Colgate reviewing Chinese toothpaste brand Darlie amid debate on racial inequality
Colgate-Palmolive on Thursday said it was working to review and evolve its Chinese toothpaste brand, Darlie, the latest in a string of brand reassessments amid a U.S. debate on racial inequality.
Wirecard scrambles to find missing $2.1 billion as loan crunch looms
Wirecard’s auditor has refused to sign off its 2019 accounts over a missing $2.1 billion, sending its shares down more than 60% as the German payments firm said the delay could cause billions in loans to be called in as soon as Friday.
Wall Street opens lower on rising virus cases, elevated jobless claims
U.S. stocks fell at the open on Thursday as an uptick in COVID-19 infections in the United States threatened to upend bets of a swift economic recovery, with data showing weekly jobless claims remained elevated amid a second wave of layoffs.
Chanel warns virus impact will linger on luxury sector
The luxury industry will feel the fallout from the coronavirus crisis for the next two years if not longer, Chanel’s chief financial officer said on Thursday, warning the French fashion label’s 2020 revenues and profit would be significantly hit.
Factbox: German payments firm Wirecard and its missing billions
Billions of euros of loans to Wirecard could be called in as early as Friday after the German payments company said its auditor had refused to sign off on its 2019 accounts, knocking more than half the value off its shares on Thursday.
Cash flows into U.S. growth funds surge, value funds see outflows
U.S. investors have ramped up investments in growth funds over the past few months on expectations of higher returns and safety, while they dumped value funds despite cheaper prices after this year’s pandemic-linked selloff.
Oil prices tick up as drop in U.S. product stocks encourages bulls
Oil prices ticked up on Thursday after U.S. oil product stocks shrank, providing bulls with ammunition ahead of a meeting between OPEC producers and their allies to discuss their future output strategy.
KKR buys vacation parks firm Roompot in $1.1 billion deal
U.S. private equity firm KKR said on Thursday it had reached an agreement to buy Dutch vacation parks firm Roompot from French private equity firm PAI Partners.
U.S. weekly jobless claims remain high as second wave of layoffs hits industries
A second wave of layoffs amid weak demand and fractured supply chains is keeping new U.S. applications for unemployment benefits elevated, supporting views that the economy faces a long and difficult recovery from the COVID-19 recession.
World stocks drift lower as second wave virus fears mount
Global stocks drifted lower on Thursday as an increase in new coronavirus cases in some U.S. states and China crushed hopes of a swift world economic comeback from the pandemic.
