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- Weatherford International to pay $140 million for accounting fraud
- Tue, 27 Sep 2016 12:59:46 -0400 -
Two Weatherford senior accounting executives at the time also agreed to settle charges that they were behind the scheme, which inflated the company's earnings by over $900 million between 2007 and 2012, the SEC said. Weatherford was forced, as a result, to restate its financial statements three times in 2011 and 2012. A spokeswoman for Weatherford, which neither admitted nor denied the SEC's allegations, could not be reached for comment.
- BlackBerry CEO says turnaround two-thirds complete
- Mon, 26 Sep 2016 14:01:57 -0400 -
By Alastair Sharp TORONTO (Reuters) - BlackBerry Ltd Chief Executive John Chen said on Monday he was two-thirds of the way toward achieving his goal of turning the Canadian technology company's fortunes around. "We have made investment over a billion-plus, all in software, all in security, and now we need to execute it," Chen said at an event in Toronto two days before the company will report its second-quarter earnings. Waterloo, Ontario-based BlackBerry, a once-dominant smartphone maker, has shifted its focus to software that companies and governments use to manage their mobile devices.
- Support for Wells Fargo CEO Stumpf 'now wavering': CLSA
- Mon, 26 Sep 2016 12:25:14 -0400 -
Mayo said his support for Stumpf was contingent upon the CEO's ability to better explain the repercussions of the sales abuses. Last week, lawmakers on the U.S. Senate Banking Committee grilled Stumpf about the accounts, with some calling on him to resign and forfeit his earnings and hold other senior executives accountable.
- Aldi discounts Brexit impact, ramps up UK expansion
- Mon, 26 Sep 2016 10:33:44 -0400 -
The British division of Aldi is ramping up plans for expansion, unaffected by the shock Brexit referendum, as the German discount retailer enjoys booming demand. Aldi UK announced on Monday that it will invest £300 million ($389 million, 346 million euros) to revamp its stores over the next three years. "Future capital expenditure plans are unaffected by the UK's decision to leave the EU," the company said in its a statement alongside its annual earnings.
- Uganda coffee exports dropped 9 pct yr/yr in August: regulator
- Mon, 26 Sep 2016 04:54:27 -0400 -
Uganda's coffee exports declined 9 percent in August, from the same month last year, due to harsh weather, the sector regulator Uganda Coffee Development Authority (UCDA) said in a report on Monday. Coffee is Uganda's single largest commodity exports and earnings are a key source of foreign exchange for the east African country. UCDA said shipments were 291,059 60-kilogram bags, down from 320,297 bags exported in August last year.
- Hyundai Motor union stages first full strike in 12 years
- Mon, 26 Sep 2016 03:09:56 -0400 -
Hyundai Motor's South Korean labor union staged its first full nationwide strike in 12 years on Monday over stalled wage talks, putting the automaker's earnings and sales targets at risk. The full-day walkout came after a series of partial stoppages since July at the automaker's factories across South Korea, its biggest manufacturing base which produces nearly 40 percent of its vehicles sold globally last year.
- Samsung Electronics delays South Korea re-start of Note 7 sales by three days
- Sun, 25 Sep 2016 05:22:16 -0400 -
Tech giant Samsung Electronics Co Ltd said on Sunday it was delaying the start of new Galaxy Note 7 smartphone sales in South Korea by three days to Oct. 1, a move it says is needed for speedy completion of the ongoing recall in the country. Samsung announced on Sept. 2 a recall of at least 2.5 million Galaxy Note 7 smartphones in 10 markets, including South Korea, due to a faulty battery causing the phones to catch fire, offering refunds or replacement devices using safe batteries. The firm hopes to complete the recall quickly and restart sales in the fourth quarter to salvage earnings, but the latest hitch in South Korea underscore continuing challenges in those efforts.
- Edcon banks on simple fixes after South Africa's largest buyout flops
- Fri, 23 Sep 2016 09:41:55 -0400 -
By TJ Strydom JOHANNESBURG (Reuters) - Tasked with turning around South African retailer Edcon, which had been on the verge of collapse just a few months ago, its management thinks it can apply simple fixes after Bain Capital walked away with nothing from its African venture. The team led by Bernie Brookes, an Australian appointed in September last year, have much working to their advantage at Edcon, whose owner Bain Capital handed control to creditors in this week's $1.5 billion debt to equity swap deal that slashed its heavy debt-load by nearly 80 percent to 6 billion rand ($450 million). In South Africa's largest ever private equity deal at the time, Bain took Edcon private in a 25 billion rand, (then $3.5 billion) highly leveraged buyout in 2007 but slower earnings growth and a weaker rand made the euro-denominated bond repayments unaffordable.
- Mauritius trade deficit widens 8 pct in July
- Fri, 23 Sep 2016 04:34:16 -0400 -
PORT LOUIS (Reuters) - Mauritius said on Friday its trade deficit widened 8.0 percent to 8.16 billion rupees ($231.5 million) in July from the same period a year earlier, hit by a dip in exports of machinery and transport equipment. The Indian Ocean island nation's earnings from exports fell 17 percent to 6.86 billion rupees, its official statistics office said in a statement. Sales of machinery and transport equipment declined to 687 million rupees from 1.34 billion a year earlier. The statistics agency said total imports fell 5.1 percent to 15.02 billion rupees. ...
- Exclusive: Maersk Oil eyes Shell's North Sea assets ahead of spin-off
- Thu, 22 Sep 2016 09:39:44 -0400 -
By Ron Bousso and Jonathan Saul LONDON (Reuters) - A.P. Moller-Maersk is in talks to buy a portfolio of North Sea assets from Royal Dutch Shell as the Danish group considers adding scale to its oil and gas business ahead of a planned spin off, banking sources said. Maersk announced on Thursday a major overhaul that will see it focus on its core transport and logistics businesses, while looking at options for its energy division within 24 months that could include a joint venture, merger or listing. Maersk has said over the past year that it planned to invest several billions of dollars to expand its oil operations, although it is now likely to face bigger financial pressures given a rout in earnings from shipping, weak oil prices and the loss of a major oil contract in Qatar.
- Blow for Uber as Finnish court orders two drivers to give up earnings
- Wed, 21 Sep 2016 07:05:36 -0400 -
Finland's court of appeal ordered two Uber drivers on Wednesday to give up their earnings to the state for not having a valid taxi license, dealing a blow to the ride-hailing service. Uber Technologies Inc [UBER.UL], which has faced bans and protests from established taxi operators around the world, is legal in Finland provided its drivers hold a taxi license.
- Mylan shares languish at low valuation as EpiPen hearing nears
- Tue, 20 Sep 2016 22:18:22 -0400 - Shares of Mylan NV are trading at historically low valuations as the company's chief executive officer is set to face a congressional grilling on Wednesday over the price of its EpiPen emergency allergy treatment. The stock is trading at 7.5 times estimated earnings for the next 12 months, holding near its lowest in at least 30 years and well below its five-year average of 11 times, according to Thomson Reuters Datastream. Since late August, when the EpiPen price increases came into the spotlight, Mylan shares have fallen about 15 percent.
- FedEx beats Street forecasts with 1Q profit of $715 million
- Tue, 20 Sep 2016 18:54:56 -0400 -
FedEx is raising prices, boosting earnings and making plans for handling the crush of holiday packages. Company executives said Tuesday they expect to hire more than 50,000 holiday-season workers after ...
- Bayer ups forecasts after Monsanto takeover deal
- Tue, 20 Sep 2016 03:07:55 -0400 -
German chemicals giant Bayer said Tuesday it had increased its earnings and profits forecasts after signing a deal to take over US seeds and pesticides maker Monsanto. "We are optimistic for the medium-term development of Bayer and have set ourselves correspondingly ambitious targets," chief executive Werner Baumann said in a statement. In the crop science division that will integrate Monsanto, Bayer said it would grow sales faster than the market and increase its profit margin to "more than 30 percent" after 2020, three years after the merger is slated to be finalised.
- Wal-Mart completes acquisition of Jet.com
- Mon, 19 Sep 2016 18:55:04 -0400 -
By Nandita Bose CHICAGO (Reuters) - Wal-Mart Stores Inc on Monday said it has completed the acquisition of internet retailer Jet.com after agreeing to pay about $3 billion for the e-commerce startup last month. Wal-Mart Chief Executive Doug McMillon announced the closing of the deal, which was pending regulatory approval, in a blog post on the retailer's website. The acquisition will impact Wal-Mart's 2017 fiscal year earnings marginally more than the retailer's initial estimate of a 5 cents per share impact as the transaction closed ahead of time, Wal-Mart said.
- LafargeHolcim to withdraw from several countries: chairman
- Sun, 18 Sep 2016 05:19:26 -0400 -
LafargeHolcim is considering withdrawing from several markets as part of its efforts to make last year's mega-merger a success, Chairman Beat Hess told weekly Sonntagszeitung. The world's largest cement group, created by a merger between Frances's Lafarge and Switzerland's Holcim, generates 80 percent of its operational earnings before taxes, depreciation and amortization in 25 countries, the paper quoted Hess as saying.
- Apple Japan unit ordered to pay $118 million tax for underreporting income: media
- Fri, 16 Sep 2016 00:26:24 -0400 -
An Apple Inc iTunes unit in Japan was ordered to pay some 12 billion yen ($118 million) in tax by local authorities after underreporting income, media reported Friday. The Tokyo Regional Taxation Bureau determined that the unit, which sends part of its profits earned from fees paid by Japan subscribers to another Apple unit in Ireland to pay for software licensing, had not been paying a withholding tax on those earnings in Japan, according to broadcaster NHK. Apple could not be immediately reached for comment outside of U.S. business hours.
- Less loved but good value; investors in Asia look to buy on the cheap
- Thu, 15 Sep 2016 22:13:41 -0400 -
The gap between the average price-to-forward earnings ratio of the MSCI Asia ex Japan growth index and the MSCI Asia ex-Japan value index is the widest since at least 2003, based on the earliest available data on Thomson Reuters DataStream. The Asia growth stocks index is now trading at 17.3 times 12-month forward earnings, compared with its historical average of 13.7, the most expensive since the global financial crisis in 2009. While the high multiples are a salient feature of many growth stocks, whose earnings are expected to rise faster than their industry or market average, fund managers caution investors against overlooking value stocks that usually trade at a lower price than their fundamentals suggest they should.
- KLM suspends flights to Cairo amid country's currency problems
- Wed, 14 Sep 2016 11:45:23 -0400 -
KLM Royal Dutch Airlines will suspend flights to Cairo beginning in January as a result of Egypt's foreign currency problems, the company said in a statement on Wednesday. Egypt is facing an acute dollar shortage that has stifled the ability of some companies to repatriate earnings and transfer money abroad, with many waiting in lengthy queues for allocations from the country's central bank and others resorting to an expensive black market for dollars that cuts into profits. The country's net foreign reserves stood at $16.564 billion at the end of August, less than half the roughly $36 billion held in 2011 before an uprising drove away tourists and foreign investors, major sources of foreign currency.
- South Africa's Aspen Pharmacare FY profit drops 23 percent
- Wed, 14 Sep 2016 10:09:46 -0400 -
South Africa's Aspen Pharmacare Holdings reported a 23 percent drop in full-year profit on Wednesday as heavy losses from its Venezuelan business and a weak performance in its home market weighed on earnings. The firm has been expanding rapidly outside South Africa, where a heavily regulated pharmaceuticals market has put a cap on growth, and in its latest push announced this week it would buy GlaxoSmithKline's portfolio of anaesthetic drugs for $370 million. Sales in South Africa were down 1 percent to 8.1 billion rand ($564.13 million) and now represents 23 percent of the firm's revenue.
- Ikea cooks up strong sales with popular kitchens
- Tue, 13 Sep 2016 06:43:51 -0400 -
Swedish furniture giant Ikea posted a 7.1 percent jump in sales to 34.2 billion euros ($38.3 billion) in the past year thanks to strong sales of kitchens and dining rooms, it said Tuesday. "Our focus on kitchens, kitchen equipment and dining rooms has proven very popular with customers and contributed to the strong result in the past year," IKEA Group chief executive Peter Agnefjall said in a statement. Ikea Group, which is not listed and which manages most of the company's stores, is expected to release its full earnings report before the end of the year.
- U.S. congresswoman urges Labor Department to probe Chipotle over wage theft allegations
- Mon, 12 Sep 2016 16:11:31 -0400 -
By Tom Polansek CHICAGO (Reuters) - A U.S. congresswoman urged the Labor Department on Monday to investigate Chipotle Mexican Grill for possible wage theft, another potential hurdle for the burrito chain as it seeks to rebound from food-safety problems last year. U.S. Representative Rosa DeLauro, a Democrat from Connecticut, said the department should probe allegations from about 10,000 current and former Chipotle employees who have joined a federal lawsuit that alleges the company did not properly pay them for hours worked. Such actions, if true, would contradict federal law, DeLauro said in a letter to the department, "depriving workers of the wages and earnings to which they are legally entitled." Chipotle said her call for an investigation was "misdirected." "We have maintained from the outset that this case is without merit and will vigorously defend our employment practices," company spokesman Chris Arnold said.
- Europe's Apple tax grab to spur US reforms: Lew
- Mon, 12 Sep 2016 12:35:18 -0400 -
Europe's order for Apple to pay 13 billion euros ($14.6 billion) in back taxes could provoke US tax reforms and a significant break for firms repatriating offshore earnings, US Treasury Secretary Jacob Lew said Monday. Lew said high US corporate tax rates drive companies to seek tax havens like Ireland, which offered Apple what the European Commission ruled was an illegally low rate to encourage it to invest there. While he said that the EC move essentially raided potential US government tax receipts, Lew said the episode should give a boost to efforts to reform the US system.
- Big signings to hit profits at Manchester United
- Mon, 12 Sep 2016 12:28:05 -0400 - * Sees adj core earnings 170-180 mln stg vs 192 mln * Sees revenues at 530-540 mln stg vs 515 mln * Takes 8.4 mln charge on payout for Van Gaal and his staff (Adds detail, background, shares) By Vidya L Nathan Sept 12 (Reuters) - Manchester United expect profits to fall back from last season's record levels after the club splashed out on new players to try to regain its place in Europe's soccer elite. The English club paid a world-beating 89 million pounds ($118 million) last month for French midfielder Paul Pogba and has brought in other big name players including Swedish striker Zlatan Ibrahimovic as it seeks to recover after failing to qualify for this season's Champions League competition. Executive Vice Chairman Ed Woodward said last season's strong financial results had allowed the club to "invest in our squad, team management and facilities to position us to challenge for, and win, trophies in the coming years." The club also said it took 15.1 million pounds in exceptional changes in the year to June 30 related to its renewal plan.
- Manchester United earnings to dip on Champions League absence
- Mon, 12 Sep 2016 07:36:07 -0400 - Manchester United reported a 30 percent rise in fourth-quarter revenue on Monday but forecast lower earnings for the current year as the club will miss out on Champions League soccer after finishing fifth in the English Premier League last season. United said it expected 170-180 million pounds in adjusted core earnings this year after a record figure of 192 million for the year ended June 30. It expects 530-540 million pounds in revenue this year, up from 515 million due to new television deals for Premier League clubs.