JD.com reported quarterly revenue that beat Wall Street estimates as lockdowns in China to curb the spread of the coronavirus boosted online shopping and the company’s “618” event. Shares of the Chinese company rose nearly 7% in pre-conference trading in the US. Specifically, JD.com reported second-quarter revenue of 267.6 billion yuan ($39.07 billion), higher than […]
Tag: International business news
Shimao: Proposes $11.8B Debt Repayment Plan Over 3-8 Years
Over-indebted Chinese maker Shimao Group has proposed a two-tier restructuring plan to external creditors to repay $11.8 billion over a period of three to eight years, according to two sources with knowledge of the matter and a document obtained by it. Reuters. China’s Shimao, which for the first time last month defaulted on its obligations […]
Rosatom: Seeks $3 billion in damages from Finland’s Fennovoima (upd)
LAST UPDATE 10:20 Russia’s Rosatom has launched legal proceedings seeking $3 billion in damages from Finnish consortium Fennovoima for canceling planned nuclear power plant construction in Finland, the Russian company said in a statement late Monday. The Fennovoima joint venture, in which Rosatom holds a 34% stake, in May terminated the contract with Rosatom to […]
Zoom: Better-than-expected earnings, downgraded its forecasts
Zoom Video Communications Inc. reported adjusted earnings today that beat analysts’ estimates, with the video conferencing company nonetheless revising its full-year forecast downwards, sending its shares into losses in online trading. Specifically, Zoom reported net income of $45.7 million, or 15 cents per share, for the second quarter, on revenue of $1.1 billion, up from […]
Russia: Court ruling puts local Shell JV under Moscow control
A Russian court ruled today that Salym Petroleum Development (SPD), a joint venture between Shell and Gazprom Neft, should fall under Russian jurisdiction, Russian news agency Interfax reported, citing the court’s decision. The daily newspaper Kommersant had written last week that Gazprom Neft had sought in court the transfer of the Salym Petroleum Development joint […]
USA: Ford plans to cut 3,000 jobs
Ford Motor Co. announced today that it plans to proceed with cuts that will affect about 3,000 jobs, mainly in the US and Canada, as reported by foreign news agencies. The automaker said it has already begun notifying workers by e-mail. The cuts will take effect on September 1. Ford’s plan for the cuts is […]
Adidas: Rorsted steps down as CEO in 2023 – Shares down more than 3%
German sportswear company Adidas said on Monday that its chief executive Kasper Rorsted will step down next year before his contract expires and that it has begun looking for a successor. “After three difficult years marked by the financial consequences of the pandemic and geopolitical tensions, now is the right time to initiate the transition […]
Carrefour: ‘Freezes’ prices on 100 everyday products
French supermarket chain Carrefour has decided to freeze prices on 100 everyday products, from canned sardines to rice and washing-up liquid, joining a list of other companies trying to help consumers cope with high inflation. The moves come after the Macron government pressured businesses to do more to combat rising prices. Facing the prospect of […]
Vodafone sells Hungarian operations for 1.8 billion euros
Vodafone Group Plc has agreed to sell its Hungarian operations in a deal worth 1.8 billion euros including debt, Bloomberg reported. The company sold the assets to 4iG Public and Corvinus Zrt, a Hungarian state-owned holding company, Vodafone said in a statement today. The companies aim to complete the deal by the end of the […]
US: Amazon among contenders for health services company Signify Health
Amazon.com Inc is among the suitors for the health service provider Signify Health Inc, as reported yesterday by “The Wall Street Journal” citing sources who have received relevant information. Signify Health is being sold in an auction that could raise its value to well over $8 million, according to the same newspaper. Neither Amazon nor […]