standards thomson – Marketoloji http://marketoloji.com/ Fri, 25 Feb 2022 21:25:23 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://marketoloji.com/wp-content/uploads/2021/07/icon-1-150x150.png standards thomson – Marketoloji http://marketoloji.com/ 32 32 Switzerland ends all new banking activity with Russians on EU sanctions list https://marketoloji.com/switzerland-ends-all-new-banking-activity-with-russians-on-eu-sanctions-list/ Fri, 25 Feb 2022 21:07:00 +0000 https://marketoloji.com/switzerland-ends-all-new-banking-activity-with-russians-on-eu-sanctions-list/ Swiss President Ignazio Cassis addresses a news conference after a meeting of the Swiss government’s Bundesrat in Bern, Switzerland February 24, 2022. REUTERS/Arnd Wiegmann Join now for FREE unlimited access to Reuters.com Register The Swiss seek solidarity with the West but keep the diplomatic door open Bern says it has held talks with unspecified parties […]]]>

Swiss President Ignazio Cassis addresses a news conference after a meeting of the Swiss government’s Bundesrat in Bern, Switzerland February 24, 2022. REUTERS/Arnd Wiegmann

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  • The Swiss seek solidarity with the West but keep the diplomatic door open
  • Bern says it has held talks with unspecified parties
  • Watchdog tells banks to suspend new business with those on EU list

ZURICH, Feb 25 (Reuters) – Switzerland on Friday asked its banks to end all new business with people and entities on a European Union sanctions blacklist, which the neutral country has adopted to s to ensure that it is not used to circumvent measures against Russia following its invasion of Ukraine.

The instruction from the Swiss Financial Market Supervisory Authority (FINMA) reinforces the pressure Bern is exerting in solidarity with the West while trying to keep the door open to a potential mediating role.

“It is therefore prohibited for financial intermediaries in Switzerland to establish new business relationships with the persons and companies newly listed in Annex 3. Financial intermediaries are also required to declare existing business relationships with these persons, companies and organizations to (government service) SECO without delay,” FINMA said on its website.

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The government had previously changed soundorder on the watch list to include 363 people and four companies that the EU had placed on its sanctions list this week to punish Moscow.

Russians held nearly 10.4 billion Swiss francs ($11.21 billion) in Switzerland in 2020, according to data from the Swiss National Bank. Read more

“For the Federal Council (cabinet), it is clear that Switzerland will directly adopt all EU measures concerning persons and groups. For example, these persons are no longer allowed to enter Switzerland,” the minister said. of the Economy Guy Parmelin during a press conference in Bern. Friday.

But that hasn’t stopped Switzerland from acting as a broker to help end the conflict, officials said.

“Our position, and above all my goal, is to keep the doors open so that we can do what most other countries can no longer do – keep the channels open between countries that no longer have diplomatic relations. Switzerland can bring this added value.” said President and Foreign Minister Ignazio Cassis.

It was difficult for Switzerland to offer itself as a mediator because it had to wait to be approached, Cassis said. But he added: “We are in contact and have had talks.”

He did not specify with whom Switzerland had been in contact. ($1 = 0.9278 Swiss francs)

(This story corrects headline and story throughout, to clearly state that FINMA told banks to suspend new business, not to freeze assets, after FINMA corrected statement on its website. )

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Reporting by Michael Shields and Paul Carrel; Editing by Nick Macfie and Emelia Sithole-Matarise

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Saudi Arabia transfers $80 billion worth of Aramco shares to state fund https://marketoloji.com/saudi-arabia-transfers-80-billion-worth-of-aramco-shares-to-state-fund/ Sun, 13 Feb 2022 12:33:00 +0000 https://marketoloji.com/saudi-arabia-transfers-80-billion-worth-of-aramco-shares-to-state-fund/ A 3D printed gas pipeline is placed in front of the Saudi Aramco logo displayed in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration Join now for FREE unlimited access to Reuters.com Register DUBAI, Feb 13 (Reuters) – Saudi Crown Prince Mohammed bin Salman has transferred 4% of Saudi Aramco (2222.SE) shares worth $80 billion […]]]>

A 3D printed gas pipeline is placed in front of the Saudi Aramco logo displayed in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration

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DUBAI, Feb 13 (Reuters) – Saudi Crown Prince Mohammed bin Salman has transferred 4% of Saudi Aramco (2222.SE) shares worth $80 billion to the kingdom’s sovereign wealth fund, the government announced on Sunday.

The shares will reinforce the strong financial position and high credit ratings of the Public Investment Fund (PIF) over the medium term, the crown prince said in a statement. The fund is the prince’s vehicle of choice to transform the Saudi economy and diversify away from oil revenues.

The state remains Saudi Aramco’s largest shareholder after the transfer process, as it retains more than 94% of the company’s shares, according to the statement.

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The transfer of existing shares would help increase PIF’s assets under management, which are expected to reach around 4 trillion riyals ($1.07 trillion) by the end of 2025, he added.

“This supports the PIF’s fundraising prospects internationally, including bonds, and could potentially support a future sale of Aramco shares in the future,” said Monica Malik, chief economist at Abu Dhabi Commercial Bank.

Saudi Aramco said in a statement that the transfer was a private transaction between the government and the public fund. “The company is not a party to the transfer and has not entered into any agreement or paid or received any proceeds from this transfer,” he said.

He said the move would not affect the number of shares issued or the company’s operations, strategy, dividend payout policy or governance framework.

He added that the transferred shares would rank pari passu with the other existing common shares.

Saudi officials had previously raised the possibility of sales of Aramco shares. The PIF did not comment.

The head of the sovereign wealth fund, Yasir al-Rumayyan, said last year that Saudi Aramco could consider selling more shares if market conditions were favorable, while the Wall Street Journal recently reported that the kingdom could aim a stake sale of up to $50. billion. Read more

“The PIF is Saudi Arabia’s primary vehicle for executing its 2030 vision, which suggests that this share transfer may involve further equity sales down the line to raise funds for the PIF to be reinvested. elsewhere,” said Yousef Husseini, associate director at EFG. Hermes, said.

Aramco, the world’s largest oil company, completed the world’s largest initial public offering at the end of 2019, raising $29.4 billion, the proceeds of which were transferred to the PIF.

Aramco shares are up just over 4% so far this year, valuing the company at $1.99 trillion, behind the world’s most valuable company, Apple Inc (AAPL.O) and Microsoft Corp (MSFT.O). The shares fell 0.7% to 37.05 riyals at the close on Sunday.

After a sharp drop in energy prices at the start of the pandemic, oil demand is approaching pre-Covid levels, with Brent crude trading around $94 a barrel amid concerns over the limited global supply.

($1 = 3.7516 riyals)

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Reporting by Moataz Mohamed and Hadeel Al Sayegh; Additional reporting by Saeed Azhar; Editing by William Mallard, Edmund Klamann, Kirsten Donovan and Andrew Heavens

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Abu Dhabi’s AD Ports considering trade routes and acquisitions https://marketoloji.com/abu-dhabis-ad-ports-considering-trade-routes-and-acquisitions/ Wed, 09 Feb 2022 12:03:00 +0000 https://marketoloji.com/abu-dhabis-ad-ports-considering-trade-routes-and-acquisitions/ DUBAI, Feb 8 (Reuters) – Abu Dhabi’s AD Ports Group (ADPORTS.AD) plans to develop vast trade corridors linking the United Arab Emirates, the Middle East, the subcontinent, Africa and beyond, executives said Tuesday, following his part. SEO. AD Ports Group, controlled by state-owned investor ADQ, floated on the Abu Dhabi Stock Exchange on Tuesday after […]]]>

DUBAI, Feb 8 (Reuters) – Abu Dhabi’s AD Ports Group (ADPORTS.AD) plans to develop vast trade corridors linking the United Arab Emirates, the Middle East, the subcontinent, Africa and beyond, executives said Tuesday, following his part. SEO.

AD Ports Group, controlled by state-owned investor ADQ, floated on the Abu Dhabi Stock Exchange on Tuesday after raising 4 billion dirhams of proceeds on the primary issue. Read more .

Its stock opened at 3.5 dirhams ($0.9530) per share and briefly hit 3.74 dirhams before closing at 3.59 dirhams on Tuesday, according to Refinitiv data.

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“Our main strategy driver is to develop large trade corridors that are particularly important to Abu Dhabi,” said Ross Thompson, Director of Strategy and Growth, AD Ports Group.

AD Ports Group operates the deep water port of Khalifa in the emirate of Abu Dhabi, as well as other ports and logistics parks, and the port of Fujairah in the Indian Ocean. It also operates a facility in Guinea.

“We have a very solid balance sheet. We have the ambition to grow,” chief financial officer Martin Aarup said in an interview, adding, however, that the group was in no rush.

“We want to do good business. We have a strong pipeline and are constantly looking for (targets).”

The group was interested in investing in ports, logistics, maritime and digital, Aarup said.

With the capital injection, AD Ports had a strong balance sheet and low leverage, he said. The company raised $1 billion in 10-year bonds last year and had an undrawn revolving credit facility of nearly $1 billion, the company said in an email.

“As part of growth and our growth strategy, we will need to raise additional funds, also on the debt side,” Aarup said.

“When we issued our first bond last year, we did so as a program and therefore also indicated that we would return to the market. The timing will depend on when growth opportunities materialize.”

AD Ports said its port business accounts for around 30% of its annual revenue, while industrial and logistics parks account for around 33%. It has an expected compound growth rate of around 13%, he said.

($1 = 3.6726 UAE dirhams)

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Reporting by Hadeel Al Sayegh, Saeed Azhar, Alexander Cornwell; Editing by Clarence Fernandez and Emelia Sithole-Matarise

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European medicines regulator expresses doubts over need for fourth booster dose https://marketoloji.com/european-medicines-regulator-expresses-doubts-over-need-for-fourth-booster-dose/ Tue, 11 Jan 2022 17:05:00 +0000 https://marketoloji.com/european-medicines-regulator-expresses-doubts-over-need-for-fourth-booster-dose/ The exterior of EMA, the European Medicines Agency, can be viewed in Amsterdam, the Netherlands, December 18, 2020. REUTERS / Piroschka van de Wouw Register now for FREE and unlimited access to Reuters.com Register Jan. 11 (Reuters) – The European Union’s medicines regulator on Tuesday expressed doubts about the need for a fourth booster dose […]]]>

The exterior of EMA, the European Medicines Agency, can be viewed in Amsterdam, the Netherlands, December 18, 2020. REUTERS / Piroschka van de Wouw

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Jan. 11 (Reuters) – The European Union’s medicines regulator on Tuesday expressed doubts about the need for a fourth booster dose of the COVID-19 vaccine and said there were currently no data for support this approach because it was looking for more data on the fast-spreading Omicron variant.

“Although the use of additional boosters may be part of contingency plans, repeated vaccinations at short intervals would not represent a long-term sustainable strategy,” said Marco Cavaleri, head of vaccine strategy at the European Medicines Agency, during a press briefing.

The EMA official expressed concerns that a strategy of giving boosters every four months hypothetically poses the risk of overloading people’s immune systems and leading to fatigue in the population.

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Cavaleri also said more data on the impact of the new variant on vaccines and a better understanding of how the current wave is going is needed to decide whether an Omicron-specific vaccine is needed.

“It is important that there is a good discussion around the choice of the composition of the vaccine to ensure that we have a strategy that is not only reactive … and try to propose an approach that will be adapted in order to prevent a future variant, ”he said.

The EMA said it is currently in conversation with vaccine developers in case an updated vaccine is needed, but added that such a change would need to be coordinated globally.

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Report by Mrinalika Roy and Pushkala Aripaka in Bengaluru; Editing by Alex Richardson and Catherine Evans

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Swiss equities – Factors to watch for January 3 https://marketoloji.com/swiss-equities-factors-to-watch-for-january-3/ Mon, 03 Jan 2022 07:10:00 +0000 https://marketoloji.com/swiss-equities-factors-to-watch-for-january-3/ [ad_1] ZURICH / BERLIN, Jan. 3 (Reuters) – Switzerland’s blue-chip SMI (.SSMI) opened 0.1% higher to 12,888 points on Monday, according to pre-trade reports from Bank Julius Baer. Here are some of the main factors that can affect Swiss stocks: INSURANCE ZURICH (ZURN.S) Register now for FREE and unlimited access to Reuters.com Register now The […]]]>


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ZURICH / BERLIN, Jan. 3 (Reuters) – Switzerland’s blue-chip SMI (.SSMI) opened 0.1% higher to 12,888 points on Monday, according to pre-trade reports from Bank Julius Baer.

Here are some of the main factors that can affect Swiss stocks:

INSURANCE ZURICH (ZURN.S)

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The company said it has agreed to sell its Italian life and pension portfolio to Portuguese insurance company GamaLife, a deal that will free up capital and increase liquidity for the Swiss company. Read more

JULIUS BAER (BAER.S)

The private bank announced that it had sold Wergen’s wealth management business as part of a management buy-out. Read more

COMPANY DECLARATIONS

* Credit Suisse (CSGN.S) has announced that it has completed its share buyback program in 2021.

* Achiko AG (ACHIN.S) has appointed Adam O’Keeffe as interim CFO. ACHIN.S

* Nestlé SA (NESN.S) has announced that it has ended its existing share buyback program and will launch a new program for a maximum amount of 20 billion Swiss francs on January 3, 2022. NESN.S

* Burkhalter Holding AG has appointed Zeno Boehm as Managing Director and Urs Domenig as Chief Financial Officer effective January 1, 2022. BRKN.S

* Relief Therapeutics (RLFB.S) announced that it will hold an extraordinary general meeting on January 28 RLFB.S

RATINGS

FLUGHAFEN ZUERICH AG (FHZN.S): CITIGROUP REDUCES THE TARGET PRICE FROM CHF 143 TO CHF 142

ECONOMY

Swiss official reservations for November in CHF at 0800 GMT

Swiss PMI date for December (CHPMI = ECI) due 08:30 GMT

Swiss National Bank to release sight deposit data at 09:00 GMT

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Report by the Zurich editorial staff and the Berlin Speed ​​Desk

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Riot Games agrees to pay $ 100 million to settle gender discrimination lawsuit https://marketoloji.com/riot-games-agrees-to-pay-100-million-to-settle-gender-discrimination-lawsuit/ Tue, 28 Dec 2021 04:54:00 +0000 https://marketoloji.com/riot-games-agrees-to-pay-100-million-to-settle-gender-discrimination-lawsuit/ [ad_1] A Tencent sign is seen at the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China on October 20, 2019. REUTERS / Aly Song Register now for FREE and unlimited access to Reuters.com Register now Dec. 27 (Reuters) – Tencent Holdings’ Riot Games (0700.HK) on Monday announced it had agreed to pay $ 100 […]]]>


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A Tencent sign is seen at the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China on October 20, 2019. REUTERS / Aly Song

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Dec. 27 (Reuters) – Tencent Holdings’ Riot Games (0700.HK) on Monday announced it had agreed to pay $ 100 million to settle a 2018 sex discrimination class action lawsuit with California state agencies and current and former employees.

The company said it would pay class members $ 80 million, including all current and former full-time employees and temporary agency contractors in California who worked from November 2014 to present.

An additional $ 20 million will be paid for legal fees and miscellaneous expenses, Riot Games said in a statement.

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In an effort to foster continued transparency and accountability, Riot has also committed to having its internal reporting and pay equity processes monitored by a third party jointly approved by Riot and the California Department of Fair Employment and Housing for three years, ”the company said. .

A final approval of the settlement by the court is pending, with a hearing scheduled in the coming months, the statement added.

The complaint was filed in November 2018 by former employees Melanie McCracken and Jess Negrón, alleging gender discrimination as well as sexual harassment and misconduct at Riot Games, The Washington Post reported Monday. The lawsuit was followed by two investigations by California state agencies, the report added.

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Reporting by Shivam Patel; additional reporting by Juby Babu in Bangalore; Editing by Michael Perry

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Writer Joan Didion, columnist of contemporary American society, dies at 87 https://marketoloji.com/writer-joan-didion-columnist-of-contemporary-american-society-dies-at-87/ Thu, 23 Dec 2021 17:59:00 +0000 https://marketoloji.com/writer-joan-didion-columnist-of-contemporary-american-society-dies-at-87/ [ad_1] Writer Joan Didion is escorted to her seat after being awarded the 2012 National Medal for the Humanities by President Barack Obama in a ceremony at the White House in Washington on July 10, 2013. REUTERS / Kevin Lamarque Register now for FREE and unlimited access to Reuters.com Register December 23 (Reuters) – Author […]]]>


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Writer Joan Didion is escorted to her seat after being awarded the 2012 National Medal for the Humanities by President Barack Obama in a ceremony at the White House in Washington on July 10, 2013. REUTERS / Kevin Lamarque

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December 23 (Reuters) – Author Joan Didion, whose essays, memoirs, novels and screenplays recounted contemporary American society, as well as her grief over the deaths of her husband and daughter, died at the age of 87 years old.

The cause of death was Parkinson’s disease, editor Knopf said in a statement on Thursday.

Didion first appeared as a substantive writer in the late 1960s as the first practitioner of the “new journalism”, which allowed writers to adopt a more personalized narrative perspective.

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His 1968 collection of essays “Slouching Toward Bethlehem,” a title borrowed from poet William Butler Yeats, explored the culture of his native California. The title essay offered an unsympathetic take on emerging hippie culture in San Francisco, and a New York Times reviewer called the book “some of the best magazine articles published by anyone in this country in recent years.”

Didion had an air of laid back glamor and cool writer and in her heyday was often photographed with oversized sunglasses or casually lounging with a cigarette in her hand. She was 80 in 2015 when French fashion house Celine used her as a model in an advertising campaign for her sunglasses.

Tragedy inadvertently led to a career resurgence in the 2000s as Didion wrote about the death of her husband, writer John Gregory Dunne, in “The Year of Magical Thinking” and her daughter Quintana Roo Dunne in “Blue Nights”.

Didion’s works were insightful, confessional, and tinged with boredom and skepticism. The Los Angeles Times hailed her as an “unprecedented stylist” with “piercing insight and exquisite mastery of language.”

British writer Martin Amis called Didion a “poet of the great Californian void” and was particularly incisive in his writing on the state. His 1970 novel “Play It as It Lays” showed Los Angeles, through the eyes of a troubled, glamorous and tasteless actor while the 2003 collection of essays “Where I Was From” focused on the culture of the State, as well as on itself. and the long history of his family there.

“I write entirely to find out what I’m thinking, what I’m looking, what I see and what that means,” Didion said in a speech to his alma mater, the University of California, Berkeley, in 1975 .

FROM CALIFORNIA TO NEW YORK

His life and career were captured in the 2017 documentary “Joan Didion: The Center Will Not Hold” by his nephew, actor-filmmaker Griffin Dunne. New Yorker magazine called the film, which borrowed its title from another work by Yeats, “an intimate, loving and partial portrait.”

Didion ended up in New York City by winning a college essay competition that offered an internship at Vogue magazine in the late 1950s. She met Dunne there two years later.

Didion and Dunne, married nearly 40 years, split their lives between Southern California and New York City and have managed to become prominent figures in literary circles and in Hollywood. The parties at their Malibu beach house, where Harrison Ford worked as a carpenter before “Star Wars” glory, drew crowds that included singer Janis Joplin, filmmakers Steven Spielberg, Brian De Palma and Martin Scorsese and the actor Warren Beatty, who would have been infatuated with Didion.

Dunne was demonstrative and talkative while Didion could appear introverted. Their marriage was difficult at times, and Dunne moved to Las Vegas for a while. In an essay in “The White Album,” Didion wrote that they had already taken a vacation to Hawaii “instead of filing for divorce.”

Through it all, they edited each other’s work and collaborated on screenplays for the 1976 remake of “A Star Is Born,” “The Panic in Needle Park,” the 1971 film that gave Al Pacino his first. lead role, as well as film adaptations of “Play It as It Lays” and Dunne’s novel “True Confessions”.

The couple moved to New York City in 1988 and after Dunne suffered a heart attack at the dinner table in 2003, Didion wrote about the heartache that followed in “The Year of Magical Thinking,” which won the National Book Award for Nonfiction.

“Mourning turns out to be a place none of us know about until we reach it,” she wrote.

Twenty months after Dunne’s death, Didion returned to the scene of grief when Quintana Roo died of acute pancreatitis after a series of health problems, which she recounted in “Blue Nights”.

Little Didion dropped to 75 pounds (34 kg) after death, but began to get by working on a stage version of a single woman of “Magical Thinking” which debuted on Broadway in 2007 with Vanessa Redgrave. in the lead role and David Hare in the direction.

Didion, whose other books included the novel “A Book of Common Prayer” and the non-fiction books “Miami” and “Salvador” were awarded the National Medal of Arts in 2013 by President Barack Obama.

(This story has been passed on to restore the missing words in the lede.)

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Written by Bill Trott; Additional reporting by Kanishka Singh; Editing by Daniel Wallis

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Byron Allen’s $ 10 billion discrimination lawsuit against McDonald’s dismissed https://marketoloji.com/byron-allens-10-billion-discrimination-lawsuit-against-mcdonalds-dismissed/ Wed, 01 Dec 2021 14:53:00 +0000 https://marketoloji.com/byron-allens-10-billion-discrimination-lawsuit-against-mcdonalds-dismissed/ [ad_1] The McDonald’s logo can be seen on the window of one of its restaurants in New York on January 24, 2011. REUTERS / Shannon Stapleton Register now for FREE and unlimited access to reuters.com Register now Dec. 1 (Reuters) – A U.S. judge dismissed a $ 10 billion lawsuit against McDonald’s Corp (MCD.N) by […]]]>


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The McDonald’s logo can be seen on the window of one of its restaurants in New York on January 24, 2011. REUTERS / Shannon Stapleton

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Dec. 1 (Reuters) – A U.S. judge dismissed a $ 10 billion lawsuit against McDonald’s Corp (MCD.N) by media entrepreneur Byron Allen, which accused the fast food chain of racial discrimination for failing to advertising with black-owned media.

US District Judge Fernando Olguin in Los Angeles wrote on Tuesday that two Allen-owned companies failed to provide enough factual evidence to show McDonald’s “deliberately and willfully discriminated against them.”

According to Allen’s complaint, McDonald’s has refused to advertise with the lifestyle channels owned by its Entertainment Studios Networks since their launch in 2009, or with The Weather Channel since Allen bought its parent company Weather Group. in 2018.

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Allen also said McDonald’s spent only 0.3% of its US $ 1.6 billion advertising budget in 2019 with black-owned media, although blacks make up 40% of fast food customers. , an allowance that reflected “racial animosity and racial stereotypes”.

But the judge said Allen had failed to show that his companies insisted enough on signing a contract with McDonald’s to be pushed back, or that McDonald’s treated comparable white-owned networks better.

Olguin said Allen can file an amended complaint.

“We will add more details to the complaint as directed by the court; and we expect the case to continue with discovery and trial,” said Louis “Skip” Miller, an attorney for Allen, in an email Wednesday.

“This case is about income, not race,” McDonald’s lawyer Loretta Lynch said in a statement. “We believe there is no evidence to support this baseless case.”

McDonald’s pledged in May to increase national ad spending with black-owned media to 5%, from 2% by 2024.

Last month Allen called on the McDonald’s board to fire chief executive Chris Kempczinski, saying “the company’s horrific racist culture is untenable and unacceptable.”

A former stand-up comedian and co-host of the NBC reality show “Real People,” Allen recently raised $ 10 billion in funding in a bid for the operator of the television station. Regional Tegna Inc (TGNA.N), people familiar with the matter said. last month.

The case is Entertainment Studios Networks Inc et al v McDonald’s Corp, United States District Court, Central District of California, No. 21-04972.

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Report by Jonathan Stempel in New York Editing by Chizu Nomiyama and Mark Potter

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Walmart kicks off holiday with a bang as shoppers return to stores https://marketoloji.com/walmart-kicks-off-holiday-with-a-bang-as-shoppers-return-to-stores/ Tue, 16 Nov 2021 17:18:00 +0000 https://marketoloji.com/walmart-kicks-off-holiday-with-a-bang-as-shoppers-return-to-stores/ [ad_1] Walmart increases annual sales and profit forecast Third-quarter sales at U.S. stores that have been open for at least a year increased 9.2% Third quarter gross margin drops 42 basis points on supply chain costs Nov. 16 (Reuters) – Walmart Inc (WMT.N) raised its annual sales and profit forecast on Tuesday in anticipation of […]]]>


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  • Walmart increases annual sales and profit forecast
  • Third-quarter sales at U.S. stores that have been open for at least a year increased 9.2%
  • Third quarter gross margin drops 42 basis points on supply chain costs

Nov. 16 (Reuters) – Walmart Inc (WMT.N) raised its annual sales and profit forecast on Tuesday in anticipation of increased demand for toys and clothing during the crucial holiday season, even as disruptions of the global supply chain hit its margins in the third quarter.

Major retailers, including Amazon.com (AMZN.O), are struggling to import products into the United States ahead of peak shopping season due to shipping bottlenecks, plant closures in parts of the United States. Asia and the shortage of raw materials in recent months.

However, Walmart has kept prices low to attract shoppers to its stores, and has limited disruption due to supply chain shortages by chartering its own ships to ship goods, ordering products from the United States well to there. advancing and redirecting deliveries to less congested ports.

It helped Walmart boost U.S. inventory by 11.5% ahead of the busy holiday season, with executives saying measures to tackle port delays have positioned Walmart well for the holidays.

“We have the people, the products and the prices to provide a great holiday season for our customers and members,” said General Manager Doug McMillon. Walmart said it hired more than 200,000 new store and supply chain workers to deal with the holiday rush.

With more than 5,000 stores in the United States, the size of the discounter and its influence over consumer products companies allows it to sell products at lower prices, a key advantage when US inflation is at its highest. for 30 years.

“The long period of sustained demand for goods has stretched supply chains, leading to stockouts and inflation,” McMillon said.

“Fighting inflation is in our DNA.”

MARGIN PRESSURE

Shoppers wear face masks while shopping at a Walmart store in Bradford, Pennsylvania, United States, July 20, 2020. REUTERS / Brendan McDermid / File Photo

Walmart’s forecast comes weeks after rival e-commerce giant Amazon reported a disappointing fourth-quarter outlook and warned of higher costs during the holiday season. Read more

The Bentonville, Arkansas-based company also said it expects comparable store sales in the United States for the full year to be 6% higher than its previous forecast of d ‘an increase of 5% to 6%. Adjusted earnings are expected to be around $ 6.40 per share, down from a previous range of $ 6.20 to $ 6.35.

In the third quarter, sales at U.S. stores open at least a year ago increased 9.2%, excluding fuel, benefiting from higher food demand and increased in-store purchases. Analysts had estimated a gain of 7.04%, according to data from Refinitiv.

“We have gained market share in the grocery store in the United States, and more customers and members are returning to our stores and clubs around the world,” said McMillon.

Walmart’s international business grew by around 10% excluding the impact of currency fluctuations and divestitures, benefiting from strong sales in China and at Flipkart in India, which was heavily boosted by its promotional event ahead of the local Diwali festival.

However, Walmart’s gross margins for the quarter declined 42 basis points, even as increased contributions from its advertising business helped offset some of the pressures on the supply chain. Walmart and other retailers are aggressively chasing advertising dollars from mainstream brands, touting their wealth of buyer data and top media space on their websites and in stores.

Some analysts have also warned of a hit margin during the holiday season, with Evercore’s Greg Melich saying supply chain issues or inflation could cause Walmart to drop 10 to 30 basis points from at its fourth quarter gross margin in the United States.

Shares of the world’s largest retailer fell about 3%.

Total revenue grew 4.3% better than expected to $ 140.53 billion and, on an adjusted basis, it gained $ 1.45 per share, 5 cents above Wall’s expectations. Street.

Reporting by Aishwarya Venugopal in Bengaluru and Richa Naidu in Chicago; Editing by Arun Koyyur, Kirsten Donovan and Nick Zieminski

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China issues first orange snowstorm warning of winter, cold snap sweeps across country https://marketoloji.com/china-issues-first-orange-snowstorm-warning-of-winter-cold-snap-sweeps-across-country/ https://marketoloji.com/china-issues-first-orange-snowstorm-warning-of-winter-cold-snap-sweeps-across-country/#respond Sun, 07 Nov 2021 07:14:00 +0000 https://marketoloji.com/china-issues-first-orange-snowstorm-warning-of-winter-cold-snap-sweeps-across-country/ [ad_1] BEIJING, Nov. 7 (Reuters) – China’s meteorological agency on Sunday issued the first orange snowstorm warning of winter, the second highest level, while nationwide cold snap alarms have fueled concerns about traffic disruptions and flu epidemics amid rising COVID-19 cases. The National Meteorological Center has forecast blizzards in northeast China, with some areas receiving […]]]>


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BEIJING, Nov. 7 (Reuters) – China’s meteorological agency on Sunday issued the first orange snowstorm warning of winter, the second highest level, while nationwide cold snap alarms have fueled concerns about traffic disruptions and flu epidemics amid rising COVID-19 cases.

The National Meteorological Center has forecast blizzards in northeast China, with some areas receiving 45 millimeters of snow over 24 hours and heavy snowfall in the north of the country.

The capital Beijing received its first snowfall of the season 23 days earlier than normal years, while Sunday night temperatures are expected to drop to their lowest level for the period of the past decade.

A cold snap is also sweeping through Beijing to Shanghai via Guangzhou, dropping temperatures to 14 degrees (25 degrees Fahrenheit) Celsius on Sunday, the weather agency said.

The cold snap, which could increase the risk of flu, comes as more than 20 cities in northern China have reported cases of COVID-19 and sporadic outbreaks in the southwest – in Chongqing and the provinces of China. Sichuan and Yunnan, since mid-October.

Hundreds of thousands of people have come out to Beijing to enjoy snow-capped tourist sites, such as the Forbidden City and Universal Studios Resort, despite COVID-19 restrictions as more than 300 Communist Party Central Committee members prepare to go. gather from Monday to Thursday.

Snow that accumulates in communities under COVID-19 control cannot be moved outside of control areas, the local government-backed Beijing Daily reported.

Reporting by Muyu Xu and Ryan Woo; Editing by William Mallard

Our standards: Thomson Reuters Trust Principles.

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