Company news in brief
BHP buys stake in Canadian firm
The world's biggest coking coal producer BHP has bought a US$6 million equity stake in a Canadian-based company that sucks carbon dioxide from the atmosphere, as miners' quest to become sustainable and retain ethical investors gathers pace.
BHP, alone among the major miners has a target of net zero emissions by the second half of the century, in line with UN carbon-cutting goals.
That is a huge challenge, especially if the emissions caused by selling its amounts of coking coal and iron ore for steel-making are included.
Canada's Carbon Engineering (CE) has been removing emissions from the atmosphere since 2015 at a pilot plant in British Columbia and converting it into fuel since 2017.
BHP said the direct air capture technology had the potential to deliver large-scale negative emissions. – Nampa/Reuters
Volkswagen pays employees 4 750 euros bonus
German carmaker Volkswagen is to pay around 100 000 employees on collective wage deals a 2018 bonus of 4 750 euros (US$5 400) each, the largest such payout since 2015 when they received 5 900 euros, a newsletter to staff said on Tuesday.
Works council chief Bernd Osterloh said production programmes had been changed and shifts re-allocated as part of a reorganisation of all plants.
"It is only fair that the staff gets its share of success," he was quoted as saying in the newsletter.
The size of the payment should not be read as an indicator of operating profits at the Volkswagen passenger car brand because commercial vehicles were also included in the scheme, and the number of workers on part time contracts who receive less must be taken into account, the newsletter said.
Volkswagen Group, which also includes the Audi, Porsche, Seat and other brands, recently released data for 2018 showing operating profit rose 0.7% to 13.92 billion euros. – Nampa/Reuters
Campari reports slowdown in sales growth
Italy's Campari on Tuesday reported a slowdown in fourth-quarter sales, sending shares in the drinks maker down more than 5%.
Sales rose 2.1% on an organic basis in the October-December quarter, slowing from 6.6% growth in the first nine months of the year. Organic sales strip out currency swings and any purchase or sale of assets.
Adjusted operating profit (EBIT) slipped 0.4% to 379 million euros, equivalent to 22.1% of sales, a slightly higher margin than in 2017.
"Unfortunately today's in-line results may not translate into further upgrades to consensus, which could weigh on shares short term given the strong run in the past 12 months," Berenberg analyst Gonzalez Javier Lastra said in a note.
The stock, which has gained more than 40% in the last year, was down 5.7% at 1214 GMT after touching a record high of 8.5650 euros ahead of the results. – Nampa/Reuters
Huawei calls for common cybersecurity standards
Huawei, in the spotlight over the security risks of its telecom equipment gear, urged governments, the telecoms industry and regulators on Tuesday to work together to create a common set of cybersecurity standards.
The call by Huawei chairman Ken Hu came as the world’s largest telecoms equipment maker opened a cyber security centre in Brussels, allowing its customers and governments to test Huawei’s source code, software and product solutions.
The company has similar facilities in Britain, Bonn, Dubai, Toronto and Shenzhen.
"The fact is that both the public and private sectors lack a basic common understanding of this issue. As a result, different stakeholders have different expectations and there is no alignment of responsibilities," Hu told a news conference.
Hu, who met with European Commission digital chief Andrus Ansip on Monday, said they had discussed the possibility of setting up a cybersecurity standard along the lines of the GDPR, the landmark EU data protection law adopted last year which gives Europeans more control over their online information and applies to all companies that do business with Europeans. – Nampa/Reuters
Jeans maker Diesel USA files for bankruptcy
Diesel USA Inc, the denim and accessory brand known for its jeans, filed for bankruptcy on Tuesday, blaming mounting losses, a sales plunge, expensive leases and cyber fraud.
The New York-based unit of Italy's Diesel SpA filed for Chapter 11 protection from creditors with the US bankruptcy court in Delaware. Its parent is not part of the filing.
Diesel USA said it has been the sole distributor of Diesel products in the United States since its 1995 launch.
But it said it has not been spared in the recent downturn in the retail sector, having lost money for six straight years as annual sales plunged 53%, to US$104 million. Theft and cyber fraud cost US$1.2 million over three years, it added.
Many other retailers have gone bankrupt in recent years as more consumers shop online. Recent victims have included shoe chain Payless Inc, which said last month it will close its roughly 2 500 stores. – Nampa/Reuters
The world's biggest coking coal producer BHP has bought a US$6 million equity stake in a Canadian-based company that sucks carbon dioxide from the atmosphere, as miners' quest to become sustainable and retain ethical investors gathers pace.
BHP, alone among the major miners has a target of net zero emissions by the second half of the century, in line with UN carbon-cutting goals.
That is a huge challenge, especially if the emissions caused by selling its amounts of coking coal and iron ore for steel-making are included.
Canada's Carbon Engineering (CE) has been removing emissions from the atmosphere since 2015 at a pilot plant in British Columbia and converting it into fuel since 2017.
BHP said the direct air capture technology had the potential to deliver large-scale negative emissions. – Nampa/Reuters
Volkswagen pays employees 4 750 euros bonus
German carmaker Volkswagen is to pay around 100 000 employees on collective wage deals a 2018 bonus of 4 750 euros (US$5 400) each, the largest such payout since 2015 when they received 5 900 euros, a newsletter to staff said on Tuesday.
Works council chief Bernd Osterloh said production programmes had been changed and shifts re-allocated as part of a reorganisation of all plants.
"It is only fair that the staff gets its share of success," he was quoted as saying in the newsletter.
The size of the payment should not be read as an indicator of operating profits at the Volkswagen passenger car brand because commercial vehicles were also included in the scheme, and the number of workers on part time contracts who receive less must be taken into account, the newsletter said.
Volkswagen Group, which also includes the Audi, Porsche, Seat and other brands, recently released data for 2018 showing operating profit rose 0.7% to 13.92 billion euros. – Nampa/Reuters
Campari reports slowdown in sales growth
Italy's Campari on Tuesday reported a slowdown in fourth-quarter sales, sending shares in the drinks maker down more than 5%.
Sales rose 2.1% on an organic basis in the October-December quarter, slowing from 6.6% growth in the first nine months of the year. Organic sales strip out currency swings and any purchase or sale of assets.
Adjusted operating profit (EBIT) slipped 0.4% to 379 million euros, equivalent to 22.1% of sales, a slightly higher margin than in 2017.
"Unfortunately today's in-line results may not translate into further upgrades to consensus, which could weigh on shares short term given the strong run in the past 12 months," Berenberg analyst Gonzalez Javier Lastra said in a note.
The stock, which has gained more than 40% in the last year, was down 5.7% at 1214 GMT after touching a record high of 8.5650 euros ahead of the results. – Nampa/Reuters
Huawei calls for common cybersecurity standards
Huawei, in the spotlight over the security risks of its telecom equipment gear, urged governments, the telecoms industry and regulators on Tuesday to work together to create a common set of cybersecurity standards.
The call by Huawei chairman Ken Hu came as the world’s largest telecoms equipment maker opened a cyber security centre in Brussels, allowing its customers and governments to test Huawei’s source code, software and product solutions.
The company has similar facilities in Britain, Bonn, Dubai, Toronto and Shenzhen.
"The fact is that both the public and private sectors lack a basic common understanding of this issue. As a result, different stakeholders have different expectations and there is no alignment of responsibilities," Hu told a news conference.
Hu, who met with European Commission digital chief Andrus Ansip on Monday, said they had discussed the possibility of setting up a cybersecurity standard along the lines of the GDPR, the landmark EU data protection law adopted last year which gives Europeans more control over their online information and applies to all companies that do business with Europeans. – Nampa/Reuters
Jeans maker Diesel USA files for bankruptcy
Diesel USA Inc, the denim and accessory brand known for its jeans, filed for bankruptcy on Tuesday, blaming mounting losses, a sales plunge, expensive leases and cyber fraud.
The New York-based unit of Italy's Diesel SpA filed for Chapter 11 protection from creditors with the US bankruptcy court in Delaware. Its parent is not part of the filing.
Diesel USA said it has been the sole distributor of Diesel products in the United States since its 1995 launch.
But it said it has not been spared in the recent downturn in the retail sector, having lost money for six straight years as annual sales plunged 53%, to US$104 million. Theft and cyber fraud cost US$1.2 million over three years, it added.
Many other retailers have gone bankrupt in recent years as more consumers shop online. Recent victims have included shoe chain Payless Inc, which said last month it will close its roughly 2 500 stores. – Nampa/Reuters
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