Siemens‘ businesses will become akin to a “fleet of ships” in order to adapt to the digital age, its chief executive told CNBC on Friday. Since taking over as CEO in 2013, Joe Kaeser has sought to divest several of the firm’s businesses. And while he has reportedly rejected the idea that he is breaking […]
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Theresa May applauded in Brussels, but Brexit talks have many hurdles to overcome
British Prime Minister Theresa May received a round of applause from European leaders on Thursday night, but there remain plenty of hurdles to overcome before the U.K. can leave the European Union (EU). EU leaders are set to formally agree Friday to start the second phase of Brexit negotiations, mainly centered around trade talks. At […]
Read moreFashion retailer H&M said on Friday fewer visitors to its core brand stores weighed on turnover in its fiscal fourth quarter as it reported an unexpected year-on-year drop for the period. Sales in the September-November period shrank 4 percent, or 2 percent in local currencies, to 50.4 billion crowns ($5.97 billion), lagging a mean Reuters […]
Read moreEuropean stocks are set to open lower Friday morning, with sentiment curbed by concerns over plans to overhaul the tax system in the U.S. The FTSE 100 is seen 22 points lower at 7,438; the DAX is set to open down by 37 points at 12,044 and the CAC 40 is expected to open lower […]
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Italy elections likely to result in ‘worst outcome’ of a hung parliament
A general election in Italy in early 2018 is likely to end in a hung parliament, mimicking the political situation across much of Europe. The exact date for the election is yet to be confirmed, although the likely date is March 4. An opinion poll by EMG Acqua from early December suggested that no one […]
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UK's May 'disappointed' with defeat in parliament but says she's on course to deliver Brexit
Theresa May said on Thursday she was on course to deliver Brexit and a new partnership with the European Union, shrugging off a parliamentary defeat that could weaken her hand as the decisive phase of talks begins. The British prime minister spoke on arrival at an EU summit in Brussels where, over dinner, she will […]
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THE collapses of Enron and WorldCom in the early years of this century turned book-cooking into front-page news. Investors lost over $200bn; in 2002 the stockmarket fell by over a fifth between April and July. In response, America’s Sarbanes-Oxley Act set up a new body, the Public Company Accounting Oversight Board (PCAOB), to supervise auditors. […]
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DEAR Team, I trust you are looking forward to your vacations and that the spirit of love and generosity infuses your family gatherings. I also hope that this spirit will be left next to the Christmas tree when you return to work at this incredible company on January 2nd. Because 2018 is going to be […]
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“WE ARE used to dealing with political crises, but not a break in the rule of law,” says the boss of a big Barcelona cement firm, of Catalonia’s constitutional crisis. Fearing separatists in the region would declare independence, as they did on October 27th, he shifted its headquarters to Madrid. That ended decades of family […]
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THE scale is staggering, even by the standards of scandal-worn South Africa. Steinhoff, a retailer that is one of the country’s best-known companies, admitted to “accounting irregularities” on December 6th when it was due to publish year-end financial statements. Its chief executive, Markus Jooste, resigned, and the firm announced an internal investigation by PwC. Within […]
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