Bundesbank sees German growth slowing beyond 2018
Germany's central bank raised growth projections on Friday, arguing that the economy will continue to enjoy an export-driven boom, even if its rate of expansion is likely to taper off as the business cycle matures.
The Bundesbank now sees calendar-adjusted gross domestic product growth in the euro zone's biggest economy expanding by 2.5% next year, above a June projection for 1.7%, while growth in 2019 is seen at 1.7%, above a previous forecast for 1.6%.
"Germany’s economy is experiencing a strong upswing," the Bundesbank said in its twice-yearly update of projections. "Driven by lively foreign demand, industry is seeing dynamic growth and the sharp upturn in business investment is persisting."
NAMPA/REUTERS
Adobe profit beats on digital media business strength
Photoshop maker Adobe Systems Inc on Thursday reported a better-than-expected quarterly revenue and profit, driven by strength in its digital media business, which houses its flagship product Creative Cloud.
Shares of the company, which also forecast first-quarter profit above estimates, were up 1.7% at US$178 in extended trading.
The shift to cloud-based subscription has brought a more predictable revenue stream for Adobe, by selling its software through web-based subscriptions, and not through the sale of packaged-licensed software.
NAMPA/REUTERS
Oracle results surpass expectations
Oracle Corp reported better-than-expected quarterly profit and sales but the company's shares dipped in extended trading as revenue in its fast-growing cloud-based business fell short of analysts' estimates.
The company's shares were down nearly 3% in after-market trading on Thursday. Revenue in cloud-based business rose 44% to US$1.52 billion in the second quarter.
Analysts on average had expected total cloud revenue of US$1.56 billion, according to Thomson Reuters data.
NAMPA/REUTERS
Facebook to add more videos to timeline
Facebook Inc said on Thursday it would begin to promote videos more prominently inside its News Feed, leveraging the social network's centrepiece product to build interest in episodic shows and compete more directly with YouTube.
Facebook, in a blog post, also said it was tweaking the kinds of advertisements that run in videos on the network.
Facebook's News Feed, which comprises posts from friends and businesses, is the first thing its 2.1 billion users see when they open the mobile app or go to the website, making it valuable online real estate.
NAMPA/REUTERS
Steinhoff’s Christo Weise resigns from board
Steinhoff International Holdings chairperson and largest shareholder, South African billionaire Christo Wiese, is stepping down from the supervisory board after an accounting scandal engulfed the retail giant.
The board accepted Wiese’s resignation to resolve questions of conflict of interest, the owner of furniture chains such as Mattress Firm in the US and Conforama in France said in a filing on Thursday. Heather Sonn, a member of the board and its independent subcommittee, will take the role of acting chairperson.
The resignation comes a day after Steinhoff said its accounting errors stretch back into 2016, highlighting the extent of wrongdoing at the retailer that’s led to a more than 80% stock slump since the beginning of last week.
FIN24
The Bundesbank now sees calendar-adjusted gross domestic product growth in the euro zone's biggest economy expanding by 2.5% next year, above a June projection for 1.7%, while growth in 2019 is seen at 1.7%, above a previous forecast for 1.6%.
"Germany’s economy is experiencing a strong upswing," the Bundesbank said in its twice-yearly update of projections. "Driven by lively foreign demand, industry is seeing dynamic growth and the sharp upturn in business investment is persisting."
NAMPA/REUTERS
Adobe profit beats on digital media business strength
Photoshop maker Adobe Systems Inc on Thursday reported a better-than-expected quarterly revenue and profit, driven by strength in its digital media business, which houses its flagship product Creative Cloud.
Shares of the company, which also forecast first-quarter profit above estimates, were up 1.7% at US$178 in extended trading.
The shift to cloud-based subscription has brought a more predictable revenue stream for Adobe, by selling its software through web-based subscriptions, and not through the sale of packaged-licensed software.
NAMPA/REUTERS
Oracle results surpass expectations
Oracle Corp reported better-than-expected quarterly profit and sales but the company's shares dipped in extended trading as revenue in its fast-growing cloud-based business fell short of analysts' estimates.
The company's shares were down nearly 3% in after-market trading on Thursday. Revenue in cloud-based business rose 44% to US$1.52 billion in the second quarter.
Analysts on average had expected total cloud revenue of US$1.56 billion, according to Thomson Reuters data.
NAMPA/REUTERS
Facebook to add more videos to timeline
Facebook Inc said on Thursday it would begin to promote videos more prominently inside its News Feed, leveraging the social network's centrepiece product to build interest in episodic shows and compete more directly with YouTube.
Facebook, in a blog post, also said it was tweaking the kinds of advertisements that run in videos on the network.
Facebook's News Feed, which comprises posts from friends and businesses, is the first thing its 2.1 billion users see when they open the mobile app or go to the website, making it valuable online real estate.
NAMPA/REUTERS
Steinhoff’s Christo Weise resigns from board
Steinhoff International Holdings chairperson and largest shareholder, South African billionaire Christo Wiese, is stepping down from the supervisory board after an accounting scandal engulfed the retail giant.
The board accepted Wiese’s resignation to resolve questions of conflict of interest, the owner of furniture chains such as Mattress Firm in the US and Conforama in France said in a filing on Thursday. Heather Sonn, a member of the board and its independent subcommittee, will take the role of acting chairperson.
The resignation comes a day after Steinhoff said its accounting errors stretch back into 2016, highlighting the extent of wrongdoing at the retailer that’s led to a more than 80% stock slump since the beginning of last week.
FIN24
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