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Greece to distribute 1.4 billion euros to citizens hit by austerity

“Greece will distribute 1.4 billion euros as a social dividend to pensioners and others hit hard by the country’s austerity programmes, Prime Minister Alexis Tsipras said on Monday” writes unknown author for cnbc.com. “For a second year, we are in a position to distribute a social dividend to the people who need it the most. Last year, Tsipras unexpectedly announced that the state would pay out about 600 million euros to low-income pensioners, a move that angered the country’s international lenders.Tsipras came to power in 2015 promising to end austerity…

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Allianz profit falls; plans €2 bln buyback

“The German insurer said net profit fell 17% to 1.57 billion euros ($1.82 billion) compared with the same period last year” writes Pietro Lombardi for marketwatch.com. Allianz SE (ALV.XE) said on Friday that its third-quarter net profit recorded a double-digit drop, hit by high natural catastrophe claims.Allianz said it expects its operating profit “in the upper half of the target range of 10.8 billion euros, plus or minus 500 million euros.”. Operating profit was EUR2.48 billion compared with EUR3 billion a year earlier. Source: marketwatch.com Share This:

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Adidas reports strong growth in North America, China

“German sportswear firm Adidas posted another strong quarter of sales and profit growth Thursday, driven by expansion in China and North America, where it has been taking market share from archrival Nike” writes Krisztian Bocsi for cnbc.com. Here are the key third-quarter metrics: Adidas reported third-quarter sales rose 9 percent, while net profit jumped more than a third. Source: cnbc.com Share This:

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Commerzbank swings to net profit in third quarter despite weak markets

“Commerzbank swung to a net profit in the third quarter despite weak markets as the German lender focuses on a major overhaul” writes unknown author for cnbc.com. The 472 million euro ($547.7 million) net profit at Germany’s second-largest lender after Deutsche Bank was broadly in line with analysts’ expectations for a profit of 477 million euros, according to a Reuters poll of banks and brokerages.The profit, which compares with a loss of 637 million euros in the second quarter and 288 million euros a year ago, comes as the bank…

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Deutsche Post eyes strong Christmas, confirms 2017 earnings goal

“Deutsche Post DHL Group confirmed its earnings target for 2017, saying it expected a strong Christmas period, as it reported a 10.5 percent rise in third-quarter profit on Thursday” reports cnbc.com. The company reported earnings before interest and tax (EBIT) of 834 million euros ($968 million), against analyst expectations for 841 million in a Reuters poll. It stuck to a target for 2017 EBIT of around 3.75 billion euros. Source: cnbc.com Share This:

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Italy Antitrust fines ‘big four’ accounting firms total of 23 million euros

“ROME (Reuters) – Italy’s Antitrust authority said on Tuesday that it fined the “big four” accounting firms a total of 23 million euros ($26.61 million) for allegedly conspiring to divvy up large public consultancy contracts, a statement said” reports businessinsider.com. Deloitte, KPMG, Ernst&Young and PWC “colluded” to win contracts worth a total of 66 million euros, the statement said, “nullifying” the bidding process and “neutralising competition from outside the cartel”. Source: businessinsider.com Share This:

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Societe Generale reports 15% drop in profits, prepares for US legal battles

“Societe Generale reported a 15 percent drop in net income during the third quarter of the year, as it prepared to resolve two legal disputes in the U.S. The shares fell 4 percent in early trade” writes Jean-claude Coutausse for cnbc.com. Here are some of the key metrics: Speaking to CNBC on Friday, Frédéric Oudéa, the bank’s chief executive officer, said that the low interest rate environment poses a challenge to the bank’s books. “We are still penalized by the low rate environment,” Oudéa said, but “going forward, in particular…

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Swedish startup Uniti sets debut date for crowdfunded urban EV

“Uniti finished its FundedByMe campaign last year with more than 1.23 million euros ($1.4 million) from 570 investors in 45 countries” writes Sven Gustafson for autoblog.com. The company says the new site provides it with access to well-established shipping and logistics infrastructure, high-speed Internet and clean energy. Source: autoblog.com Share This:

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Ferrari raises forecasts after record third-quarter earnings

“MILAN (AP) Italian luxury sports car maker Ferrari NV has revised its earnings guidance upward after reporting a record third-quarter profit of 141 million euros ($164 million), up 24 percent over last year” reports foxsports.com. It lowered estimated debt at the end of 2017 to below 500 million euros.Revenue in the quarter was up 7 percent to 836 million euros, helped by the success of 12-cylinder models, notably the four-seat GTC4Lusso and the LaFerrari Aperta convertible.The company, based in the northern Italian city of Maranello, raised its estimate for full-year…

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Volkswagen raises profit forecast despite diesel charges

“Profit after tax fell to 1.14 billion euros ($1.33 billion) from 2.33 billion in the same quarter a year earlier” writes The Associated Press for seattletimes.com. Sales revenues, however, rose 5.8 percent to 55.0 billion euros.Based in Wolfsburg, Volkswagen had announced Sept. 29 that it would take around 2.5 billion euros in additional charges for complying with a settlement with U.S. authorities over diesel cars it had rigged to cheat on emissions tests. Source: seattletimes.com Share This:

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