BAE Systems warns of risk from German stance on Saudi arms

BAE Systems said German moves to block exports to Saudi Arabia could damage its major deals with the Kingdom and weigh on Britain’s biggest defence company’s financial performance. BAE said it was reliant on the approval of export licences by a number of governments in order to continue supplies to Saudi Arabia. Germany is part of the consortium that builds the Eurofighter Typhoon, a fighter jet that BAE has sold to Saudi Arabia, through Airbus and MTU Aero Engines. On Wednesday, German Foreign


BAE Systems said German moves to block exports to Saudi Arabia could damage its major deals with the Kingdom and weigh on Britain’s biggest defence company’s financial performance. BAE said it was reliant on the approval of export licences by a number of governments in order to continue supplies to Saudi Arabia. Germany is part of the consortium that builds the Eurofighter Typhoon, a fighter jet that BAE has sold to Saudi Arabia, through Airbus and MTU Aero Engines. On Wednesday, German Foreign
BAE Systems warns of risk from German stance on Saudi arms Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-21  Authors: photographer, collection, getty images
Keywords: news, cnbc, companies, systems, uk, bae, exports, issue, woodburn, saudi, risk, warns, stance, arms, arabia, working, financial, german


BAE Systems warns of risk from German stance on Saudi arms

BAE Systems said German moves to block exports to Saudi Arabia could damage its major deals with the Kingdom and weigh on Britain’s biggest defence company’s financial performance.

BAE said it was reliant on the approval of export licences by a number of governments in order to continue supplies to Saudi Arabia.

“BAE Systems is therefore working closely with the UK government to minimise the risk of any such occurrence and the impact it would have on financial performance, the supply chain and relationships,” it said in its annual results on Thursday.

Shares in BAE slid 5.9 percent in early trading in London.

Germany is part of the consortium that builds the Eurofighter Typhoon, a fighter jet that BAE has sold to Saudi Arabia, through Airbus and MTU Aero Engines.

Germany’s government is trying to halt weapons exports to Saudi Arabia after the killing of Saudi journalist Jamal Khashoggi in the Saudi consulate in Istanbul on Oct. 2, but Britain has urged the country to exempt big defence projects or face damage to its commercial credibility.

On Wednesday, German Foreign Minister Heiko Maas said that future decisions on whether to deliver arms to Saudi Arabia will develop on how the conflict develops in Yemen.

BAE makes 14 percent of its annual sales from selling Typhoons and other arms to the kingdom, and the tensions have raised questions about the UK government’s 10 billion pound deal to sell Saudi Arabia 48 new Typhoons.

The deal, confirmed in a memorandum of understanding last March, has not been finalised, and is not reflected in BAE’s 2018 financial statements.

“The issue of German licences is a political issue and as such requires it to be resolved at the political level,” Chief Executive Charles Woodburn told reporters on Thursday.

“To that end, we’re working closely with the UK government,” before adding “there’s also a concern among industry partners such as Airbus.”

Despite the issue of Saudi exports and other geopolitical uncertainty, BAE said its earnings would grow in 2019 compared to a flat 2018.

BAE said it expected mid-single digit growth in underlying earnings per share in 2019, compared to a full-year figure for last year of 42.9p, roughly flat on the previous year and in line with expectations.

“The Group made good progress in strengthening the outlook and geographic base of the business, with a number of significant contract wins,” Woodburn said.


Company: cnbc, Activity: cnbc, Date: 2019-02-21  Authors: photographer, collection, getty images
Keywords: news, cnbc, companies, systems, uk, bae, exports, issue, woodburn, saudi, risk, warns, stance, arms, arabia, working, financial, german


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Apple recently hired a prominent obstetrician, signaling interest in women’s health

Apple’s health team has hired an obstetrician, Dr. Christine Curry, to look into how the company can bolster its efforts in women’s health, among other projects, according to three people familiar with the hire. Curry has a particular interest in women’s health, but she’ll be working on various issues across the health teams, one of the people said. According to her LinkedIn profile, Curry is affiliated with Kaiser Permanente in Redwood City, California. Studies have found that women’s health co


Apple’s health team has hired an obstetrician, Dr. Christine Curry, to look into how the company can bolster its efforts in women’s health, among other projects, according to three people familiar with the hire. Curry has a particular interest in women’s health, but she’ll be working on various issues across the health teams, one of the people said. According to her LinkedIn profile, Curry is affiliated with Kaiser Permanente in Redwood City, California. Studies have found that women’s health co
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Company: cnbc, Activity: cnbc, Date: 2019-02-07  Authors: christina farr, photographer, collection, getty images
Keywords: news, cnbc, companies, service, womens, zika, apples, apple, curry, signaling, obstetrician, prominent, health, hired, profile, company, interest, recently, tracking


Apple recently hired a prominent obstetrician, signaling interest in women's health

Apple’s health team has hired an obstetrician, Dr. Christine Curry, to look into how the company can bolster its efforts in women’s health, among other projects, according to three people familiar with the hire.

Apple CEO Tim Cook has described health care as a growing priority and a major part of Apple’s legacy. He told CNBC’s Jim Cramer in January, “If you zoom out into the future, and you look back, and you ask the question, ‘What was Apple’s greatest contribution to mankind?’ It will be about health.”

Apple has hired dozens of doctors to work across a variety of projects, including its so-called “AC Wellness clinics” for Apple employees and its health-tracking Apple Watch. Curry has a particular interest in women’s health, but she’ll be working on various issues across the health teams, one of the people said.

According to her LinkedIn profile, Curry is affiliated with Kaiser Permanente in Redwood City, California. She has not updated her profile to reflect that she works at Apple, although that’s not uncommon given the value that Apple places on secrecy.

Apple declined to comment. Curry did not respond to an inquiry.

Studies have found that women’s health companies have historically struggled to raise funding. It’s also often an overlooked area, including briefly by Apple when the company first launched its HealthKit service in 2015 and claimed to offer “comprehensive” health tracking but did not include reproductive health. It quickly rectified that with a service called Apple Reproductive Health, adding features for menstruation, ovulation test results, basal body temperature and more (still, that service has been critiqued in reviews for being a little challenging to use.)

Since then, there’s been an explosion of health apps from third-party developers that are geared to women, such as apps for tracking fertility, connecting with a doctor and so on. But Apple could do even more when it comes to women’s health, both in hardware and software, in areas like pregnancy, fertility tracking and improving diversity in clinical research.

Curry’s online profile notes that she worked in a women’s prison facility in Massachusetts, and led a clinical response effort to the Zika virus in the obstetrics populations at the University of Miami Miller School of Medicine. That made her South Florida’s go-to doctor for pregnant women with Zika, which earned her a profile in Cosmopolitan.

Apple Watch competitor Fitbit is also looking into women’s health, and has an advisor that engages with its community, Dr. Katherine White, an assistant professor of obstetrics and gynecology at Boston University. When Fitbit released its new women’s health, the company referred to it in a blog post as one of its community’s “most requested features.”

WATCH: Tim Cook teases new Apple services to come in 2019


Company: cnbc, Activity: cnbc, Date: 2019-02-07  Authors: christina farr, photographer, collection, getty images
Keywords: news, cnbc, companies, service, womens, zika, apples, apple, curry, signaling, obstetrician, prominent, health, hired, profile, company, interest, recently, tracking


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Deutsche Bank shares slip on reports of Fed investigation over Danske Bank scandal

Shares of Deutsche Bank slid more than 1 percent in early trading on reports that the U.S. Federal Reserve is investigating the German lender’s role in a money laundering scheme. Deutsche Bank has been cooperating with the Fed, Bloomberg reported on Wednesday. Deutsche Bank continues to provide information to and cooperate with the investigating agencies,” Deutsche Bank told CNBC in an emailed statement on Wednesday. In November, Deutsche Bank confirmed its involvement in processing payments wor


Shares of Deutsche Bank slid more than 1 percent in early trading on reports that the U.S. Federal Reserve is investigating the German lender’s role in a money laundering scheme. Deutsche Bank has been cooperating with the Fed, Bloomberg reported on Wednesday. Deutsche Bank continues to provide information to and cooperate with the investigating agencies,” Deutsche Bank told CNBC in an emailed statement on Wednesday. In November, Deutsche Bank confirmed its involvement in processing payments wor
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Company: cnbc, Activity: cnbc, Date: 2019-01-23  Authors: spriha srivastava, photographer, collection, getty images
Keywords: news, cnbc, companies, investigation, shares, slip, fed, danske, payments, suspicious, reports, deutsche, billion, bank, banks, told, german, investigating, scandal


Deutsche Bank shares slip on reports of Fed investigation over Danske Bank scandal

Shares of Deutsche Bank slid more than 1 percent in early trading on reports that the U.S. Federal Reserve is investigating the German lender’s role in a money laundering scheme.

A report published in Bloomberg, citing sources, said the Fed probe is in very early stages as it examines whether Deutsche Bank’s U.S. arm was involved in moving funds out of the Estonian branch of Danske Bank.

Deutsche Bank has been cooperating with the Fed, Bloomberg reported on Wednesday.

The German lender, however told CNBC that there were no investigations taking place.

“There are no probes but we have received several requests for information from regulators and law enforcement agencies around the world. It is not surprising at all that the investigating authorities and banks themselves have an interest in the Danske case and the lessons to be learned from it. Deutsche Bank continues to provide information to and cooperate with the investigating agencies,” Deutsche Bank told CNBC in an emailed statement on Wednesday.

Danske Bank is being investigated in Denmark, Estonia, Britain and the United States over 200 billion euros ($227 billion) of suspicious payments through its Estonian branch between 2007 and 2015.

In November, Deutsche Bank confirmed its involvement in processing payments worth $150 billion for scandal-ridden Danske Bank.

Deutsche Bank spokesperson confirmed in a statement to Reuters in November that the lender acted as a correspondent bank for Danske in Estonia. “Our role was to process payments for Danske Bank. We terminated the relationship in 2015 after identifying suspicious activity,” the spokesperson said at the time.

Deutsche Bank’s Chief Executive Officer Christian Sewing told German policymakers and clients last week that the bank was investigating the Danske scandal internally and that it had seen no indications of any misconduct on their part.

– Reuters contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-01-23  Authors: spriha srivastava, photographer, collection, getty images
Keywords: news, cnbc, companies, investigation, shares, slip, fed, danske, payments, suspicious, reports, deutsche, billion, bank, banks, told, german, investigating, scandal


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Michelle Obama wins America’s ‘Most Admired Woman’ in Gallup poll

Former U.S. first lady Michelle Obama has been named America’s “Most Admired Woman” in 2018, ending Hillary Clinton’s 17-year winning run. The lawyer, author, and activist won the 2018 poll convincingly, securing 15 percent of the mentions among the 1,025 of people surveyed. Scoring 5 percent, TV personality Oprah Winfrey was second in the annual poll compiled by Gallup, while former Secretary of State Clinton dropped two places to third, and current first lady Melania Trump finished fourth.


Former U.S. first lady Michelle Obama has been named America’s “Most Admired Woman” in 2018, ending Hillary Clinton’s 17-year winning run. The lawyer, author, and activist won the 2018 poll convincingly, securing 15 percent of the mentions among the 1,025 of people surveyed. Scoring 5 percent, TV personality Oprah Winfrey was second in the annual poll compiled by Gallup, while former Secretary of State Clinton dropped two places to third, and current first lady Melania Trump finished fourth.
Michelle Obama wins America’s ‘Most Admired Woman’ in Gallup poll Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-28  Authors: david reid, photographer, yana paskova, getty images
Keywords: news, cnbc, companies, gallup, woman, poll, michelle, admired, 2018, tv, obama, won, winfrey, surveyedscoring, winning, trump, lady, wins, americas


Michelle Obama wins America's 'Most Admired Woman' in Gallup poll

Former U.S. first lady Michelle Obama has been named America’s “Most Admired Woman” in 2018, ending Hillary Clinton’s 17-year winning run.

The lawyer, author, and activist won the 2018 poll convincingly, securing 15 percent of the mentions among the 1,025 of people surveyed.

Scoring 5 percent, TV personality Oprah Winfrey was second in the annual poll compiled by Gallup, while former Secretary of State Clinton dropped two places to third, and current first lady Melania Trump finished fourth.


Company: cnbc, Activity: cnbc, Date: 2018-12-28  Authors: david reid, photographer, yana paskova, getty images
Keywords: news, cnbc, companies, gallup, woman, poll, michelle, admired, 2018, tv, obama, won, winfrey, surveyedscoring, winning, trump, lady, wins, americas


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China’s November export, import growth shrinks, showing weak demand

China reported far weaker than expected November exports and imports, showing slower global and domestic demand and raising the possibility authorities will take more measures to keep the country’s growth rate from slipping too much. Analysts say the export data showed that the “front-loading” impact as firms rushed out shipments to beat planned U.S. tariff hikes faded, and that export growth is likely to slow further as demand cools. The customs data showed that annual growth for exports to all


China reported far weaker than expected November exports and imports, showing slower global and domestic demand and raising the possibility authorities will take more measures to keep the country’s growth rate from slipping too much. Analysts say the export data showed that the “front-loading” impact as firms rushed out shipments to beat planned U.S. tariff hikes faded, and that export growth is likely to slow further as demand cools. The customs data showed that annual growth for exports to all
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Keywords: news, cnbc, companies, showing, rose, shrinks, data, shipments, customs, import, exports, earlier, demand, chinas, weak, growth, export, showed


China's November export, import growth shrinks, showing weak demand

China reported far weaker than expected November exports and imports, showing slower global and domestic demand and raising the possibility authorities will take more measures to keep the country’s growth rate from slipping too much.

November exports only rose 5.4 percent from a year earlier, Chinese customs data showed on Saturday, the weakest performance since a 3 percent contraction in March, and well short of the 10 percent forecast in a Reuters poll.

Analysts say the export data showed that the “front-loading” impact as firms rushed out shipments to beat planned U.S. tariff hikes faded, and that export growth is likely to slow further as demand cools.

The customs data showed that annual growth for exports to all of China’s major partners slowed significantly. Exports to the United States rose 9.8 percent in November from a year earlier, compared with 13.2 percent in October.

To the European Union, shipments increased 6.0 percent, compared with 14.6 percent in October. Exports to South Korea fell from a year earlier, while in October they rose 7.7 percent.


Company: cnbc, Activity: cnbc, Date: 2018-12-08  Authors: photographer, collection, getty images
Keywords: news, cnbc, companies, showing, rose, shrinks, data, shipments, customs, import, exports, earlier, demand, chinas, weak, growth, export, showed


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Arrest of Huawei CFO shows ‘the gloves are now fully off,’ says Eurasia Group

The arrest of Huawei’s global chief financial officer in Canada, reportedly related to a violation of U.S. sanctions, will corrode trade negotiations between Washington and Beijing, risk consultancy Eurasia Group said Thursday. “Beijing is likely to react angrily to this latest arrest of a Chinese citizen in a third country for violating U.S. law,” Eurasia analysts wrote. Canada’s Department of Justice said on Wednesday the country arrested Meng Wanzhou in Vancouver, where she is facing extradit


The arrest of Huawei’s global chief financial officer in Canada, reportedly related to a violation of U.S. sanctions, will corrode trade negotiations between Washington and Beijing, risk consultancy Eurasia Group said Thursday. “Beijing is likely to react angrily to this latest arrest of a Chinese citizen in a third country for violating U.S. law,” Eurasia analysts wrote. Canada’s Department of Justice said on Wednesday the country arrested Meng Wanzhou in Vancouver, where she is facing extradit
Arrest of Huawei CFO shows ‘the gloves are now fully off,’ says Eurasia Group Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-06  Authors: huileng tan, photographer, collection, getty images, source
Keywords: news, cnbc, companies, related, statement, cfo, fully, sanctions, chinese, violation, group, trade, telecommunications, arrest, gloves, told, huawei, shows, eurasia


Arrest of Huawei CFO shows 'the gloves are now fully off,' says Eurasia Group

The arrest of Huawei’s global chief financial officer in Canada, reportedly related to a violation of U.S. sanctions, will corrode trade negotiations between Washington and Beijing, risk consultancy Eurasia Group said Thursday.

“Beijing is likely to react angrily to this latest arrest of a Chinese citizen in a third country for violating U.S. law,” Eurasia analysts wrote.

In fact, Global Times — a hyper-nationalistic tabloid tied to the Chinese Communist Party — responded to the arrest by posting on Twitter a statement about trade war escalation it attributed to an expert “close to the Chinese Ministry of Commerce.”

“China should be fully prepared for an escalation in the #tradewar with the US, as the US will not ease its stance on China, and the recent arrest of the senior executive of #Huawei is a vivid example,” said the statement, paired with a photo of opposing fists with Chinese and American flags superimposed upon them.

Canada’s Department of Justice said on Wednesday the country arrested Meng Wanzhou in Vancouver, where she is facing extradition to the U.S. The arrest is related to violations of U.S. sanctions, a person familiar with the matter told Reuters.

U.S. authorities have been probing Huawei, one of the world’s largest makers of telecommunications network equipment, since at least 2016 for allegedly shipping U.S.-origin products to Iran and other countries in violation of U.S. export and sanctions laws, sources told Reuters in April.

The analysts said the Huawei executive’s arrest will not derail the start of trade negotiations after U.S. President Donald Trump and Chinese President Xi Jinping’s meeting last weekend in Argentina saw them agree to first steps to resolve their trade dispute. Still, they acknowledged, the incident involving Chinese telecommunications giant Huawei is likely to cloud talks.


Company: cnbc, Activity: cnbc, Date: 2018-12-06  Authors: huileng tan, photographer, collection, getty images, source
Keywords: news, cnbc, companies, related, statement, cfo, fully, sanctions, chinese, violation, group, trade, telecommunications, arrest, gloves, told, huawei, shows, eurasia


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Hotel rooms growth fuels Whitbread revenue rise

Revenue at Britain’s Whitbread Plc rose 2.6 percent in the first half as investment in expanding its network of Premier Inn hotels bore fruit in a rise in sales ahead of the sale of Costa Coffee to Coca-Cola. The hotel and restaurant group said sales had risen on the back of an influx of tourists to the U.K. and a rise in the overall capacity of the company’s hotels, although it said U.K. consumer demand overall had been weak. Whitbread said in August it was selling the world’s biggest coffee ch


Revenue at Britain’s Whitbread Plc rose 2.6 percent in the first half as investment in expanding its network of Premier Inn hotels bore fruit in a rise in sales ahead of the sale of Costa Coffee to Coca-Cola. The hotel and restaurant group said sales had risen on the back of an influx of tourists to the U.K. and a rise in the overall capacity of the company’s hotels, although it said U.K. consumer demand overall had been weak. Whitbread said in August it was selling the world’s biggest coffee ch
Hotel rooms growth fuels Whitbread revenue rise Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-23  Authors: photographer, collection, getty images
Keywords: news, cnbc, companies, overall, premier, rooms, inn, rise, whitbread, sales, uk, rose, consumer, revenue, growth, fuels, demand, company, hotel


Hotel rooms growth fuels Whitbread revenue rise

Revenue at Britain’s Whitbread Plc rose 2.6 percent in the first half as investment in expanding its network of Premier Inn hotels bore fruit in a rise in sales ahead of the sale of Costa Coffee to Coca-Cola.

The hotel and restaurant group said sales had risen on the back of an influx of tourists to the U.K. and a rise in the overall capacity of the company’s hotels, although it said U.K. consumer demand overall had been weak.

Whitbread said in August it was selling the world’s biggest coffee chain to Coke in a 5-billion pound deal that will leave the 276-year-old company focusing on its hotel brands.

Total U.K. sales growth in the U.K. at Premier Inn was 4.8 percent, although like-for-like growth was just 0.2 percent reflecting the weakening of consumer demand, the company said, pointing to turbulence in the U.K. economy ahead of next year’s planned departure from the European Union.

“Given the recent economic and political environment, along with inflationary pressures in the consumer sector, there is a degree of caution on demand,” the company said in statement.

Costa Coffee’s statutory profit rose 3.5 percent to 47 million pounds ($60.85 million) for the first half, which the company reported as a discontinued operation for the same period.

Whitbread said it expects to open 4,000-4,500 Premier Inn rooms in the U.K. and Germany in 2019, aiming to cash in on the trend of holidaymakers and business travelers towards cheaper accommodation.


Company: cnbc, Activity: cnbc, Date: 2018-10-23  Authors: photographer, collection, getty images
Keywords: news, cnbc, companies, overall, premier, rooms, inn, rise, whitbread, sales, uk, rose, consumer, revenue, growth, fuels, demand, company, hotel


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ASOS full-year profit up 28 pct, says potential is ‘huge’

Retail sales rose 26 percent to 2.36 billion pounds, in line with guidance issued in July, with growth of 23 percent in the UK and 27 percent overseas. ASOS forecast sales growth of 20-25 percent for the 2018-19 year and said it expected to grow at that rate for the medium term, with annual capital expenditure of 230-250 million pounds. The potential for our business is huge,” said Chief Executive Nick Beighton. They fell sharply in July after the firm missed analysts’ forecasts for sales growth


Retail sales rose 26 percent to 2.36 billion pounds, in line with guidance issued in July, with growth of 23 percent in the UK and 27 percent overseas. ASOS forecast sales growth of 20-25 percent for the 2018-19 year and said it expected to grow at that rate for the medium term, with annual capital expenditure of 230-250 million pounds. The potential for our business is huge,” said Chief Executive Nick Beighton. They fell sharply in July after the firm missed analysts’ forecasts for sales growth
ASOS full-year profit up 28 pct, says potential is ‘huge’ Cached Page below :
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Keywords: news, cnbc, companies, pounds, 26, billion, uk, valuing, united, growth, huge, 28, warehouse, fullyear, pct, sales, business, profit, potential, asos


ASOS full-year profit up 28 pct, says potential is 'huge'

Retail sales rose 26 percent to 2.36 billion pounds, in line with guidance issued in July, with growth of 23 percent in the UK and 27 percent overseas. Active customers increased 19 percent.

ASOS forecast sales growth of 20-25 percent for the 2018-19 year and said it expected to grow at that rate for the medium term, with annual capital expenditure of 230-250 million pounds.

“ASOS is moving fast and is as differentiated as ever. The potential for our business is huge,” said Chief Executive Nick Beighton.

Listed on London’s junior AIM market, ASOS shares have fallen 26 percent so far this year. They fell sharply in July after the firm missed analysts’ forecasts for sales growth in the four months to June 30.

It said it had reined in marketing efforts as it focused on ramping up warehouse space in Germany and the United States.

The stock closed Tuesday at 5,000 pence, valuing the business at 4.2 billion pounds.


Company: cnbc, Activity: cnbc, Date: 2018-10-17  Authors: photographer, collection, getty images
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ING CFO Timmermans to step down after $900 million money laundering fine

ING Groep said on Tuesday its Chief Financial Officer was stepping down amid a public backlash after the Dutch bank said last week it had failed to prevent money laundering for years, forcing it to strike a 775 million euro ($900 million) settlement with Dutch prosecutors. Koos Timmermans, 58, who was appointed CFO in 2017, will remain in his job until a replacement is installed, the company said in statement. The decision is a turnaround from the company’s position on Sept. 4 when the settlemen


ING Groep said on Tuesday its Chief Financial Officer was stepping down amid a public backlash after the Dutch bank said last week it had failed to prevent money laundering for years, forcing it to strike a 775 million euro ($900 million) settlement with Dutch prosecutors. Koos Timmermans, 58, who was appointed CFO in 2017, will remain in his job until a replacement is installed, the company said in statement. The decision is a turnaround from the company’s position on Sept. 4 when the settlemen
ING CFO Timmermans to step down after $900 million money laundering fine Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-11  Authors: photographer, collection, getty images
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ING CFO Timmermans to step down after $900 million money laundering fine

ING Groep said on Tuesday its Chief Financial Officer was stepping down amid a public backlash after the Dutch bank said last week it had failed to prevent money laundering for years, forcing it to strike a 775 million euro ($900 million) settlement with Dutch prosecutors.

Koos Timmermans, 58, who was appointed CFO in 2017, will remain in his job until a replacement is installed, the company said in statement. He held key managerial positions at the company’s Netherlands banking operations in 2010-2016, the period prosecutors examined.

The decision is a turnaround from the company’s position on Sept. 4 when the settlement was announced. Then it said that no individual was responsible and it had already taken disciplinary measures against 10 employees and put better systems in place to vet transactions and customers.

As public criticism over the bank’s failings swelled, the country’s prime minister Mark Rutte voiced his displeasure while Finance Minister Wopke Hoekstra said the matter had “shaken public faith in the banking sector yet again” and he would interrogate managers and supervisors about what went wrong.

“Given the seriousness of the matter and the many reactions among stakeholders since the announcement…we came to the conclusion it is appropriate that responsibility is taken at executive board level,” said supervisory board chairman Hans Wijers in a statement.

“We have a serious task ahead of us…and the executive board is fully committed to completing the various initiatives we have started at ING Netherlands to further strengthen our handling of compliance risks.”

ING’s reaction mirrors events in March when it initially announced a 50 percent pay rise for CEO Ralph Hamers and retracted it 5 days later.

After the money laundering case was disclosed on Sept. 4, the bank said that no members of the executive board would receive any performance bonus in 2018.


Company: cnbc, Activity: cnbc, Date: 2018-09-11  Authors: photographer, collection, getty images
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Rising costs, trade tensions weigh on shares of BHP

Concerns over rising costs and the impact of trade tensions between the United States and China weighed on shares of leading miner BHP on Tuesday after a 33 percent jump in annual underlying profit still missed forecasts. But the miner paid a record final dividend and said it expected to hand more money to shareholders on completion of a sale of U.S. shale assets to oil major BP. Many miners are also struggling to make themselves an attractive prospect to investors concerned about sustainability


Concerns over rising costs and the impact of trade tensions between the United States and China weighed on shares of leading miner BHP on Tuesday after a 33 percent jump in annual underlying profit still missed forecasts. But the miner paid a record final dividend and said it expected to hand more money to shareholders on completion of a sale of U.S. shale assets to oil major BP. Many miners are also struggling to make themselves an attractive prospect to investors concerned about sustainability
Rising costs, trade tensions weigh on shares of BHP Cached Page below :
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Keywords: news, cnbc, companies, rising, weigh, elliott, miners, commodity, shares, assets, money, pressure, miner, shale, costs, bhp, oil, trade, shareholders, tensions


Rising costs, trade tensions weigh on shares of BHP

Concerns over rising costs and the impact of trade tensions between the United States and China weighed on shares of leading miner BHP on Tuesday after a 33 percent jump in annual underlying profit still missed forecasts.

But the miner paid a record final dividend and said it expected to hand more money to shareholders on completion of a sale of U.S. shale assets to oil major BP.

Other miners, which have recovered from the commodity price crash of 2015-16, have been handing back chunks of money to shareholders, under pressure not to repeat the reckless purchases of the commodity boom, but also because of the difficulty of finding suitable opportunities for growth.

Many miners are also struggling to make themselves an attractive prospect to investors concerned about sustainability and climate change.

In 2017, BHP came under pressure for change from activist investor Elliott Advisors, which listed a series of demands to raise shareholder returns, including selling off unprofitable shale assets. Elliott on Tuesday declined to comment.

BHP, which said it was seeking reform of its own accord, in July announced BP would buy U.S. shale oil and gas assets from it for $10.5 billion.


Company: cnbc, Activity: cnbc, Date: 2018-08-21  Authors: photographer, collection, getty images
Keywords: news, cnbc, companies, rising, weigh, elliott, miners, commodity, shares, assets, money, pressure, miner, shale, costs, bhp, oil, trade, shareholders, tensions


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