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Iconic U.S. motorcycle brand Harley-Davidson Inc (NYSE: HOG) has decided to exit India \- the world's largest motorcycle market, as a part of its "Rewire" strategy of having a leaner operating model.What Happened: Harley had been struggling to make in-roads in India's motorcycle market dominated by low-cost players. As a result, it decided to shut shop in India as a part of its restructuring strategy introduced by Jochen Zeitz, chairman, president, and CEO, who had joined in May this year.Harley expects to complete the revamp in the next 12 months, which will include a reduction of approximately 70 employees, and a restructuring cost of $75 million.The company has hired former Tyson Foods, Inc. (NYSE: TSN) executive Gina Goetter as the new Chief Financial Officer, effective Sept. 30."India is a high volume, low margin market. They weren't structured to play that game, being at the very pointy end of the pyramid. The...
(Bloomberg) -- Just a week after revealing its plan to turn itself into a clean-energy giant, BP Plc watched its share price drop to a 25-year low.Chief Executive Officer Bernard Looney and his new management team gave more than 10 hours of presentations over three days last week, in a bid to show the world that the oil and gas giant could adapt to a low-carbon future without sacrificing returns.The company’s shares closed in London on Thursday at 232.4 pence, the lowest level since October 1995. While falling crude prices and fears of the second wave of the coronavirus haven’t help BP, the slide suggests shareholders weren’t convinced by Looney’s pitch.“Investors remain skeptical,” said Mirza Baig, Global Head of Governance at Aviva Investors. “Particularly as this move is being forced on the company by climate change.”Looney took over as CEO in February, but the so-called “BP Week” this month was his...
Boohoo commissioned the review, headed by senior lawyer Alison Levitt, in July after a damaging British media report about factory working conditions. "Ms Levitt is satisfied that Boohoo did not deliberately allow poor conditions and low pay to exist within its supply chain, it did not intentionally profit from them and its business model is not founded on exploiting workers in Leicester," Boohoo said in a statement....
Nvidia Corporation's (NASDAQ: NVDA) acquisition of British semiconductor company Arm Ltd. is already facing scrutiny in the latter's home country, and the troubles could be even worse in China, CNBC reports.What Happened: While Nvidia is based in the U.S., and Arm in the United Kingdom, both companies have operations worldwide, including in the European Union and China.Nvidia agreed to a billion purchase agreement for Arm with its parent company -- Softbank Group Corp (OTC: SFTBY) -- but said the deal would need the approval of authorities in the U.S., the U.K., the E.U., and China.According to Sebastian Hou, the Managing Director and Head of Technology Research at CLSA, the "biggest challenge" for Nvidia and SoftBank would be potential sanction from Chinese regulators, CNBC reported.China would want to avoid the "nightmare" of an American company owning Arm, as that would open a window for the U.S. government to restrict its access to...
Vail Resorts reported wider-than-expected 4Q loss after the market closed on Thursday. The company, which operates mountain resorts and urban ski areas, posted a loss of $3.82 per share in the July-ending fourth quarter, as compared to the analysts’ expectations of a loss of $3.47 per share. In the prior-year quarter, the company reported a loss of $2.22 per share.Vail Resorts' (MTN) 4Q revenue of $77.2 million missed the Street estimates of $138.3 million. Further, revenues declined 68% year-over-year due to the closure of the North American mountain resorts and regional ski areas.Despite disappointing 4Q numbers, shares rose 1.24% in the extended trading session after Vail Resorts reported that “Season pass sales through September 18, 2020, for the upcoming 2020/2021 North American ski season increased approximately 18% in units.” However, revenue from these sales was down 4% year-over-year, as the company had to offer credits to 2019/2020 Epic Pass holders who could not use...
European governments will pay claims above an agreed limit against AstraZeneca over side-effects from its potential COVID-19 vaccine, under different terms to a deal struck with Sanofi, an EU official told Reuters. AstraZeneca has secured the European Union's backing in a confidential agreement which reflects the lower price sought by the British drugmaker, the official said. Unexpected side-effects after a drug has regulatory approval are rare, but the speed at which a COVID-19 vaccine is being pursued increases the risks of unforeseen conditions....
ConocoPhillips, an independent oil and gas exploration company, forecasts global demand for oil recovering to 100 million barrels per day and increasing from there on, a senior executive said on Thursday, Reuters reported....
