Revlon stock jumps on report that the cosmetics company is considering a sale

Shares of cosmetics company Revlon jumped more than 7% after Bloomberg reported that it was retaining advisors from Goldman Sachs to consider a potential sale of parts or all of its business. Earlier this month, the company received a $200 million four-year senior secured loan to help fund its business. Last week, it reported its second-quarter net loss narrowed to $63.7 million from $122.5 million a year earlier. But net sales fell 6% to $570.2 million, hurt by sales declines at its smaller bra


Shares of cosmetics company Revlon jumped more than 7% after Bloomberg reported that it was retaining advisors from Goldman Sachs to consider a potential sale of parts or all of its business. Earlier this month, the company received a $200 million four-year senior secured loan to help fund its business. Last week, it reported its second-quarter net loss narrowed to $63.7 million from $122.5 million a year earlier. But net sales fell 6% to $570.2 million, hurt by sales declines at its smaller bra
Revlon stock jumps on report that the cosmetics company is considering a sale Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-15  Authors: jasmine wu
Keywords: news, cnbc, companies, sales, sale, considering, jumps, reported, billion, week, net, report, cosmetics, million, revlon, loan, stock, company, market


Revlon stock jumps on report that the cosmetics company is considering a sale

Shares of cosmetics company Revlon jumped more than 7% after Bloomberg reported that it was retaining advisors from Goldman Sachs to consider a potential sale of parts or all of its business.

A deal has not been reached, but Revlon is exploring all its options, a person familiar with the matter told Bloomberg.

Earlier this month, the company received a $200 million four-year senior secured loan to help fund its business.

The business has been struggling, and the cash was needed to help Revlon innovate and prepare for refinancing other debt it has outstanding. The company, which is majority-owned by Ronald Perelman’s MacAndrews & Forbes, has more than $3 billion of debt on its balance sheet.

Last week, it reported its second-quarter net loss narrowed to $63.7 million from $122.5 million a year earlier. But net sales fell 6% to $570.2 million, hurt by sales declines at its smaller brands. The company’s liquidity improved to $260 million, as of last week, from $108 million at the end of the second quarter.

In a May 10-Q filing, Revlon said it had extended the maturity of a $41.5 million loan from April 2019 by a year, and the company also disclosed liquidity dropped below a required threshold by one of its loans.

Even if Revlon is open to being acquired, it is uncertain whether there is a company that would be interested. Others in mass market for color cosmetics have also had challenges, as shoppers increasingly turn to outlets like Sephora and Ulta Beauty for their products, or online startups like Glossier.

Cosmetics distributor Coty acquired Covergirl for $12 billion from Proctor & Gamble in 2015, but said earlier this year that it would write down around $3 billion in assets from P&G. In July, L’Oreal reported a slowdown in North American sales, recording a 1.1% decline.

Revlon’s stock has fallen 37% since January and has a market cap of $825 million.

Revlon was not immediately available for comment.


Company: cnbc, Activity: cnbc, Date: 2019-08-15  Authors: jasmine wu
Keywords: news, cnbc, companies, sales, sale, considering, jumps, reported, billion, week, net, report, cosmetics, million, revlon, loan, stock, company, market


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Trade war is turning China’s local manufacturers to the domestic market, says e-commerce giant JD.com

As JD.com seeks to tap the growth potential of China’s smaller cities, the pressure is on to undercut competitors on price and quality. Meanwhile, Chinese manufacturers are finding it more expensive to sell to the U.S. given tariffs imposed on billions of dollars’ worth of goods. “Given perhaps the trade tension, more and more manufacturers will actually turn their attention to (the) domestic market,” said Sidney Huang, JD.com’s chief financial officer. Importantly, JD.com’s margin ticked up sha


As JD.com seeks to tap the growth potential of China’s smaller cities, the pressure is on to undercut competitors on price and quality. Meanwhile, Chinese manufacturers are finding it more expensive to sell to the U.S. given tariffs imposed on billions of dollars’ worth of goods. “Given perhaps the trade tension, more and more manufacturers will actually turn their attention to (the) domestic market,” said Sidney Huang, JD.com’s chief financial officer. Importantly, JD.com’s margin ticked up sha
Trade war is turning China’s local manufacturers to the domestic market, says e-commerce giant JD.com Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: evelyn cheng arjun kharpal, evelyn cheng, arjun kharpal
Keywords: news, cnbc, companies, billion, turning, ecommerce, jdcom, yuan, quality, market, huang, chinese, products, war, domestic, net, trade, local, manufacturers, giant, company


Trade war is turning China's local manufacturers to the domestic market, says e-commerce giant JD.com

Several boxes of goods, bought from JD.com, are stacked on the floor.

BEIJING — Chinese e-commerce giant JD.com sees a business opportunity in factories that have been affected by trade tensions between the world’s two largest economies, the company’s chief financial officer told CNBC on Wednesday.

As JD.com seeks to tap the growth potential of China’s smaller cities, the pressure is on to undercut competitors on price and quality. Meanwhile, Chinese manufacturers are finding it more expensive to sell to the U.S. given tariffs imposed on billions of dollars’ worth of goods. Chinese exports to the U.S. have fallen for eight straight months, according to China Customs data from Wind Information.

“Given perhaps the trade tension, more and more manufacturers will actually turn their attention to (the) domestic market,” said Sidney Huang, JD.com’s chief financial officer.

“This is a phenomena actually already happening for quite some time, slowly, that there are excess capacities for those manufacturing facilities,” Huang said. “So there are a lot of very, very low-priced products at good quality they used to produce (as) branded products for global brands. So we think it’s a good opportunity for us to reach down to those quality manufacturers, so we can provide those products at a really good value to our consumers.”

JD.com’s shares surged nearly 13% in New York trading overnight after the company delivered second quarter numbers showing exactly what the market wanted — profitability.

On Tuesday, the Chinese e-commerce giant reported these results for the June quarter:

Net revenue of 150.3 billion yuan ($21.9 billion), a 22.9% year-on-year rise

Net income attributable to ordinary shareholders of 618.8 million yuan ($90.1 million), compared to a net loss in the same period last year.

Importantly, JD.com’s margin ticked up sharply and management raised adjusted net income guidance to between 8 billion yuan and 9.6 billion yuan for the full year. JD has reported full year losses for the past three years. That improving profitability picture helped propelled shares higher in U.S. trade on Tuesday, with the company adding about $5 billion to its market capitalization.

“The street didn’t expect them to do well on the bottom line … this is not (just) going to be the first time, it’s going to be the beginning of a new trend,” Tian Hou, founder and CEO of T.H. Capital, told CNBC’s “Street Signs” on Wednesday.

For CFO Huang, the latest results indicate that the company’s spending on warehouses, delivery people and other investments are beginning to pay off. He pointed out that fulfillment expenses as a percentage of net revenues decreased to 6.1% in the second quarter, the lowest since the company went public in 2014. The IPO was the last time Huang spoke with the media before sitting down on Wednesday with CNBC, he said.

Fulfillment costs overall did rise, even if the ratio fell. But the company also revealed Tuesday that its logistics business broke even from an operating income perspective.

“We are seeing operating leverage,” Huang said, noting that July sales numbers are pretty robust.


Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: evelyn cheng arjun kharpal, evelyn cheng, arjun kharpal
Keywords: news, cnbc, companies, billion, turning, ecommerce, jdcom, yuan, quality, market, huang, chinese, products, war, domestic, net, trade, local, manufacturers, giant, company


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Goldman Sachs may lose money on the Apple Card in the next recession, Nomura says

Goldman Sachs may get stung by rising loan losses on the Apple Card in the next economic downturn, according to Nomura analysts. That leads Carcache to one conclusion: “The Apple Card portfolio may generate lower revenues and face higher loss content relative to the industry average.” A widely watched bond market metric is flashing a recession warning amid a global economic slowdown, and bank stocks were hammered Wednesday on the prospect of rising loan losses and tighter profit margins. Goldman


Goldman Sachs may get stung by rising loan losses on the Apple Card in the next economic downturn, according to Nomura analysts. That leads Carcache to one conclusion: “The Apple Card portfolio may generate lower revenues and face higher loss content relative to the industry average.” A widely watched bond market metric is flashing a recession warning amid a global economic slowdown, and bank stocks were hammered Wednesday on the prospect of rising loan losses and tighter profit margins. Goldman
Goldman Sachs may lose money on the Apple Card in the next recession, Nomura says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: hugh son
Keywords: news, cnbc, companies, money, loan, card, bank, according, losses, nomura, sachs, apple, lose, rising, recession, net, goldman, offs


Goldman Sachs may lose money on the Apple Card in the next recession, Nomura says

Goldman Sachs may get stung by rising loan losses on the Apple Card in the next economic downturn, according to Nomura analysts.

The much-hyped credit card, which Goldman began to make available last week, has no fees, the industry’s lowest interest rate range for comparable cards, and a mandate to approve as many iPhone users as possible, according to a report Wednesday from analysts led by Bill Carcache.

That leads Carcache to one conclusion: “The Apple Card portfolio may generate lower revenues and face higher loss content relative to the industry average.”

In his analysis, which assumes that Goldman spends $350 to acquire each new user, the bank will begin to break even on a customer after four years.

The problem is, the U.S. economy might stall before that. A widely watched bond market metric is flashing a recession warning amid a global economic slowdown, and bank stocks were hammered Wednesday on the prospect of rising loan losses and tighter profit margins. Recessions typically occur an average of 22 months after the yield curve inverts on 2- and 10-year Treasurys, according to Credit Suisse.

Goldman’s product is “highly sensitive” to rising net charge offs, and the bank will begin to lose money if losses reach about 8%, Carcache said. In the last recession, net charge offs surged in 2008 and peaked at above 10% in 2010. Goldman declined to comment on the research note.


Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: hugh son
Keywords: news, cnbc, companies, money, loan, card, bank, according, losses, nomura, sachs, apple, lose, rising, recession, net, goldman, offs


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Saudi Aramco’s first-half net income falls 12% to $47 billion

An Aramco oil tank is seen at the Production facility at Saudi Aramco’s Shaybah oilfield in the Empty Quarter, Saudi Arabia. Saudi Aramco, the world’s top oil producer, reported first-half net income of $46.9 billion on Monday, down from $53.02 billion a year earlier. By comparison, Apple Inc, the world’s most profitable listed company, made $31.5 billion in the first six months of its financial year. In its earnings report, Aramco partly attributed the decline in net income to a 4% fall in the


An Aramco oil tank is seen at the Production facility at Saudi Aramco’s Shaybah oilfield in the Empty Quarter, Saudi Arabia. Saudi Aramco, the world’s top oil producer, reported first-half net income of $46.9 billion on Monday, down from $53.02 billion a year earlier. By comparison, Apple Inc, the world’s most profitable listed company, made $31.5 billion in the first six months of its financial year. In its earnings report, Aramco partly attributed the decline in net income to a 4% fall in the
Saudi Aramco’s first-half net income falls 12% to $47 billion Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: reuters with cnbccom
Keywords: news, cnbc, companies, saudi, income, company, 47, worlds, billion, 12, nasser, net, aramcos, firsthalf, aramco, crude, falls, oil


Saudi Aramco's first-half net income falls 12% to $47 billion

An Aramco oil tank is seen at the Production facility at Saudi Aramco’s Shaybah oilfield in the Empty Quarter, Saudi Arabia.

Saudi Aramco, the world’s top oil producer, reported first-half net income of $46.9 billion on Monday, down from $53.02 billion a year earlier.

By comparison, Apple Inc, the world’s most profitable listed company, made $31.5 billion in the first six months of its financial year.

Aramco said total revenues including other income related to sales were at $163.88 billion in the first half of this year, down from $167.68 billion a year earlier, on lower oil prices and reduced production.

In its earnings report, Aramco partly attributed the decline in net income to a 4% fall in the average realized price of crude oil compared to the same period in 2018, from $69 to $66 per barrel.

Aramco President and CEO Amin Nasser said the company had continued to deliver on its “downstream growth strategy” through acquisitions both domestically and in international markets.

“These acquisitions are expected to enhance dedicated crude placement, increase refining and chemicals capacity, capture value from integration and diversify our operations,” Nasser said.


Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: reuters with cnbccom
Keywords: news, cnbc, companies, saudi, income, company, 47, worlds, billion, 12, nasser, net, aramcos, firsthalf, aramco, crude, falls, oil


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It costs almost $80,000 to go to the most expensive college in the US—but here’s how much students actually pay

According to Statista and Business Insider , Harvey Mudd is the most expensive college in the country. Harvey Mudd College, in Claremont, California, is a small school of just 889 students. Harvey Mudd students can take classes at any of the consortium’s schools. The school claims that 29% of incoming first-year students qualify for merit-based aid and/or Harvey Mudd College National Merit Awards. The majority of the college’s students come from families in the top-earning bracket.


According to Statista and Business Insider , Harvey Mudd is the most expensive college in the country. Harvey Mudd College, in Claremont, California, is a small school of just 889 students. Harvey Mudd students can take classes at any of the consortium’s schools. The school claims that 29% of incoming first-year students qualify for merit-based aid and/or Harvey Mudd College National Merit Awards. The majority of the college’s students come from families in the top-earning bracket.
It costs almost $80,000 to go to the most expensive college in the US—but here’s how much students actually pay Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-11  Authors: abigail hess
Keywords: news, cnbc, companies, costs, harvey, usbut, school, pay, making, mudd, colleges, net, average, expensive, actually, cost, students, heres, college, 80000, aid


It costs almost $80,000 to go to the most expensive college in the US—but here's how much students actually pay

According to Statista and Business Insider , Harvey Mudd is the most expensive college in the country. But Harvey Mudd also graduates the highest-earning alumni in the country, and many of the college’s students end up paying far less than the sky-high sticker price.

According to Harvey Mudd , the total cost of attendance for the 2019-2020 school year is $79,539, including $58,359 for tuition, $10,234 for a double dorm room, $8,445 for a 16-meals-per-week meal plan, $1,400 for personal expenses, $800 for books and supplies and $301 to cover a student body fee. Entering first-year and transfer students also must pay an additional $250 orientation fee.

Harvey Mudd College, in Claremont, California, is a small school of just 889 students. The school is known for its strong science, engineering and mathematics programs, for its high-earning alumni and for being one of the most expensive schools in the country.

Room & Board: $13,858Harvey Mudd College is a liberal arts institution in Claremont, Calif. The average cost of attendance for 2011-2012 is Of that amount, $13,858 covers room and board.The school is one of seven members of the Claremont Colleges consortium, which also includes Claremont McKenna and Pomona colleges. Harvey Mudd students can take classes at any of the consortium’s schools.

When PayScale analyzed 2,646 associate and bachelor’s degree-granting institutions throughout the U.S., they found that Harvey Mudd alumni earn an average of $85,600 five years into their careers, and $157,400 10 years into their careers.

Additionally, Harvey Mudd aims to meet 100% of demonstrated financial need and about 73% of students receive some kind of financial assistance in the form of grants, scholarships, loans and/or work-study. The average financial aid award is $42,080.

The school reports that nearly half (48%) of students receive need-based aid. Interested students can estimate how much attending Harvey Mudd will cost them by using the school’s net price calculator.

The net price for each student varies further by family income. Here is the average net price, generated by subtracting the average amount of federal, state, local or institutional aid from the total cost of attendance, for Harvey Mudd students during the 2017 – 2018 school year by income bracket, according to the Department of Education:

Families making less than $30,000: $23,837

Families making between $30,001 and $48,000: $13,571

Families making between $48,001 and $75,000: $22,469

Families making between $75,001 and $110,000: $20,701

Families making over $110,001: $49,247

These net costs are impacted by merit aid. The school claims that 29% of incoming first-year students qualify for merit-based aid and/or Harvey Mudd College National Merit Awards. The majority of the college’s students come from families in the top-earning bracket.

The New York Times reports that the median family income of a student from Harvey Mudd is $145,400, and 68% come from the highest-earning 20% of American households.

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Company: cnbc, Activity: cnbc, Date: 2019-08-11  Authors: abigail hess
Keywords: news, cnbc, companies, costs, harvey, usbut, school, pay, making, mudd, colleges, net, average, expensive, actually, cost, students, heres, college, 80000, aid


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RBS second-quarter profit beats estimates; warns of tough economic outlook

The Royal Bank of Scotland (RBS) reported a net second-quarter profit of £1.3 billion ($1.57 billion) on Friday, beating the £1 billion forecast from Reuters. The figure is also a 1286% jump from the bank’s 2018 second-quarter profits, while the bank’s reported operating profit of £2.69 billion is its highest in a decade. RBS also reported a cost reduction of £173 million for the first half, and kept its 2019 full-year outlook unchanged. Murray added that administrative preparations were complet


The Royal Bank of Scotland (RBS) reported a net second-quarter profit of £1.3 billion ($1.57 billion) on Friday, beating the £1 billion forecast from Reuters. The figure is also a 1286% jump from the bank’s 2018 second-quarter profits, while the bank’s reported operating profit of £2.69 billion is its highest in a decade. RBS also reported a cost reduction of £173 million for the first half, and kept its 2019 full-year outlook unchanged. Murray added that administrative preparations were complet
RBS second-quarter profit beats estimates; warns of tough economic outlook Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-02  Authors: elliot smith
Keywords: news, cnbc, companies, rbs, outlook, half, profit, million, tough, bank, 2019, warns, secondquarter, economic, estimates, beats, net, reported, billion


RBS second-quarter profit beats estimates; warns of tough economic outlook

The Royal Bank of Scotland (RBS) reported a net second-quarter profit of £1.3 billion ($1.57 billion) on Friday, beating the £1 billion forecast from Reuters.

The figure is also a 1286% jump from the bank’s 2018 second-quarter profits, while the bank’s reported operating profit of £2.69 billion is its highest in a decade.

The British lender reported net profit attributable to shareholders of just £96 million for the same quarter last year, paying its first dividend in a decade shortly after agreeing a £3.6 billion fine to the U.S. Department of Justice (DOJ) over its selling of toxic mortgages in the run-up to the 2008 financial crisis.

The bank also announced a £1.7 billion ($2.06 billion) dividend, funded primarily by the sale of its stake in the Saudi Alawwal Bank, but warned a tough economic environment will weigh on its profitability over the next 18 months.

RBS CFO Katie Murray told CNBC’s Joumanna Bercetche on Friday that £1 billion of that dividend will go directly to the British taxpayer, since RBS is still 62% publicly-owned as a result of its £45.5 billion government bailout following the 2008 crisis. The bank hopes the U.K. government will sell back its entire stake by 2030.

Here are the key figures:

Net profit for first half of 2019 climbed 130% to £2.1 billion from £888 million in the second quarter of 2018

The group’s return on tangible equity went up to 15.8% in the second-quarter of 2019, vs. 1.1% in the same period last year

Total income came in at £4.1 billion, vs. 3.4 billion last time.

The group’s net impairment loss for the first half of 2019 came in at £323 million, a £182 million increase from the first half of 2018, which the bank attributed to a “small number of single name charges in commercial banking.”

RBS also reported a cost reduction of £173 million for the first half, and kept its 2019 full-year outlook unchanged. Murray told CNBC that there was still more to do in terms of cutting costs.

“What’s driving that more is the real improvement we are seeing in technology. For example, if you look at our digital sales, they are up 19% over last year, our mobile customers are up significantly as well, so the behavior and the way that people interact with us is changing completely,” she said.

“That allows us to be able to take old applications out, take people out unfortunately, as well of course, and that has an impact on property, so there is definitely a lot more to do.”

The bank’s 2020 outlook cited “continued economic and political uncertainty and the contraction of the yield curve” as rendering it “very unlikely” that the bank will achieve its target return on tangible equity of more than 12% and cost:income ratio of less than 50% in 2020.

Murray also said the bank had taken measures to ensure it was “absolutely bulletproof” in the event of a no-deal Brexit on October 31.

“We have our liquidity ratio sitting at 154%, so we’ve got plenty of liquidity. Our capital, even after all these dividends, is sitting at 16% CET1, so we’re lending to our customers, we’re talking to them, we’re making sure that they’re ready in terms of what it means for them, and I think that is really important,” she said.

Murray added that administrative preparations were complete and that the Brexit project had now been closed down.

RBS is also seeking a replacement for CEO Ross McEwan, who will step down in 2020, with current RBS executive Alison Rose tipped to ascend to the top job.


Company: cnbc, Activity: cnbc, Date: 2019-08-02  Authors: elliot smith
Keywords: news, cnbc, companies, rbs, outlook, half, profit, million, tough, bank, 2019, warns, secondquarter, economic, estimates, beats, net, reported, billion


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Here’s where the jobs are — in one chart

July’s overall payrolls grew at a healthy pace, in line with expectations, and several industries showed particularly strong growth in hiring including education, health care, professional and business services. The Labor Department reported Friday that payrolls increased 164,000 during the month, just 1,000 below the 165,000 Dow Jones forecast. CNBC studied the net changes by industry for July jobs based on data from the Labor Department contained in the employment report. Jobs in the health-ca


July’s overall payrolls grew at a healthy pace, in line with expectations, and several industries showed particularly strong growth in hiring including education, health care, professional and business services. The Labor Department reported Friday that payrolls increased 164,000 during the month, just 1,000 below the 165,000 Dow Jones forecast. CNBC studied the net changes by industry for July jobs based on data from the Labor Department contained in the employment report. Jobs in the health-ca
Here’s where the jobs are — in one chart Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-02  Authors: yun li
Keywords: news, cnbc, companies, employment, health, payrolls, gain, labor, including, net, increased, care, heres, jobs, chart


Here's where the jobs are — in one chart

July’s overall payrolls grew at a healthy pace, in line with expectations, and several industries showed particularly strong growth in hiring including education, health care, professional and business services.

The Labor Department reported Friday that payrolls increased 164,000 during the month, just 1,000 below the 165,000 Dow Jones forecast. The government said wages also continued to increase, with the 3.2% year-over-year gain slightly beating expectations.

CNBC studied the net changes by industry for July jobs based on data from the Labor Department contained in the employment report.

Jobs in the health-care and education sector — a consistent employment juggernaut — increased the most in July with a net gain of 66,000 payrolls. Health care and social services, including ambulatory outpatient care, hospitals and nursing and resident facilities added 50,400 jobs.


Company: cnbc, Activity: cnbc, Date: 2019-08-02  Authors: yun li
Keywords: news, cnbc, companies, employment, health, payrolls, gain, labor, including, net, increased, care, heres, jobs, chart


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SocGen posts profit beat despite hit from restructuring costs

Societe Generale reported a net income of 1.05 billion euros ($1.16 billion) for the second quarter on Thursday, beating market expectations. Analysts were expecting a net income of 964 million euros, according to a Reuters poll. The French bank posted a net income of 1.2 billion euros for the same quarter a year ago. Here are some key highlights for the quarter:Net banking income of 6.3 billion euros, versus 6.5 billion euros a year ago. Common equity tier 1 ratio stood at 12% at the end of the


Societe Generale reported a net income of 1.05 billion euros ($1.16 billion) for the second quarter on Thursday, beating market expectations. Analysts were expecting a net income of 964 million euros, according to a Reuters poll. The French bank posted a net income of 1.2 billion euros for the same quarter a year ago. Here are some key highlights for the quarter:Net banking income of 6.3 billion euros, versus 6.5 billion euros a year ago. Common equity tier 1 ratio stood at 12% at the end of the
SocGen posts profit beat despite hit from restructuring costs Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-01  Authors: silvia amaro
Keywords: news, cnbc, companies, income, societe, beat, billion, bank, despite, profit, net, costs, posts, socgen, euros, hit, restructuring, generale, versus, quarter, equity


SocGen posts profit beat despite hit from restructuring costs

Societe Generale reported a net income of 1.05 billion euros ($1.16 billion) for the second quarter on Thursday, beating market expectations.

Analysts were expecting a net income of 964 million euros, according to a Reuters poll. The French bank posted a net income of 1.2 billion euros for the same quarter a year ago.

Here are some key highlights for the quarter:

Net banking income of 6.3 billion euros, versus 6.5 billion euros a year ago.

Return on tangible equity of 9.7%, versus 11.2% a year ago.

Common equity tier 1 ratio stood at 12% at the end of the quarter, versus 11.1% a year ago.

Shares jumped more than 5% in early deals.

Philippe Heim, deputy CEO of the bank, told CNBC that it was a “solid quarter” despite some “heavy headwinds.” Meanwhile, Fréderic Oudéa, the group’s chief executive officer, said in a statement: “Societe Generale has provided further evidence of the successful execution of its strategic plan with two priority financial objectives: increasing its level of capital and improving profitability.”

The Paris-based bank announced earlier this year its plans to cut 1,600 jobs — mainly at its corporate and investment banking arm. This was an attempt to boost profitability after last year’s poor performance.


Company: cnbc, Activity: cnbc, Date: 2019-08-01  Authors: silvia amaro
Keywords: news, cnbc, companies, income, societe, beat, billion, bank, despite, profit, net, costs, posts, socgen, euros, hit, restructuring, generale, versus, quarter, equity


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These 10 universities produce the most ultra-rich in Asia Pacific

U.S. universities produce the vast majority of the world’s wealthiest grads, according to new research. But, beyond the borders of the booming billionaire hub, higher education institutions globally are minting multimillionaires at a rapid rate. CNBC Make It took a look at research firm Wealth-X’s University Ultra High Net Worth Alumni Rankings 2019 to find out which universities across Asia Pacific have produced the most ultra-wealthy alumni — defined as those with a net worth of $30 million or


U.S. universities produce the vast majority of the world’s wealthiest grads, according to new research. But, beyond the borders of the booming billionaire hub, higher education institutions globally are minting multimillionaires at a rapid rate. CNBC Make It took a look at research firm Wealth-X’s University Ultra High Net Worth Alumni Rankings 2019 to find out which universities across Asia Pacific have produced the most ultra-wealthy alumni — defined as those with a net worth of $30 million or
These 10 universities produce the most ultra-rich in Asia Pacific Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-01  Authors: karen gilchrist
Keywords: news, cnbc, companies, net, university, known, universities, ultrawealthy, wealthxs, asia, sample, produce, pacific, worth, ultrarich, alumni


These 10 universities produce the most ultra-rich in Asia Pacific

U.S. universities produce the vast majority of the world’s wealthiest grads, according to new research.

But, beyond the borders of the booming billionaire hub, higher education institutions globally are minting multimillionaires at a rapid rate.

CNBC Make It took a look at research firm Wealth-X’s University Ultra High Net Worth Alumni Rankings 2019 to find out which universities across Asia Pacific have produced the most ultra-wealthy alumni — defined as those with a net worth of $30 million or more.

To produce the list, Wealth-X first collected a sample of ultra-wealthy individuals known to have a diploma, including both undergraduate and graduate degrees, from colleges and universities around the world, and tallies their total wealth as a group. Researchers then used that sample and Wealth-X’s database to estimate how many super-rich alumni each school has likely graduated in total.

The overall ranking is based on the known ultra-wealthy alumni population from each university.


Company: cnbc, Activity: cnbc, Date: 2019-08-01  Authors: karen gilchrist
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Credit Suisse second-quarter net profit jumps 45%, beating expectations

Credit Suisse reported a net income of 937 million Swiss francs ($945 million) for the second quarter of this year, beating analyst expectations. Analysts polled by Reuters expected a net profit of 720.3 million Swiss francs ($726.13 million) for the second-quarter of 2019. The Swiss bank had reported a net profit of 647 million Swiss francs for the same period a year ago. It reported a net income of 444 million Swiss francs for the second quarter of 2019 compared to 433 million Swiss francs a y


Credit Suisse reported a net income of 937 million Swiss francs ($945 million) for the second quarter of this year, beating analyst expectations. Analysts polled by Reuters expected a net profit of 720.3 million Swiss francs ($726.13 million) for the second-quarter of 2019. The Swiss bank had reported a net profit of 647 million Swiss francs for the same period a year ago. It reported a net income of 444 million Swiss francs for the second quarter of 2019 compared to 433 million Swiss francs a y
Credit Suisse second-quarter net profit jumps 45%, beating expectations Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-31  Authors: silvia amaro
Keywords: news, cnbc, companies, expectations, credit, million, quarter, profit, 45, beating, wealth, vs, swiss, second, jumps, rote, secondquarter, francs, net, suisse, reported


Credit Suisse second-quarter net profit jumps 45%, beating expectations

Credit Suisse reported a net income of 937 million Swiss francs ($945 million) for the second quarter of this year, beating analyst expectations.

Analysts polled by Reuters expected a net profit of 720.3 million Swiss francs ($726.13 million) for the second-quarter of 2019.

The Swiss bank had reported a net profit of 647 million Swiss francs for the same period a year ago.

Here are some of the key highlights for the quarter:

Pre-tax income hit 1.3 billion Swiss francs vs 1.1 billion Swiss francs a year ago

Return on tangible equity stood at 9.7% vs 6.9% a year ago

CET1 ratio reached 12.5% vs 12.8% a year ago

The Swiss-lender surprised analysts on Wednesday by achieving a return on tangible equity (ROTE) of nearly 10% ahead of expectations. ROTE measures the bank’s ability to deal with potential losses. The higher the ROTE, the more sound the bank is considered to be.

The bank achieved this number for the first time since the restructuring drive taken up in the fourth quarter of 2015.

Speaking to CNBC’s Carolin Roth, Thiam said: “We also think we can go much higher on that (ROTE)…and that’s a function of particularly the growth in wealth management.”

The bank’s international wealth management division grew from a year ago. It reported a net income of 444 million Swiss francs for the second quarter of 2019 compared to 433 million Swiss francs a year ago.

Credit Suisse said that wealth management “delivered robust results in the second quarter with stronger asset gathering after the slowdown experienced in the first quarter of the year.”

Shares rose almost 3% in early deals.


Company: cnbc, Activity: cnbc, Date: 2019-07-31  Authors: silvia amaro
Keywords: news, cnbc, companies, expectations, credit, million, quarter, profit, 45, beating, wealth, vs, swiss, second, jumps, rote, secondquarter, francs, net, suisse, reported


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