wiped off its market cap and it's on track for its worst trading day in 12 years

  Sam Shead 2 minutes - Source: CNBC Uwe Anspach | picture alliance | Getty Images LONDON — German enterprise software group SAP saw its market valuation fall by 25 billion euros ($30 billion) on Monday as shares collapsed by over 17% following disappointing third-quarter results. The company, which slashed its revenue forecast for 2020, saw its market cap fall from 125 billion euros to 100 billion euros and it is on track for its worst trading day in 12 years. SAP said coronavirus lockdowns would affect demand for its business relations and customer management software well into 2021 as it announced that it plans to go all-in on cloud computing. The firm is abandoning medium-term profitability targets and it warned that it will take longer than expected to recover from the pandemic. “As the CEO of SAP, I have to be focused on the long-term value creation of this company,” SAP Chief Executive Christian Klein told CNBC’s “Squaw

News | Business | Companies: Tesla reportedly exporting 7,000 Chinese-made cars to Europe

  Noah Manskar 2-3 minutes - Source: NYPOST.COM Tesla will reportedly ship about 7,000 cars from China to Europe this week after announcing plans to export vehicles from its Shanghai factory. The load of Model 3 sedans produced at the electric-car maker’s first plant outside the US will leave China on Tuesday, according to The Paper , a state-backed Chinese news outlet. The cars will reportedly be sold in several European countries including France, Germany, Italy and Portugal after they arrive at Belgian ports next month. Tesla first announced last week that it would begin shipping cars from China to Europe, which is one of the world’s fastest-growing markets for electric vehicles, Bloomberg News reported . Tesla’s Shanghai “Gigafactory,” which opened late last year, could help the company supply more vehicles to Europe while it works to build a new plan

News | Business | Companies: Shares of Samsung Electronics and affiliates rise after chairman's death

  Saheli Roy Choudhury 4-6 minutes - Source: CNBC Samsung logo at store in Shanghai. A South Korean multinational conglomerate. Alex Tai | SOPA Images | LightRocket | Getty Images SINGAPORE — Shares of Samsung Electronics and its affiliates mostly rose Monday after Chairman Lee Kun-hee died a day earlier. Samsung shares listed in South Korea were up 0.33% at market close, giving up some of the earlier gains. Shares of Samsung C&T eased from more than 17% gains to close higher by 13.46%. Samsung SDS shares rose 5.51%, and Samsung Life Insurance was up 3.8%. Samsung BioLogics and Samsung Engineering gave up earlier gains to finish lower — down 0.94% and 2.71%, respectively. The conglomerate announced that Lee, 78, died on Sunday after six years in hospital following a heart attack. His family, including his son Vice Chairman Jay Y. Lee, were by his side, according to the company statement. The senior Lee has been credited with t

News | Business | Companies: Intel drops on weak results for its data center group

  Jordan Novet 3-4 minutes - Source: CNBC Intel CEO Robert “Bob” Swan announces the chip group’s new microprocessors called “Tiger Lake” at the technology fair CES in Las Vegas on Jan. 7, 2020. Christoph Dernbach | picture alliance | Getty Images Intel shares fell 10% in extended trading on Thursday after the company reported fiscal third-quarter earnings that were stronger than analysts had expected, but showed new weakness in its data center business. Here’s how the company did: Earnings: $1.11 per share, adjusted, vs. $1.11 per share as expected by analysts, according to Refinitiv. Revenue: $18.33 billion, vs. $18.25 billion as expected by analysts, according to Refinitiv. Overall, Intel’s revenue declined 4% on an annualized basis, according to a statement . The Data Center Group came up with $5.91 billion in revenue, down 7% and less than the FactSet consensus estimate of $6.21 billion. Intel said it saw weakness in sales to

News | Business | Companies: Huawei: MPs claim 'clear evidence of collusion' with Chinese Communist Party

Gordon Corera 5-6 minutes - Source: BBC image copyrightGetty Images image captionThe inquiry focused on Huawei's telecoms kit rather than its consumer handset business There is "clear evidence of collusion" between Huawei and the "Chinese Communist Party apparatus", a parliamentary inquiry has concluded. And the MPs say the government may need to bring forward a deadline set for the Chinese firm's 5G kit to be removed from the UK's mobile networks. Huawei has responded by saying "this report lacks credibility as it is built on opinion rather than fact". But the latest accusation poses a further challenge to its business. Although the company's options in the UK are now limited, it is still trying to sell its 5G telecoms infrastructure to other parts of Europe and beyond, having invested heavily in the technology. "We're sure people will see through these accusations of c

News | Business | Companies: Rolls-Royce announces plan to raise £3bn

  2 minutes - Sorce: BBC Image copyright Rolls-Royce Rolls-Royce has announced it will seek to raise £3bn to bolster its finances after a "sharp deterioration" in civil aerospace because of the pandemic. The plane engine maker will tap shareholders for £2bn though a rights issue and the remainder will come from issuing new bonds. There has been speculation for weeks that Rolls-Royce will seek funding. The company has been severely affected by the slowdown in air travel because of coronavirus. The rights issue could unlock a further £1bn from UK Export Finance, the government's trade finance body. Rolls-Royce has already borrowed £2bn from the state. However, Rolls-Royce said an extension of a government loan was dependent on both UK Export Finance and H

News | Business | Companies: Shell to cut up to 9,000 jobs as oil demand slumps

  3-4 minutes - Source: BBC Image copyright Shell Royal Dutch Shell has said it plans to cut 7,000 to 9,000 jobs as it responds to challenges including the slump in oil demand amid the Covid-19 pandemic. The oil giant said the cuts would be implemented by 2022 and included 1,500 people who were taking voluntary redundancy. It gave no indication of where the job losses would happen. The move comes five months after it cut its dividend for the first time since World War Two . Shell chief executive Ben van Beurden said the job cuts were "the right thing to do for the future of the company" as it strives to become a net-zero emissions energy business. Shell employs 83,000 people worldwide, including 6,000 in the UK. It has been hit by a substantial drop in pro

News | Business | Companies: Huawei says Qualcomm applied for a license to sell it chips and the Chinese giant will use them if allowed

  Arjun Kharpal 3-4 minutes - Source: CNBC The logo of Chinese company Huawei at their main U.K. offices in Reading, west of London, on January 28, 2020. Daniel Leal-Olivas | AFP via Getty Images Huawei said that Qualcomm has applied for a license to sell it chips and the Chinese technology giant will use them in smartphones if permission is granted by the U.S. government.  China’s Huawei was  put on a U.S. blacklist  last year that restricted American businesses from selling products to the Chinese phonemaker. U.S. companies, including Qualcomm, were required to get a license from the government to export goods to companies on that list.  Then in May this year,  Washington amended a rule  to require foreign manufacturers using U.S. chipmaking equipment to get a license before being able to sell semiconductors to Huawei. The U.S. government tightened this rule in August, a move which could lead to a “near-total” cut-off for Huaw

News | Business | Companies | TikTok: ByteDance says it will own 80% of TikTok Global, contradicts Trump's claims deal has 'nothing to do with China'

  Arjun Kharpal 4-5 minutes - Source: CNBC This photo illustration taken on September 14, 2020 shows the logo of the social network application TikTok (L) and a US flag (R) shown on the screens of two laptops in Beijing. Nicolas Asfouri | AFP | Getty Images GUANGZHOU, China — Beijing-based ByteDance said it would own a majority stake in the new TikTok Global in the U.S., appearing to contradict  President Donald Trump’s claims the deal has “nothing to do with China.” On Saturday, Trump gave his blessing to a deal that would see Oracle and Walmart take a minority stake in a U.S.-headquartered company called TikTok Global. Oracle would become the secure cloud provider and host American users’ data in the country.  “It’ll be a brand new company. It will have nothing to do with any outside land, any outside country, it will have nothing to do with China,” Trump said. But in a Chinese-language statement on Monday, ByteDance, the

News | Business | Tech | China | Companies: China takes aim at US 'bullying' of its tech firms

4 minutes - Source: BBC Image copyright Getty Images China has taken aim at the US saying its tech firms are victims of "naked bullying". The accusations come as the Chinese government launches a new set of global guidelines for technology companies. Its new initiative outlaws illegally obtaining people's data and large-scale surveillance. Last month a similar data privacy effort was announced by the US called The Clean Network. It is the latest clash between Washington and Beijing over data security issues which has already embroiled TikTok, Huawei and WeChat. In recent months, the Trump administration has taken steps to block Chinese tech firms like Huawei and Chinese apps including TikTok and WeChat saying they pose threats to national security. "Some individual

News | Business | Tech | Companies: Start-up factory Rocket Internet to delist, six years after going public

Ryan Browne 3 minutes Source: CNBC Oliver Samwer, CEO and founder Rocket Internet, on the floor of the Frankfurt Stock Exchange in October 2014. Arne Dedert | picture alliance via Getty Images German tech investment firm  Rocket Internet  is set to delist, the company announced Tuesday, around six years after it went public on the Frankfurt Stock Exchange. The Berlin-based firm — which is often referred to as a start-up factory — said in a statement that it was offering investors 18.57 euros ($22.23) for each of their shares, lower than Monday’s closing price of 18.95 euros. Rocket Internet shares initially rose on the news Tuesday morning, before falling around 1.3%. Founded in 2007, Rocket Internet became controversial for building start-ups that cloned the business models of U.S. internet giants such as Amazon , Uber and Airbnb. For its part, Rocket Internet says it merely adapts proven models for untapped local markets.

News | Business | Companes: Nestle pays $2 billion to secure Aimmune's allergy treatment

3 minutes - Source: CNBC A pedestrian passes a Nestle SA logo at the Nescafe factory, operated by Nestle SA, in Tutbury, U.K., on Thursday, Aug. 23, 2018. Simon Dawson | Bloomberg | Getty Images Nestle  plans to pay $2 billion to gain full ownership of peanut allergy treatment maker Aimmune Therapeutics, as the Swiss company expands its fast-growing health science business. Known for its KitKat chocolate bars and Nescafe instant coffee, Nestle set up Nestle Health Science (NHS) in 2011 to open up a new area of business between food and pharma. Nestle said in a statement that its offer for Aimmune values the California-based biopharmaceutical firm, which it has been working with since 2016 and in which it already has a stake of around 25.6%, at $2.6 billion. “Aimmune has $261 million in cash and $134 million in debt. With our prior investment of $473 million in Aimmune, we’ll be making a cash payment of just under $2 billion,” NHS head Greg Behar t

News | Business | Companies: M&G profits slump after retail investors flee in market sell-off

Siobhan Riding  2minutes - Source: FT M&G suffered a 57 per cent fall in pre-tax profits in the first half of the year after spooked retail investors pulled money from its funds during the coronavirus market sell-off. The asset manager and insurer reported adjusted pre-tax profit of £309m for the six months to June, well below the £714m posted for the same period last year after heavy net client outflows from its savings and investment business caused fee revenues to drop by nearly 9 per cent. Net outflows totalled £4.1bn, as the market volatility and economic uncertainty unleashed by the pandemic sent investors fleeing. Total assets under management and administration declined from £352bn to £339bn over the period. The results cap a turbulent time for M&G as it approaches its first anniversary as an independent, listed company. It was originally part of Prudential, but was spun off last year as part of a d

News | Business | Energy | Companies: BP reports second-quarter loss after major write downs, halves dividend

Sam Meredith 5-6 minutes - Source: CNBC A BP company logo at a gas station in London, U.K. Chris Ratcliffe | Bloomberg | Getty Images Energy giant BP  reported a significant loss for the second quarter on Tuesday, after downgrading the value of some of its assets on expectations of lower commodity prices. Second-quarter underlying replacement cost profit, used as a proxy for net profit, came in at a loss of $6.7 billion, meeting expectations of analysts polled by Refinitiv. That compared with a net profit of $800 million in the first quarter of the year. BP also announced that it had halved its dividend to 5.25 cents per share for the quarter, compared to 10.5 cents per share for the first three months of the year. The reported loss for the quarter was $16.8 billion, which includes a post-tax charge of $10.9 billion for non-operating items. It compares to a loss of $4.4 billion over the first three months of 2020. The b