Slowing demand for mortgages is weighing on the banking industrys revenue. Westpac expects housing credit growth to ease to 4% next year. CEO Brian Hartzer says this is putting additional pressure on banks to focus on costs. Westpac, announcing a flat profit result of $8 billion over the full year, says slowing demand for housing…
Have the flames creeping around Marks & Spencer abated or are they close to consuming the stalwart of the high street? During the summer, the chains chairman, Archie Norman, said the business was on a burning platform and that its future depended on whether it was able to change and develop. This week will bring…
HOFFMAN ESTATES, Ill., Nov. 3, 2018 /PRNewswire/ –Sears Holdings Corporation (“Holdings” or the “Company”) (OTC Pink: SHLDQ) today announced that it has sought court approval of a “stalking horse” asset purchase agreement with Service.com to acquire the Sears Home Improvement business (“SHIP”) in a sale process under Section 363 of the U.S. Bankruptcy Code. SHIP,…
The restructuring work atBT has started to deliver early gains after the UK telecoms company said that full-year profit would be at the higher end of its forecast range. Shares in the company surged 10 per cent to 265.35p, their highest level in almost six months, as investors welcomed a better operational performance and a…
MOORESTOWN, N.J.–(BUSINESS WIRE)–Destination Maternity Corporation (NASDAQ:DEST) (the Company) announced today a restructuring of the Companys corporate product and sourcing teams as part of its efforts to reduce costs following ongoing rationalization of the Companys overall product mix and improvements in inventory efficiency. These efforts are expected to yield net cost savings of approximately $1.2 million…
TOKYO — Kawasaki Heavy Industriesplans torestructure rolling-stock operations amid heavy losses, exploring such options as quitting the business andteaming up with other companies. While the overseas rail market looks promising, the company has been waging fierce competition for orders with rivalsthat have grown in scalethrough consolidation. Japanese peers like Hitachi are likewise struggling abroad amid…
(Reuters) – General Electric Co (GE.N) slashed its quarterly dividend to a penny a share, promised to restructure its power unit and said it faced a deeper accounting probe as new Chief Executive Larry Culp took his first steps to revive the struggling conglomerate. GE said the U.S. Securities and Exchange Commission and Department of…
Troubled commodity trader Noble Group, which almost blew up in an accounting and debt scandal before pushing through a dramatic financial restructuring in August, will report another loss in the third quarter. The Singapore-listed commodity house, which was founded by British born trader Richard Elman, is expected to report an overall net loss of $90-$115m,…
| 5 hours ago The J.M. Smucker Company has concluded a holding company-based review by assigning both creative and media work for many of its best-known U.S. brands to Publicis Groupe. According to multiple sources with knowledge of the matter, the product lines involved include the companys many jams, jellies and peanut butters, as well…
BOSTON, Oct 28 (Reuters) – Bank of Nova Scotia (Scotiabank) has hired four people for its metals business in New York after losing six traders and salesmen who defected to rival Canadian lender Bank of Montreal (BMO) last month, sources said. The move signals that Scotia, whose Mocatta metals arm has for years been the…