The net profit for the January-March quarter fell by over 45% year over year at India’s Yes Bank due to higher provisions for bad loans and security receipts. From 3.67 billion Indian rupees in the same time a year prior, net profit decreased to 2.02 billion rupees ($24.63 million) for the reporting quarter. Due to…
After failing to raise enough money to stay solvent, Bed Bath & Beyond failed to achieve Chapter 11 bankruptcy protection on Sunday and started a liquidation sale. The home goods shop has seen demand decline as a campaign to sell more store-branded products failed. The retailer rose to fame in the 1990s as a go-to…
Pret A Manger, a coffee and sandwich company with headquarters in the UK, is the newest well-known Western brand to enter the Indian market. On Friday, the company opened its first store in Mumbai, India’s financial capital. It occurs the same week as the nation’s first two Apple stores opened by the US technology giant.…
According to a leading venture capitalist, the failure of Silicon Valley Bank was caused by a crisis in banking rather than technology. Anne Glover, CEO and co-founder of Amadeus Capital, claimed on Friday that Silicon Valley Bank and its management’s “utterly irresponsible” actions, including collecting short-term deposits from venture capitalists and investing them in long-maturity…
China’s Huawei Technologies announced that it is switching from internal software management systems that it previously purchased from American vendors to its own internal version, celebrating the move as a victory over U.S. restrictions that once put the company’s survival in jeopardy. The daughter of the company’s founder Ren Zhengfei, Meng Wanzhou, attended an internal…
After the epidemic helped boost sales as businesses shopped more frequently online and sought for bulk discounts, Amazon aims to increase its business selling office supplies in Europe and beyond. In order to close all 68 of its physical book stores, pop-up shops, and “4-star” locations in the US and UK and put an end…
Despite consumers ignoring price increases, L’Oreal reported a 13% increase in first-quarter revenue, exceeding expectations. However, the company has not yet reaped the rewards of the lifting of COVID-19 limits in China. Over the first three months to the end of March, sales of the French cosmetics group, which offers brands from Maybelline to Lancome,…
In order to prevent London from falling further behind New York in the ranking list for the world’s financial services, Britain must make it simpler for employees who are stationed abroad to work remotely in London, according to a report released on Thursday by industry advocacy group TheCityUK. Three continents are posing challenges to Britain’s…
According to executives at the largest U.S. banks, consumers are starting to fall behind on their credit card and loan payments as the economy weakens, while they noted that delinquency levels were still relatively low. Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., and Citigroup Inc. all reported profits that exceeded…
With the possibility of a slower economic recovery in the Asia-Pacific region mitigated by better resilience among beer drinkers in Europe, Heineken kept its prediction for profit growth in 2023. The second-largest brewer in the world anticipates a mid- to high-single-digit percentage improvement in operational profit this year. “We see signals of a relatively resilient…
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