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The euro zone's economic recovery faltered in September as the reimposition of some restrictions on activity to halt a resurgence in the coronavirus sent the bloc's dominant service sector into reverse, a survey showed. Rising infection rates in the region, something a Reuters poll said last month was the biggest threat to the recovery, will concern policymakers who had hoped the bloc's economy was healing after contracting an historic 11.8% in the second quarter. To support the economy, the European Central Bank plans to make 1.35 trillion euros of pandemic-related additional asset purchases and the European Union has announced a 750 billion euro recovery fund due to kick in next year....
Oct.05 -- Germany’s DAX 30 benchmark is set for a make-over. Index operator Qontigo, a unit of Frankfurt-based Deutsche Boerse AG, has started a four-week market consultation to improve the gauge. Bloomberg’s Dani Burger reports on “Bloomberg Markets: European Open.”...
Coca-Cola Co (NYSE: KO) is dropping "Zico" coconut water from its line of products, the Wall Street Journal reported Sunday.What Happened: The company is also reviewing its range of soft drinks products such as "Diet Coke Feisty Cherry," a low-calorie drink "Coke Life" and regional drinks such as "Northern Neck Ginger Ale" and "Delaware Punch," a person familiar with the matter told the Journal.A company spokesperson told the Journal that Zico is likely to be phased out by the end of the year. The decision was taken as the company focuses on narrowing down its brands to ones that can achieve a large scale.Why It Matters: Coca-Cola is cutting down its global 500 fully or partially owned brands by more than half as a part of a restructuring effort ushered in by the COVID-19 pandemic, the Journal noted.Zico, acquired by the soft drink giant in 2013, was reportedly the second-largest coconut...
Ahead of the holiday season, Bed Bath & Beyond Inc is partnering with Shipt to offer same-day delivery to customers to further boost its online sales. The deliveries will be offered through the platforms of both the companies.Following the successful rollout of Buy-Online-Pickup-In-Store and contactless Curbside Pickup facilities earlier this year, Bed Bath & Beyond (BBBY) is now expanding its omnichannel services with the launch of same-day delivery with Shipt on orders placed through the company’s website and buybuy Baby platform as well.Alternatively, Shipt consumers can choose Bed Bath & Beyond or buybuy Baby on shipt.com or on the app. Consumers with an annual Shipt membership will receive free delivery on all orders over $35. When ordering online at Bed Bath & Beyond, consumers will have to pay a flat-rate fee of $4.99 for orders over $39 to use the same-day delivery facility.“We’re thrilled shoppers will now easily connect customers with...
(Bloomberg) -- Alibaba Group Holding Ltd. agreed to buy as much as a 9.99% stake in Dufry AG, giving the Swiss duty-free giant a lifeline as the pandemic hammers the business.Dufry said Monday it’s proposing a capital increase that will raise up to 700 million Swiss francs ($763 million), and Alibaba will participate. Advent International Corp., a private equity company, also plans to invest as much as 455 million francs. Dufry shares surged as much as 16%.The Swiss company said the proceeds from the share sale will help it buy out its Hudson Ltd. U.S. unit, as previously announced.The capital increase will bolster the company, whose market value has dropped to 1.6 billion francs as the shares trade near the lowest in a decade. The companies are also forming a joint venture in China that will combine Alibaba’s digital capabilities and network with Dufry’s travel retail business in that market.Dufry employs...
(Bloomberg) -- Oil rose from a three-week low after a member of Donald Trump’s medical team said the U.S. President could leave the hospital as soon as Monday, despite contradictory accounts about his health status.Futures advanced 1.6% in New York after the biggest weekly drop since June amid a broader relief rally in Asian stocks. Trump’s condition remained clouded by confusion, with the president making a surprise outing from the medical center in a show of strength. Meanwhile, a strike in Norway is threatening to cut 8% of the nation’s output.Trump’s recovery have been the subject of intense speculation after a Sunday briefing by doctors raised questions about his condition as he heads into a critical phase. Traders are watching for developments in Norway, where the country’s no. 1 oil company is shutting down four North Sea fields after employers and employees failed to find common ground on a wage deal.Oil...
The cinema chain is suspending operations in the UK and the US, putting thousands of jobs at risk....
