Friday, 25 Sep 2020

MAN Group Posts HY Operating Loss

Novartis : EU Approves Cosentyx To Treat Pediatric Psoriasis

Novartis (NVS) said that the European Commission has approved the company’s Cosentyx for the treatment of moderate-to-severe plaque psoriasis in children and adolescents aged 6 to <18 years.

The recommended dose for children up to 50 kg is 75 mg, and 150 mg for children 50 kg and over.

The company said it is working closely with all stakeholders to ensure that eligible European pediatric patients can start benefitting from Cosentyx as quickly as possible.

Novartis stated that it will also be seeking approval for Cosentyx for the treatment of moderate-to-severe plaque psoriasis in children and adolescents aged 6 to <18 years in a number of other countries including Australia, Canada, Japan and the US.

Psoriasis is a life-long debilitating systemic inflammatory disease that significantly impacts patients’ quality of life, both physically and emotionally.

Heineken Posts Loss In H1; Net Revenue Down 16.4% Organically – Quick Facts

Heineken Holding N.V. (HKHHF.PK) reported a loss to shareholders of 149 million euros for the six-month period ended 30 June 2020, compared to a profit of 471 million euros, previous year. Loss per share was 0.52 euros compared to profit of 1.64 euros. On beia basis, operating profit was 827 million euros, down 52.5%. EPS (beia) was 0.39 euros, a decline of 78.6%.

First half revenue was 11.16 billion euros compared to 13.60 billion euros, last year. Net revenue was 9.24 billion euros, down 19.2% year-on-year. On a beia basis, net revenue declined 16.4%, organically.

German finance minister opposes extension of VAT cut – SWR

BERLIN, Aug 3 (Reuters) – German Finance Minister Olaf Scholz on Monday said he was opposed to an extension of a temporary cut of the value added tax meant to stimulate the pandemic-hit economy, public broadcaster SWR reported.

“It’s important to say at the beginning when it will end,” Scholz was quoted as saying.

Berlin hopes its stimulus package, worth more than 130 billion euro ($153 billion) including a VAT cut to boost domestic demand, will help the economy return to growth. (Reporting by Thomas Seythal Editing by Riham Alkousaa)

Heineken sees pick-up since April, but much uncertainty

Heineken said on Monday it had witnessed a gradual recovery of its business since the low of April, remaining uncertainty over COVID-19 containment measures left it unable to give a forecast for the rest of the year.

The maker of Europe's top-selling lager Heineken, Sol beer and Strongbow cider issued preliminary first-half results in mid-July showing it sold 11.5% less beer compared with the previous year and suffered a sharp drop of revenue as consumers opted for cheaper beers.

The figures released on Monday were the same.

Swiss Industry Recovers From Covid-19 Slump and Redirects Orders

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Activity among Switzerland’s manufacturers has effectively bounced back to its pre-crisis level, with businesses saying they’re re-directing supply chains in response to the pandemic.

The procure.ch Purchasing Managers’ Index increased to 49.2 points in July, just shy of the 50-point growth threshold, according to a statement on Monday.

The survey found that more than a third of the businesses reacted to Covid-19 disruptions by purchasing more in Switzerland and in the neighboring European Union.

“In general, companies have also been aiming to diversify their supplier base more broadly,” it said. “Every second company plans to restructure its supply chain in future to focus predominantly on suppliers from the EU.”

Hammerson In Talks To Sell 50% Stake In VIA Outlets; Plans Rights Issue; Stock Dips

Shares of Hammerson plc (HMSO.L) were losing around 9 percent in the early morning trading in London after the real estate investment trust on Monday confirmed that it is in advanced discussions on the terms of a possible disposal of its 50 percent interest in VIA Outlets to its joint venture partner APG. The company added that it is also considering a possible equity raise by way of a rights issue.

In its statement, issued in response to recent press speculation, Hammerson said it continues to take pro-active measures relating to the management of its cost base and cash-flow.

In recent weeks, the company secured approval for the issuance of up to 300 million pounds under the Covid Corporate Finance Facility or CCFF from the Bank of England.

Following the reopening of its flagship destinations across Europe, footfall and sales continue to improve and third-quarter rent collection in the UK, excluding monthly payments and deferrals, has increased to over 30 percent.

Hammerson will provide a further update in due course, if appropriate.

In London, Hammerson shares were trading at 58.42 pence, down 8.97 percent.

MAN Group Posts HY Operating Loss

MAN Group (MAGOF.PK), which comprises of MAN Truck & Bus and MAN Latin America divisions, reported that its operating loss for the first half of 2020 was 423 million euros, compared to operating profit of 248 million euros in the previous year, due to a market slowdown in Europe as well as the significant impact of the COVID-19 pandemic.

The MAN Group’s unit sales fell by 34% to 47,301 vehicles in the first six months. Sales revenue were 4.7 billion euros, down 26% year-on-year. The increasing spread of coronavirus already weighed on unit sales in the first quarter and resulted in plant closures across the Company’s production sites from the second half of March, the company said.

At the end of April, the MAN Group began to gradually restart production at its plants. All sites are now up and running again.

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