BAT Corruption, Bribery Probe Is Dropped by U.K. Prosecutors

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A bribery probe into British American Tobacco Plc was dropped by U.K. prosecutors who said that they were unable to find sufficient evidence of corruption.

The U.K. Serious Fraud Office said that following “following extensive investigation and a comprehensive review of the available evidence” it closed the case because “evidence in this case did not meet the evidential test for prosecution.

BAT said in a separate statement that it was pleased the probe was dropped and that the company “remains committed to the highest standards in the conduct of its business.”

Donald Trump’s Permanent Twitter Ban Has Already Inspired a Zillion Memes

Following a tumultuous week in which President Donald Trump incited violence at the U.S. Capitol, Twitter has decided to take action.

The reactions were many and varied when Twitter announced its decision to ban Trump from the platform indefinitely. “After close review of recent Tweets from the @realDonaldTrump account and the context around them we have permanently suspended the account due to the risk of further incitement of violence,” Twitter revealed on Friday.

Stock Alert: L Brands Hits New 52-week High On Holiday Sales, Q4 Earnings Outlook

Shares of L Brands, Inc. (LB) are adding almost 3 percent or $1.32 in Friday’s morning trade at $47.49, after touching a new 52-week high of $47.77.

Thursday, L Brands reported that its comparable sales for the nine weeks ended January 2, 2021 increased 5 percent, compared to a 3 percent decline in the previous year. However, net sales for the nine-month period declined to $3.84 billion from $3.91 billion in the nine weeks ended January 4, 2020.

For the fourth quarter, L Brands now forecasts earnings per share between $2.70 and $2.80. Analysts polled by Thomson Reuters have a consensus estimate of $1.96 per share for the quarter. The specialty retailer plans to report fourth-quarter earnings results on February 24, 2021.

L Brands has traded in a range of $8.00 to $47.77 in the past 52 weeks.

Gold gains ₹198; silver jumps by ₹1,008

Both gold and silver were quoting gains in the international market

Gold gained ₹198 to ₹48,480 per 10 gram in the national capital on January 19 following a rally in international precious metal prices, according to HDFC Securities.

In the previous trade, it had closed at ₹48,282 per 10 gram.

Silver also marched higher by ₹1,008 to ₹65,340 per kilogram from ₹64,332 per kilogram in the last trade.

In the international market, both gold and silver were quoting gains at $1,843 per ounce and $25.28 per ounce, respectively.

Seagate Technology PLC Q2 adjusted earnings Beat Estimates

Seagate Technology PLC (STX) announced a profit for second quarter that fell from last year.

The company’s profit came in at $280 million, or $1.12 per share. This compares with $318 million, or $1.20 per share, in last year’s second quarter.

Excluding items, Seagate Technology PLC reported adjusted earnings of $323 million or $1.29 per share for the period.

Analysts had expected the company to earn $1.13 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 3.0% to $2.62 billion from $2.70 billion last year.

Seagate Technology PLC earnings at a glance:

-Earnings (Q2): $323 Mln. vs. $359 Mln. last year.
-EPS (Q2): $1.29 vs. $1.35 last year.
-Analysts Estimate: $1.13
-Revenue (Q2): $2.62 Bln vs. $2.70 Bln last year.

-Guidance:
Next quarter EPS guidance: $1.15 – $1.45
Next quarter revenue guidance: $2.45 – $2.85 Bln

Renault CEO Lays Out Slow-Going Plan for Improving Profitability

Renault SA set goals for improving profitability over several years and extended cost-cutting plans as Chief Executive Officer Luca de Meo laid out his vision for turning around the struggling French carmaker.

The company is targeting a more than 3% group operating margin by 2023 and a return of at least 5% two years later, according to a statement Thursday. This compares with 4.8% in 2019, before the manufacturer racked up record losses in the midst of the pandemic.

Renault also bolstered its plans to lower costs, targeting a 2.5 billion-euro ($3 billion) reduction by 2023 and 5 billion-euro cut by 2025. In May of last year, the company said it would aim for 2 billion euros through 2022.

De Meo, who joined Renault six months ago from Volkswagen AG, is in a race to stem record losses at Renault to better navigate declining vehicle sales from the pandemic and expensive shift to electric vehicles. The Italian-born brand specialist has inherited a bloated factory footprint and stable of brands that a cost-cutting plan unveiled in May began to address.

PPG To Acquire Germany-based Coatings Manufacturer Wrwag – Quick Facts

PPG Industries Inc. (PPG), a manufacturer of paints, coatings, and specialty materials, said Monday it has agreed to acquire Wrwag, a Germany-based manufacturer of coatings for industrial and automotive applications. The transaction is expected to close in the first half of 2021.

Wrwag is a family-owned company headquartered in Stuttgart, Germany, founded in 1918. The company employs about 1,100 people globally and its full year 2020 revenue is expected to be about 220 million euros.

Wrwag operates locations in Germany, the U.S., China, South Africa, Mexico, Spain, Switzerland and Poland.

“Wrwag’s industry expertise in powder and liquid coatings for industrial and automotive applications is highly complementary to PPG’s business, and will help to further expand our product offering,” said Rebecca Liebert, PPG executive vice president.