ECONOMY AND FINANCE

MTN sees local ownership of MTN Nigeria at 35% post-IPO – investors


This news was published by : MONEYWEB exactly at Thu, 05/16/2019 - 14:33
MTN plans to proceed with its public offering following the listing.
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U.S. Jobless Claims Fell Last Week


This news was published by : WALL STREET JOURNAL - US. BUSINESS NEWS exactly at Thu, 05/16/2019 - 14:33
The number of Americans filing applications for new unemployment benefits decreased last week, pointing to a historically tight labor market.
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US home construction rises 5.7% in April, led by uptick in single-family homes


This news was published by : ABC Business exactly at Thu, 05/16/2019 - 14:31
US home construction rises 5.7% in April, led by uptick in single-family homes
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OCC monitoring Wells CEO search; CFPB enforcement chief to leave


This news was published by : AMERICAN BANKER exactly at Thu, 05/16/2019 - 14:30
Agency says it will vet Timothy Sloan’s successor; Eric Blankenstein, who came under fire for 2004 racist blogs, to step down.
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Fred's to close an additional 104 stores, stock falls


This news was published by : MARKETWATCH exactly at Thu, 05/16/2019 - 14:23

Shares of Fred's Inc. tumbled 6.8% in premarket trade Thursday, after the discount retailer said it was closing an additional 104 stores, and that it entered into a forebearance agreement with its lenders. The company said liquidation sales at the stores being closed will begin Thursday, with the closures expected to be completed by the end of June. The additional store closures comes a month after the company said it will close 159 stores by the end of May, leaving 398 stores open at that time. "These additional store closures are a difficult, but necessary step in the continued restructuring of Fred's," said Chief Executive Joseph Anto. The stock, which has closed below the $1 threshold since May 6, has plunged 69% year to date through Wednesday, while the SPDR S&P Retail ETF has gained 4.8% and the S&P 500 has advanced 14%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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Why your financial aid may plummet after freshman year


This news was published by : ABC Business exactly at Thu, 05/16/2019 - 14:00
Hang on to scholarships and grants for college by knowing the requirements of your financial aid offer and staying on top of changes to your family income
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TV Networks Are Light on New Fall Shows


This news was published by : WALL STREET JOURNAL - US. BUSINESS NEWS exactly at Thu, 05/16/2019 - 14:00
Broadcast networks will debut fewer shows next season than in previous years, a sign of how hard it is for new productions to establish themselves in a world where viewers have hundreds of options.
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Anglo to build a new diamond-mining boat in next growth move


This news was published by : MONEYWEB exactly at Thu, 05/16/2019 - 13:43
The boat will cost $468m and is expected to start operating in 2022, just off the Namibian coast.
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Fire officials determine PG&E equipment sparked deadly fire


This news was published by : ABC Business exactly at Thu, 05/16/2019 - 13:42
California lawmakers are expressing skepticism that Pacific Gas & Electric Corp. has made the dramatic changes necessary to prevent another deadly blaze
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Trump’s Huawei brinkmanship risks devastating consequences


This news was published by : TECHCENTRAL exactly at Thu, 05/16/2019 - 13:41
The Trump administration is pulling out the big guns in its push to slow China’s rise, with potentially devastating consequences for the rest of the world.
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Walmart earnings jump 80% to $3.8bn on higher US sales


This news was published by : ARAB ECONOMY exactly at Thu, 05/16/2019 - 13:35
Author: AFPID: 1558006418885503500Thu, 2019-05-16 11:26

NEW YORK: Walmart reported a jump in first-quarter earnings Thursday on higher US store sales and eCommerce growth following heavy investment in new “omnichannel” retail ventures.
The world’s biggest retailer reported profits of $3.8 billion.
That’s an increase of 80 percent from the year-ago period when results were dented by a one-time earnings hit following US tax reform.
Shares rose in pre-market trading.

Main category: Business & EconomyTags: retailWalmartUS Walmart fights back against Amazon with one-day shipping in some US marketsIndia’s richest man to battle Amazon, Walmart in e-commerce
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Walmart Extends Streak of Sales Growth


This news was published by : WALL STREET JOURNAL - US. BUSINESS NEWS exactly at Thu, 05/16/2019 - 13:31
Walmart said its sales rose during the first quarter, adding to over four years of sales increases as the retail behemoth grabs market share from struggling competitors and grows online.
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Walmart same store sales growth continues


This news was published by : ABC Business exactly at Thu, 05/16/2019 - 13:20
Walmart tops profit expectations, though revenue feels currency drag
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The Latest: France's Macron warns not to freeze out Huawei


This news was published by : ABC Business exactly at Thu, 05/16/2019 - 13:12
Macron warns against freezing out Huawei, says trade wars not good for any country's interests
Newsitem placed in category/categories :: ECONOMY AND FINANCE

Walmart shares up 2% premarket as profit beat weighs against sales miss


This news was published by : MARKETWATCH exactly at Thu, 05/16/2019 - 13:11

Walmart Inc. shares rose 2% in premarket trade Thursday after the retail giant topped profit estimates for the first quarter, while sales fell short. Bentonville, Arkansas-based Walmart said it had net income of $3.842 billion, or $1.33 a share, in the quarter, up from $2.134 billion, or 72 cents a share, in the year-earlier period. Adjusted per-share earnings came to $1.13, ahead of the $1.02 FactSet consensus. revenue rose 1% to $123.9 billion, missing the FactSet consensus of $125.3 billion. U.S. same-store sales rose 3.4%, ahead of the 3.2% FactSet consensus. E-commerce sales rose 37%, thanks to strength in grocery, as well as home and fashion on Walmart.com. Same-store sales at Sam's Club rose 0.3%, while e-commerce sales rose 28%. Lower tobacco sales shaved 270 basis points off same-store sales. Shares have gained 16% in the last 12 months, while the Dow Jones Industrial Average has gained 3.6% and the S&P 500 has gained 4.7%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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PG&E stock falls, after accepting CAL FIRE's determination that its lines caused the Camp Fire


This news was published by : MARKETWATCH exactly at Thu, 05/16/2019 - 12:54

Shares of Pacific Gas and Electric Co. fell 1.3% in premarket trade Thursday, after the San Francisco-based utility said it accepts the determination that its electrical transmission lines were the cause of November's Camp Fire that killed at least 85 people. The determination was made by the California Department of Forestry and Fire Protection (CAL FIRE). "While we have not been able to review CAL FIRE's report, its determination that PG&E transmission lines near the Pulga area ignited the Camp Fire on the morning of November 8, 2018, is consistent with the company's previous statements," PG&E said in a statement. "We have not been able to form a conclusion as to whether a second fire ignited as a result of vegetation contact with PG&E electrical distribution lines, as CAL FIRE also determined." The stock has tumbled 24% year to date through Wednesday, while the SPDR Utilities Select Sector ETF has gained 9.8% and the S&P 500 has advanced 14%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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New York City Mayor Bill de Blasio announces run for presidency


This news was published by : MARKETWATCH exactly at Thu, 05/16/2019 - 12:51

New York City Mayor Bill de Blasio announced a run for the Democratic presidential nomination early Thursday, becoming the 23rd person to join the race. The announcement comes after months of speculation and visits to primary states. The candidate will travel to Iowa later Thursday and then to South Carolina at the weekend to address voters, The Wall Street Journal reported.

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Colfax to sell air and gas handling business in a $1.8 billion deal


This news was published by : MARKETWATCH exactly at Thu, 05/16/2019 - 12:40

Colfax Corp. announced Thursday a deal to sell its air and gas handling business in a deal valued at $1.8 billion to KPS Capital Partners L.P. The stock rallied 2.7% in premarket trade. The deal, which is expected to close in the second half of this year, includes $1.66 billion in cash and $140 million in assumed liabilities and minority interest. "This completes the strategic shift of our portfolio to diversify end-market exposure, reduce cyclicality, and increase profitability," said Colfax Chief Executive Matt Trerotola. "This transaction will position us to achieve our leverage target and pursue strategic bolt-on acquisitions in our Medical Technology and Fabrication Technology segments." The stock has run up 27% year to date through Wednesday, while the S&P 500 has gained 14%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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Aspen poised to meet deadline for sale of its baby milk unit


This news was published by : MONEYWEB exactly at Thu, 05/16/2019 - 12:39
The self-imposed deadline is set for the end of May, after being approved by a New Zealand regulator.
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To Avoid Tariffs, This Japanese Copier Maker Plans Less 'Made in China'


This news was published by : WALL STREET JOURNAL - US. BUSINESS NEWS exactly at Thu, 05/16/2019 - 12:31
Ricoh said it plans to shift some production of copiers intended for American customers out of China, an example of what could become a wider push by manufacturers as the U.S.-China trade dispute continues.
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Lime Ads Evoke a Mission Beyond Renting Out Scooters


This news was published by : WALL STREET JOURNAL - US. BUSINESS NEWS exactly at Thu, 05/16/2019 - 12:30
The scooter-rental startup has started a campaign meant to associate its brand with a higher purpose as its fledgling niche continues to encounter controversy.
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Citigroup, JPMorgan among banks fined $1.2bn in FX probe


This news was published by : MONEYWEB exactly at Thu, 05/16/2019 - 12:24
Traders used sensitive information from online cartels, which they ran, to decide whether to buy or sell currencies.
Newsitem placed in category/categories :: ECONOMY AND FINANCE

Global stocks mixed after Trump signs telecoms order


This news was published by : ABC Business exactly at Thu, 05/16/2019 - 12:19
Global shares mixed after Trump signs order
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EU fines banks over $1 billion over foreign exchange cartel


This news was published by : ARAB ECONOMY exactly at Thu, 05/16/2019 - 12:09
Author: APID: 1558000560714896400Thu, 2019-05-16 09:47

BRUSSELS: European Union regulators have fined five banks a total of more than €1 billion ($1.1 billion) for allegedly colluding in the trade of large sums of foreign currency.
The EU Commission said Thursday that investigators found that some bank employees in charge of spot trading in 11 currencies “exchanged sensitive information and trading plans.” They sometimes coordinated strategies through online professional chat rooms.
The commission fined Barclays, Royal Bank of Scotland, Citigroup and JPMorgan over €811 million ($909 million) for collaborating in a foreign exchange spot trading cartel dubbed “Forex — Three Way Banana Split.”
It also fined Barclays, RBS and MUFG Bank over €257 million ($288 million) for a separate cartel.
UBS escaped fines for revealing the cartels.

Main category: Business & EconomyTags: EUEuropeEuropean Union EU regulator reveals 12 banks so far plan euro expansion ahead of BrexitEurope’s slowdown is worse than investors imagined, says financial expert
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Manchester City referred to UEFA judicial chamber over alleged financial fair play ‘breaches’


This news was published by : The Hindu Biz. exactly at Thu, 05/16/2019 - 12:07
FFP rules are intended to prevent clubs receiving unlimited amounts of money through inflated sponsorship deals
Newsitem placed in category/categories :: ECONOMY AND FINANCE

China criticizes US action against Huawei


This news was published by : ABC Business exactly at Thu, 05/16/2019 - 12:04
China criticizes Washington export controls on tech giant Huawei, says it will 'resolutely safeguard' its companies
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'Air of unreality': Court explains ACCC's defeat in rail case


This news was published by : Sydney Morning Herald - Business exactly at Thu, 05/16/2019 - 12:00
A federal court judge has explained why undertakings from a company to treat competitors fairly is enough to allay competition concerns.
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Nestle plans $10bn skincare sale to EQT, Abu Dhabi


This news was published by : MONEYWEB exactly at Thu, 05/16/2019 - 11:59
The deal is valued at 10.2bn Swiss francs and would be among the biggest private-equity deals this year.
Newsitem placed in category/categories :: ECONOMY AND FINANCE

The WSJ CEO Pay Ranking


This news was published by : WALL STREET JOURNAL - US. BUSINESS NEWS exactly at Thu, 05/16/2019 - 11:57
Median pay reached $12.4 million for CEOs of the biggest U.S. companies in 2018. Explore the highest-paid CEOs, and the lowest, with comparisons of shareholder returns and other factors.
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China promises response if US tariffs all remaining imports


This news was published by : MONEYWEB exactly at Thu, 05/16/2019 - 11:43
China's response could raise the stakes for the dispute between the two economies.
Newsitem placed in category/categories :: ECONOMY AND FINANCE

What Will Trump's Latest Tariffs Mean for Inflation?


This news was published by : WALL STREET JOURNAL - US. BUSINESS NEWS exactly at Thu, 05/16/2019 - 11:30
The latest tariff increases on Chinese imports will likely deliver a modest and temporary boost to U.S. inflation, in part reflecting the relatively small portion of American spending that goes to goods rather than services.
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CFOs Fear a Recession Is Coming. Preparation Will Help Them Stand Out


This news was published by : WALL STREET JOURNAL - US. BUSINESS NEWS exactly at Thu, 05/16/2019 - 11:30
Companies that prepare for economic hard times before they arise can put themselves in position to thrive even during a recession.
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Emerging stocks stall as Huawei sanction revives trade fears


This news was published by : MONEYWEB exactly at Thu, 05/16/2019 - 11:10
The Trump administration imposed severe sanctions on Huawei, banning it from acquiring components from US firms.
Newsitem placed in category/categories :: ECONOMY AND FINANCE

Moody’s: government must arrest growing debt trend


This news was published by : MONEYWEB exactly at Thu, 05/16/2019 - 10:36
Government debt, including guarantees to Eskom, expected to reach over 70% by 2023.
Newsitem placed in category/categories :: ECONOMY AND FINANCE

RBA warns of 'lock-out' risk from rise of phone payments


This news was published by : Sydney Morning Herald - Business exactly at Thu, 05/16/2019 - 10:20
Growth in payments on smart phones, watches and other wearable devices must not stifle competition, the central bank says.
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Scientology consortium gets Communist Party backing


This news was published by : Sydney Morning Herald - Business exactly at Thu, 05/16/2019 - 10:17
A powerful Chinese Communist Party developer is financially backing the Scientology-led consortium proposing a controversial $30 billion high-tech city in Melbourne’s western suburbs.
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Former principal relishes chance to help school leaders learn


This news was published by : Sydney Morning Herald - Business exactly at Thu, 05/16/2019 - 10:01
It takes a village to bring an ambitious vision to life.
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Jet-powered flying taxi unveiled following first flight


This news was published by : TECHCENTRAL exactly at Thu, 05/16/2019 - 09:52
The world’s first all-electric vertical takeoff and landing passenger jet has been unveiled after completing its first flight.
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Eskom’s Mabuza says SA facing ‘unemployment time bomb’


This news was published by : MONEYWEB exactly at Thu, 05/16/2019 - 09:43
'Our overriding objective should be to maximise the impact of policy interventions through labour-absorbing growth.'
Newsitem placed in category/categories :: ECONOMY AND FINANCE

Trump is entering dangerous territory in war on Huawei


This news was published by : TECHCENTRAL exactly at Thu, 05/16/2019 - 09:40
To ban Huawei without levying charges would raise tensions between Washington and Beijing by an order of magnitude greater than anything we’ve seen so far.
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Dis-Chem annual profit misses estimates


This news was published by : MONEYWEB exactly at Thu, 05/16/2019 - 09:38
As prolonged industrial action offset the impact of price cuts and aggressive promotions.
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Jobless rate climbs along with expectations of post-election rate cut


This news was published by : Sydney Morning Herald - Business exactly at Thu, 05/16/2019 - 09:37
The jobless rate has edged up to 5.2 per cent, putting pressure on the Reserve Bank of Australia to cut interest rates at its first meeting after Saturday's federal election.
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Five things making headlines in South Africa today


This news was published by : MONEYWEB exactly at Thu, 05/16/2019 - 09:34
MTN Nigeria lists on Nigerian bourse, Dis-Chem and Investec Bank results, Moody's sees weak SA growth outlook, Ramaphosa's cabinet selection.
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Harvey Weinstein’s former studio seeks liquidation in bankruptcy court


This news was published by : Sydney Morning Herald - Business exactly at Thu, 05/16/2019 - 09:33
The studio is set to liquidate in bankruptcy, a final blow to the prestigious Hollywood institution that imploded when Weinstein was accused of abusing women.
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Donald Trump ramps up battle against Chinese telecom giant Huawei


This news was published by : ARAB ECONOMY exactly at Thu, 05/16/2019 - 09:22
Author: AFPID: 1557990827444423400Thu, 2019-05-16 07:08

WASHINGTON: Donald Trump stepped up his battle against Huawei Wednesday, effectively barring the Chinese telecom giant from the US market and adding it to a blacklist restricting US sales to the firm amid an escalating trade war with Beijing.
An executive order signed by the president prohibits purchase or use of equipment from companies that pose “an unacceptable risk to the national security of the United States or the security and safety of United States persons.”
“This administration will do what it takes to keep America safe and prosperous and to protect America from foreign adversaries,” White House spokeswoman Sarah Sanders said.
A senior White House official insisted that no particular country or company was targeted in the “company- and country-agnostic” declaration.
However, the measure — announced just as a US-China trade war deepens — is widely seen as prompted by already deep concerns over an alleged spying threat from Huawei.
“Restricting Huawei from doing business in the US will not make the US more secure or stronger; instead, this will only serve to limit the US to inferior yet more expensive alternatives,” Huawei said in a statement.
“In addition, unreasonable restrictions will infringe upon Huawei’s rights and raise other serious legal issues,” it said.
The Commerce Department followed up with a more direct hit on the tech giant, adding it to a blacklist that will make it much harder for the firm to use crucial US components in its array of phones, telecom gear, databases and other electronics.
Commerce’s Bureau of Industry and Security (BIS) said it would add Huawei and its affiliates to its “entity list” over alleged Iran sanctions violations.
The listing requires US firms to get a license from BIS for the sale or transfer of American technology to a company or person on the list.
“A license may be denied if the sale or transfer would harm US national security or foreign policy interests,” a Commerce Department statement said.
“This will prevent American technology from being used by foreign-owned entities in ways that potentially undermine US national security or foreign policy interests,” Commerce Secretary Wilbur Ross said.
Huawei did not immediately comment on the blacklisting.
US officials have been trying to persuade allies not to allow China a role in building next-generation 5G mobile networks, warning that doing so would result in restrictions on sharing of information with the United States.
US government agencies are already banned from buying equipment from Huawei, a rapidly expanding leader in the 5G technology.
Beijing was already furious about US moves to limit use of equipment from Chinese firms including Huawei and another company ZTE.
“For some time, the United States has abused its national power to deliberately discredit and suppress by any means specific Chinese enterprises, which is neither honorable nor fair,” foreign ministry spokesman Geng Shuang said ahead of Trump’s executive order.
“We urge the US side to stop the unreasonable suppression of Chinese enterprises on the pretext of national security and to provide a fair and non-discriminatory environment,” the spokesman said.
The US portrayal of Huawei as a national security danger dovetails with Washington’s wider complaint that Chinese companies are unfairly protected by the state, making fair trade impossible.
The move also threatens to further flare trade tensions just days after the US more than doubled tariffs on $200 billion of Chinese imports, which was met with a retaliation in kind by Beijing.
Washington and some European allies fear that Chinese economic expansion, particularly in the Belt and Road global infrastructure program, is part of a bid for geopolitical dominance.
Amid those worries, Huawei is portrayed as a Trojan horse that could leverage its ultra-rapid telecoms technology into a Chinese government spy network reaching deep into American society and business fields.
“Chinese telecom companies like Huawei effectively serve as an intelligence-gathering arm of the Chinese Communist Party,” Senator Cotton said after Trump’s emergency declaration.
“The administration is right to restrict the use of their products.”
So far, the US campaign to lobby other countries to turn their backs on Huawei has had mixed results.
Even Britain, one of Washington’s closest allies, is mired in debate over whether to follow the US lead or allow Huawei to develop the 5G networks.
On Tuesday, the chairman of the company, Liang Hua, visited London to insist that Huawei will “commit ourselves, to commit our equipment to meeting the no-spy, no back-door standards.”

Main category: Business & EconomyTags: telecoms5GUSHuawei Huawei is not controlled by China, executive saysUK defense secretary fired over Huawei leaks
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Rand slips as trade tensions weigh on risk demand


This news was published by : MONEYWEB exactly at Thu, 05/16/2019 - 09:21
Bonds also weakened.
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ASX gains as rate cut prospects rise


This news was published by : Sydney Morning Herald - Business exactly at Thu, 05/16/2019 - 09:11
Australian shares rose on Thursday on expectations the RBA will be forced to cut rates sooner in order to battle rising unemployment.
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UK travel group Thomas Cook issues profit warning


This news was published by : ARAB ECONOMY exactly at Thu, 05/16/2019 - 08:59
Author: ReutersID: 1557989434884364800Thu, 2019-05-16 06:45

LONDON: Travel group Thomas Cook said economic and political uncertainty would affect profits this summer after it reported higher first-half losses on Thursday, adding it had received multiple bids for its airline unit after it was put up for sale.
The oldest travel company in the world stumbled badly last year when a heatwave in northern Europe deterred holiday makers from booking lucrative last-minute deals, leading to two major profit warnings and talk of a need to raise funds.
The company said it made an underlying loss before interest and tax of $315 million (£245 million) in the six months to March 31, compared with a loss of £65 million in the same period a year earlier, reflecting pressure on margins.
It forecast second-half underlying earnings before interest and tax would be below the same period last year, and that it had agreed a £300 million bank facility to provide more liquidity for the 2019/20 winter season.
“Trading for the Group has been challenging to date, reflecting an uncertain consumer environment which has led to a slower pace of bookings across all markets,” it said.
Thomas Cook company said consumer uncertainty from factors such as Brexit was causing competitive pressure, meaning it was having to spend more on promotional activity.
In February, the firm said it was willing to sell its profitable airline business to raise cash to fund its fight back from losses racked up in 2018 and to cope with a tough year ahead.
It said on Thursday it had received multiple bids for all and part of Group Airline, which consists of Germany’s Condor, as well as British, Scandinavian and Spanish divisions.
Lufthansa has said it wants to buy Condor with an option to acquire the remaining airlines, while Virgin Atlantic is also reportedly interested in the UK-based long-haul part of the business.
Thomas Cook added it had taken an impairment of £1.1 billion relating to a 2007 merger with MyTravel.

Main category: Business & EconomyTags: TravelThomas Cook Thomas Cook warns on profit as hot summer hits demandWarm European weather takes toll on Thomas Cook’s profit forecast
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Trump turns the screws on Huawei


This news was published by : TECHCENTRAL exactly at Thu, 05/16/2019 - 08:54
Donald Trump has ratcheted up his battle with China for dominance of 5G technology networks, moving to curb Huawei’s access to the US market and American suppliers.
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Tech giants' plan to thwart live streaming of terrorism wins qualified support


This news was published by : Sydney Morning Herald - Business exactly at Thu, 05/16/2019 - 08:54
A collaboration between technology giants including Facebook and Google to thwart livestreaming of terrorist acts has been criticised by academics and think-tanks for being light on detail
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Investec reports 3.6% rise in full-year earnings


This news was published by : MONEYWEB exactly at Thu, 05/16/2019 - 08:41
Amid a 'challenging' environment in SA and Britain.
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Nestlé Enters Exclusive Talks to Sell Skin-Health Business


This news was published by : WALL STREET JOURNAL - US. BUSINESS NEWS exactly at Thu, 05/16/2019 - 08:40
Nestlé has entered exclusive negotiations with a consortium led by EQT and a wholly-owned subsidiary of the Abu Dhabi Investment Authority over the sale of its skin-health business.
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Musk gets head start on Bezos launching SpaceX’s satellites


This news was published by : MONEYWEB exactly at Thu, 05/16/2019 - 08:38
Launch to take place on Thursday evening.
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BWX smashed after revealing profit downgrade and new CEO


This news was published by : Sydney Morning Herald - Business exactly at Thu, 05/16/2019 - 08:35
Australia's biggest skincare company has taken a hammering after its third earnings downgrade in seven months.
Newsitem placed in category/categories :: ECONOMY AND FINANCE

Oil rises for a third day amid escalating Middle East tensions


This news was published by : ARAB ECONOMY exactly at Thu, 05/16/2019 - 08:20
Author: ReutersID: 1557987236044284000Thu, 2019-05-16 03:58

TOKYO: Oil prices rose on Thursday for a third straight session, as the risk of conflict in the Middle East stoked fears of supply disruptions, negating an unexpected rise in US inventories.
Brent crude futures were at $72.16 a barrel at 0349 GMT, up 39 cents, or 0.5 percent, from their last close. Brent closed up 0.7 percent on Wednesday.
US West Texas Intermediate (WTI) crude futures were at $62.41 per barrel, up 39 cents, or 0.6 percent, from their previous settlement. WTI closed up 0.4 percent in the last session.
Analysts said oil was drawing support from heightened tensions in the Middle East, with helicopters carrying US staff from the American embassy in Baghdad on Wednesday out of apparent concern about perceived threats from Iran.
While the gain in US inventories overnight is helping to cap prices, so too is uncertainty about whether OPEC and other producers will maintain into the second half of the year supply cuts that have boosted prices more than 30 percent so far in 2019.
The Organization of the Petroleum Exporting Countries (OPEC) said on Tuesday that world demand for its oil would be higher than expected this year.
“Though supply-side disruptions remain supportive of oil prices, OPEC has yet to release indicative statements on supply plans,” Benjamin Lu, commodities analyst at Phillip Futures in Singapore, told Reuters by email.
Supply losses from OPEC members Iran and Venezuela, now under US sanctions, have deepened the impact of the OPEC-led production restrictions.
The so-called OPEC+ group of producers, which includes Russia, meets next month to review whether to maintain the pact beyond June.
US crude inventories rose unexpectedly last week to their highest since September 2017, while gasoline stockpiles decreased more than forecast, the Energy Information Administration (EIA) said.
Crude stocks swelled by 5.4 million barrels, surprising analysts who had expected a decrease of 800,000 barrels for the week ended on May 10.

Main category: Business & EconomyTags: OilenergyMarketsOPEC UAE slams Iranian aggression but calls for calm amid oil tanker attack investigationSaudi Aramco resumes pumping oil through pipeline hit by drone attack
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ACCC apologises, blames software for TPG-Vodafone blunder


This news was published by : Sydney Morning Herald - Business exactly at Thu, 05/16/2019 - 08:15
The Australian competition watchdog has revealed the early release of the merger decision was caused by its content management system
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Who Ramaphosa picks for cabinet will determine rand’s direction


This news was published by : MONEYWEB exactly at Thu, 05/16/2019 - 08:00
Ramaphosa will be inaugurated on May 25 and is expected to announce his new executive by May 27.
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Consumers Start to Feel Pinch From US, China Trade Standoff


This news was published by : Voice of America -Economy exactly at Thu, 05/16/2019 - 07:56
As the U.S. and China escalate their trade standoff, consumers in both countries are starting to see the impact. VOA's Mykhailo Komadovsky reports from Washington.
Newsitem placed in category/categories :: ECONOMY AND FINANCE

Waterfalls, yoga mats and master chefs: New wave of 'experience' hotels hit Sydney


This news was published by : Sydney Morning Herald - Business exactly at Thu, 05/16/2019 - 07:15
There is a new wave of lifestyle-focused hotels opening across Sydney to cater for the dearth of rooms and the rising demands of international tourists.
Newsitem placed in category/categories :: ECONOMY AND FINANCE

Rupee rises 9 paise to 70.25 vs USD in early trade


This news was published by : The Hindu Biz. exactly at Thu, 05/16/2019 - 07:08
The rupee appreciated marginally by 9 paise to 70.25 against the U.S. dollar in opening trade on Thursday, driven by weakening of the greenback in ov
Newsitem placed in category/categories :: ECONOMY AND FINANCE

Sensex, Nifty start on a tepid note


This news was published by : The Hindu Biz. exactly at Thu, 05/16/2019 - 07:08
Domestic equity benchmarks BSE Sensex and NSE Nifty started on a tepid note Thursday tracking mixed cues from global markets amid sustained foreign f
Newsitem placed in category/categories :: ECONOMY AND FINANCE

Moody’s sees South Africa’s growth outlook remaining weak


This news was published by : MONEYWEB exactly at Thu, 05/16/2019 - 06:52
Country has strengths but in the absence of effective policy change its credit profile will continue to erode.
Newsitem placed in category/categories :: ECONOMY AND FINANCE

Eiffel Tower turns 130, world leaders pledge to curb online violence, and other news in pictures


This news was published by : The Hindu Biz. exactly at Thu, 05/16/2019 - 06:46
 10.00 am Happy 130th birthday, Eiffel TowerParis wished the Eiffel Tower a happy birthday on Wednesday with an elaborate nighttime laser show retraci
Newsitem placed in category/categories :: ECONOMY AND FINANCE

World economy rebound thrown into doubt by escalating trade war


This news was published by : MONEYWEB exactly at Thu, 05/16/2019 - 06:24
World growth has already slowed.
Newsitem placed in category/categories :: ECONOMY AND FINANCE

Wall Street ends higher as trade worries ease


This news was published by : MONEYWEB exactly at Thu, 05/16/2019 - 06:18
Trump expected to hold off on auto tariffs - officials.
Newsitem placed in category/categories :: ECONOMY AND FINANCE

I-T probing post-demonetisation Mumbai realty deals


This news was published by : The Hindu Biz. exactly at Thu, 05/16/2019 - 06:15
Over 16,000 cases of undisclosed capital gains reflect high cash use or unrealistic guideline values
Newsitem placed in category/categories :: ECONOMY AND FINANCE

Mboweni on ANC’s list of members of parliament


This news was published by : MONEYWEB exactly at Thu, 05/16/2019 - 06:13
Lawmakers due to be sworn on May 22.
Newsitem placed in category/categories :: ECONOMY AND FINANCE

Trump Steps Up Assault on China's Huawei


This news was published by : WALL STREET JOURNAL - US. BUSINESS NEWS exactly at Thu, 05/16/2019 - 05:27
The Trump administration escalated its battle against Huawei with a pair of actions that threatens to both cut the Chinese telecommunications giant off from American suppliers and ban it from doing business in the U.S.
Newsitem placed in category/categories :: ECONOMY AND FINANCE

Why former fed chair Alan Greenspan is wrong about inflation estimates


This news was published by : NEW YORK POST -BUSINESS exactly at Thu, 05/16/2019 - 05:07
Alan Greenspan, who used to be an important person, says the government’s inflation figures are wrong. Esther George, who is still important — as the head of the Kansas City Federal Reserve, — also says the inflation numbers are wrong. But George thinks they are wrong for the opposite reason as Greenspan who, as boss...
Newsitem placed in category/categories :: ECONOMY AND FINANCE

Feds’ ID verification letters frighten eateries, hotels that hire immigrants


This news was published by : NEW YORK POST -BUSINESS exactly at Thu, 05/16/2019 - 04:45
The hospitality industry is rattled over a fresh wave of letters from the feds demanding the verification of employees’ Social Security numbers, The Post has learned. After a seven-year hiatus, the Social Security Administration has begun sending out so called “no-match” letters to employers across the country, alerting them that the W-2 forms they submitted...
Newsitem placed in category/categories :: ECONOMY AND FINANCE

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