Levi Strauss shares surge, as jean giant makes return to the public market

Levi Strauss is going public again. Levi Strauss on Wednesday night priced its initial public offering at $17, topping original expectations of between $14 and $16 a share. Levi Strauss is also eyeing further expansion through new stores, further wholesale relationships and building out its online sales. For the year ended November 2018, Levi Strauss reported sales of $5.58 billion, a 13.7 percent jump over the year prior. Levi Strauss’ IPO won’t be the last chance for public investors to buy sh


Levi Strauss is going public again. Levi Strauss on Wednesday night priced its initial public offering at $17, topping original expectations of between $14 and $16 a share. Levi Strauss is also eyeing further expansion through new stores, further wholesale relationships and building out its online sales. For the year ended November 2018, Levi Strauss reported sales of $5.58 billion, a 13.7 percent jump over the year prior. Levi Strauss’ IPO won’t be the last chance for public investors to buy sh
Levi Strauss shares surge, as jean giant makes return to the public market Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-21  Authors: lauren hirsch
Keywords: news, cnbc, companies, business, strauss, sales, return, market, surge, jean, jeans, billion, levi, shares, public, makes, plans, company, giant


Levi Strauss shares surge, as jean giant makes return to the public market

Levi Strauss is going public again. Here’s how it dominated the denim market for 150 years. 2 Hours Ago | 11:27

Shares of blue jeans giant Levi Strauss & Co. surged 32 percent in their debut on the New York Stock Exchange, giving the company a market capitalization of $8.7 billion and demonstrating strong demand for owning a part of the jean giant.

Levi Strauss on Wednesday night priced its initial public offering at $17, topping original expectations of between $14 and $16 a share.

The newly public company, trading under the symbol “LEVI,” has an opportunity to improve market share with women beyond its core business of men’s jeans. Its men’s business accounted for $4 billion of Levi’s $5.6 billion 2018 revenue and was a “key driver of its profits,” the company has said.

Levi Strauss is also eyeing further expansion through new stores, further wholesale relationships and building out its online sales. Geographically, it expects further growth in China, where just 3 percent of its revenue came from in 2018.

Those plans come even as the global jean industry has faced pressure from new competitors and alternatives like Lululemon Athletica leggings. Over the last 10 years, global jeans sales have climbed at a 3.5 percent compounded annual growth rate, slower than the entire apparel category, according to Bernstein analyst Jamie Merriman.

Still, Levi Strauss has carved out a unique place for itself, with its iconic brand and “exceptional quality at accessible prices,” the company says. For the year ended November 2018, Levi Strauss reported sales of $5.58 billion, a 13.7 percent jump over the year prior. That increase has come as the company also added to its marketing, which jumped by nearly 24 percent over the same year.

Some of the jean company’s efforts over the past few years to solidify its connection with customers include a presence at U.S. festivals and sporting events. In 2017, singer Beyonce wore the brand’s cutoff shorts for her headline performance at the Coachella music festival

The 166-year-old company first went public in 1971, but has been private for the last 34 years. The offering will give the descendants of its founders a chance to cash out some of their holdings. According to the prospectus, members of the Haas family will sell more than 21 million shares in the IPO.

The family, though, will continue to hold nearly 81 percent of voting power, through the company’s dual share structure. The family, through “Class B” stock, will have 10 votes for every 1 vote of common “Class A” shares.

Levi Strauss has said in its IPO documents filed with regulators that it plans to use proceeds from its offering to invest further in its business, including potential acquisitions or strategic investments. As of its IPO filing, it had no immediate plans for investments or acquisitions.

Levi Strauss’ IPO won’t be the last chance for public investors to buy shares in a jean company this year. VF Corp plans to spin off its jeanswear business, which includes Wrangler, Lee, Rock & Republic, into a new public company called Kontoor Brands in the first half of 2019. VF’s remaining brands, which include Vans, The North Face, Timberland and others, will remain under the VF Corp parent company.

Gap, meanwhile, is planning to spin off its Old Navy brand into its own publicly traded company, leaving the Gap brand, Banana Republic, Athleta, Intermix and Hill City under the parent company with a name still to be determined. Both new companies will sell jeans, along with other apparel.

CNBC’s Courtney Reagan contributed to this report


Company: cnbc, Activity: cnbc, Date: 2019-03-21  Authors: lauren hirsch
Keywords: news, cnbc, companies, business, strauss, sales, return, market, surge, jean, jeans, billion, levi, shares, public, makes, plans, company, giant


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IPOs are red hot, doubling the return of the market, as Levi Strauss kicks off wave of offerings

Renaissance Capital, which tracks the IPO market, counts 37 companies in registration targeting $10 billion of proceeds. “We are concerned about how the public markets will absorb all this issuance,” Kathleen Smith from Renaissance Capital told CNBC. Her point is that the market is very different than it was 20 years ago. These financial advisors often aren’t even stock pickers and don’t follow the IPO market. “The era when your broker called you up and said, ‘We’ve got a hot deal for you,’ is m


Renaissance Capital, which tracks the IPO market, counts 37 companies in registration targeting $10 billion of proceeds. “We are concerned about how the public markets will absorb all this issuance,” Kathleen Smith from Renaissance Capital told CNBC. Her point is that the market is very different than it was 20 years ago. These financial advisors often aren’t even stock pickers and don’t follow the IPO market. “The era when your broker called you up and said, ‘We’ve got a hot deal for you,’ is m
IPOs are red hot, doubling the return of the market, as Levi Strauss kicks off wave of offerings Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-21  Authors: bob pisani
Keywords: news, cnbc, companies, ipo, proceeds, strauss, record, return, smith, ipos, offerings, market, financial, billion, red, wave, levi, hot, dont, kicks, renaissance, targeting


IPOs are red hot, doubling the return of the market, as Levi Strauss kicks off wave of offerings

Renaissance Capital, which tracks the IPO market, counts 37 companies in registration targeting $10 billion of proceeds. But that’s just the beginning: Renaissance has 234 companies targeting 2019 IPOs with valuations of nearly $700 billion, with a strong possibility that 2019 will be a record $100 billion year for IPO proceeds, passing the 2000 record of $96 billion.

It all sounds terrific, but there’s a simple problem: Who’s going to buy all this stuff?

“We are concerned about how the public markets will absorb all this issuance,” Kathleen Smith from Renaissance Capital told CNBC.

Her point is that the market is very different than it was 20 years ago. There are fewer individual investors. Many don’t even have brokerage accounts. They have financial advisors who do asset allocation using index investing and ETFs. These financial advisors often aren’t even stock pickers and don’t follow the IPO market. They are asset allocators.

“The era when your broker called you up and said, ‘We’ve got a hot deal for you,’ is mostly over,” Smith said.


Company: cnbc, Activity: cnbc, Date: 2019-03-21  Authors: bob pisani
Keywords: news, cnbc, companies, ipo, proceeds, strauss, record, return, smith, ipos, offerings, market, financial, billion, red, wave, levi, hot, dont, kicks, renaissance, targeting


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Stocks making the biggest moves after hours: Nike, Cintas, GameStop and more

Check out the companies making headlines after the bell:Shares of Nike dropped more than 3 percent in extending trading Thursday following the release of the retailers better-than-expected third-quarter earnings results. Nike posted earnings per share of 68 cents, beating estimates of 65 cents, according to Refinitiv. Cintas shares dipped as much as 3 percent after hours Thursday on mixed third-quarter earnings. GameStop shares popped slightly in extended trading on news that the gaming company


Check out the companies making headlines after the bell:Shares of Nike dropped more than 3 percent in extending trading Thursday following the release of the retailers better-than-expected third-quarter earnings results. Nike posted earnings per share of 68 cents, beating estimates of 65 cents, according to Refinitiv. Cintas shares dipped as much as 3 percent after hours Thursday on mixed third-quarter earnings. GameStop shares popped slightly in extended trading on news that the gaming company
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Company: cnbc, Activity: cnbc, Date: 2019-03-21  Authors: maggie fitzgerald, spencer platt, getty images
Keywords: news, cnbc, companies, thirdquarter, making, gamestop, sherman, cintas, share, nike, company, hours, cents, moves, stocks, biggest, billion, standard, earnings, trading, revenue


Stocks making the biggest moves after hours: Nike, Cintas, GameStop and more

Check out the companies making headlines after the bell:

Shares of Nike dropped more than 3 percent in extending trading Thursday following the release of the retailers better-than-expected third-quarter earnings results. Nike posted earnings per share of 68 cents, beating estimates of 65 cents, according to Refinitiv. Revenue came in-line with Wall Street’s expectations at $9.61 billion. The stock was down on weaker-than-expected sales growth in North America.

Cintas shares dipped as much as 3 percent after hours Thursday on mixed third-quarter earnings. The business services company reported $1.68 billion in revenue, slightly missing estimates of $1.69 billion. Earnings per share were $1.84, beating the $1.71 forecast by analysts surveyed by Refinitiv.

Shares of Caleres fell more than 6 percent after market close Thursday following weak fourth-quarter earnings. The footwear company missed on the top and bottom lines. Caleres posted earnings per share of 38 cents on revenues of $720 million. Analysts forecast earnings per share of 45 cents on revenues of $738 million, according to Refinitiv.

GameStop shares popped slightly in extended trading on news that the gaming company named George Sherman as its CEO, effective April 2019. Sherman succeeds Shane Kim, who has served as interim chief executive officer since May 2018. Sherman has leading rolls at retailers Best Buy, Target, and Home Depot.

Shares of Zuora fell more than 11 percent after hours after reporting fourth-quarter earnings. The enterprise software company’s total revenue grew 29 percent year-over-year. The company adopted a new revenue recognition standard that put first-quarter and full-year guidance below the outlook under the previous revenue recognition standard.


Company: cnbc, Activity: cnbc, Date: 2019-03-21  Authors: maggie fitzgerald, spencer platt, getty images
Keywords: news, cnbc, companies, thirdquarter, making, gamestop, sherman, cintas, share, nike, company, hours, cents, moves, stocks, biggest, billion, standard, earnings, trading, revenue


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EU regulators hit Google with $1.7 billion fine for blocking ad rivals

Google has engaged in ‘very abusive practices,’ EU Commissioner says 4 Hours Ago | 02:46The European Union on Wednesday ordered Google to pay 1.49 billion euros ($1.69 billion) for stifling competition in the online advertisement sector. The European Commission said Google had placed exclusivity contracts on website owners, stopping them from including search results from Google’s rivals. The EU’s competition commissioner, Margrethe Vestager, said Google had prevented rivals from being able to “


Google has engaged in ‘very abusive practices,’ EU Commissioner says 4 Hours Ago | 02:46The European Union on Wednesday ordered Google to pay 1.49 billion euros ($1.69 billion) for stifling competition in the online advertisement sector. The European Commission said Google had placed exclusivity contracts on website owners, stopping them from including search results from Google’s rivals. The EU’s competition commissioner, Margrethe Vestager, said Google had prevented rivals from being able to “
EU regulators hit Google with $1.7 billion fine for blocking ad rivals Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-20  Authors: david reid
Keywords: news, cnbc, companies, european, ad, 17, rivals, google, billion, regulators, commissioner, online, blocking, fine, eu, vestager, hit, search, competition


EU regulators hit Google with $1.7 billion fine for blocking ad rivals

Google has engaged in ‘very abusive practices,’ EU Commissioner says 4 Hours Ago | 02:46

The European Union on Wednesday ordered Google to pay 1.49 billion euros ($1.69 billion) for stifling competition in the online advertisement sector.

The European Commission said Google had placed exclusivity contracts on website owners, stopping them from including search results from Google’s rivals. It said these clauses were replaced in 2009 by premium payments and in the same year, Google had asked publishers to seek permission on how rival ads were displayed.

The EU’s competition commissioner, Margrethe Vestager, said Google had prevented rivals from being able to “compete and innovate fairly” in the online ad market.

“Google has cemented its dominance in online search adverts and shielded itself from competitive pressure by imposing anti-competitive contractual restrictions on third-party websites. This is illegal under EU antitrust rules,” Vestager said in Brussels.


Company: cnbc, Activity: cnbc, Date: 2019-03-20  Authors: david reid
Keywords: news, cnbc, companies, european, ad, 17, rivals, google, billion, regulators, commissioner, online, blocking, fine, eu, vestager, hit, search, competition


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Hong Kong is building an $80 billion artificial island to fix its housing shortage

Hong Kong will spend around $80 billion to build one of the world’s biggest artificial islands. The project’s total cost will be around 624 billion Hong Kong dollars ($79.5 billion), Wong said. Hong Kong is home to about 7.4 million people. Although Wong said the new island would help Hong Kong “withstand the increasing pressure of the population,” the plans have faced criticism. The idea for the development of an artificial island was first floated by Hong Kong leader Carrie Lam, who said in a


Hong Kong will spend around $80 billion to build one of the world’s biggest artificial islands. The project’s total cost will be around 624 billion Hong Kong dollars ($79.5 billion), Wong said. Hong Kong is home to about 7.4 million people. Although Wong said the new island would help Hong Kong “withstand the increasing pressure of the population,” the plans have faced criticism. The idea for the development of an artificial island was first floated by Hong Kong leader Carrie Lam, who said in a
Hong Kong is building an $80 billion artificial island to fix its housing shortage Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-20  Authors: chloe taylor, nikada, getty images
Keywords: news, cnbc, companies, hong, building, development, housing, fix, billion, 80, island, wong, artificial, kongs, land, shortage, help, kong


Hong Kong is building an $80 billion artificial island to fix its housing shortage

Hong Kong will spend around $80 billion to build one of the world’s biggest artificial islands.

Secretary for Development Michael Wong said in a speech Tuesday that around 1,000 hectares of land would be constructed to deal with Hong Kong’s “serious shortage of land supply.”

The project’s total cost will be around 624 billion Hong Kong dollars ($79.5 billion), Wong said.

The new “land” will be formed near the existing island of Lantau, and will provide up to 260,000 residential units, he added. Seventy percent of the new homes will be public housing.

Hong Kong is home to about 7.4 million people. The territory has its own laws and currency, while traditions of transparency, low taxes and light regulation have helped make it a major global financial center. High demand and short supply have driven property prices to “unaffordable” levels in recent years.

Although Wong said the new island would help Hong Kong “withstand the increasing pressure of the population,” the plans have faced criticism.

Greenpeace responded to Wong’s announcement with a statement urging the government to develop Hong Kong’s former agricultural sites instead, claiming that it would be a more cost effective and environmentally friendly strategy.

Zhu Jiang, senior project director at Greenpeace, said the move was a “retrogression.”

The idea for the development of an artificial island was first floated by Hong Kong leader Carrie Lam, who said in a policy address last year that it would help to ease the housing shortage.


Company: cnbc, Activity: cnbc, Date: 2019-03-20  Authors: chloe taylor, nikada, getty images
Keywords: news, cnbc, companies, hong, building, development, housing, fix, billion, 80, island, wong, artificial, kongs, land, shortage, help, kong


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EU regulators hit Google with $1.7 billion fine for blocking ad rivals

Google has engaged in ‘very abusive practices,’ EU Commissioner says 4 Hours Ago | 02:46The European Union on Wednesday ordered Google to pay 1.49 billion euros ($1.69 billion) for stifling competition in the online advertisement sector. The European Commission said Google had placed exclusivity contracts on website owners, stopping them from including search results from Google’s rivals. The EU’s competition commissioner, Margrethe Vestager, said Google had prevented rivals from being able to “


Google has engaged in ‘very abusive practices,’ EU Commissioner says 4 Hours Ago | 02:46The European Union on Wednesday ordered Google to pay 1.49 billion euros ($1.69 billion) for stifling competition in the online advertisement sector. The European Commission said Google had placed exclusivity contracts on website owners, stopping them from including search results from Google’s rivals. The EU’s competition commissioner, Margrethe Vestager, said Google had prevented rivals from being able to “
EU regulators hit Google with $1.7 billion fine for blocking ad rivals Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-20  Authors: david reid
Keywords: news, cnbc, companies, european, ad, 17, rivals, google, billion, regulators, commissioner, online, blocking, fine, eu, vestager, hit, search, competition


EU regulators hit Google with $1.7 billion fine for blocking ad rivals

Google has engaged in ‘very abusive practices,’ EU Commissioner says 4 Hours Ago | 02:46

The European Union on Wednesday ordered Google to pay 1.49 billion euros ($1.69 billion) for stifling competition in the online advertisement sector.

The European Commission said Google had placed exclusivity contracts on website owners, stopping them from including search results from Google’s rivals. It said these clauses were replaced in 2009 by premium payments and in the same year, Google had asked publishers to seek permission on how rival ads were displayed.

The EU’s competition commissioner, Margrethe Vestager, said Google had prevented rivals from being able to “compete and innovate fairly” in the online ad market.

“Google has cemented its dominance in online search adverts and shielded itself from competitive pressure by imposing anti-competitive contractual restrictions on third-party websites. This is illegal under EU antitrust rules,” Vestager said in Brussels.


Company: cnbc, Activity: cnbc, Date: 2019-03-20  Authors: david reid
Keywords: news, cnbc, companies, european, ad, 17, rivals, google, billion, regulators, commissioner, online, blocking, fine, eu, vestager, hit, search, competition


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Xiaomi shares plunge despite the Chinese tech giant’s earnings beat

Chinese smartphone maker Xiaomi saw its stock swoon during Wednesday trade despite posting a fourth-quarter earnings report that beat expectations the previous day. Xiaomi’s net profit for the fourth quarter more than tripled to 1.85 billion yuan (approx. $276 million), beating the 1.7 billion yuan average estimate of 10 analysts, according to Refinitiv data. Still, revenue for the period increased 27 percent to 44.4 billion yuan, which was lower than the 47.4 billion yuan average estimate of 13


Chinese smartphone maker Xiaomi saw its stock swoon during Wednesday trade despite posting a fourth-quarter earnings report that beat expectations the previous day. Xiaomi’s net profit for the fourth quarter more than tripled to 1.85 billion yuan (approx. $276 million), beating the 1.7 billion yuan average estimate of 10 analysts, according to Refinitiv data. Still, revenue for the period increased 27 percent to 44.4 billion yuan, which was lower than the 47.4 billion yuan average estimate of 13
Xiaomi shares plunge despite the Chinese tech giant’s earnings beat Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-20  Authors: eustance huang, josep lago, afp, getty images
Keywords: news, cnbc, companies, yuan, smartphone, chinese, earnings, plunge, billion, tech, successful, beat, reason, 2018, shares, refinitiv, according, revenue, despite, xiaomi, giants


Xiaomi shares plunge despite the Chinese tech giant's earnings beat

Chinese smartphone maker Xiaomi saw its stock swoon during Wednesday trade despite posting a fourth-quarter earnings report that beat expectations the previous day.

In Wednesday’s trading session in Hong Kong, shares of Xiaomi dropped 4.59 percent.

That move came a day after Xiaomi announced quarterly earnings that bested expectations. That’s despite 2018 being the “worst year ever for smartphone shipments,” according to market research company IDC, with tech heavyweights such as Apple and Samsung Electronics all warning of weakening sales.

Xiaomi’s net profit for the fourth quarter more than tripled to 1.85 billion yuan (approx. $276 million), beating the 1.7 billion yuan average estimate of 10 analysts, according to Refinitiv data.

Still, revenue for the period increased 27 percent to 44.4 billion yuan, which was lower than the 47.4 billion yuan average estimate of 13 analysts, according to Refinitiv data.

In an interview with CNBC’s “Squawk Box” ahead of the market open on Wednesday, Xiaomi CFO Shou Zi Chew attributed the company’s fourth-quarter performance to keeping efficiency at “a very high level.”

“Our entire operating expense for the year 2018 was still below 10 percent of our revenue and what we have done is, you know, we kept forcing ourselves to be more efficient as a company and return the savings to our users,” Chew said. “This is the reason why we were successful in 2018 and this is the reason why we will be successful going into the future.”


Company: cnbc, Activity: cnbc, Date: 2019-03-20  Authors: eustance huang, josep lago, afp, getty images
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What Indonesia’s e-commerce unicorn says it’s going to do with $1.1 billion in cash investment

Indonesian e-commerce firm Tokopedia plans to use the billion-dollar investment it secured last year to grow its core businesses and make the company “stronger” and more “robust,” according to its associate vice president of financial technology, Samuel Sentana. Tokopedia secured $1.1 billion from SoftBank’s Vision Fund and Chinese e-commerce giant Alibaba in December last year, raising the Indonesian unicorn’s valuation to $7 billion as of January. A unicorn is a start-up valued at more than $1


Indonesian e-commerce firm Tokopedia plans to use the billion-dollar investment it secured last year to grow its core businesses and make the company “stronger” and more “robust,” according to its associate vice president of financial technology, Samuel Sentana. Tokopedia secured $1.1 billion from SoftBank’s Vision Fund and Chinese e-commerce giant Alibaba in December last year, raising the Indonesian unicorn’s valuation to $7 billion as of January. A unicorn is a start-up valued at more than $1
What Indonesia’s e-commerce unicorn says it’s going to do with $1.1 billion in cash investment Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-19  Authors: shirley tay, dimas ardian, bloomberg, getty images
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What Indonesia's e-commerce unicorn says it's going to do with $1.1 billion in cash investment

Indonesian e-commerce firm Tokopedia plans to use the billion-dollar investment it secured last year to grow its core businesses and make the company “stronger” and more “robust,” according to its associate vice president of financial technology, Samuel Sentana.

Tokopedia secured $1.1 billion from SoftBank’s Vision Fund and Chinese e-commerce giant Alibaba in December last year, raising the Indonesian unicorn’s valuation to $7 billion as of January. A unicorn is a start-up valued at more than $1 billion.

Speaking to CNBC’s “Street Signs Asia” at the Money 20/20 conference in Singapore on Tuesday, Sentana said the money will be used to grow its four key businesses: financial technology and payment; logistics; online-to-offline commerce; and the marketplace and digital business.

“That $1.1 billion is going to be funded into these four core business to make the ecosystem even more stronger and robust, so that everybody can start to buy and sell everything, and can discover everything,” Sentana said.


Company: cnbc, Activity: cnbc, Date: 2019-03-19  Authors: shirley tay, dimas ardian, bloomberg, getty images
Keywords: news, cnbc, companies, money, investment, grow, stronger, indonesias, financial, cash, technology, 11, robust, ecommerce, billion, sentana, secured, going, unicorn, indonesian


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Autos stocks lead gains as European markets move higher; Danske Bank shares dive 5%

Europe’s autos stocks led the gains, up more than 2.4 percent after French daily Los Echos reported on Monday that the Peugeot family could favor Fiat Chrysler as a candidate for possible consolidation operations. Shares of Fiat Chrysler jumped 5 percent on the news. Looking at individual stocks, Denmark’s Danske Bank tumbled toward the bottom of the European benchmark on Tuesday. The mining company also reported a drop in annual core earnings that was in line with analyst expectations. Shares o


Europe’s autos stocks led the gains, up more than 2.4 percent after French daily Los Echos reported on Monday that the Peugeot family could favor Fiat Chrysler as a candidate for possible consolidation operations. Shares of Fiat Chrysler jumped 5 percent on the news. Looking at individual stocks, Denmark’s Danske Bank tumbled toward the bottom of the European benchmark on Tuesday. The mining company also reported a drop in annual core earnings that was in line with analyst expectations. Shares o
Autos stocks lead gains as European markets move higher; Danske Bank shares dive 5% Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-19  Authors: sam meredith
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Autos stocks lead gains as European markets move higher; Danske Bank shares dive 5%

Europe’s autos stocks led the gains, up more than 2.4 percent after French daily Los Echos reported on Monday that the Peugeot family could favor Fiat Chrysler as a candidate for possible consolidation operations. Shares of Fiat Chrysler jumped 5 percent on the news. Faurecia, Porsche and Daimler were also more than 3 percent higher.

Looking at individual stocks, Denmark’s Danske Bank tumbled toward the bottom of the European benchmark on Tuesday. It comes after two U.S. law firms filed a lawsuit against the lender on behalf of institutional investors over a 200 billion euro ($227 billion) money laundering scandal. Shares of the Copenhagen-listed stock fell over 5 percent.

Meanwhile, Antofagasta rose to the top of the index after it announced a higher-than-expected dividend payout on Tuesday. The mining company also reported a drop in annual core earnings that was in line with analyst expectations. Shares of the London-listed stock gained 3 percent.


Company: cnbc, Activity: cnbc, Date: 2019-03-19  Authors: sam meredith
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Deutsche Bank loaned $2 billion to Donald Trump over two decades: NYT

Deutsche Bank loaned more than $2 billion to Donald Trump before he became U.S. president — despite multiple red flags surrounding Trump, The New York Times reported on Monday. The Times report comes after Germany’s two largest lenders, Deutsche Bank and Commerzbank, confirmed on Sunday that they were in talks about a merger. Over the years, Trump used loans provided by Deutsche Bank to build skyscrapers and other high-end properties, the Times reported. Deutsche Bank declined to comment on the


Deutsche Bank loaned more than $2 billion to Donald Trump before he became U.S. president — despite multiple red flags surrounding Trump, The New York Times reported on Monday. The Times report comes after Germany’s two largest lenders, Deutsche Bank and Commerzbank, confirmed on Sunday that they were in talks about a merger. Over the years, Trump used loans provided by Deutsche Bank to build skyscrapers and other high-end properties, the Times reported. Deutsche Bank declined to comment on the
Deutsche Bank loaned $2 billion to Donald Trump over two decades: NYT Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-19  Authors: yen nee lee, jonathan ernst, toni l sandys, the washington post, getty images
Keywords: news, cnbc, companies, trump, president, relationship, reported, bank, donald, nyt, report, german, york, billion, decades, loaned, deutsche, times


Deutsche Bank loaned $2 billion to Donald Trump over two decades: NYT

Deutsche Bank loaned more than $2 billion to Donald Trump before he became U.S. president — despite multiple red flags surrounding Trump, The New York Times reported on Monday.

The Times interviewed more than 20 former and current executives and board members at Deutsche Bank for the report, which outlined how Trump managed to secure financing from the German bank for nearly two decades despite his bankruptcies and being considered a risky client by other lenders.

The Times report comes after Germany’s two largest lenders, Deutsche Bank and Commerzbank, confirmed on Sunday that they were in talks about a merger. German-traded shares of both banks jumped higher on Monday.

According to the newspaper, in some instances, Trump exaggerated his wealth and promised to reward bankers with a weekend at Mar-a-Lago — his private club in Palm Beach, Florida — in order to get loans.

Over the years, Trump used loans provided by Deutsche Bank to build skyscrapers and other high-end properties, the Times reported. For the German bank, its relationship with Trump was key in building its investment-banking business, the report said.

Deutsche Bank declined to comment on the Times report. The Trump Organization and the White House did not immediately reply to CNBC’s request for comment.

Trump’s relationship with Deutsche Bank has come under scrutiny in the U.S. The New York attorney general’s office and the Democratic-controlled Intelligence Committee and Financial Services Committee in Congress have been looking into the president’s financial ties with the German bank.

For the full report on U.S. President Donald Trump’s relationship with Deutsche Bank, read The New York Times.


Company: cnbc, Activity: cnbc, Date: 2019-03-19  Authors: yen nee lee, jonathan ernst, toni l sandys, the washington post, getty images
Keywords: news, cnbc, companies, trump, president, relationship, reported, bank, donald, nyt, report, german, york, billion, decades, loaned, deutsche, times


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