What happened One of the industries that was hit the hardest by the coronavirus pandemic was a real downer this week too. Following a dark analyst note regarding Carnival (NYSE: CCL)(NYSE: CUK) in particular, all three of the major cruise industry stocks have been hammered over the past few trading days.
HONG KONG (Reuters) -Hong Kong's audit regulator said on Monday it has initiated an enquiry into the financial statements of China Evergrande Group's property services unit and its former auditor after questions were raised following the developer's probe into seized deposits worth $2 billion of the unit. The Financial Reporting Council (FRC) said in a statement it was investigating the 2020 and first half of 2021 financial statements of Evergrande Property Services, as well as the audit carried out by PwC on its 2020 annual accounts. "The FRC identified questions about the classification of restricted bank deposits and other loans, the measurement of pledge guarantees given and the disclosure of related party transactions in the accounts, and related questions about the audits," it said.
BEIJING/SHANGHAI (Reuters) -China's central bank cut key lending rates in a surprise move on Monday to revive demand as data showed the economy unexpectedly slowing in July, with factory and retail activity squeezed by Beijing's zero-COVID policy and a property crisis. The grim set of figures indicate the world's second largest economy is struggling to shake off the June quarter's hit to growth from strict COVID restrictions, prompting some economists to downgrade their projections. Industrial output grew 3.8% in July from a year earlier, according to the National Bureau of Statistics (NBS), below the 3.9% expansion in June and a 4.6% increase expected by analysts in a Reuters poll.
TORONTO — Shares of Turquoise Hill Resources Ltd. were down more than 10 per cent after the company's special committee of independent directors said an offer by Rio Tinto International Holdings Ltd. to buy the shares in the company it does not already own is too low. The special committee says Rio Tinto's offer of $34 per share does not fully and fairly reflect the fundamental and long-term strategic value of the company’s majority ownership of the Oyu Tolgoi project in Mongolia. Rio Tinto made
(Reuters) -Shares of Bed Bath & Beyond Inc surged 60% to a near five-month high in volatile trading on Tuesday, as retail investors flocked to the stock after a filing revealed activist investor Ryan Cohen's latest bet on the home goods retailer. The stock rose as much as 78.8% to $28.60 during the session and trading was halted multiple times for volatility. Cohen's investment vehicle RC Ventures, which is the second largest investor in the company and has added three independent directors to its board, bought call options expiring in January 2023 on 1.67 million shares with a strike price ranging from $60 to $80.
(Reuters) -Home Depot Inc on Tuesday surpassed estimates for quarterly results as demand from builders and higher prices helped the biggest U.S. home-improvement chain cushion the blow from a drop in store visits. Customers who bought homes during last year's housing boom are still driving demand for home-improvement chains even as the explosive growth seen during the peak of the pandemic has cooled. Home Depot reported bigger-than-expected comparable sales growth of 5.8% in the second quarter, but that was below the average of 14% in the corresponding periods of the past two years.
NEW YORK (Reuters) -Starbucks Corp on Monday accused the federal labor board overseeing union elections at its U.S. cafes of misconduct and asked for elections to be suspended nationwide pending the outcome of an investigation. The coffee chain said in a letter to National Labor Relations Board (NLRB) Chairman Lauren McFerran and General Counsel Jennifer Abruzzo that NLRB agents helped Workers United win elections by manipulating the voting process and collaborated to cover up the behavior, according to a copy seen by Reuters. NLRB spokesperson Kayla Blado said in a statement the NLRB had well established processes for challenging elections.
Ben & Jerry's legal battle with Unilever sheds light on an issue affecting a growing number of purpose-led brands: how to maintain their identity after being bought by a major consumer company. Multinational consumer groups have raced to snap up socially conscious brands in recent years, seeking to tap into a surge in demand among customers for ethical products, usually sold at a premium. Under Chief Executive Alan Jope, Unilever has added to a portfolio of "purposeful" brands - from Paula's Choice skincare products that shun animal testing to sustainably-made supplements from SmartyPants and Nutrafol.
More than 78 percent of people from around the world believe the Chinese economy has injected vitality into the global economy over the past decade and has become the engine of the world economy, according to a joint survey conducted by CGTN Think Tank and the Chinese Institute of Public Opinion at Renmin University of China.
TORONTO — The Canadian Securities Administrators (CSA) says crypto trading platforms are now expected to make certain commitments that address investor protections while their registration applications are being reviewed. The umbrella organization of provincial securities regulators says Crypto.com and Coinsquare Capital Markets Ltd. are the first to submit the pre-registration undertakings. The CSA says provincial regulators are in discussion with other crypto trading platforms about following
NEW YORK (AP) — Veteran CNBC chief Mark Hoffman is leaving the network after 28 years, with London-based executive KC Sullivan replacing him early next month, the network said on Tuesday. Hoffman was named president of the financial news network in 2005 and elevated to chairman in 2015. “During his tenure, CNBC became a world leader and every year it has grown better and stronger,” said Cesar Conde, chairman of the NBCUniversal News Group. Sullivan, who begins as CNBC president on Sept. 12, is c
(Reuters) -China's Tencent Music Entertainment Group bettered quarterly revenue estimates on Monday as a slate of original content helped its music streaming platform attract more paying users. Music subscription revenue of the platform that operates like Spotify rose 18%. Tencent Music also benefited from a push for original content, including a partnership with parent Tencent Holdings to produce songs from popular game titles.
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A fatal crash involving four vehicles on a German highway did not involve a self-driving car, BMW said on Tuesday, refuting a police statement that had questioned whether the driver had been actively steering the vehicle at the time. A 33-year-old woman was killed and nine other people, including the 43-year-old driver of the BMW and his 18-month-old passenger, were seriously injured. BMW confirmed that the crash had involved one of its models but said the car in question had no self-driving capabilities.
CARACAS, Venezuela (AP) — Public school teachers across Venezuela had planned to use their annual vacation bonus to buy uniforms for their children, waterproof leaky roofs, get new prescription glasses or fix the pair barely held together by adhesive tape. Some expected to get $100, while others calculated a little more or less depending on their years of service and advanced degrees, though only a small number thought they would get around $200. The government, however, paid them only a tiny fr
A fatal crash involving four vehicles on a German highway did not involve a self-driving car, BMW said on Tuesday, refuting a police statement that had questioned whether the driver had been actively steering the vehicle at the time. A 33-year-old woman was killed and nine other people, including the 43-year-old driver of the BMW and his 18-month-old passenger, were seriously injured. BMW confirmed that the crash had involved one of its models but said the car in question had no self-driving capabilities.
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OTTAWA — Statistics Canada says wholesale sales rose 0.1 per cent to $80.7 billion in June, boosted by the miscellaneous and motor vehicle and motor vehicle parts and accessories subsectors. The agency says the miscellaneous goods sector rose for the fourth time in five months as it gained 3.5 per cent, boosted by a 15.5 per cent gain in the agricultural supplies industry. Statistics Canada says the growth reflects the demand for Canadian fertilizer because of the ongoing conflict in Ukraine. Sa
The U.S. Federal Reserve on Tuesday issued additional guidance for banks considering activities involving cryptocurrencies, emphasizing that firms must notify the Fed beforehand and make sure whatever they do is legally permitted. The Fed said in a statement that while cryptocurrencies could present "potential opportunities" to banks, firms needed to make sure they had systems in place beforehand to ensure the volatile assets did not threaten safety and soundness or consumer protections. Banks should also notify the Fed before engaging in any crypto-related activities, and any banks that had already pursued crypto initiatives should also notify the Fed about their involvement in the digital asset space, the agency said.
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