Estee Lauder cuts profit forecast amid coronavirus outbreak February 6, 2020 Cosmetics giant Estee Lauder has slashed its profit forecast for the year, citing the recent Coronavirus in epidemic, one of its key markets. The beauty brand said it expects adjusted earnings of $5.60 to $5.70 per share in 2020, down from a previous estimate of $5.85 to $5.93. Analysts were expecting earnings to reach $5.94 [...]
Snap stumbles after missing revenue expectations February 4, 2020 Shares in Snap tumbled as much as 12 per cent in extended trading, after the Snapchat parent firm failed to meet analyst expectations for fourth-quarter sales. Revenue for the three months to the end of December was reported at $560.9m, missing estimates of $563m as compiled by Refinitiv. Global daily active users — a key [...]
Analysis: Could HKEX’s shock £32bn grab for London Stock Exchange actually succeed? September 11, 2019 Talk about a blockbuster day in the City. Investors expecting a quiet morning were caught off guard when the London Stock Exchange received a shock £32bn offer from Hong Kong Exchanges and Clearing (HKEX). Read more: Hong Kong bourse makes audacious £32bn offer for London Stock Exchange The bid, which puts the LSE’s own £20bn acquisition [...]
Morgan Stanley profit drops by nearly a third April 16, 2020 Morgan Stanley today said profit for the first quarter fell 32 per cent as its advisory and wealth management businesses took a hit from the economic fallout of the coronavirus pandemic. Morgan Stanley’s wealth management unit, which contributes roughly half of its total revenue, fell eight per cent to $4.04bn (£3.23), after it was hit [...]
The City View podcast, from City A.M., with Vivienne Artz May 1, 2020 In this episode Christian is joined by Vivienne Artz, President of Women in Banking and Finance, and Chief Privacy Officer at data giant Refinitiv. Subscribe to The City View Podcast: Apple / Google / Spotify / RSS Vivienne reflects on the way in which our attitudes to data have changed during the pandemic and the [...]
Hong Kong vows to chase London Stock Exchange after £32bn bid rejected September 13, 2019 Hong Kong Exchanges and Clearing (HKEX) has vowed to pursue a takeover of the London Stock Exchange (LSE) after its £32bn bid was unanimously rejected by the board. Read more: London Stock Exchange rejects Hong Kong takeover bid HKEX said its proposal offered a “highly compelling strategic opportunity to create a global market infrastructure leader”. [...]
Hong Kong bourse proposes £32bn merger with London Stock Exchange September 11, 2019 Hong Kong Exchanges and Clearing (HKEX) has made a surprise proposal to buy the London Stock Exchange (LSE) in a £30bn tie-up, it said this morning. Read more: London Stock Exchange seals $27bn Refinitiv deal Yet it said the deal is subject to LSE’s mammoth $27bn (£22bn) merger with financial data provider Refinitiv falling through. [...]
Softbank’s Wework financing talks stall December 23, 2019 Softbank’s attempts to secure $3bn from three Japanese banks have stalled, creating a hurdle for the firm’s $9.5bn rescue plan for Wework. Softbank is now likely to start the new year without the funding for the office sharing company in place, after two of the lenders hit internal lending limits to the firm. Read more: [...]
Greggs to roll out delivery nationwide after successful trials January 8, 2020 Greggs is preparing to roll out a delivery service nationwide following successful trials with Deliveroo and Just Eat. Fans of pasties, cakes and the bakery’s vegan sausage rolls across the UK will be able to order Greggs’ products to their door by the end of the year. Read more: Greggs employees to get £7m payout [...]
HP doubles down on share buybacks as it defends against Xerox February 24, 2020 HP said today it would step up efforts to slash costs and buy back stock, as it seeks investor support to defend against a $35bn (£27bn) takeover offer from US printer maker Xerox. The announcement came after Xerox raised its cash-and-stock bid for HP earlier this month by $2 to $24 per share, ahead of [...]