FILE PHOTO: FILE PHOTO: The company logo for AT&T is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., September 18, 2019. REUTERS/Brendan McDermid(Reuters) - AT&T Inc (T.N) said on Thursday it will bring its advertising unit Xandr under its WarnerMedia label, which is set to launch its streaming channel HBO Max in May. The move comes two months after Xandr Chief Executive Office Brian Lesser resigned from the company. AT&T launched Xandr in 2018 to offer partners a better way to target ads to consumers using data collected from phone, internet and TV services. Xandr also has partnered with Walt Disney Co (DIS.N) and AMC Networks to make it easier for advertisers to buy TV commercials across the networks. Reporting by Neha Malara in...
By Swansy Afonso Indians may borrow more against their stash of gold as the world’s biggest lockdown raises financial stress in an economy that’s set for its first contraction in four decades. Indians are the biggest consumers of gold after China and hold the largest hoard of the precious metal. Gold is both an insurance policy and a retirement plan in a country that lacks robust social welfare systems or widespread access to formal credit. And with economic activity coming to a virtual standstill after Prime Minister Narendra Modi ordered a 40-day nationwide lockdown to combat the coronavirus, more Indians are likely to turn to gold loan companies to raise money against the precious metal. “Recycling and collateralized loans against gold may be expected to grow exponentially in the next
A United Parcel Service worker delivers packages on April 29, 2020 in New York City.Stephanie Keith | Getty ImagesHalf of the S&P 500 companies have reported earnings for the first quarter and this has been the strangest earnings season imaginable. Consider:Global activity has ground to a halt in some sectors, but has accelerated in others.The majority of companies are withdrawing full year guidance yet the S&P 500 is only 15% off its historic high.Many analysts seem clueless. The dispersion — the difference between analyst estimates from the high to the low estimate — has never been higher, making estimates particularly difficult to interpret. "You have a lot of analysts who have just given up, who have not revised their estimates," David Aurelio, who tracks corporate earnings a
FILE PHOTO: A Shell logo is seen reflected in a car's side mirror at a petrol station in west London, Britain, January 29, 2015. Picture taken January 29, 2015. REUTERS/Toby MelvilleLONDON (Reuters) - Royal Dutch Shell RDSa. cut its dividend for the first time in 80 years on Wednesday after a sharp drop in profit as global oil demand collapsed due to coronavirus. “Given the continued deterioration in the macroeconomic outlook and the significant mid and long-term uncertainty, we are taking further prudent steps to bolster our resilience, underpin the strength of our balance sheet and support the long-term value creation of Shell,” Chief Executive Ben van Beurden said in a statement. Reporting by Ron Bousso and Shadia Nasralla; Editing by David GoodmanOur Standards:The Thomson Reuters
New Delhi: State-owned Indian Bank on Wednesday announced a cut in its marginal cost of fund-based lending rate (MCLR) by 30 basis points across various tenors in line with market competition. The new interest rates will be effective from May 3, Indian Bank said in a regulatory filing. The bank has reduced its one-year MCLR by 30 basis points to 7.80 per cent from existing 8.10 per cent earlier, it said. Overnight and one-month MCLRs have been reduced by 30 basis points to 7.50 per cent and 7.55 respectively. Three-month MCLR has been revised to 7.70 per cent from 8 per cent while six-month rate has come down to 7.75 per cent as compared to 8.05 per cent. The rate cut is in line with easing of interest rate in the market following moderation in interest rates by the RBI last month. T...
(Reuters) - Chesapeake Energy Corp (CHK.N), the oil and gas exploration and production company that was at the forefront of the past decade’s U.S. shale boom, is preparing a potential bankruptcy filing as it grapples with an unprecedented rout in energy prices, people familiar with the matter said on Wednesday. FILE PHOTO: A Chesapeake Energy natural gas well pad rests on the hill in Litchfield Township, Pennsylvania, January 9, 2013. REUTERS/Brett CarlsenThe Oklahoma City-based company, cofounded by late wildcatter and outspoken natural gas proponent Aubrey McClendon, has held discussions with creditors about a possible loan that would aid operations while it navigates bankruptcy proceedings, the sources said. The loan could total roughly $1 billion, though its size remains in flux, one
CNBC's Jim Cramer said Wednesday that positive news from Gilead Sciences about a potential treatment for the coronavirus marked a turning point in the fight against Covid-19."What I regard this as is the beginning of the end of the true nightmare, which is that it's a death sentence," Cramer said on "Squawk Box."U.S. stocks soared on Wednesday after Gilead indicated it was seeing positive, preliminary signs about the effectiveness of its antiviral remdesivir in treating coronavirus patients. The study, which did not have a control group of patients who didn't receive the drug, involved nearly 400 people with severe cases of Covid-19. Cramer said the existence of a truly effective treatment for Covid-19 would have broad benefits for how people behave. "You eliminate the fear of becoming a
FILE PHOTO: Waitrose trolleys are seen at a store in Harpenden as the spread of the coronavirus disease (COVID-19) continues, Harpenden, Britain, March 28, 2020. REUTERS/Peter CziborraLONDON (Reuters) - Britain’s John Lewis Partnership has appointed James Bailey, a former director of Sainsbury’s (SBRY.L), to be the new boss of its upmarket supermarket chain Waitrose, it said on Wednesday. Bailey, who spent 18 years at Sainsbury’s, latterly as buying director, was named as executive director Waitrose, succeeding Rob Collins who left the group earlier this year following a restructuring of the employee-owned partnership’s management. He will start immediately, tasked with steering Waitrose through the coronavirus crisis. The partnership said recruitment was also underway for the role of exe
MUMBAI: Disaster planning for business continuity and survival has emerged as the top priority for organisations as recovery from Covid-19 is expected to take longer than what was earlier envisaged. In a survey by Executive Access India conducted exclusively for TOI, a majority (65%) of senior executives said they are expected to incorporate such changes for business continuity, while 59% said the way people work will change. The survey was conducted among approximately 200 executives from across industries, 35% of them being CEOs. Executive Access India managing director Ronesh Puri said, “Business continuity and survival appear to be the top most priority. Some organisations had business continuity plans regularly updated, but few anticipated the quantum and magnitude of Covid-19. Wor
CNBC's Jim Cramer on Monday doubled down on his preference for stock picking over index investing.The former hedge fund manager presented a list of market bright spots that span more than one dozen industries he said are working in this coronavirus-plagued market."You want to remember this list the next time the market rolls over. The whole point of this exercise to demonstrate that stock picking makes more sense than traditional index investing now," he said on "Mad Money."The hypothetical index of about 100 equities, dubbed the "Mad Covid-19 Index," touch 17 sectors where investors can expect will produce a return in this "tricky environment," he said.Each stock is outperforming the S&P 500 since the start of 2020. As a group, the basket of stocks would be up nearly 10% year-to-date...