Apr.27 -- Kasper Rorsted, chief executive officer of Adidas AG, discusses the company's financial results and outlook. The German athletic wear maker forecast a loss in the second quarter as more than two-thirds of its stores are closed due to the Covid-19 pandemic. Sales will probably fall about 40% adjusted for currency swings, and first-quarter net income slumped 97%, Adidas said. Rorsted speaks on "Bloomberg Markets: European Open."...
China's top market regulator has launched an inspection into Luckin Coffee , joining the country's securities watchdog in doing so as the coffee chain comes under scrutiny for fabricating millions of dollars worth of sales deals. Dozens of officers from the State Administration for Market Regulation (SAMR) raided Luckin's main office in Beijing on Sunday, staying there from morning to evening that day, a source with direct knowledge of the situation told Reuters. Luckin Coffee confirmed that it was being inspected by the SAMR in a post on its official Weibo account on Monday, saying that it was "actively cooperating" with the regulator, which was trying to understand the company's operating situation....
Troubled hospital operator NMC Health said on Monday it requested its shares be delisted from the London Stock Exchange after they were suspended two months ago. Shares in the UAE-based company were suspended two months ago and it was placed into administration this month following an application form one of the company's biggest lenders, Abu Dhabi Commercial Bank . "We are working at pace to ensure continuity of patient care, stability for staff and suppliers and financial security for NMC's operating companies," Richard Fleming, joint administrator of NMC Health and managing director of Alvarez & Marsal, said in a statement on NMC's behalf....
Apr.27 -- Global central banks remain under pressure to do more to support their economies through the coronavirus recession even after driving interest rates to record lows and pledging to spend trillions of dollars on asset purchases. The U.S. Federal Reserve and European Central Bank both meet this week, following the Bank of Japan which ramped up its stimulus measures on Monday. Arend Kapteyn, global head of economics and strategy research at UBS, comments on the challenge facing policy makers in an interview on "Bloomberg Markets: European Open."...
Norwegian Air could run out of cash by mid-May unless its proposed financial rescue plan is approved by creditors and shareholders, the budget carrier warned on Monday. If approved by bondholders, leasing companies and shareholders, the plan may help Norwegian survive the coronavirus outbreak, which has grounded 95% of its fleet, leaving just 7 aircraft in operation. The move would allow Norwegian to tap government guarantees of 2.7 billion crowns ($255 million), which are dependent on the company reducing its ratio of debt to equity, and which would come on top of 300 million crowns it has already received....
Adidas warned of an even deeper hit to second-quarter sales and profits from coronavirus lockdowns after the German sportswear firm reported worse-than-expected first-quarter results and said it had not yet seen a full rebound in China. Adidas said that 60% of its business was currently at a standstill, with more than 70% of its stores closed worldwide. E-commerce sales, which last year represented 13% of the total, are growing fast, particularly in China, but are not enough to compensate for the loss of in-store sales....
