Police in Scotland are looking into allegations a controversial division of Royal Bank of Scotland (RBS), set up to restore struggling companies to health, broke the law in its dealings with them. More than 90% of the firms put into RBS’ Global Restructuring Group (GRG), established after the financial crisis, are understood to have suffered…
PPG Industries Inc. PPG reported net earnings from continuing operations of $1.52 per share for the third quarter of 2017, as against the year-ago net loss from continuing operations of 79 cents. The results were in line with the Zacks Consensus Estimate. Net sales in the quarter increased 3.2% year over year to $3,776 million.…
Ericsson ADRs (ERIC) are jumping this morning, after the Swedish telecom equipment giant reported mixed third-quarter earnings and, despite warning of challenges to come, appeared to be making some progress with its turnaround efforts. Ericsson said that the firm lost 55 cents a share, much higher than analysts expected, and its fourth consecutive quarterly loss.…
General Electric Co. slashed its 2017 projections as new Chief Executive John Flannerys started to outline his restructuring plans, setting a goal to exit more than $20 billion of the struggling conglomerates businesses. Mr. Flannery, who came into the job in August and recently became chairman with the early exit of Jeff Immelt, has expressed…
General Electric Co. said its third-quarter earnings fell as it incurred hefty restructuring charges during Chief Executive John Flannery’s first official quarter at the helm, and the new CEO outlined plans to exit more than $20 billion of the company’s businesses. Continue Reading Below GE reported a third-quarter profit of $1.8 billion, or 21 cents…
LONDON (Reuters Breakingviews) – If Daimlers cars were as slow as its restructuring, the company would have few customers. The Mercedes-Benz parent has problems aplenty, which bumper third-quarter sales do little to change. A plan to carve out its car and truck units might help lift its valuation if that eventually led to a separate…
FRANKFURT (Reuters) – Siemens (SIEGn.DE) may cut thousands of jobs as part of plans to overhaul its power turbine business, where growth in renewable energy is dampening demand for new coal and gas power stations, a person familiar with the matter said. FILE PHOTO: A flag with the logo of German technology firm Siemens is…
FRANKFURT (Reuters) – Siemens (SIEGn.DE) may cut thousands of jobs as part of plans to overhaul its power turbine business, where growth in renewable energy is dampening demand for new coal and gas power stations, a person familiar with the matter said. Various scenarios are being considered, the source said, adding that details of the…
FRANKFURT (Reuters) – Siemens (SIEGn.DE) is planning restructuring at its Process Industries business as well as at Power & Gas, news agency Bloomberg reported on Thursday, citing sources. It said job cuts at Process Industries, Siemenss least profitable business last year, could be substantial. A Siemens spokesman reiterated that it was continually thinking about its…
Nestlé has reported its latest nine-month financial figures, achieving organic growth of 2.6% across the business. The Swiss food and drinks giant enjoyed particular success in emerging markets (5.1%), with growth in established areas at 0.8%. It recorded 1.9% organic growth in Europe, Middle East and North Africa, with particularly strong performance in its coffee and…