CategoryCorporate

DB asks to give up one month salary in ‘solidarity’ show

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Deutsche Bank has asked hundreds of its top managers to voluntarily waive one month’s salary. This reports business newspaper Financial Times on the basis of insiders. The financial group called for “solidarity” to be shown as the corona virus hits the German economy hard. CEO Christian Sewing and other board members of the German investment bank previously announced that they...

Hertz car rental company failed to negotiate another delay in payments

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Consultation between car rental company Hertz and its creditors about deferred payment has stalled. Bloomberg writes this on the basis of insiders. A deadline will expire later Friday. Hertz ran into problems when both business trips and vacations ceased due to the corona measures that many countries took. As a result, hardly more cars were rented. In April, creditors also granted Hertz deferred...

SoftBank to sell 5 percent stake in Japanese telecom

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SoftBank plans to raise up to $ 2.9 billion this month by selling a 5 percent stake in its Japanese wireless operations. The proceeds are intended to boost the balance of the Japanese telecom and investment giant. Founder Masayoshi Son has previously indicated that he wants to sell a total of $ 42 billion in assets to help fund share repurchases and pay off debt. SoftBank is not going well lately...

German VW Emission cheating scandal is settled in

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Volkswagen’s top managers have settled in a German lawsuit over the automaker’s diesel scandal. CEO Herbert Diess and chairman of the supervisory board Hans Dieter Pötsch each pay 4.5 million euros to avoid prosecution for deceiving shareholders. Prosecutors in Germany accused the two drivers of informing investors too late about a US investigation into tampering with diesel car...

FNG retail company shares are suspended

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The Belgian stock watchdog FSMA has suspended the share of retail company FNG on the stock exchanges in Amsterdam and Brussels. According to the company, known from fashion chains such as Steps, Brantano and Miss Etam, this was done at the request of the supervisory board of FNG itself. The company is suffering greatly from the corona crisis and regulators have asked questions about the books...

Deutsche Telekom feels no pain with COVID-19

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Deutsche Telekom posted more profit in the first quarter and says the impact of the corona crisis on the company has been limited so far. The German telecom giant maintains its expectations for the entire year. Net profit increased year-on-year by 2 percent to 916 million euros and sales climbed 2.3 percent to 19.9 billion euros. Adjusted operating profit increased by 10 percent to 6.5 billion...

Corona virus crisis hits container carrier Maersk

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Danish container transporter A.P. Møller-Maersk expects the volumes in the current second quarter to be a quarter lower than a year earlier. The corona crisis is having “a significant impact” on the company’s operations, said CEO Søren Skou. Due to the lockdowns in many countries, the demand for goods has taken a hit. This has a direct impact on the flow of goods. Maersk...

DHL posted a quarter loss despite rise in online shopping

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Deutsche Post DHL delivered more packages in the first quarter due to the corona pandemic, but suffered in other divisions from the worldwide virus outbreak. For example, due to restrictions on many national borders and lockdowns, the German logistics giant transported much less freight. As a result, the profit of the company was considerably lower. In the first three months of the year, sales...

Asahi Group reports beer sales decline

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Japanese brewer Asahi Group, owner of Grolsch and others, is selling less beer as a result of the corona crisis. Closing down catering establishments worldwide to stem the spread of the new corona virus is an obstacle to the company’s turnover. Asahi cut his expectations for this year and looks set to change his dividend policy. In doing so, the brewer follows the example of many industry...

Munich Re profit plummeted 65 percent

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The German reinsurer Munich Re recorded a much lower profit in the first quarter than a year earlier. The financial group suffered large insurance losses from the new Cooronavirus, mainly due to the cancellation of many major events. In total, Munich Re invested some 800 million euros in insurance in the first quarter through the corona virus. The investment branch of the insurer managed to boost...

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