the bottom line

NEW YORK:

Intel chief executive Brian Krzanich has resigned over a “past consensual relationship” with an employee that violated a company non-fraternization policy, the technology company announced Thursday.

Chief Financial Officer Bob Swan will serve as interim chief executive while the company searches for a replacement.

A leader in data storage, Intel said it has “a robust succession planning process in place” and was looking at both internally and externally for candidates. The company has also retained an executive search firm to help locate candidates.

“The board believes strongly in Intel’s strategy and we are confident in Bob Swan’s ability to lead the company as we conduct a robust search for our next CEO,” said Intel Chairman Andy Bryant. (AFP)

LOS ANGELES:

AT&T announced the launch of its new internet service Watch TV Thursday, revealing both the TV networks included in the service as well as details on ways to get Watch TV for free. The company also announced that it will give some of its wireless subscribers free access to other paid music and video streaming services.

Watch TV, which is slated to go live next week, will feature a total of 31 TV networks at launch, including AMC, Cartoon Network, CNN, HGTV, TBS and TNT. Some time in the near future, the company plans to add BET, Comedy Central, MTV2, Nicktoons, Teen Nick and VH1 to the Watch TV line-up.

LONDON/JAKARTA:

Unregulated British firm Financial.org, which is on eight watchdogs’ alert lists, has closed all investors’ dollar accounts and converted the balances to its new cryptocurrency, according to a notice on the company’s Facebook page.

Investors can only activate their new cryptocurrency accounts by investing another $7,000 by July 31, Financial.org said. They cannot withdraw any of the cryptocurrency — called FOIN — until next year, the company added.

Reuters reported in January that Financial.org, a sponsor of Formula One team Williams, is managing hundreds of thousands of dollars for Asian investors even though it is not licensed to engage in financial transactions. Investors said their money had been invested in US stocks. (RTRS)

LONDON:

Defence equipment maker Chemring Group Plc is targeting contracts worth around $2 billion in the United States after nearly five years of relatively low demand, its chief executive said.

The British contractor, which makes flares, equipment to detect improvised explosive devices and mechanisms used in ejection seats, is looking to benefit from increased spending by the United States under President Donald Trump.

Shares in Chemring were up 1.6 percent at 1243 GMT on Thursday after earlier hitting a more than 4-year high as it reported its first-half operating profit rose 5.2 percent to 18.1 million pounds ($24 million), beating some analyst estimates. (RTRS)

FRANKFURT AM MAIN:

German luxury carmaker Daimler on Wednesday cut its profit forecast for 2018, blaming new tariffs on cars exported from the United States to China, amid lingering fears of a trade war between the world’s biggest economies.

“Fewer than expected SUV sales and higher than expected costs — not completely passed on to the customers — must be assumed because of increased import tariffs for US vehicles into the Chinese market,” the Mercedes-Benz manufacturer said in a statement.

As a result, Daimler said it now predicts its underlying or operating profit, as measured by earnings before interest and tax (EBIT), will be slightly lower than last year, instead of slightly above as it previously expected. (AFP)

PARIS:

French fashion group Chanel released full year earnings for the first time on Thursday, laying down a marker as one of the luxury world’s biggest labels by sales after both revenue and profit grew strongly in 2017.

The privately-owned company, famed for its tweed suits, cushioned handbags and No5 perfumes, has long intrigued the fashion industry by keeping a close lid on numbers. It also has a maverick streak, being one of the only brands to shun online sales of its clothes.

The move to publish was “absolutely not” a precursor to a stock market listing, Chief Financial Officer Philippe Blondiaux told Reuters. He also ruled out a sale. (RTRS)

PARIS:

The chief executive of lowcost airline EasyJet said on Thursday that he would be interested in setting up a base in Heathrow.

“It’s got to go through all process. Clearly it would be an opportunity for us. It’s the only primary airport in Europe from which we do not operate. No reason why we shouldn’t be there and be there with a base,” EasyJet CEO Johan Lundgren told Reuters on the sidelines of the Paris Air Forum.

Lundgren added he felt EasyJet coped well regarding competition from its Irish rival Ryanair at the Southend airport in southern England, and reiterated that EasyJet had no interest in low-cost airline Norwegian Air Shuttle. (RTRS)

PARIS:

The storied French crystal maker Baccarat, founded by Louis XV more than 250 years ago, said Thursday that a Chinese fund had finalised a deal to purchase the company, more than a year after the plan was first announced.

Fortune Fountain Capital, founded by the Chinese businesswoman and Baccarat collectioner Coco Chu, will pay 164 million euros ($189 million) to buy an 89 percent stake held by the US firms Starwood Capital and L Catterton.

The deal includes a plan to immediately invest 20 to 30 million euros in a drive to expand sales in markets including the United States and Asia. (AFP)

HONG KONG:

Chinese smartphone maker Xiaomi kicked off its initial public offering Thursday but the firm is likely to pull in about $6.1 billion, far less than originally expected, with investors having mixed views about its main business.

Xiaomi had hoped to raise $10 billion with the Hong Kong IPO, making it the biggest since Alibaba’s $25 billion New York debut in 2014 and valuing the company at about $100 billion.

However, the firm is offering 2.18 billion shares at HK$17-HK$22 apiece, according to Bloomberg News, which values it at about $53.9$69.8 billion. (AFP)