Siemens Gamesa looks to raise cash from wind farm business
Wind turbine maker Siemens Gamesa is expecting initial bids for the wind farm development unit. It is looking to sell as it focuses on returning its core business to profitability. A deal could be worth 300 million euros ($340 million) or more. Countries are clamouring for renewable energy infrastructure. This is for helping curb climate […]
Evergrande, Kaisa cut by Fitch to default
Ratings agency Fitch downgraded property developers China Evergrande Group and Kaisa Group. They stated that they had defaulted on offshore bonds. Also, Kaisa had started work on restructuring its $12 billion offshore debt. The downgrades to the restricted default status come even though Evergrande. And Kaisa have not officially announced defaults that could result in […]
WHO, partners seek $23.4 BLN for new Covid war chest
The World Health Organization (WHO) and other aid groups appealed to leaders of the world’s 20 biggest economies to fund a $23.4 billion plan to bring COVID-19 vaccines, tests and drugs to poorer countries. WHO Director-General Tedros Adhanom Ghebreyesus said that the Group of 20, whose leaders are meeting in Rome, had the political and […]
HSBC rides out China property storm
HSBC shrugged off concerns about pandemic-related bad loans and property problems in China. This is with a surprise 74% quarterly profit jump and a $2 billion share buyback. The British bank’s profit growth was mainly driven by the release of cash reserves set aside in anticipation of pandemic-induced defaults, said HSBC’s finance chief Ewen Stevenson. He added […]
Birkin bag maker Hermes shrugs off China slowdown
Sales at Birkin bag maker Hermes grew by 31%. This has beaten the market expectations, even though, the rebound from the fallout of the pandemic slowed down. Analysts had expected comparable revenues at the French luxury group. This is according to a consensus cited by UBS. Revenues at the end of the quarter stood at […]
Carrefour Q3 sales slow
Carrefour ended talks over a possible tie-up with unlisted rival Auchan. They said it remained on the offensive as it kept a guidance for 2021 net free cash flow above 1 billion euros. Europe’s largest retailer said revenue growth slowed in the third quarter. This is reflecting the weaker sales in the core French market. […]
Whitbread’s Cadbury as new finance chief by British airway’s owner
British Airways owner IAG said that its finance chief, Steve Gunning, would step down after the airline’s 2021 results. Also, they named Premier Inn hotel operator Whitbread’s Nicholas Cadbury as his successor. Gunning, a company veteran, became IAG’s chief financial officer (CFO) in 2019. He leaves IAG at a time when airline operators have just begun to […]
Consumer’s creditworthiness awareness set to drive change in dealer finance
When it comes to financing a used car purchase, 32% of people would not consider finance from a dealer, 31% of people would consider finance from a dealer, 33% of people would choose a High St Bank/Building Society. These numbers from MotoNovo’s recent Attitudes to Car Buying Research suggest a modest shift by consumers away […]
The role of sustainable reporting in 2021
The last 20 years have seen a greater focus on the non-financial aspects of business such as social value, environment, CSR (Corporate Social Responsibility) or ESG (Environmental Social and Governance) agenda. These have pushed organizations to a balanced approach to strategy, growth and investment. The UK Government set the ambition of achieving net-zero carbon by […]
Africa calls for climate finance tracker
African countries want a new system to track funding from wealthy nations that are failing to meet a $100-billion annual target. Africa’s lead climate negotiator said that this is to help the developing world tackle climate change. The demand highlights tensions ahead of the COP26 climate summit. The world’s 20 largest economies, which are behind […]