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☆ SocGen Q3 earnings beat estimates as investment bank offsets French slump
▼ + stars: | 2023-11-03 | by ( ) www.cnbc.com time to read: +3 min

Societe Generale , France's third-biggest listed bank, posted better-than-expected quarterly earnings onFriday, as a resilient performance from its investment bank offset the steep downturn seen at its French retail division. SocGen's third-quarter reported group net income came in at 295 million euros ($313.2 million), above the 168 million-euro average of 13 analyst estimates compiled by the company. The bank has also finalised the merger of its two French retail networks. NII at the French retail division fell by 27% in the quarter, excluding two regulated savings accounts. In this context, the 0.4% drop in sales seen at SocGen's investment bank, compares well with some of its European peers.

Persons: Slawomir Krupa Organizations: Generale, BNP, Deutsche Bank, Barclays

NII at the French retail division fell by 27% in the quarter, excluding two regulated savings accounts, "well below expectations," JP Morgan said in a note to clients. The French lender said it now saw NII of its French retail, private banking and insurance division falling by more than 20% in 2023. The French retail division's earnings also suffered from hedging contracts against the risks of low interest rates. SocGen's shares had edged up 0.6% by 0924 GMT. The bank has also finalised the merger of its two French retail networks.

Persons: Gonzalo Fuentes, JP Morgan, SocGen, Slawomir Krupa, Jefferies, Krupa, ALD, Mathieu Rosemain, Silvia Aloisi, Ingrid Melander, Emelia Organizations: Societe Generale, La Defense, REUTERS, European Central Bank, BNP, Deutsche Bank, Barclays, Thomson Locations: La, Paris, France

☆ Campaigners say Europe's car leasing giants lag shift into electric gear
▼ + stars: | 2023-10-18 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

But by examining car registration data T&E said that, with the exception of ALD, the leasing companies' claims are false. "Our investigation clearly shows that all leasing companies... are making green leadership claims that are not backed up by evidence," the report says. "In other words, leasing companies are greenwashing." Across the EU as a whole, T&E found EVs made up just over 10% of leasing companies' car purchases, the same share as for the rest of the market. "What remains unclear is whether the major leasing companies will take these steps or remain rooted in the fossil age."

Persons: ZE, Eric Gaillard, Arval, EVs, Nick Carey, Barbara Lewis Organizations: Renault, REUTERS, Transport & Environment, Wednesday, Societe Generale, ALD, BNP, Ford, Nissan, Credit, Financial Services, Thomson Locations: Cagnes, Mer, France

☆ ASM International raises 2025 revenue guidance
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +1 min

Sept 26 (Reuters) - Dutch semiconductor equipment maker ASM International (ASMI.AS) raised its revenue target for 2025 on Tuesday, saying its innovation strategy and transition to new technologies would reap results. The Amsterdam-listed company now expects revenue to reach 3 billion euros to 3.6 billion euros ($3.81 billion) in two years time, up from a previous estimate of 2.8 billion to 3.4 billion euros. ASM International also reiterated its gross margin target at 46-50% and its operating margin target at 26-31% for 2023-2025. ALD, a technique in semi-conductor manufacturing using ultra-thin layers of material, accounted for more than half of the company's revenue from equipment sales in 2022. The group also confirmed its overall sales target for the upcoming quarter at between 580 million and 620 million euros.

Persons: Benjamin Loh, Victor Goury, Pierre John Felcenloben, Christopher Cushing, Kirsten Donovan Organizations: ASM, ASM International, Thomson Locations: Amsterdam

The beat was underpinned by much lower-than-expected "cost of risk" - money set aside for failing loans - of 166 million euros. Analysts had expected 430 million euros. Dubbed a "year of transition" by Krupa's predecessor Frederic Oudea, 2023 is also marked by a severe downturn at SocGen's French retail banking division, fresh from a merger of its two local networks. The second quarter was also affected by negative exceptional items of 240 million euros, which Credit Suisse analysts said were tied to "legacy legal disputes". Retail banking outside France fared better, as did SocGen's car leasing division ALD Automotive (ALDA.PA), whose sales jumped by more than 17% thanks to the acquisition of rival LeasePlan.

Persons: Gonzalo Fuentes, Krupa, Slawomir Krupa, France's, Jefferies, Frederic Oudea, Intesa, LeasePlan, SocGen, Mathieu Rosemain, Augustin Turpin, Ingrid Melander, Mark Potter Organizations: Societe Generale, La Defense, REUTERS, Royal Bank of Canada, European Central Bank, Credit Suisse, Retail, ALD Automotive, Thomson Locations: French, Courbevoie, Paris, France, PARIS, Russia

☆ How Aimé Leon Dore Took New York
▼ + stars: | 2023-07-27 | by ( Jon Caramanica | More About Jon Caramanica | ) www.nytimes.com time to read: +2 min

He met Anthony Bigio, now vice president for design, when Mr. Bigio was designing custom Air Force 1s for clients at Nike’s Mercer Street location. Joe Bavasso, now ALD’s vice president for product, had a job at Todd Snyder but sought out Mr. Santis in hopes that ALD would sponsor his summer basketball team in the Rockaways. A few years ago, Mr. Santis discovered the New Balance 550, a low-top lifestyle sneaker, in an old New Balance catalog and revived it as a collaborative release with ALD. Since then, the 550 has become in “a staple iconic franchise for New Balance,” said Chris Davis, the New Balance chief marketing officer and senior vice president for global merchandising. “It was one of those phenomenons in sneaker culture that only comes around once every few years.”

Persons: David Z, Michael K, ravenously, Santis, Anthony Bigio, Bigio, Joe Bavasso, Todd Snyder, ”, Chris Davis Organizations: Air Force, Nike’s, Yankees, Mets, New, New Balance

☆ SocGen beats estimates as bond trading offsets retail banking slump
▼ + stars: | 2023-05-12 | by ( ) www.cnbc.com time to read: +1 min

General view of the logo outside a branch of French bank Societe Generale in Paris. French bank Societe Generale posted better than expected quarterly earnings on Friday after turmoil in bond and currency markets boosted its trading business. The trading windfall cushioned a slump in SocGen's French retail division, where earnings were curbed by stricter interest rate caps on mortgages and other loans. "Performance is tracking well in all the divisions, but the main issue is French retail," JPMorgan said in a note to clients. "We think the market will focus on French NII (net interest income), taking the shares down," it said.

☆ Lack of electric vans opens door for Chinese, other EV makers
▼ + stars: | 2023-04-13 | by ( Nick Carey | ) www.reuters.com time to read: +7 min

[1/3] Tristan Thomas, CEO of Packfleet, demonstrates charging an electric van made by Chinese brand Maxus at the fully-electric package delivery firm's headquarters in London, Britain, October 27, 2022. Packfleet grew tenfold in 2022 and CEO Tristan Thomas said most of the company's 53-vehicle fleet are Maxus vans. SAIC said it sold 18,000 mostly electric Maxus brand vehicles in Western Europe and Scandinavia last year, including buses and pickup trucks. Fleet manager Sean Clifton has 50 additional Ford vans and 20 Maxus vans on order, but will need more soon as Asda electrifies its 1,300 delivery vans. There is no difference in delays for conventional and electric vans at Renault, said commercial vehicle marketing director John Cleworth.

☆ In EU car data tussle, insurers and others brace for delays, disappointment
▼ + stars: | 2023-02-16 | by ( Nick Carey | ) www.reuters.com time to read: +4 min

Companies in Europe and beyond are vying for control of the crown jewels of the connected car era, namely car manufacturers' data covering everything from driving habits, to fuel consumption and tyre wear which can be used to target cash-generating services. Although the EU is currently haggling over the Data Act, a draft law governing the use of consumer and corporate data, insurers and others are pushing for auto sector-specific regulation. A proposal is expected soon after the European Commission launched a consultation last year. Ten industry groups also wrote to European Commission President Ursula von der Leyen in January urging an end to "repeated delays". A spokesperson for the European Automobile Manufacturers Association (ACEA) said the Data Act would guarantee fair access to car data, so "additional legislation on access to in-vehicle data is unlikely to achieve more".

☆ Lori Lightfoot's campaign investigated for trying to recruit Chicago public school students to help her win
▼ + stars: | 2023-01-12 | by ( Natasha Korecki | Natasha Korecki Is A Senior National Political Reporter For Nbc News. | ) www.nbcnews.com time to read: +3 min

CHICAGO — An explosive revelation is shaking up an already competitive mayor’s race here after incumbent Lori Lightfoot’s campaign sent an email to Chicago public school teachers — in a system she oversees — asking them to recruit students to volunteer on her campaign for school credit. Now, the Chicago Public Schools inspector general is investigating the matter, critics are calling for more extensive inquiries and her opponents are piling on. “CPS OIG has opened an investigation into this matter and we are currently gathering information to determine which, if any, policies have been violated,” the Chicago Public Schools Office of Inspector General confirmed to NBC News Thursday. The probe comes after a deputy campaign manager sent an email to public school teachers — over government email — asking them to recruit students to volunteer for Lightfoot’s campaign in an “externship program” where students could earn class credit. As mayor, Lightfoot directly oversees Chicago schools, appointing the superintendent and members of the board of education.

☆ Analysis: Investors face dilemma as capital increases fill IPO void
▼ + stars: | 2022-12-06 | by ( Pablo Mayo Cerqueiro | Oliver Hirt | ) www.reuters.com time to read: +4 min

"This is a test as to whether shareholders want to support a company they know well already," he said. In contrast with a drought of initial public offerings (IPO), EMEA companies have raised an overall 33.3 billion euros ($34.99 billion) through capital increases so far this year. Meanwhile, fund managers' cash holdings stand at a near 21-year peak, according to poll data from Bank of America. "However, the market could see more firms turn to shareholders for funding given the rising cost of debt and changing outlook," he added. ($1 = 0.9517 euros)Reporting by Pablo Mayo Cerqueiro and Oliver Hirt; Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

☆ Societe Generale's car leasing unit ALD wins EU nod for LeasePlan buy
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +1 min

BRUSSELS, Nov 25 (Reuters) - EU antitrust regulators cleared with conditions French car leasing company ALD's (ALDA.PA) bid for Dutch rival LeasePlan on Friday after the Societe Generale (SOGN.PA) unit agreed to divest some businesses across Europe to address competition concerns. ALD announced the 4.9-billion-euro ($5.1 billion) deal in January, which would give it ownership of the biggest electric vehicle fleet in Europe. The European Commission said ALD agreed to sell its operational leasing businesses in Ireland, Norway, Portugal and LeasePlan's businesses in the Czech Republic, Finland and Luxembourg to address competition worries. It will also provide access to tech services and its used car sales platform for up to 2 years. "These commitments remove the overlaps existing between ALD and LeasePlan's activities in the national markets for operational leasing where the Commission had identified competition concerns," the EU competition watchdog said in a statement.

☆ SocGen profit tops forecast but France lags
▼ + stars: | 2022-11-04 | by ( ) www.cnbc.com time to read: +2 min

This photo, taken on October 28, 2019, shows the logo of the Societe Generale bank, in Ouistreham, Normandy, France. Societe Generale , France's third-biggest listed bank, joined European rivals in posting a higher than expected net income in the third quarter as market volatility boosted trading revenues. SocGen, which has appointed the head of its investment banking division as its new CEO from May 2023, said net income had come in at 1.5 billion euros ($1.46 billion)- well above a Refinitiv consensus forecast of 1 billion euros. The beat was driven by a 12% increase in Global Markets revenues, led by thriving trading in fixed income and currencies. The bank, which has seen a series of high-profile departures in recent weeks, said on Thursday it had appointed a new chief of risk.

☆ Australia's Ampol expects record annual profit; shares tumble on quarterly miss
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

Oct 25 (Reuters) - Australia's Ampol Ltd (ALD.AX) forecast record full-year earnings and posted a threefold jump in quarterly profit on Tuesday, as strong demand for refined products pushed up refining margins at the country's biggest fuel supplier. Its shares, however, sank more than 9%, as its third-quarter net profit missed Jefferies' estimate, amid the company warning of further market volatility. "The market volatility experienced year to date is expected to continue in the period ahead." The company's quarterly net profit on a replacement cost basis, which excludes the impact of inventory and foreign exchange changes, was A$102.5 million ($64.70 million), significantly missing Jefferies' estimate of A$199 million. Refining margin at the Queensland refinery was $15.46 per barrel, significantly higher than $6.76 per barrel a year ago, but below the $32.96 a barrel in the prior quarter.

☆ How these MBA grads used their education — from opening a clothing store to working at a nonprofit
▼ + stars: | 2020-08-04 | by ( Alana Pockros | ) www.businessinsider.com time to read: +14 min

Financial services and consulting are some of the most popular fields for business school grads. According to statistics from Harvard Business School, financial services and consulting are the most popular paths for its graduates. When Colloredo-Mansfeld's husband got a professorship at the University of Iowa, she started working at Iowa's business school. Additionally, he had gotten a taste of business school years prior when he attended Stanford's Summer Institute for General Management Program. It was on these site visits that Richman started to work directly with customers and realized she had a passion for selling.

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