Business

UK clears Amazon’s investment in online food platform Deliveroo

Britain’s competition regulator on Tuesday cleared Amazon’s purchase of a 16% stake in online delivery group Deliveroo, following a provisional nod in June. The Competition and Markets Authority (CMA) gave its original clearance in April on the basis that Deliveroo could go out of business without the investment. It changed approach to focus on competition […]

Business

Telco SoftBank’s first-quarter cash flow jumps 50% as broader group retrenches

SoftBank Group Corp’s domestic wireless unit raised its free cash flow 50% in its first quarter, part of a broader effort to stabilise the group and help it weather the coronavirus outbreak. SoftBank Corp said on Tuesday it generated adjusted free cash flow of 236 billion yen ($2.23 billion) in the April-June quarter, compared with […]

Business

Bayer tumbles to €9.5 billion quarterly net loss after litigation charges

German drugs and pesticides group Bayer slumped to a 9.5 billion euro ($11.2 billion) net loss in the second quarter, mainly reflecting charges to settle disputes inherited with its $63 billion takeover of Monsanto. The charges stemmed mainly from a $10.9 billion settlement of U.S. lawsuits claiming weedkiller Roundup caused cancer, compounding a net loss […]

Business

Hugo Boss sees demand for suits despite home working

German fashion house Hugo Boss (BOSSn.DE) expects demand for suits and formal wear to return as coronavirus lockdowns ease even as it adjusts to the rising popularity of casual styles after sales tumbled 59% in the second quarter. “People will still get married and hold confirmations or baptisms and people still want to meet up,” […]

Business

Sony posts milder-than-expected first quarter operating profit fall on gaming demand

Japan’s Sony Corp (6758.T) surprised the market on Tuesday by reporting just a 1.1% profit fall for the cornonavirus-hit first quarter, as its gaming business thrived while consumers locked down at home looked for entertainment and downloaded more games. The gaming business “saw a positive impact from consumers nesting during the virus outbreak,” Financial Officer […]

Business

Goldman Sachs names new equity capital head for Australia, New Zealand

Goldman Sachs Group Inc (GS.N) has named Ian Taylor as the bank’s new head of equity capital markets (ECM) for Australia and New Zealand, a spokeswoman in Australia said on Tuesday. Taylor will be based in Sydney and replaces previous ECM head Sarah Rennie, following her departure to New Zealand-headquartered boutique advisory group Jarden in […]