BMW quarterly profit tumbles 78%, hit by 1.4 billion euro legal provision

BMW’s first-quarter operating profit fell 78 percent to 589 million euros, despite higher deliveries of luxury vehicles, as the carmaker felt the effects of higher investment spending and a 1.4 billion euro ($1.6 billion) legal provision. The European Commission last month told German carmakers they face hefty fines for alleged collusion in the area of emissions filtering technology. Adding to the downbeat tone, the company reiterated that it expects group profit before tax to be well below the


BMW’s first-quarter operating profit fell 78 percent to 589 million euros, despite higher deliveries of luxury vehicles, as the carmaker felt the effects of higher investment spending and a 1.4 billion euro ($1.6 billion) legal provision. The European Commission last month told German carmakers they face hefty fines for alleged collusion in the area of emissions filtering technology. Adding to the downbeat tone, the company reiterated that it expects group profit before tax to be well below the
BMW quarterly profit tumbles 78%, hit by 1.4 billion euro legal provision Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-07
Keywords: news, cnbc, companies, provision, 78, euros, analyst, euro, billion, tumbles, profit, higher, quarterly, legal, hit, firstquarter, fell, bmw, electric, million, spending


BMW quarterly profit tumbles 78%, hit by 1.4 billion euro legal provision

BMW’s first-quarter operating profit fell 78 percent to 589 million euros, despite higher deliveries of luxury vehicles, as the carmaker felt the effects of higher investment spending and a 1.4 billion euro ($1.6 billion) legal provision.

The European Commission last month told German carmakers they face hefty fines for alleged collusion in the area of emissions filtering technology. BMW denies participating in anti-trust activities and is contesting the allegations.

Adding to the downbeat tone, the company reiterated that it expects group profit before tax to be well below the previous year’s level.

BMW’s first-quarter earnings before interest and taxes were below the 666 million euros forecast in an analyst poll, weighed down by a 36 percent jump in spending on property, plants and equipment to convert its factories to build electric cars.

Analysts said BMW’s results were underwhelming, adding that sales of electric and hybrid cars were not stellar. Shares fell 1 percent after the market opened.

“Business is not doing well at BMW,” NordLB analyst Frank Schwope said. That view was shared by Evercore ISI analyst Arndt Ellinghorst who said: “BMW has entered a period of weakness. The question is, how long will it last?”


Company: cnbc, Activity: cnbc, Date: 2019-05-07
Keywords: news, cnbc, companies, provision, 78, euros, analyst, euro, billion, tumbles, profit, higher, quarterly, legal, hit, firstquarter, fell, bmw, electric, million, spending


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SocGen first-quarter profit dives 26% amid choppy market conditions

Societe Generale first-quarter profit fell 26% over the first three months of the year, as challenging market conditions continued to hobble Europe’s banks. SocGen, France’s third-largest bank, posted net income of 631 million euros ($705 million) for the first three months of the year. That compared with net income of 850 million euros a year earlier and 624 million euros in the final three months of 2018. Analysts polled by Reuters had expected first-quarter profit to come in around 637 millio


Societe Generale first-quarter profit fell 26% over the first three months of the year, as challenging market conditions continued to hobble Europe’s banks. SocGen, France’s third-largest bank, posted net income of 631 million euros ($705 million) for the first three months of the year. That compared with net income of 850 million euros a year earlier and 624 million euros in the final three months of 2018. Analysts polled by Reuters had expected first-quarter profit to come in around 637 millio
SocGen first-quarter profit dives 26% amid choppy market conditions Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-03  Authors: sam meredith
Keywords: news, cnbc, companies, euros, market, net, dives, million, conditions, income, profit, choppy, amid, 26, banks, months, socgen, ratio, stood, firstquarter


SocGen first-quarter profit dives 26% amid choppy market conditions

Societe Generale first-quarter profit fell 26% over the first three months of the year, as challenging market conditions continued to hobble Europe’s banks.

SocGen, France’s third-largest bank, posted net income of 631 million euros ($705 million) for the first three months of the year. That compared with net income of 850 million euros a year earlier and 624 million euros in the final three months of 2018.

Analysts polled by Reuters had expected first-quarter profit to come in around 637 million euros.

Shares of SocGen were up more than 2% during early morning deals.

Here are some of the key takeaways:

First-quarter net income came in at 631 million euros, down from 850 million euros a year ago.

Revenues came in at 6.2 billion euros, down more than 1% when compared to the same three-month period in 2018.

The bank’s core capital ratio stood at 11.7% at the end of the first quarter.

“I am happy with the beginning of the year,” Frederic Oudea, CEO of SocGen, told CNBC’s Julianna Tatelbaum on Friday.

“I must say the very good news is on the capital ratio and we are showing that yes, we can definitely address this issue,” Oudea said.

Its common equity tier 1 ratio, which indicates a bank’s strength, stood at 11.7% at the end of the first quarter.

A protracted period of low interest rates has curtailed returns for retail banking in recent years, prompting SocGen — as well as other big European banks — to rely on the more volatile earnings from corporate and investment banking, with mixed results.


Company: cnbc, Activity: cnbc, Date: 2019-05-03  Authors: sam meredith
Keywords: news, cnbc, companies, euros, market, net, dives, million, conditions, income, profit, choppy, amid, 26, banks, months, socgen, ratio, stood, firstquarter


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French bank BNP Paribas posts profit beat as market environment improves

BNP Paribas reported a net income of 1.92 billion euros ($2.15 billion) for the first quarter, a jump of 22% from the same period the year before. Analysts were expecting a profit of 1.71 billion euros for the quarter, according to Reuters. The bank’s performance was supported by stronger client activity in its corporate and institutional banking sector, describing an improving market environment after a “lackluster” start to the year. Here are some other key metrics for the quarter:Revenues of


BNP Paribas reported a net income of 1.92 billion euros ($2.15 billion) for the first quarter, a jump of 22% from the same period the year before. Analysts were expecting a profit of 1.71 billion euros for the quarter, according to Reuters. The bank’s performance was supported by stronger client activity in its corporate and institutional banking sector, describing an improving market environment after a “lackluster” start to the year. Here are some other key metrics for the quarter:Revenues of
French bank BNP Paribas posts profit beat as market environment improves Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-02  Authors: silvia amaro
Keywords: news, cnbc, companies, paribas, euros, beat, improves, environment, quarter, bank, supported, vs, start, market, posts, yearhere, tier, billion, stronger, profit, french, bnp


French bank BNP Paribas posts profit beat as market environment improves

BNP Paribas reported a net income of 1.92 billion euros ($2.15 billion) for the first quarter, a jump of 22% from the same period the year before.

Analysts were expecting a profit of 1.71 billion euros for the quarter, according to Reuters. The bank’s performance was supported by stronger client activity in its corporate and institutional banking sector, describing an improving market environment after a “lackluster” start to the year.

Here are some other key metrics for the quarter:

Revenues of 11.1 billion euros, vs. 10.8 billion euros a year ago.

Common Equity Tier (CET) 1 Ratio of 11.7% — a 10 basis point drop from the previous quarter.

France’s largest bank said Thursday that it’s committed to delivering an extra half a billion euros in cost savings this year, which includes reducing staff and bank branches.


Company: cnbc, Activity: cnbc, Date: 2019-05-02  Authors: silvia amaro
Keywords: news, cnbc, companies, paribas, euros, beat, improves, environment, quarter, bank, supported, vs, start, market, posts, yearhere, tier, billion, stronger, profit, french, bnp


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Dutch bank ING posts profit dip and misses expectations

ING, the largest Dutch financial group, reported a slight drop in first-quarter underlying net profit of 1.12 billion euros ($1.26 billion), narrowly missing analyst expectations of 1.15 billion euros in a Reuters poll. The bank reported 1.19 billion euros of net profit in the first quarter of 2018. Pre-tax profits of 1.58 billion euros ($1.77 billion) were down 6.2% from the first quarter of last year. The group reported an increase in net core lending of 8.7 billion euros in the first quarter,


ING, the largest Dutch financial group, reported a slight drop in first-quarter underlying net profit of 1.12 billion euros ($1.26 billion), narrowly missing analyst expectations of 1.15 billion euros in a Reuters poll. The bank reported 1.19 billion euros of net profit in the first quarter of 2018. Pre-tax profits of 1.58 billion euros ($1.77 billion) were down 6.2% from the first quarter of last year. The group reported an increase in net core lending of 8.7 billion euros in the first quarter,
Dutch bank ING posts profit dip and misses expectations Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-02  Authors: elliot smith
Keywords: news, cnbc, companies, million, reported, profit, dutch, ing, billion, euros, misses, posts, expectations, dip, quarter, bank, customer, net, program


Dutch bank ING posts profit dip and misses expectations

ING, the largest Dutch financial group, reported a slight drop in first-quarter underlying net profit of 1.12 billion euros ($1.26 billion), narrowly missing analyst expectations of 1.15 billion euros in a Reuters poll.

The bank reported 1.19 billion euros of net profit in the first quarter of 2018. Pre-tax profits of 1.58 billion euros ($1.77 billion) were down 6.2% from the first quarter of last year. Quarter-on-quarter, the underlying result before tax fell 6.5%, which the bank said was caused entirely by the “seasonally higher regulatory costs in the first quarter.”

The group reported an increase in net core lending of 8.7 billion euros in the first quarter, with net customer deposit inflows amounting to 4.8 billion euros.

Its retail primary customer base grew by 150,000 to 12.6 million. In a statement, CEO Ralph Hamers said the results showed “good commercial momentum.”

“Income grew both year on year and sequentially and we see the positive results of our transformation program coming through, especially in the Netherlands and Belgium,” said Hamers.

“However, this was offset by higher but still relatively low risk costs, and pressure from low interest rates in our main euro zone markets.”

Shares fell 1.5% during early morning trading Thursday.

Hamers also stressed that the bank understands “how vital it is to master the management of nonfinancial risks” and is committed to doing so.

Provisions for bad loans reduced from 242 million euros in the fourth quarter of 2018 to 207 million euros.

The bank incurred a fine of 775 million euros in the third quarter of 2018 for poor monitoring of money laundering by clients, and is continuing a know your customer (KYC) enhancement program.

In its earnings report, ING said it was in regular contact with regulators about this program. The bank also revealed that it was informed in March of a report by the Italian central bank into shortcomings in anti-money laundering processes at ING Italy.

“We’re analyzing these findings and taking the necessary steps to improve processes and the management of compliance risks in Italy, in line with our global enhancement program,” the bank said.

In the meantime, ING Italy will refrain from taking on new clients.


Company: cnbc, Activity: cnbc, Date: 2019-05-02  Authors: elliot smith
Keywords: news, cnbc, companies, million, reported, profit, dutch, ing, billion, euros, misses, posts, expectations, dip, quarter, bank, customer, net, program


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Payments firm Wirecard confirms profit target for 2019 after SoftBank deal

Wirecard confirmed its profit target for 2019 Thursday, a day after the German payments group announced an incoming $1 billion capital injection from SoftBank. The firm’s operating earnings before interest, tax, depreciation and amortization (EBITDA) rose almost 37% year-on-year to 560.5 million euros ($625.2 million) in 2018. Consolidated revenues for the year increased by over 35% to 2.02 billion euros. That’s slightly down from preliminary results posted in late January, which had put the com


Wirecard confirmed its profit target for 2019 Thursday, a day after the German payments group announced an incoming $1 billion capital injection from SoftBank. The firm’s operating earnings before interest, tax, depreciation and amortization (EBITDA) rose almost 37% year-on-year to 560.5 million euros ($625.2 million) in 2018. Consolidated revenues for the year increased by over 35% to 2.02 billion euros. That’s slightly down from preliminary results posted in late January, which had put the com
Payments firm Wirecard confirms profit target for 2019 after SoftBank deal Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-25  Authors: ryan browne, michaela handrek-rehle, bloomberg, getty images
Keywords: news, cnbc, companies, rose, target, wirecard, payments, ebitda, earnings, euros, million, 2019, yearonyear, firm, way, softbank, profit, revenues, deal, billion, confirms


Payments firm Wirecard confirms profit target for 2019 after SoftBank deal

Wirecard confirmed its profit target for 2019 Thursday, a day after the German payments group announced an incoming $1 billion capital injection from SoftBank.

The firm’s operating earnings before interest, tax, depreciation and amortization (EBITDA) rose almost 37% year-on-year to 560.5 million euros ($625.2 million) in 2018. Consolidated revenues for the year increased by over 35% to 2.02 billion euros.

That’s slightly down from preliminary results posted in late January, which had put the company’s earnings for the year at 568.3 million euros and revenues at 2.1 billion euros.

But Wirecard says it expects to post EBITDA of between 740 million euros and 800 million euros this year. Shares of the company rose 2% in morning trade.

“I think we’re very enthusiastic, we’re looking into a great year and I can also say we started into the year in a very robust and strong way,” Wirecard CEO Markus Braun told CNBC’s “Squawk Box Europe.


Company: cnbc, Activity: cnbc, Date: 2019-04-25  Authors: ryan browne, michaela handrek-rehle, bloomberg, getty images
Keywords: news, cnbc, companies, rose, target, wirecard, payments, ebitda, earnings, euros, million, 2019, yearonyear, firm, way, softbank, profit, revenues, deal, billion, confirms


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Payments firm Wirecard confirms profit target for 2019 after SoftBank deal

Wirecard confirmed its profit target for 2019 Thursday, a day after the German payments group announced an incoming $1 billion capital injection from SoftBank. The firm’s operating earnings before interest, tax, depreciation and amortization (EBITDA) rose almost 37% year-on-year to 560.5 million euros ($625.2 million) in 2018. Consolidated revenues for the year increased by over 35% to 2.02 billion euros. That’s slightly down from preliminary results posted in late January, which had put the com


Wirecard confirmed its profit target for 2019 Thursday, a day after the German payments group announced an incoming $1 billion capital injection from SoftBank. The firm’s operating earnings before interest, tax, depreciation and amortization (EBITDA) rose almost 37% year-on-year to 560.5 million euros ($625.2 million) in 2018. Consolidated revenues for the year increased by over 35% to 2.02 billion euros. That’s slightly down from preliminary results posted in late January, which had put the com
Payments firm Wirecard confirms profit target for 2019 after SoftBank deal Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-25  Authors: ryan browne, michaela handrek-rehle, bloomberg, getty images
Keywords: news, cnbc, companies, billion, firm, target, wirecard, profit, euros, revenues, rose, yearonyear, way, confirms, earnings, million, softbank, deal, 2019, ebitda, payments


Payments firm Wirecard confirms profit target for 2019 after SoftBank deal

Wirecard confirmed its profit target for 2019 Thursday, a day after the German payments group announced an incoming $1 billion capital injection from SoftBank.

The firm’s operating earnings before interest, tax, depreciation and amortization (EBITDA) rose almost 37% year-on-year to 560.5 million euros ($625.2 million) in 2018. Consolidated revenues for the year increased by over 35% to 2.02 billion euros.

That’s slightly down from preliminary results posted in late January, which had put the company’s earnings for the year at 568.3 million euros and revenues at 2.1 billion euros.

But Wirecard says it expects to post EBITDA of between 740 million euros and 800 million euros this year. Shares of the company rose 2% in morning trade.

“I think we’re very enthusiastic, we’re looking into a great year and I can also say we started into the year in a very robust and strong way,” Wirecard CEO Markus Braun told CNBC’s “Squawk Box Europe.


Company: cnbc, Activity: cnbc, Date: 2019-04-25  Authors: ryan browne, michaela handrek-rehle, bloomberg, getty images
Keywords: news, cnbc, companies, billion, firm, target, wirecard, profit, euros, revenues, rose, yearonyear, way, confirms, earnings, million, softbank, deal, 2019, ebitda, payments


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Lufthansa reports loss as high fuel cost, overcapacity weigh

Germany’s biggest airline Lufthansa posted a loss for first three months of the year, hurt by rising fuel cost and overcapacity in Europe. The company said in a statement on Monday evening that adjusted earnings before interest and tax (EBIT) fell to -336 million euros (-$380 million), compared to 52 million euros a year earlier. Earnings were hit by a 202-million euro rise in fuel costs, as well as a strong comparison to the previous year when the airline benefited from the loss of capacity due


Germany’s biggest airline Lufthansa posted a loss for first three months of the year, hurt by rising fuel cost and overcapacity in Europe. The company said in a statement on Monday evening that adjusted earnings before interest and tax (EBIT) fell to -336 million euros (-$380 million), compared to 52 million euros a year earlier. Earnings were hit by a 202-million euro rise in fuel costs, as well as a strong comparison to the previous year when the airline benefited from the loss of capacity due
Lufthansa reports loss as high fuel cost, overcapacity weigh Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-16  Authors: ralph orlowski
Keywords: news, cnbc, companies, adjusted, weigh, million, loss, high, lufthansa, airline, reports, expected, yearonyear, capacity, cost, fuel, overcapacity, euros


Lufthansa reports loss as high fuel cost, overcapacity weigh

Germany’s biggest airline Lufthansa posted a loss for first three months of the year, hurt by rising fuel cost and overcapacity in Europe.

The company said in a statement on Monday evening that adjusted earnings before interest and tax (EBIT) fell to -336 million euros (-$380 million), compared to 52 million euros a year earlier.

Earnings were hit by a 202-million euro rise in fuel costs, as well as a strong comparison to the previous year when the airline benefited from the loss of capacity due to Air Berlin’s insolvency, Lufthansa said.

The airline said it expected unit revenues at constant currency to increase year-on-year in the second quarter, helped by favorable booking levels and a clear slowing of the market-wide capacity growth.

For 2019, Lufthansa said it still expected to report an adjusted operating profit margin of 6.5-8.0 percent.

Shares of the airline were indicated to open 5.5 percent lower in premarket trade on Tuesday morning at 0535 GMT.


Company: cnbc, Activity: cnbc, Date: 2019-04-16  Authors: ralph orlowski
Keywords: news, cnbc, companies, adjusted, weigh, million, loss, high, lufthansa, airline, reports, expected, yearonyear, capacity, cost, fuel, overcapacity, euros


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Apple joins French firms in pledging millions to rebuild Notre Dame after fire

Francois-Henri Pinault, whose Artemis holding company owns a controlling stake in Kering, pledged 100 million euros ($113 million), while Bernard Arnault, chair of LVMH, gave 200 million euros. French energy company Total will also contribute 100 million euros, its CEO Patrick Pouyanne said Tuesday, Reuters reported, while consulting firm Capgemini will donate 1 million euros, it said in an online statement. French outdoor advertising group, JCDecaux, pledged 20 million euros to rebuilding effor


Francois-Henri Pinault, whose Artemis holding company owns a controlling stake in Kering, pledged 100 million euros ($113 million), while Bernard Arnault, chair of LVMH, gave 200 million euros. French energy company Total will also contribute 100 million euros, its CEO Patrick Pouyanne said Tuesday, Reuters reported, while consulting firm Capgemini will donate 1 million euros, it said in an online statement. French outdoor advertising group, JCDecaux, pledged 20 million euros to rebuilding effor
Apple joins French firms in pledging millions to rebuild Notre Dame after fire Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-16  Authors: lucy handley, isabel soisson, philippe lopez, afp, getty images
Keywords: news, cnbc, companies, rebuild, firms, pledged, group, notre, joins, million, franceklm, ceo, air, company, french, dame, euros, millions, france, pledging, apple


Apple joins French firms in pledging millions to rebuild Notre Dame after fire

French companies including L’Oreal and luxury groups LVMH and Kering have pledged millions of euros to help rebuild Notre Dame Cathedral in Paris after it was severely damaged in a fire Monday night.

Francois-Henri Pinault, whose Artemis holding company owns a controlling stake in Kering, pledged 100 million euros ($113 million), while Bernard Arnault, chair of LVMH, gave 200 million euros. Kering owns labels such as Gucci, Saint Laurent and Alexander McQueen, while LVMH’s star brands include Louis Vuitton, Christian Dior and Moet & Chandon champagne.

“This tragedy is striking all the French people, and beyond that, all those attached to spiritual values. Faced with this tragedy, everyone wishes to give life back to this jewel of our heritage as soon as possible,” Pinault, chair of Artemis said in a statement.

Meanwhile, cosmetics group L’Oreal and its majority shareholder the Bettencourt Meyers family and the Bettencourt Schueller foundation said they would donate 200 million euros, according to a Reuters report.

French energy company Total will also contribute 100 million euros, its CEO Patrick Pouyanne said Tuesday, Reuters reported, while consulting firm Capgemini will donate 1 million euros, it said in an online statement.

In addition to these companies, Marc Ladreit de Lacharriere, CEO of Fimalac, an investment group focused on digital media and real estate, pledged 10 million euros, according to a Reuters report.

French outdoor advertising group, JCDecaux, pledged 20 million euros to rebuilding efforts while financial services company Societe Generale pledged 10 million euros. The IT services group, Capgemini pledged 1 million euros.

Supermarket and retail company Groupe Casino said that its Franprix and Monoprix stores would implement price-rounding operations to help support foundations aiding with the repairs, Reuters reported.

Air France and Air France-KLM also pledged their support to the rebuilding of Notre Dame.

In a joint statement from the airlines, the company said that “All Air France and Air France-KLM teams around the world have been deeply affected and saddened since yesterday.”

This is why Benjamin Smith, CEO of Air France-KLM, with Anne-Marie Couderc, chairman of Air France-KLM, and Anne Rigail, CEO of Air France have decided that the company will provide free transport for all official partners involved in reconstructing the famed cathedral. In addition to this, the Air France-KLM group will be setting up a voluntary donations fund for its customers to help finance these efforts.

Tim Cook, CEO of Apple tweeted on Tuesday morning that the company will be donating to the rebuilding efforts to help restore Notre Dame as well.

Apple didn’t immediately return a call seeking additional information about the donation.

LVMH added that it would give France access to its creative, architectural and financial experts to assist in the reconstruction.

Construction group Vinci called on all building companies in France to work together to repair Notre Dame in an “industry-wide skills sponsorship drive,” according to a press release from the company. Bouygues Group said they would join this skills sponsorship while Martin Bouygues, who oversees a telecoms to construction conglomerate, tweeted on behalf of himself and his brother Olivier, pledging to donate 10 million euros.

“The Arnault family and the LVMH Group, in solidarity with this national tragedy, are committed to assist with the reconstruction of this extraordinary cathedral, symbol of France, its heritage and its unity,” LVMH said in a statement on its website on Tuesday.

Notre Dame is one of the most famous landmarks in Paris, attracting millions of tourists each year. The 850-year-old building was being renovated and French officials said the cause of the fire could be related.


Company: cnbc, Activity: cnbc, Date: 2019-04-16  Authors: lucy handley, isabel soisson, philippe lopez, afp, getty images
Keywords: news, cnbc, companies, rebuild, firms, pledged, group, notre, joins, million, franceklm, ceo, air, company, french, dame, euros, millions, france, pledging, apple


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French Open has extra incentive for Nadal, Djokovic, Williams as tournament prize money swells

The French Open has announced an 8 percent increase in its prize money this year. The French Open will be the next stop for Tennis on its Grand Slam calendar when it begins on May 26, with the tournament concluding with the men’s singles final on June 9th. The most significant increase in prize money on offer has come in the amounts offered for players who exit in the early rounds. A special effort has been made for the qualifying rounds, whose prize money has risen by an average of nearly 15 pe


The French Open has announced an 8 percent increase in its prize money this year. The French Open will be the next stop for Tennis on its Grand Slam calendar when it begins on May 26, with the tournament concluding with the men’s singles final on June 9th. The most significant increase in prize money on offer has come in the amounts offered for players who exit in the early rounds. A special effort has been made for the qualifying rounds, whose prize money has risen by an average of nearly 15 pe
French Open has extra incentive for Nadal, Djokovic, Williams as tournament prize money swells Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-25  Authors: adam reed, gonzalo fuentes
Keywords: news, cnbc, companies, swells, williams, mens, money, french, incentive, prize, tournament, euros, nadal, extra, round, increase, singles, players, open


French Open has extra incentive for Nadal, Djokovic, Williams as tournament prize money swells

The French Open has announced an 8 percent increase in its prize money this year.

The 2019 prize pot at the Roland Garros tournament has swelled by 8 per cent compared with 2018, to reach a total of 42,661,000 euros ($48.4 million), according to an official release published Friday.

The French Open will be the next stop for Tennis on its Grand Slam calendar when it begins on May 26, with the tournament concluding with the men’s singles final on June 9th.

Rafael Nadal and Simona Halep are the defending men’s and women’s singles champions and the clay court event has had a further boost this year with the news Roger Federer will be in the draw for the first time since 2015.

The most significant increase in prize money on offer has come in the amounts offered for players who exit in the early rounds.

Those who are beaten in “week 1” of the tournament will see a significant increase in their earnings, over 10 percent, on average, from the opening round to the Round of 16.

The loser of any first round match will still receive 46,000 euros, which is still considerably less than the 2.3 million euros the male or female champion will receive.

The President of the French Tennis Federation, Bernard Giudicelli, and the Tournament Director, Guy Forget said last week they wanted to continue narrowing the gap between the amounts awarded to the tournament winners, in both the women’s and men’s singles events and to the players who are knocked out in the first round.

A special effort has been made for the qualifying rounds, whose prize money has risen by an average of nearly 15 per cent. Players who now make it as far as the final qualifying round, but not into the main draw itself stand to earn 24,000 euros.


Company: cnbc, Activity: cnbc, Date: 2019-03-25  Authors: adam reed, gonzalo fuentes
Keywords: news, cnbc, companies, swells, williams, mens, money, french, incentive, prize, tournament, euros, nadal, extra, round, increase, singles, players, open


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Germany is forcing a marriage that may not work

Deutsche Bank has lost 600 billion euros of its assets and down more than 60 percent in terms of market capitalization. Commerzbank on the other hand has gained around 100 billion pounds or so in its total assets but lost half of its market cap. A merger would give Deutsche Bank and Commerzbank access to nearly 1.9 trillion euros of total assets and the German government seems to want to step on the accelerator to get this done. All along, the three have been reaffirming their faith in Deutsche


Deutsche Bank has lost 600 billion euros of its assets and down more than 60 percent in terms of market capitalization. Commerzbank on the other hand has gained around 100 billion pounds or so in its total assets but lost half of its market cap. A merger would give Deutsche Bank and Commerzbank access to nearly 1.9 trillion euros of total assets and the German government seems to want to step on the accelerator to get this done. All along, the three have been reaffirming their faith in Deutsche
Germany is forcing a marriage that may not work Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-19  Authors: spriha srivastava, frank rumpenhorst, dpa, getty images
Keywords: news, cnbc, companies, work, euros, marriage, market, merger, bank, total, germany, trillion, billion, forcing, banks, deutsche, assets


Germany is forcing a marriage that may not work

Back in 2007, Deutsche Bank had its own balance sheet of 2 trillion euros ($2.25 trillion) and a market capitalization of nearly 50 billion euros, compared to Commerzbank’s relatively humble total assets of 270 billion euros and a market cap of 17 billion euros. Over the last ten years the gap has narrowed.

Deutsche Bank has lost 600 billion euros of its assets and down more than 60 percent in terms of market capitalization. Commerzbank on the other hand has gained around 100 billion pounds or so in its total assets but lost half of its market cap.

A merger would give Deutsche Bank and Commerzbank access to nearly 1.9 trillion euros of total assets and the German government seems to want to step on the accelerator to get this done.

But any tie-up would likely be viewed as an embarrassment for the likes of John Cryan, the former CEO of Deutsche Bank, Christian Sewing, the bank’s current boss and Peter Altmaier, the German economy minister. All along, the three have been reaffirming their faith in Deutsche Bank’s strategy and its position as one of Europe’s strongest banks.

Sewing took over as CEO in April last year and in September he said that the bank may consider merger talks once it has boosted its profitability over the next 18 months. Little did Sewing know that he would be pressured into merger talks even before the end of this 18-month period.

While the merger will give Deutsche Bank access to a much bigger balance sheet, it could also mean a multi-billion euro financial hole because it would force the re-valuation of the lenders’ assets and a risk of 30,000 jobs being cut.

The merger, if it were to happen, will be embedded with certain caveats. The German government still owns about 15 percent of Commerzbank and a merger would mean a bigger say from the government in the bank’s dealings. It could also mean the banks may be pressured to be more risk averse in their dealings as compared to ten years ago.


Company: cnbc, Activity: cnbc, Date: 2019-03-19  Authors: spriha srivastava, frank rumpenhorst, dpa, getty images
Keywords: news, cnbc, companies, work, euros, marriage, market, merger, bank, total, germany, trillion, billion, forcing, banks, deutsche, assets


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