Business

Gucci, Facebook file joint lawsuit against alleged counterfeiter

Gucci and Facebook (FB.O) have filed a joint lawsuit in California against an individual who allegedly used the U.S. group’s social media platforms to sell fake Gucci products, the two companies said on Tuesday. The initiative, a first of its kind for both Gucci and Facebook, is the latest example of an Internet giant joining […]

Business

Bolsonaro’s interventionism could be mixed blessing for state insurance IPO

The first IPO by a Brazilian state-controlled company under President Jair Bolsonaro’s government has emerged as a test of whether his penchant for intervening in the running of state-run firms will dampen investor interest in the Brazilian market. The government has already slashed by a third the valuation of Caixa Seguridade, the insurance unit of […]

Business

Nomura puts Archegos hit at $2.9 bln, affirms commitment to U.S. business

Nomura Holdings Inc (8604.T) said it would incur $2.9 billion worth of pain from the collapse of U.S. investment fund Archegos but added that while it was beefing up risk controls, it had no plans to scale back its U.S. business. Taking the second-largest hit from the Archegos debacle after Credit Suisse (CSGN.S), Japan’s biggest […]

Business

BP to resume share buybacks as profit soars on strong oil, gas trading

BP’s (BP.L) profit more than tripled to $2.6 billion in the first quarter thanks to stronger oil prices and bumper revenue from natural gas trading, paving the way for the energy company to start buying back its shares. The jump in profits from a year earlier comes as BP says it expects oil demand to […]

Business

GST Revenue Collections Hit Record High of Rs 1.41 Lakh Crore in April

GST collections crossed the Rs 1 lakh crore mark for the seventh month in a row and touched a record high of over Rs 1.41 lakh crore in April, indicating economic recovery, the Finance Ministry said on Saturday. The Goods and Services Tax (GST) collections, which directly reflect the state of economic activity, in April […]

Business

‘Anything with a view’: Whitbread eyes staycation bump after $1.4 bln loss

Premier Inn-owner Whitbread (WTB.L) reported a 1 billion pound ($1.39 billion) annual loss on Tuesday but said it expects a significant bounce in staycation demand this summer as COVID-19 curbs in Britain are relaxed. Whitbread, which also owns the Beefeater and Bar + Block chains, said revenue for the year to March slumped by nearly […]

Business

DoorDash lowers some fees for restaurants

DoorDash Inc (DASH.N), the largest U.S. third-party food delivery company, on Tuesday said it lowered some fees for restaurants to use its platform after many have struggled to stay in business during the recession. The company will allow restaurants to choose three tiers of service – including its lowest “basic” plan that costs a commission […]