Corporate Dispatch

Shipping demand recovering but COVID to have long-term effect -Hapag-Lloyd

German container shipping firm Hapag-Lloyd is benefitting from a rebound in transport demand but its chief executive warned about the longer-term impact on economic activity from the coronavirus. "We see…

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L’Oreal to Close Some Stores, Cut 400 Jobs in the U.S.

L’Oreal SA plans to close retail locations as part of a restructuring of its U.S. luxury operations as the company grapples with severe changes to consumer behavior amid the pandemic. The…

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HSBC targets net zero emissions by 2050, earmarks $1 trln green financing

HSBC will target net zero carbon emissions across its entire customer base by 2050 at the latest, and provide between $750 billion and $1 trillion in financing to help clients…

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Italy government agrees decree on newco for re-nationalised Alitalia

The Italian government has finalised a long-awaited agreement over the creation of a newco for Alitalia, Il Messaggero daily reported on Friday, as part of a nationalisation process meant to…

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Suedzucker’s earnings surge two-fold on sugar, biofuels strength

Suedzucker, Europe's largest sugar refiner, on Thursday posted a 142% surge in second-quarter earnings and reaffirmed its estimate of a stronger annual profit with its sugar and biofuels sectors performing…

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BMW says Brexit could cost auto industry 10-11 billion euros

BMW Chief Financial Officer Nicolas Peter on Thursday said Britain's separation from the European Union could cost carmakers and suppliers up to 11 billion euros unless cross-border trade remains tariff-free…

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Danske Bank to cut 1,600 jobs within a year

Danske Bank on Thursday said it will cut up to 1,600 jobs in the next 6-12 months as part of 2023 cost-cutting plans. Some of the cuts, which will affect…

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EasyJet says pandemic causes annual loss of over $1 billion

British airline easyJet warned it would report an annual loss of as much as 845 million pounds ($1.09 billion), its first ever, and said it kept its finances under review…

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Japan Airlines aims for discount network to capture post-coronavirus tourism

Japan Airlines wants to create a low-cost carrier network with three of its discount carriers to tap leisure travel that, unlike business travel, could rebound as the coronavirus wanes, the…

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France’s AccorInvest in debt-restructuring talks

French hotel real estate group AccorInvest is in talks with its banks over a possible restructuring of more than 4 billion euros ($4.7 billion) of debts, financial daily Les Echos…

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Barclays to enter new European private banking markets in 2021

Barclays plans to enter four new European private banking markets in 2021, its regional manager for the business told Reuters. Gerald Mathieu, who in September became Barclays' private banking head…

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Tesco hit by Covid costs but sales jump during pandemic

Tesco, Britain's biggest retailer by sales, on Wednesday reported a 15.6% fall in core profit, with a jump in sales due to the COVID-19 pandemic more than outweighed by higher…

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Photo Story: Microsoft ‘Startup’ project in Taiwan benefits global firms

Ken Sun, General Manager of Microsoft Taiwan, speaks at a news conference in Taipei, Taiwan, 06 October 2020. At the news conference, Sun announced that Microsoft Taiwan's 'Microsoft For Startups'…

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Italy’s Ferrero group agrees to buy Fox’s Biscuits

Nutella-maker Ferrero said on Wednesday it had reached a deal to buy Britain's Fox's Biscuits in a move to expand its biscuit business in Europe and take advantage of an…

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Google renames G Suite business software package ‘Workspace’

Alphabet Inc's Google announced Google Workspace as the new name for its package of business tools including email and document editing, replacing the G Suite brand introduced in 2016. The…

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Apple to launch new iPhones on October 13

Apple Inc said on Tuesday it would hold a special event on Oct. 13, which most analysts believe will be used to unveil new iPhones with 5G capabilities. Apple hinted…

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IKEA gets sales boost from shoppers’ new stay-at-home focus

IKEA sees sales returning to growth this year after the coronavirus crisis boosted shoppers' interest in spending more on their homes, a trend the world's biggest furniture retailer believes is…

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05

Oct

UK luxury brand Mulberry says trading improving after full year loss

British luxury brand Mulberry reported a year to end-March annual loss of 14.2 million pounds ($18.4 million) but said it had traded ahead of its expectations as stores had reopened…

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GO Ventures Part of €41 million Investment in Apple and Samsung Partner Servify

GO Ventures has just added an investment in the device lifecycle management platform Servify to its portfolio, taking part in the Series C financing round for the five-year-old start-up that…

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UPDATED: Microsoft unveils investment to make Greece a regional hub for cloud services

Microsoft Corp. is to build a new data centre in Greece as it invests in cloud services infrastructure in the country, a boon to an economy weakened by a decade-long…

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Chevron Nigeria plans to cut 25% of staff after oil price drop

The Nigerian unit of oil major Chevron plans to cut its local workforce by 25% to reduce costs, it said, due to weak demand for oil in the wake of…

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Lufthansa’s Swiss unit plans 1,000 job cuts over two years

Lufthansa unit Swiss International Air Lines plans to cut roughly 1,000 jobs over the next two years through voluntary measures rather than layoffs, its outgoing Chief Executive Thomas Kluehr said…

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Cineworld to close all US, UK, Ireland screens

Cineworld, the world's second-biggest cinema operator, is set to close all its screens in the United States, United Kingdom and Ireland this week because of the impact of the coronavirus…

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Italy faces crunch time on Monte dei Paschi

Italy's clean-up scheme for Monte dei Paschi di Siena is set to be approved by shareholders of the state-owned bank on Sunday after two years in the planning, but it…

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GO To Bring Exclusive Malta’s Got Talent Footage

GO brings hours of behind the scenes footage, auditions, interviews for free Following the recent announcement of the partnership between GO and Mint Media Limited – producers of Malta’s Got…

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Playboy goes from private to public in new venture

Playboy Enterprises Inc said it has agreed to go public by merging with blank-check acquisition company Mountain Crest Acquisition Corp in a deal that values the owner of Playboy magazine…

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Walmart sells Asda to EG-TDR consortium for $8.8 bln

The British billionaire Issa brothers and private equity group TDR Capital have agreed to buy the British supermarket chain Asda from Walmart for $8.8 billion to take on rivals such…

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H&M to close hundreds of stores as online shift accelerates

H&M plans to close hundreds of stores next year as the coronavirus crisis drives more shoppers online, the world's second biggest fashion retailer said on Thursday, after reporting a smaller…

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01

Oct

STMicroelectronics revenue exceeds own third-quarter expectation

STMicroelectronics saw a sharp rise in automotive and microcontrollers demand in the third quarter, setting it on course to top its 2020 guidance, the semiconductor maker said on Thursday. The…

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Air France’s revenue fell 70% in August

Air France suffered a 70% fall in revenue in August while filling only about 30% of the seats on its intercontinental routes, its CEO has told Italian newspaper Corriere della…

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Bing, smaller firms, win Google’s Android search auction in Europe

Microsoft's Bing, PrivacyWall and Info.com were among the search engines that won a quarterly auction by Alphabet's Google to show up as search options on new Android devices in 31…

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Nestle CEO says pandemic has made management more hands-on

Food company Nestle SA said the COVID-19 pandemic has forced its senior management to become more immersed in daily operations as executives need to deal with safety and business continuity…

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Britain’s Morrisons creates 1,000 jobs to process Amazon orders

British supermarket group Morrisons is creating more than 1,000 jobs to pick and pack orders for its services on Amazon, it said on Wednesday. Morrisons said it was recruiting the…

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Italian giant Ferrero in talks to buy Fox’s Biscuits

Ferrero Group, the Italian confectionery giant, is plotting a £250m takeover of Fox's Biscuits amid a battle for control which has drawn some of the sector's biggest names. Sky News…

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Britain’s TSB axes 164 branches and around 900 jobs

British bank TSB has announced it will close 164 branches, a third of its remaining total, and cut around 900 jobs as it presses on with cost-cutting as lenders grapple…

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Caesars to buy William Hill for $3.7 bln in sports-betting drive

U.S. casino operator Caesars Entertainment agreed on Wednesday to buy British-based gambling group William Hill for 2.9 billion pounds ($3.7 billion) to expand in the fast-growing U.S. sports-betting market. The…

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Shell plans to cut 9,000 jobs

Royal Dutch Shell announced on Wednesday plans to cut up to 9,000 jobs, or over 10% of its workforce, as part of a major overhaul to shift the oil and…

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Disney to lay off about 28,000 parks unit employees due to coronavirus hit

Walt Disney Co announced it will lay off roughly 28,000 employees, mostly at its U.S. theme parks, where attendance has been crushed by the coronavirus pandemic, especially in California where…

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Egypt to guarantee financing to Egypt Air

Egypt's finance ministry will guarantee long-term financing of 3 billion Egyptian pounds ($191 million) from the central bank for national carrier EgyptAir, according to a law issued by the presidency,…

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Google offers concessions in fresh bid to win EU okay for Fitbit deal

Alphabet unit Google has offered concessions for a second time in a bid to address EU antitrust regulators' concerns about its bid for fitness tracker maker Fitbit, a European Commission filing showed on…

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Aegean Airlines reports loss due to pandemic

Greece's largest carrier Aegean Airlines on Monday reported a second-quarter net loss of 73.4 million euros ($85.4 million) hit by the grounding of planes as part of restrictions to stem…

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Aldi UK to open around 100 new stores

The British arm of German discount supermarket group Aldi said on Monday it would invest 1.3 billion pounds ($1.7 billion) over the next two years as it reported a 49%…

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Amazon adds to its lineup of voice-controlled gadgets

Amazon.com Inc announced the latest additions to its lineup of voice-controlled gadgets, including Echo and Echo dot speakers with a new spherical design. The world's largest online retailer has worked…

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UPDATED: Uber wins back London licence

Uber has won a legal bid to restore its London operating licence which was taken away by the city's transport regulator over safety concerns, after a judge decided on Monday…

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Qatar Airways relied on government’s lifeline for survival

Qatar Airways received a 7.3 billion riyal ($1.95 billion)lifeline from the government of Qatar after losing 7 billion riyals in the year to March 31, the state-owned carrier disclosed on…

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Monopoly launches Bergamo edition

The Municipality of Bergamo has granted the use of the coat of arms to Winning Moves Italia, the company that produces the famous Monopoly game and which in exchange undertakes…

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Photo Story: New attractions at Tokyo Disneyland

A staff member wearing a face mask cleans an artwork with disinfectant in the new 'Minnie's Style Studio' at Tokyo Disneyland in Urayasu, east of Tokyo, Japan. Tokyo Disneyland unveiled…

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Intralot signs cloud platform deal with Microsoft

Greek gaming and lotteries operator and supplier Intralot has partnered Microsoft to deploy the technology giant's cloud platform as it looks to enhance its digital capabilities. The Microsoft Azure cloud platform…

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Wizz Air trims October capacity forecast to half, points to muted winter

Hungarian low-cost carrier Wizz Air Holdings Plc said on Friday it expected to operate at half of its capacity in October, adding that it does not foresee operating at a…

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Harley-Davidson to exit world’s biggest bike market

Harley-Davidson is pulling out of India, the world's biggest motorcycle market. Harley-Davidson Inc is in advanced talks with India's Hero MotoCorp for a distribution deal which will allow the U.S.…

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Apple critics form coalition to challenge App Store fees

A group of Apple Inc's critics - including Spotify Technology SA, Match Group Inc and "Fortnite" creator Epic Games - have joined a nonprofit group that plans to advocate for…

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Tesco blocks bulk-buying of key items in the UK after new COVID curbs

Britain's biggest supermarket Tesco introduced limits to prevent customers bulk-buying key products such as flour, pasta, toilet roll and anti-bacterial wipes after the government introduced new curbs to suppress COVID-19.…

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Ryanair warns will put UK staff on unpaid leave if furlough scheme dropped

Britain risks losing hundreds of thousands of travel and tourism jobs in the coming months unless the government offers proper supports to workers and relaxes travel restrictions, Ryanair boss Michael…

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Nike expects permanent shift to online sales

Sportswear firm Nike has seen a huge rise in online sales as it bounces back from a coronavirus slump. The US company saw digital sales rocket 82% during the June…

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Microsoft make biggest gaming acquisition ever

Xbox maker Microsoft Corp announced it would acquire ZeniMax Media for $7.5 billion in cash, its biggest gaming acquisition ever as it seeks to strengthen its video game offerings in…

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23

Sep

Mars Drops Uncle Ben’s Brand For Promoting Racial Stereotypes

The Uncle Ben's rice brand is getting a new name: Ben's Original. Parent firm Mars Inc. unveiled the change Wednesday for the 70-year-old brand, the latest company to drop a…

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Amazon launches climate-friendly program to help shop for sustainable products

Amazon.com Inc, the world's biggest online retailer, announced the launch of a climate-friendly program on Wednesday to help customers shop for sustainable products, as part of its commitment to be…

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