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Reuters
Deutsche Post shares jump after strong results
Shares in German logistics group Deutsche Post AG <DPWGn.DE> jumped on Wednesday after it reported a 16% rise in second-quarter operating profit and said it would pay its employees a bonus for their efforts during the coronavirus crisis. Deutsche Post DHL, one of the world's biggest post andfreight companies, has been handling a big increase in parcel shipments during the pandemic, although its global freight business has been hit by the slowdown in the world economy. In an unscheduled release on Tuesday, Deutsche Post said preliminary figures showed that its quarterly operating profit came in at around 890 million euros ($1 billion), beating average analyst forecasts for 811 million, according to Refinitiv data.
Reuters
FamilyMart says it has received tender offer proposal from Itochu
Japanese convenience store chain FamilyMart Co said on Wednesday it had received a proposal from Itochu Corp that the trading house would buy its shares through a tender offer, in a deal one newspaper said could be worth up to $5.6 billion. The Nikkei business daily reported earlier that Itochu, which owns just over 50% of FamilyMart, planned to buy the rest of the company to make it a wholly owned unit. The deal will allow Itochu to strengthen FamilyMart's product procurement including from overseas while leveraging its retail data, the newspaper said.
Reuters
Daimler cautiously optimistic despite expected second-quarter loss
Daimler <DAIGn.DE> said on Wednesday it expects to report an operating loss and a big drop in sales for the second quarter although the German carmaker is cautiously optimistic that other markets will follow the strong recovery it has seen in China. Daimler said sales of its Mercedes-Benz brand dropped by almost 19% to around 870,000 cars in the first half, although the brand achieved its best second quarter so far in China in terms of sales.
Reuters
Some 83% of German firms with foreign exposure complain of collapsing revenues
Around four-fifths of German firms with foreign exposure have experienced a collapse in revenues as a result of the coronavirus crisis, and 93% expect global economic conditions to improve only in 2021 or later, according to a survey. The survey for the German Chambers of Commerce showed the devastation wrought by the epidemic on Europe's largest economy, with 15% of the roughly 3,300 companies surveyed reporting a halving of their annual turnover.
Reuters
Kenyan sports minister Mohamed to bid for top WTO job
Kenya's sports and culture minister Amina Mohamed will run to be the next Director-General of the World Trade Organization (WTO), a spokesperson said on Wednesday and a WTO official confirmed. "For Amina Mohamed, yes we can confirm that we received her nomination from Kenya late yesterday," a WTO official said.
Reuters
Commerzbank board meets amid leadership void after top resignations
Commerzbank's <CBKG.DE> supervisory board is meeting on Wednesday primarily to discuss a leadership vacuum after the sudden dual resignation of the German lender's chief executive and chairman, people with direct knowledge of the matter said. Germany's No. 2 lender was thrust into turmoil on Friday when chief executive Martin Zielke and supervisory board chairman Stefan Schmittmann said they would step down to give the bank a fresh start. The board is expected to rubber-stamp a recommendation to accept the resignation of CEO Martin Zielke, they added.
AFP Relax
National Gallery becomes first major London museum to reopen
Britain's National Gallery reopens on Wednesday, with masks recommended and social distancing and advance booking mandatory, as the country continues to emerge from three months of coronavirus lockdown. The central London venue is the first major art museum in the British capital to open its doors after closing in late March along with the rest of the hospitality, tourism and cultural sectors. Gallery director Gabriele Finaldi told reporters he hoped initially for around a quarter of the usual number of visitors -- or 3,000 to 4,000 people per day.
AFP News
AirAsia's future in doubt due to virus; share price tumbles
The future of top regional budget carrier AirAsia is in "significant doubt" due to the collapse in demand for air travel caused by coronavirus, its auditor warned, sending its share price tumbling 18 percent on Wednesday. The aviation industry is facing its biggest-ever crisis due to the pandemic, with airlines worldwide laying off huge numbers of staff while some have already gone out of business. AirAsia, led by colourful chief executive Tony Fernandes, pioneered low-cost air travel across Asia in the early 2000s at a time of growing demand from a fast-emerging middle class.
AFP News
Equity markets mixed as virus fears dampen sentiment
Asian markets were mixed Wednesday following the previous day's sharp drop, with optimism about the reopening of economies clouded by concerns about fresh spikes in infections around the world. A string of positive indicators from China to the US in recent weeks -- as well hopes for a vaccine and the easing of lockdowns around the world -- has added fuel to a global rally that has lifted equities out of the March depths. Adding to the unease are ongoing tensions between China, the US and several other nations over Beijing's imposition of a security law in Hong Kong.
AFP News
Facebook ad boycott organizers say no progress on hate speech
Organizers of a Facebook ad boycott vowed to press on with their campaign, saying the social network's top executives had failed to offer meaningful action on curbing hateful content. At a virtual meeting that included Facebook chief executive Mark Zuckerberg, the #StopHateForProfit coalition leaders "didn't hear anything... to convince us that Zuckerberg and his colleagues are taking action," said Jessica Gonzalez of the activist group Free Press, a coalition member. Rashad Robinson, president of the activist group Color of Change, told reporters on a conference call the meeting was "a disappointment."
Reuters
London shares dip as surging virus cases dim rebound hopes
The blue-chip FTSE 100 <.FTSE> was off 0.6% and the mid-cap FTSE 250 <.FTMC> 0.4%, with banks <.FTNMX8350>, energy <.FTNMX0530> and auto <.FTNMX3350> stocks among the biggest decliners in early trading. All eyes later in the day will be on finance minister's Rishi Sunak's statement where he is expected to announce a new scheme to stave off youth unemployment as he attempts to revitalise the economy following its COVID-19 lockdown. HSBC <HSBA.L> fell 3.5% to the bottom of the FTSE 100 after a report said U.S. President Donald Trump's top advisers weighed proposals to undermine the Hong Kong currency's peg to the U.S. dollar.
Reuters
China Evergrande plans to sell bulk of commercial properties - source
China Evergrande Group <3333.HK>, the nation's No.2 property developer by sales, will sell a bulk of its commercial properties in an effort to lower its debt ratio, a person with knowledge of the matter said on condition of anonymity. Local media first reported Evergrande was selling around 200 properties including office towers, shops, hotels, shopping malls, hospitals and convention centres across China. Over recent years, China has been ramping up efforts to reduce the high debt across the economy, and some fear the fallout from the coronavirus pandemic could worsen the debt woes for key sectors.
AFP
European stocks fall further at open
European stock markets fell further at the start of trading on Wednesday following losses in Asia and on Wall Street. London's benchmark FTSE 100 index shed 0.5 percent at 6,156.95 points, awaiting a UK ...
Bloomberg
COMMENT: Singapore's next leaders face the burden of success
The heirs to the Singapore that Lee Kuan Yew created may need more of his moxie to navigate the world post coronavirus.
Reuters
Barclays says Italy's debt burden sustainable, likely to remain high
Although Italy's debt burden is rising sharply in the face of the COVID-19 shock, its debt trajectory is likely to stabilise at high levels rather than end up on "unsustainable exponential path," Barclays said in a new report on Wednesday. "The key contributor is the structurally low core interest rates and the ECB's commitment to putting a cap on Italian spreads," Barclays said, referring to the European Central Bank's massive asset purchase scheme. In a major new report on debt in developed markets, Barclays estimated the euro area debt-to-GDP was likely to increase to around 100% in 2020 from around 85% in 2019.
The Telegraph
Grant Thornton fined £1.95m for Conviviality audit failings
Accountancy giant Grant Thornton has been fined £3m, discounted to £1.95m for admissions, by the industry watchdog for failures and loss of independence in its auditing of collapsed Bargain Booze owner Conviviality. The Financial Reporting Council (FRC) said Grant Thornton had admitted breaching "very important" ethical standards and requirements between 2014 and 2017 to ensure the independence of its audit. The FRC said the failures were "repeated and prolonged" and saw "numerous breaches". The watchdog has also reprimanded former Grant Thornton senior manager Natasha Toy and the firm's former audit engagement partner Kevin Engel. Claudia Mortimore, deputy executive counsel at the FRC, said: "It is vital that audit firms comply with ethical standards and requirements and create the necessary culture and control environment so that their people really understand their importance. "In this case, there were firm-wide failures over a number of years which not only led to numerous breaches of such requirements on individual audits but also the real risk of more such breaches which have not been, and will never be, reported or identified. "The sanctions in this matter not only send a clear message as to how seriously the FRC views such failures but are also focused on ensuring that there is no repetition and the causes of the failures are effectively addressed at their roots."
SingSaver
Best Short-Term Endowment Plans in Singapore (2020)
With savings accounts interest rates dipping ever since COVID-19 hit, many insurers have launched short-term endowment plans as an alternative way to grow your savings. Traditionally, endowment plans were a savings/insurance hybrid product, typically recommended as a way to save for your child’s education, your […]The post Best Short-Term Endowment Plans in Singapore (2020) appeared first on SingSaver Blog - We Compare, You Save.
Reuters
Asian shares waver with coronavirus, focus turns to corporate earnings
Asian stocks dithered on Wednesday as an increase in coronavirus cases in some parts of the world undermined prospects for a quick economic recovery while oil prices eased on oversupply fears. London's FTSE futures <FFIc1> slipped 0.85%. MSCI's broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> inched up but was still lower than a 4-1/2-month high reached just on Tuesday.
AFP News
Six candidates battle it out for WTO leadership
Six candidates are vying to become the next head of the World Trade Organization -- an institution which faced mammoth challenges even before the pandemic-driven global economic crisis struck. The window to enter the race slams shut on Wednesday, in a speeded-up contest to replace the outgoing WTO director-general Roberto Azevedo -- the Brazilian career diplomat who is stepping down one year early at the end of August. The six candidates in the running are from Egypt, Kenya, Mexico, Moldova, Nigeria and South Korea.
Reuters
Upside for Indian rupee seen limited despite multiple positives
India's rupee has the backing of a healthier trade account, steady foreign investment inflows and a return in global risk appetite, but its gains are being limited by a central bank keen to prevent wild swings and build dollar reserves. The Reserve Bank of India's stated foreign exchange policy has been to only curb extreme volatility but recent actions suggest it is not letting the local unit appreciate despite its relative underperformance versus peers. India's external account has also improved owing to the sharp fall in global crude oil prices and a collapse in imports in an economy weakened by the COVID-19 pandemic.
Reuters
Foreigners turn net buyers of Asian equities in June after 4 months
Overseas investors purchased $4.4 billion worth of regional equities last month, data from stock exchanges in India, Indonesia, the Philippines, South Korea, Taiwan, Thailand and Vietnam showed. "The size of the outflows previously, which was the largest since the global financial crisis, likely means foreign investors are now underweight the region," said Khoon Goh, head of Asia research at ANZ.
The Guardian
Boohoo to launch independent review of supply chain
Boohoo to launch independent review of supply chainMove follows allegations about pay and conditions at Leicester factories selling clothes to firm
AFP
Tokyo stocks close lower after Wall Street drop
Tokyo stocks closed lower on Wednesday, with investor sentiment hit by a downswing on Wall Street. The benchmark Nikkei 225 index fell 0.78 percent, or 176.04 points, to end at 22,438.65 while the broader ...
Associated Press
Asian shares mostly lower as pandemic saps buying momentum
Shares were mostly lower in Asia on Wednesday as uncertainty over the coronavirus pandemic sapped the buying enthusiasm that has been driving prices higher. The selling followed a deeper pullback on Wall Street and in France, Germany and elsewhere after the European Union’s executive arm said this year’s recession caused by the pandemic will be deeper than forecast.
Reuters
Chinese factories to face headwinds in next phase of post-lockdown recovery
Orders for infrastructure materials and equipment have helped industrial output recover faster in China than most places emerging from COVID-19 lockdowns, but further expansion will be hard to attain without stronger broad-based demand and exports. Prices of copper and steel have surged and share prices for Chinese blue chips struck five-year highs, as state-funded infrastructure projects drove up production of cement, steel and non-ferrous metals. China's factory-gate prices, still in deflation territory this year, may have turned positive on a monthly basis in June, said Yating Xu, senior economist at IHS Markit, in a sign of recovering demand for manufactured goods.