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Baidu revenue contracts but beats estimates on cloud business growth
Business

Baidu revenue contracts but beats estimates on cloud business growth

Men interact with a Baidu AI robot near the company logo at its headquarters in Beijing, China April 23, 2021. REUTERS/Florence Lo/File PhotoRegister now for FREE unlimited access to Reuters.comRegisterAug 30 (Reuters) - China's search engine giant Baidu Inc (9888.HK) beat quarterly revenue estimates on Tuesday, underpinned by growth in its cloud business, even as it reported its first year-on-year quarterly revenue contraction in two years.Total revenue shrank by 5% to 29.65 billion yuan ($4.43 billion) in the second quarter, compared with analysts' average estimate of 29.30 billion yuan, according to Refinitiv data.U.S.-listed shares of the company rose 3.2% in premarket trading.Register now for FREE unlimited access to Reuters.comRegisterEven as Baidu's core advertising sales continu...
Ukraine war, energy crisis send German business sentiment to lowest level since June 2020
Business

Ukraine war, energy crisis send German business sentiment to lowest level since June 2020

The skyline with its financial district is photographed as the spread of the coronavirus disease (COVID-19) continues during an extended lockdown in Frankfurt, Germany, January 14, 2021. REUTERS/Kai Pfaffenbach/File PhotoRegister now for FREE unlimited access to Reuters.comRegisterIndex falls for third month in a rowUkraine war, energy crisis weighs on business moraleIfo: Economy expected to shrink in Q3BERLIN, Aug 25 (Reuters) - German business morale in August fell to its lowest reading since June 2020 amid high uncertainty due to the Ukraine war, the resulting energy crisis and fears of an economic downturn in the third quarter, a survey said on Thursday.The Ifo institute's closely watched business climate index fell for a third consecutive month but less than expected to 88.5, from...
Australia’s Ramsay Health gets ‘inferior’ alternate offer from KKR-led group
Health

Australia’s Ramsay Health gets ‘inferior’ alternate offer from KKR-led group

Aug 25 (Reuters) - Australia's Ramsay Health Care Ltd (RHC.AX) said on Thursday it received a "meaningfully inferior" alternate proposal from a group led by KKR & Co (KKR.N) that would allow it to retain a 37% stake in its Paris-based unit Ramsay Generale De Sante (GDSF.PA).Ramsay currently owns over 52% shares in the Paris-based Ramsay Generale De Sante (Ramsay Sante). If accepted, the alternate offer would give the consortium a 15% stake in the hospital operator, while Ramsay shareholders would retain the balance. read more In April, the consortium comprising of private equity giant KKR and Australian pension fund HESTA, among others, made a cash offer of A$88.0 per share - valuing it at around $15 billion - and had been allowed due diligence on a non-exclusive basis.Register now...
EXCLUSIVE Malaysia’s Tenaga plans $1 bln IPO for power business, sources say
Business

EXCLUSIVE Malaysia’s Tenaga plans $1 bln IPO for power business, sources say

A view of Tenaga Nasional Berhad headquarters in Kuala Lumpur, Malaysia, October 13, 2015. REUTERS/Olivia HarrisRegister now for FREE unlimited access to Reuters.comRegisterSINGAPORE, Aug 12 (Reuters) - Malaysian electricity utility Tenaga Nasional Bhd (TENA.KL) plans to set begin the process next year for a potential $1 billion listing of its power generation business, sources close to the matter told Reuters.In what would be the country's largest initial public offering (IPO) in a decade, TNB Power Generation Sdn Bhd, known as TNB Genco, could be valued at about $4 billion, the sources said, declining to be named owing to the confidential nature of the matter.Proceeds from the offering will be used to grow TNB Genco's renewable energy portfolio, they added.Register now for FREE unlimi...
AMC Entertainment beats quarterly revenue estimates, announces dividend
Entertainment

AMC Entertainment beats quarterly revenue estimates, announces dividend

An AMC theatre is pictured amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., January 27, 2021. REUTERS/Carlo Allegri/File PhotoRegister now for FREE unlimited access to Reuters.comRegisterAug 4 (Reuters) - AMC Entertainment Holdings Inc (AMC.N) reported second-quarter revenue marginally ahead of Wall Street estimates on Thursday, as big-ticket films such as "Top Gun: Maverick" drew crowds to movie halls, driving a surge in box-office collections at the world's largest theater chain.AMC also announced a special dividend in the form of preferred stock, to paid on Aug. 19. The company will issue one preferred equity unit for each of the 516.8 million class A common stock.With COVID receding, consumers are increasingly returning to o...
Australia’s Star Entertainment flags lower revenue on COVID, regulatory costs
Entertainment

Australia’s Star Entertainment flags lower revenue on COVID, regulatory costs

A tourist poses for pictures at the main sign of The Star Casino, owned by Echo Entertainment, at Pyrmont Bay in Sydney July 4, 2013. REUTERS/Daniel Munoz (AUSTRALIA - Tags: BUSINESS)Register now for FREE unlimited access to Reuters.comRegisterJuly 29 (Reuters) - Australia's Star Entertainment Group Ltd (SGR.AX) said on Friday its annual revenue would dip from year-ago levels, pulled down by long spells of operating restrictions, pandemic-led border closures and high regulatory costs.The country's no.2 casino operator expects a normalized revenue of A$1.53 billion ($1.07 billion) for fiscal 2022, compared with A$1.55 billion last year.The company further cautioned that total costs for its mega-project Queen's Wharf Brisbane are expected to shoot about 10% higher from previous outlook of...
Lift-maker Otis agrees to sell Russia business to local investment firm
Business

Lift-maker Otis agrees to sell Russia business to local investment firm

This content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, July 27 (Reuters) - Lift-maker Otis Worldwide Corp (OTIS.N) said on Wednesday it had agreed to sell its Otis Russia business to Russia-based investment company Ice Development."After carefully considering the global impacts and consequences of the ongoing crisis and humanitarian tragedy across Eastern Europe, including supply chain disruptions and mounting regulations, we determined that Otis' ownership of our business in Russia is no longer sustainable," Otis said in a statement.Scores of companies have opted to exit Russia or announced plans to do so since Moscow sent tens of thousands of troops into Ukraine on Feb. 24.Register now for FREE unlimited access to Reuters....