BWorldFinance

Campbell Soup Sells 2 Business Units

Campbell Soup stated on Thursday that it is selling its international and fresh food businesses as the 149-year-old condensed soup maker flounders to regain its financial footing and refocus on its signature packaged foods.

The company is unwinding efforts by former CEO Denise Morrison to branch into healthier and more fresh foods to double down on product lines it knows well, such as snacks,…

Didi Faces Regulatory Pressures on Latest Killing Incident

China’s biggest ride-hailing company Didi Chuxing has now suspended its carpooling services after a passenger was killed. The company is also likely to face tighter oversight that will squeeze driver numbers and extend customer waiting times.

The incident follows a similar killing by a Didi driver last May. This triggered public and government backlash and created an opening for rival services to…

Samsung, Ericsson Increase Network Gear Market Share

Ericsson increased its mobile networks market share during the second quarter, while Samsung Electronics ranked into the fourth place, according to the data from research firm Dell’Oro.

Ericsson, which is the second largest maker of radio access network (RAN) gear, as well as Samsung benefited from the increasing US demand as China’s ZTE slipped into the fifth place following US sanctions in…

Dollar Ends 5-day Losing Streak

The dollar ended its five-day losing streak on Thursday and the euro dropped on Thursday as the greenback was buoyed by political uncertainty, a new round of trade tariff talks, and the Federal Reserve’s most recent policy meeting minutes, which pointed to a September rate rise.

Even if the minutes were just what has been expected and was primarily taken as dovish by the market, analysts…

Oil Prices Higher on Low US Crude Inventories

Oil prices increased on Wednesday on a slip in US crude inventories and a weaker dollar, while concerns about a potential shortfall in Iranian supply from November due to US sanctions also propped up prices.

Brent crude oil futures were at $72.90 per barrel, higher 27 cents, or 0.37 percent, from their last close.

US West Texas Intermediate (WTI) crude futures were higher 27 cents, or 0.41…

Cheaper Cars from Tesla in 3 Years, says Musk

Tesla chief executive officer Elon Musk indicated that the automaker could take around three years to come up with a low-cost version of a car, even he also admitted that such a goal would be “really tough” to do on the backdrop of the sector’s economics and competition.

In the midst of the recent turmoil surrounding Musk’s stated goal to take Tesla private, the CEO sat down and participated in…

PepsiCo to Acquire SodaStream for $3.2 billion

Beverage and snack maker PepsiCo announced on Monday that it plans to acquire at-home carbonated drink maker SodaStream for $3.2 billion.

The New-York based company agreed to whip out $144 per share in cash for SodaStream’s outstanding stock. This is a 32 percent premium on its 30-day volume weighted average price.

The agreement will give Pepsi a new line through which the company can reach…

Larry Kudlow Confirms US-China Summit Later in August

White House economic advisor Larry Kudlow confirmed that the US and China will resume trade talks later this month, but warned that US President Donald Trump has a strong determination to make sure that the US gets a good deal.

Kudlow serves as the director of the National Economic Council and is one of Trump’s top advisors.  His office will likely be involved when Chinese delegation touches…

Tencent Shares Plunge Further on Lackluster Profit Report

Shares in China’s Tencent Holdings have lost even further on Thursday after it reported its first quarterly profit decline in almost 13 years and said that it did not know when it would get Chinese approval to make money off of its most popular game.

The lackluster earnings results have underscored the impact of a ban on a freeze on new China approvals for the gaming industry since March because…

Home Depot Beats Q2 Expectations

Home Depot reported second-quarter earnings and sales that far exceeded expectations, enjoying the benefits of a warmer start to the summer.

The home improvement seller had a floundering spring season.  Now it raised its outlook for revenue and same-store sales for the whole year, stating the number of costumer transactions increased during the quarter, adding that consumers were spending more…

La Liga Strikes a Deal with Facebook for Sports Broadcast

Spanish top flight soccer division La Liga announced on Tuesday a key deal with Facebook that will enable viewers in various countries in Indian sub-continent to watch every game over the next three seasons on the social media network.

A statement from La Liga stated that all 380 league matches for the new season would be available to the viewers in India, Afghanistan, Bangladesh, Bhutan, Nepal,…

Dollar Soars on Plunging Turkish Lira and Russian Ruble

Worries over the plummeting Turkish lira and Russian ruble dragged the euro lower on Friday, rippling through riskier assets globally.  This sent the stock markets lower and buoyed safe haven assets like the US Treasuries.  The dollar benefited from the fall.

The euro dropped to its lowest since July 2017, while the dollar rallied with Washington racking up pressure on Ankara and Moscow.  The…

Rite Aid, Albertsons Ditch Merger Plans

Rite Aid Corporation and Albertsons Companies will no longer pursue a merger agreement, according to their announcement the evening ahead of a shareholder vote over the deal.

The announcement is a surprise blow to both the pharmacy and the grocer, which are both currently facing tighter competitions in their respective industries.  However, they were unable to structure a deal that could…

Pound Becomes Volatile on”Hard Brexit” Fears

The pound was still vulnerable on Tuesday after plummeting to an 11-month low against the dollar overnight over worries of a “hard Brexit” from the European Union.  Meanwhile, worsening US-China trade tensions provided some backbone to the dollar.

The comments that have come from officials about a no-deal Brexit fueled fears that Britain would crash out of the EU next year without being able to…

Oil Prices Steady on Saudi Crude Production Decline

Oil prices were steady and firm on Monday after Saudi crude production recorded an unforeseen decline in July, while American shale drilling seemed to be stagnant.

Markets also awaited an announcement from Washington later on Monday on renewed US sanctions against top oil exporter Iran.  So-called “snapback” sanctions are set to be reinstated on Tuesday, according to a US Treasury official.

Spot…

US Employment Expected to have Grown in July

July’s employment report is widely expected to show firm job growth of 190,000.  However, wage growth is also expected to be lackluster at about the same pace as during the last quarter.

The unemployment rate is anticipated to improve to 3.9 percent from 4 percent.  Average hourly wages are seen to grow by 0.3 percent, or 2.7 percent on a year-over-year basis.   Last June, 213,000 non-farm…

US Manufacturing Slows Down in July

US manufacturing activity slowed down in July amid the signs that a robust economy and import tariffs were dragging down on the supply chain, which could damage production in the long term.

A separate data on Wednesday showed that private employers ramped up hiring in July, indicating strength in the labor market and the overall economy at the beginning of the third quarter.   The economy’s…