the bottomline
NEW YORK:
Caterpillar’s secondquarter easily beat Wall Street expectations thanks in part to the blistering pace of construction and demand for big machines, a the company boosted its full-year earnings forecast again.
Caterpillar’s second-quarter easily beat Wall Street expectations thanks in part to the blistering pace of construction and demand for big machines, a the company boosted its full-year earnings forecast again.
Shares rose more than 3 percent Monday in premarket trading.
Caterpillar now anticipates full-year adjusted earnings in a range of $11 to $12 per share. In April the company raised its outlook to between $10.25 and $11.25 per share, from $8.25 to $9.25 per share.
Caterpillar Inc earned $1.71 billion, or $2.82 per share in the quarter. Excluding one-time gains or losses, per-share earnings were $2.97, far exceeding projections of $2.73 per share from industry analysts.
A year earlier the Deerfield, Illinois, company earned $802 million, or $1.35 per share. (AP)
LONDON:
Workers at three of Total’s British offshore oil and gas platforms went ahead with a 12-hour strike on Monday, a spokesman for Unite said, with further industrial action planned if no agreement on new rotas is reached.
The strike by 45 workers at the Alwyn, Elgin and Dunbar platforms in the North Sea began at 1100 GMT. It followed a 24-hour stoppage at the same sites last Monday but stored crude cushioned against any immediate oil supply disruption.
Britain’s largest labour union Unite has also scheduled 24-hour stoppages on Aug. 6 and 20 and a 12-hour strike on Aug 13 if it is unable agree new rotas with Total.
No formal talks with Total were currently planned, Unite said.
The three fields’ oil production contributes about 45,000 to 50,000 barrels per day (bpd) to the Forties and Brent Blend crude streams. (RTRS)
LONDON:
Credit Suisse is looking to shift about 50 jobs from London to Madrid as part of its efforts to continue doing business in the European Union after Britain leaves the bloc in 2019, a source close to the bank said on Monday.
The Swiss bank is in the process of notifying London-based staff about the moves that will affect its main divisions, namely investment banking, wealth management and asset management, the source said.
Credit Suisse, which employs about 5,500 people in London, will grow its Madrid headcount to almost 300 after the moves, while the Spanish capital will also serve as a hub for South America where the bank wants to expand its client network.
The news, which was first reported by Spanish paper Vozpopuli, comes as slow progress in post-Brexit negotiations with Brussels has raised fears of a so-called “hard Brexit” that would cause major disruption to global banks who run their European businesses from Britain. (RTRS)
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BERLIN:
Germany is open to foreign direct investment, a German government spokeswoman said, despite its move last week to prevent China’s State Grid from acquiring a 20 percent stake in high-voltage transmission network operator 50Hertz.
State bank KfW agreed on Friday to take a 20 percent stake in high50Hertz, fending off an offer from China’s State Grid.
Asked whether last week’s move meant China was not regarded as a “reliable energy provider” by the government, spokeswoman Ulrike Demmer told a regular news conference in Monday that Berlin had a responsibility to ensure reliable energy supplies. (RTRS)
MILWAUKEE:
Smaller bikes, electric engines, online sales and urban storefronts, Harley-Davidson, we hardly knew you.
The American motorcycle company, facing dwindling sales in its home market, said Monday that it will roll out some new products and stores to broaden its audience and invigorate sales.
Harley, known for its car-alarm triggering engine rumble, will roll out an electric motorcycle called LiveWire next year, with no clutch and no gears. It’s promising to expand that line over the next few years.
It will also open smaller storefronts in urban areas to broaden its appeal.
With sales rising in Asia and India, Harley-Davidson says it’s developing smaller bikes with 250 to 500 cubic centimeter engines, to make the more accessible. (AP)
BERLIN:
German prosecutors are investigating former Volkswagen boss Martin Winterkorn over suspicion that he may have evaded taxes, Bild am Sonntag reported.
Winterkorn was already in the sights of investigators looking at whether he failed to inform investors promptly about Volkswagen’s emissions cheating scandal.
But the newspaper reported Sunday that the former VW boss may face further legal woes.
Citing investigation documents, the newspaper said Winterkorn transferred around 10 million euros to Swiss bank accounts over 2016 and 2017. Part of the sum may have incurred unpaid taxes, it added.
The claim was rejected by Winterkorn’s lawyer Felix Doerr, who told Bild am Sonntag it was Winterkorn’s “personal decision how and by whom he wants his assets to be managed.”
He added that the procedure was “free from any tax claim”. (AFP)
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ANAHEIM, California: Disneyland has agreed to raise the minimum wage for employees at its California theme park to $15 an hour.
Disneyland Resort announced the 40 percent increase on Thursday and says it will go into effect on Jan 1, 2019.
As part of a deal with labor unions, the resort says it will immediately increase the current minimum of $11 an hour to $13.25. It’ll be at $15.45 in 2020.
The deal affects more than 9,700 employees, including those working in attractions, store operations and costuming, among others.
Disneyland President Josh D’Amaro says in a statement that the resort is paying workers $15 an hour three years ahead of a new California law requiring workers be paid that amount. He says that shows the resort’s “commitment and care” for its employees. (AP)