The luxury goods industry normally relishes the spotlight, but in the case of China’s coronavirus it is ruing being one of the most globally exposed sectors to an epidemic that risks all-but wiping out its sales growth this year.
Credit Suisse Chief Executive Tidjane Thiam has quit after a power struggle with Chairman Urs Rohner at Switzerland’s second-biggest bank, triggered by a damaging spying scandal.
Credit Suisse Chairman Urs Rohner said many shareholders have backed the board following the departure of Chief Executive Tidjane Thiam in the fallout from a spying scandal.
(Bloomberg) — Follow Bloomberg on Telegram for all the investment news and analysis you need.The brother of Asia’s richest man has pleaded poverty in his dispute with three Chinese banks seeking $680 million in defaulted loans. “The value of my investments has collapsed,” Anil Ambani said, according to a court filing by the banks in a London lawsuit. “The current value of my shareholdings is down to approximately $82.4m and my net worth is zero after taking into account my liabilities. In summary, I do not hold any meaningful assets which can be liquidated for the purposes of these proceedings.”The …read more […]
(Bloomberg) — Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Germany and France set out a blueprint for a giant battery factory, advancing Europe’s 5 billion euro ($5.5 billion) bid to rival the capacity of Tesla Inc. China to supply the key part for electric vehicles.The announcement at Germany’s Economy and Energy Ministry units underscores determination by European Union nations to catch up with Asian competitors that dominate battery making. Battery cells and add-on electronic devices and software make up as much as half the value of EVs.The facility at Groupe PSA-Opel’s …read more […]
ArcelorMittal and commissioners of the Ilva steelworks in southern Italy have agreed to extend talks to the end of the month after making progress towards a possible deal to buy the plant, a lawyer for the company said on Friday.
The most you can lose on any stock (assuming you don’t use leverage) is 100% of your money. But on the bright side, if… …read more […]
U.S. President Donald Trump rolled out an eye-catching statistic in his State of the Union address Tuesday: the wealth held by the poorest half of American households increased three times as fast as the wealth held by the “1%” since he became president.
Some have more dollars than sense, they say, so even companies that have no revenue, no profit, and a record of… …read more […]
(Bloomberg) — The U.S. is weighing whether to sanction Russia’s biggest oil producer, Rosneft PJSC, for maintaining ties with Venezuela’s Nicolas Maduro, though American officials are wary that the move could cause chaos in global oil markets, according to people familiar with the matter.Officials at the Treasury Department worry that sanctions on Rosneft may drive up prices for oil, the people said. The U.S. has placed heavy economic sanctions on Venezuela as the Trump administration seeks to oust Maduro, its president, but the country’s oil industry continues to function. Crude accounts for 95% of Venezuelan exports and bankrolls Maduro’s regime.Rosneft …read more […]
Top news and what to watch in the markets on Friday, February 7, 2020. …read more […]
Toyota Motor Corp on Friday said production at all of its China plants would remain suspended through Feb. 16, joining a growing number of automakers facing stoppages due to supply chain issues as the coronavirus spreads.
The majority of U.S. firms with operations in China expect a virus outbreak to cut revenue this year, and some are accelerating plans to shift their supply chains out of the country, according to a poll by Shanghai’s American Chamber of Commerce.
Those following along with Amyris, Inc. (NASDAQ:AMRS) will no doubt be intrigued by the recent purchase of shares by… …read more […]
Hyundai Motor and affiliate Kia Motors plan to restart production at their Chinese factories on Feb. 17, a spokesperson said on Friday.
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