Companies & CEOs
BMW profit falls by 75% in Q1 - 05/08/2019
Profit of the German automaker Bayerische Motoren Werke (BMW) declined in the first quarter by 75% in annual terms due to large-scale losses associated with the investigation in the EU. Net profit in January-March fell to €561 million compared to €2.26 billion in January-March 2018. In terms of ordinary and preferred shares, profits fell to €0.85 from €3.44 a year earlier. Profit before tax and...
LetterOne, BASF create Europe's largest oil and gas company - 05/03/2019
DEA AG, a member of the investment giant Letter One, has completed its merger with Wintershall, a subsidiary of the German BASF concern. This is stated in the message of the combined company Wintershall Dea. The final integration of assets is expected to be completed during the year. At this time, Wintershall Dea will be managed from two headquarters - in German Kassel and Hamburg. As a result of...
UK watchdog easens regulations for Lloyds - 05/02/2019
The organization was able to free up about a billion pounds. Information about this has become a driver for the growth of bank shares. Shares of Lloyds Banking Group rose by 1.7% at the start of trading on May 1st. The growth was triggered by the information about the decision of the Bank of England to soften requirements for the credit institution, which allowed it to free up about £ 1 billion....
US Treasury sets a record in fines in April - 05/02/2019
The April 2019 was marked by completion of an investigation by the US Treasury Department against two banks: the British Standard Chartered Bank, as well as the Austrian, Italian and German branches of UniCredit. The American regulator accused them of multiple violations of US sanctions regimes. The case of Standard Chartered was related to sanctions against Iran, Sudan, Cuba and Syria. The case...
WeWork applies for IPO - 04/30/2019
Following technological startups going to stock exchanges, WeWork, an American coworking spaces chain, is pondering an IPO, too. In January, the company was estimated at $ 47 billion. Of all US companies that are about to hold an IPO soon, only Uber can boast a higher estimate. We Company (until January working under the WeWork brand) submitted documents for an IPO to the US Securities Commission...
Airlines are losing revenue because of Boeing 737 MAX scandal - 04/30/2019
Publication of quarterly reports showed that the scandal with the Boeing 737 MAX brought major losses not only to the manufacturer, but also to airlines. American Airlines reported that the aircraft down time would cost it $ 350 million, Southwest Airlines - at least $ 200 million, and Norwegian Air - about $ 60 million. Boeing itself has already stated that it could lose about $ 1 billion. In...
Glencore placed under investigation in the US - 04/26/2019
Activities of the Swiss commodity trader Glencore became the subject of investigation by the American regulator of commodity markets. "Glencore was informed by the US Commodity Futures Trading Commission (CFTC) that the CFTC is investigating whether Glencore and its subsidiaries violated certain rules of the Commodity Exchanges Act and/or CFTC regulation through corrupt practices related to...
Deutsche Bank and Commerzbank failed to merge - 04/26/2019
Negotiations on the merger of Deutsche Bank and Commerzbank, which began in March, were in vain: the banks announced termination of negotiations. According to them, they concluded that the merger would not bring benefits sufficient to offset the costs and risks associated with it. The German government wasn’t particularly excited about plans to merge Deutsche Bank and Commerzbank as many...
Why does Airbnb want to produce TV shows and movies? - 04/25/2019
Airbnb is trying to stand out and increase number of customers on the eve of the company’s IPO scheduled for 2020. To do this, this rental service is ready to launch a creative studio. Airbnb intends to expand its business and launch several TV shows of its own production, reports Reuters with reference to four sources familiar with the company's plans. The main supporter of this idea is the...
737 MAX scandal cuts 13% off Boeing’s profit - 04/25/2019
The situation around the ban on 737 MAX aircraft has adversely affected financial results of Boeing. In the first quarter, the net corporation’s profit decreased by 13%, to $ 2.15 billion, and revenues fell by 2%, to $ 22.9 billion. In addition, the company decided not to publish the forecast for the whole 2019, as it still needs to figure out in possible consequences of the situation around 737...
