Company news in briefs
Total targets expansion in retail power market
Oil major Total is picking up about 150 000 retail energy customers a month in France and is on course to hit its 2022 target for the business ahead of schedule, company executives said on Friday.
The French energy group is looking to broaden its revenue streams with expansion in a retail power and gas market in which demand is shifting to low-carbon energy from more polluting fossil fuels.
Total has said it plans to invest between US$1.5 billion and US$2 billion a year on low-carbon electricity.
Rival Royal Dutch Shell, which is expanding its own retail power business, has said it plans to invest the same amount on renewables and low-carbon business.
Total had set a target of 7 million clients across France and Belgium - about 15% of the market - by 2022, up from 4 million currently. – Nampa/Reuters
Gazprom reports doubling of 2018 profit
Russian gas producer Gazprom yesterday reported a doubling of annual net profit to 1.456 trillion roubles (US$7.1 billion) led by record-high sales to Europe.
Gazprom is a lynchpin of Russia's commodity-dependent economy with its sales accounting for over 5% of country's US$1.6 trillion annual gross domestic product.
Last year, Gazprom's exports to European countries and Turkey reached a record-high of almost 202 billion cubic metres despite calls from the European Commission for EU states to diversify away from Russian energy imports amid wider political tensions.
After record-high gas exports to Europe last year, Gazprom's exports have declined this year, partly due to warmer weather. Gas sales to Europe account for almost 70% of Gazprom's gas revenue.
Gazprom’s share of the European gas market rose to a record high 36.7% last year from 34.7% in 2017. – Nampa/Reuters
Shareholders say Bayer bosses need more time
Two of Bayer's largest German investors said the drugmaker's embattled management needed to stay at the helm for now to avoid further upheaval, despite a share price slump in the wake of the US$63 billion Monsanto takeover.
The backing for chief executive Werner Baumann comes after an unprecedented rebuke at the annual shareholder meeting on Friday, where a majority of investors cast a vote of disapproval of top management's actions.
"A hasty replacement of the CEO would only increase the risk of a break-up and therefore can't be in the interest of long-term oriented investors such as Union Investment," said Janne Werning, an analyst at Germany's Union Investment which is a top-20 shareholder.
About 30 billion euros (US$33 billion) have been wiped off Bayer's market value since August, when a US jury found it liable because Monsanto had not warned of alleged cancer risks linked to its weedkiller Roundup. More than 13 000 plaintiffs are claiming damages. – Nampa/Reuters
Deutsche Bank chair against strategy change
Deutsche Bank chairman Paul Achleitner told the Financial Times that Germany's largest lender did not need to fundamentally overhaul its investment bank after attempts to create a German champion with Commerzbank failed.
Achleitner defended Deutsche Bank's strategy after merger talks with Commerzbank failed due to the risks of doing a deal, restructuring costs and capital demands.
"Every executive has to constantly adjust to a changing market environment … but in this regard, we are not talking about strategy, we are talking about execution," Achleitner told the paper.
The idea of merging with Commerzbank has now been abandoned "once and for all" Achleitner said, adding that Deutsche Bank is aware that Commerzbank could be taken over by a foreign lender.
Deutsche Bank has struggled to generate sustainable profits since the 2008 financial crisis. It is trying to turn itself around, but has faced hurdles such as allegations of money laundering and failed stress tests. – Nampa/Reuters
Top China bank ICBC posts 4.1% Q1 profit rise
Industrial and Commercial Bank of China Ltd (ICBC) , the world's biggest commercial lender by assets, said net profit grew 4.1% year-on-year in the first quarter, slightly below expectations.
Profit was 82.01 billion yuan (US$12.18 billion) in the three months through March, compared with 78.80 billion yuan in the same period a year earlier, the bank said in a filing yesterday.
Analysts had expected a 4.3% rise in first-quarter net profit, according to tw brokerage estimates compiled by Reuters. – Nampa/Reuters
Oil major Total is picking up about 150 000 retail energy customers a month in France and is on course to hit its 2022 target for the business ahead of schedule, company executives said on Friday.
The French energy group is looking to broaden its revenue streams with expansion in a retail power and gas market in which demand is shifting to low-carbon energy from more polluting fossil fuels.
Total has said it plans to invest between US$1.5 billion and US$2 billion a year on low-carbon electricity.
Rival Royal Dutch Shell, which is expanding its own retail power business, has said it plans to invest the same amount on renewables and low-carbon business.
Total had set a target of 7 million clients across France and Belgium - about 15% of the market - by 2022, up from 4 million currently. – Nampa/Reuters
Gazprom reports doubling of 2018 profit
Russian gas producer Gazprom yesterday reported a doubling of annual net profit to 1.456 trillion roubles (US$7.1 billion) led by record-high sales to Europe.
Gazprom is a lynchpin of Russia's commodity-dependent economy with its sales accounting for over 5% of country's US$1.6 trillion annual gross domestic product.
Last year, Gazprom's exports to European countries and Turkey reached a record-high of almost 202 billion cubic metres despite calls from the European Commission for EU states to diversify away from Russian energy imports amid wider political tensions.
After record-high gas exports to Europe last year, Gazprom's exports have declined this year, partly due to warmer weather. Gas sales to Europe account for almost 70% of Gazprom's gas revenue.
Gazprom’s share of the European gas market rose to a record high 36.7% last year from 34.7% in 2017. – Nampa/Reuters
Shareholders say Bayer bosses need more time
Two of Bayer's largest German investors said the drugmaker's embattled management needed to stay at the helm for now to avoid further upheaval, despite a share price slump in the wake of the US$63 billion Monsanto takeover.
The backing for chief executive Werner Baumann comes after an unprecedented rebuke at the annual shareholder meeting on Friday, where a majority of investors cast a vote of disapproval of top management's actions.
"A hasty replacement of the CEO would only increase the risk of a break-up and therefore can't be in the interest of long-term oriented investors such as Union Investment," said Janne Werning, an analyst at Germany's Union Investment which is a top-20 shareholder.
About 30 billion euros (US$33 billion) have been wiped off Bayer's market value since August, when a US jury found it liable because Monsanto had not warned of alleged cancer risks linked to its weedkiller Roundup. More than 13 000 plaintiffs are claiming damages. – Nampa/Reuters
Deutsche Bank chair against strategy change
Deutsche Bank chairman Paul Achleitner told the Financial Times that Germany's largest lender did not need to fundamentally overhaul its investment bank after attempts to create a German champion with Commerzbank failed.
Achleitner defended Deutsche Bank's strategy after merger talks with Commerzbank failed due to the risks of doing a deal, restructuring costs and capital demands.
"Every executive has to constantly adjust to a changing market environment … but in this regard, we are not talking about strategy, we are talking about execution," Achleitner told the paper.
The idea of merging with Commerzbank has now been abandoned "once and for all" Achleitner said, adding that Deutsche Bank is aware that Commerzbank could be taken over by a foreign lender.
Deutsche Bank has struggled to generate sustainable profits since the 2008 financial crisis. It is trying to turn itself around, but has faced hurdles such as allegations of money laundering and failed stress tests. – Nampa/Reuters
Top China bank ICBC posts 4.1% Q1 profit rise
Industrial and Commercial Bank of China Ltd (ICBC) , the world's biggest commercial lender by assets, said net profit grew 4.1% year-on-year in the first quarter, slightly below expectations.
Profit was 82.01 billion yuan (US$12.18 billion) in the three months through March, compared with 78.80 billion yuan in the same period a year earlier, the bank said in a filing yesterday.
Analysts had expected a 4.3% rise in first-quarter net profit, according to tw brokerage estimates compiled by Reuters. – Nampa/Reuters
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