Cathay Pacific Airways Ltd., Asia’s biggest international airline, plans to shorten its fuel-hedging program and revamp its workforce as part of a new business strategy to halt a slide in earnings. The shares jumped the most in nine months.
Day: January 16, 2017
Trump Offers Britain Quick Trade Accord as He Shuns Europe
U.S. President-elect Donald Trump said he would offer the U.K. a quick and “fair” trade deal when he meets Prime Minister Theresa May shortly after taking office, as he signaled a major shift in trans-Atlantic relations. “We’re gonna work very hard to get it done quickly and done properly.
European Stocks Fall as Automakers, Banks Lead Declines
European stocks traded weaker at the open Monday in thin volumes owning to the U.S. Martin Luther King Jr. holiday observance. European stocks traded weaker at the open Monday as automaker and bank shares led markets lower in thin volumes owning to the U.S. Martin Luther King Jr. holiday observance.
H&M Stock Falls on Worse-Than-Expected December Sales
H&M stock dropped in the first hour of trading in Stockholm Monday after it announced sales growth in December was slower than expected. H&M stock dropped in the first hour of trading in Stockholm Monday after it announced sales growth in December was slower than expected.
Burberry Confirms New CEO Gabotti Will Take Position in July
Burberry said Monday that Marco Gabotti will take up the position of CEO from July 5, almost a year after he was appointed to the British luxury goods group. Current CEO Christopher Bailey will on the same day transition into the role of president and chief creative officer, the company said in a statement.
German Automaker Stocks Fall After Trump Raises ‘Border Tax’ Threat on Mexico Imports
German automarker shares traded lower in Frankfurt after President elect Donald Trump raised the specter of a so-called ‘border tax’ on cars built in Mexico but imported into the US. German automarker shares, including BMW AG , traded lower in Frankfurt Monday after President elect Donald Trump raised the specter of a so-called ‘border tax’ on cars built in Mexico but imported into the United States.
On Ericsson CEO’s Do-List: Reality Check, Then Hard Decisions
Borje Ekholm, the veteran executive brought in to turn around Swedish network-equipment maker Ericsson AB, faces tough decisions on staffing, competition and balance-sheet management that will test the former Investor AB chief’s ability to right the ship after a tumultuous 2016. Ekholm, a long-time board member at Stockholm-based Ericsson, takes over as chief executive officer on Monday at a company that saw its share price plummet 35 percent last year amid steep revenue declines, fierce competition from Chinese rivals, and dwindling carrier spending as large investments in fourth-generation wireless gear largely wound down.
Luxottica and Essilor to Merger in Near $50 billion Blockbuster Eyewear Deal
Luxottica Group and Essilor International said Monday that they would merge, creating an eyewear giant with combined revenues of nearly $16 billion. Luxottica Group SpA and Essilor International SA said Monday that they would merge, creating an eyewear giant with combined revenues of over a 15 billion .
Amazon seeks permission to run wireless tests in Washington
PanARMENIAN.Net – Amazon is preparing to test experimental wireless communications technology, including mobile devices and fixed-base stations, in rural Washington and Seattle, the company disclosed in government filings this week, according to Business Insider. The filings do not specify what the tests would be for, but they hint at a new type of technology or wireless service, noting that the project would involve prototypes designed to support “innovative communications capabilities and functionalities.”
South Korea Prosecutor Seeks Arrest of Samsung’s Jay Y. Lee
Prosecutors are seeking a warrant to arrest Samsung Group’s Jay Y. Lee for allegations including bribery and embezzlement, a stunning turn for the scion of South Korea’s richest family groomed for decades to take over the company from his father. Lee, 48, the de facto head of the Samsung Group and vice chairman of Samsung Electronics Co., is accused of participating in payments that Samsung made to a close friend of South Korean President Park Geun-hye in exchange for government support in the company’s succession planning.
European Stocks Called Higher, Pound Tumbles Ahead of May’s Brexit Speech
European stocks are expected to open higher Monday, with Britain’s FTSE 100 set to extend its record run amid yet another lurch lower for the pound on foreign exchange markets. European stocks are expected to open higher Monday, with Britain’s FTSE 100 set to extend its record run amid yet another lurch lower for the pound on foreign exchange markets.
Forecast predicts sharp plunge in UK merger activity
Mergers and acquisitions in the U.K. are likely to drop sharply this year amid uncertainty over Britain’s relationship with the European Union , according to research released Monday. The value of deals is expected to fall to $125 billion this year from $340 billion in 2016 as Britain begins to negotiate its exit from the EU, the law firm Baker McKenzie , a leading adviser on corporate transactions, said in a report.