Ralph Lauren beats quarterly revenue estimates

Ralph Lauren beats quarterly revenue estimatesFILE PHOTO: A man walks past Ralph Lauren Corp.'s flagship Polo store on Fifth Avenue in New York City, U.S., April 4, 2017. REUTERS/Brendan McDermid/File Photo (Reuters) – Ralph Lauren Corp (RL.N) inched past holiday-quarter revenue estimates on Tuesday, helped by demand for its winterwear in Europe and North America.
Net revenue rose to $1.75 billion from $1.73 billion in the third-quarter ended Dec. 28, beating analysts’ average estimate of $1.72 billion, according to IBES data from Refinitiv.
Ralph Lauren said it continued to expect fiscal 2020 revenue, excluding fluctuations in foreign exchange, to rise 2% to 3%, but that did not include the potential impact from the outbreak of a new coronavirus.
Reporting by Uday Sampath in Bengaluru; Editing by Saumyadeb Chakrabarty
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Exclusive: Fund giant Vanguard bypasses banks with forex algos

Exclusive: Fund giant Vanguard bypasses banks with forex algosLONDON (Reuters) – Vanguard, the $5.6 trillion asset manager, plans to start using computer-run algorithms this year to trade FX directly with other funds, depriving banks of some of the fees they earn as the middlemen in currency deals.
FILE PHOTO: A currency dealer in front of electronic boards showing the Korea Composite Stock Price Index and various currency rates at a dealing room of a bank in Seoul, South Korea, August 25, 2015. REUTERS/Kim Hong-Ji/File PhotoThe head of FX trading at U.S.-based Vanguard, which trades about $225 billion in currencies each month, told Reuters the fund giant was in talks with several forex platforms about launching specialist algorithms designed to seek out and trade with other asset managers.
It plans to start trading with such “algos” later in the year, Andy Maack, Vanguard’s FX trading head, said.
Vanguard is also one of three institutional investors that last week executed the firs..

Visa planning biggest changes to swipe fees in a decade: Bloomberg

Visa planning biggest changes to U.S. swipe fees in a decade: BloombergFILE PHOTO: A Visa credit card is seen on a computer keyboard in this picture illustration taken September 6, 2017. REUTERS/Philippe Wojazer/Illustration(Reuters) – Visa Inc (V.N) is planning the biggest changes in a decade to the rates U.S. merchants pay to accept its cards, Bloomberg reported bloom.bg/2vGWtA7 on Tuesday, citing a document Visa sent to banks.
Interchange rates of the world’s largest payment processor will go up or down depending on the merchant and the way consumers pay for their purchases, the report said.
Higher rates are looming for transactions on e-commerce sites, while retailers in certain services categories such as real estate and education will see fees decline, the report added.
“Based on the most recent review in the U.S., Visa is adjusting its default U.S. interchange rate structure to optimize acceptance and usage and reflect the current value of Visa products,” Visa said in the doc..

Vodacom to launch 5G services in South Africa in 2020

Vodacom to launch 5G services in South Africa in 2020JOHANNESBURG (Reuters) – Vodacom Group (VODJ.J) expects to offer 5G mobile services to its South African customers this year by using a network being built by another African operator Liquid Telecom, Vodacom Chief Executive Shameel Joosub said on Tuesday.
FILE PHOTO: A shopper walks past a Vodacom shop in Johannesburg February 4, 2015. South African telecoms operator Vodacom on Wednesday posted third-quarter revenue of 19.99 billion rand ($1.76 billion), down 1.1 percent from a year earlier, partly due to a drop in the charge customers pay to call other networks. The unit of Britain's Vodafone Plc did, however, add 9 percent more customers to 61.1 million users, in the three months to end December 2014, the company said. REUTERS/Siphiwe SibekoLiquid Telecom announced last month it was building a wholesale 5G network that would be available from early 2020, using its share of the 3.5 GHz spectrum required for 5G. It said it woul..

Factbox: Airlines suspend China flights because of coronavirus outbreak

Factbox: Airlines suspend China flights because of coronavirus outbreak(Reuters) – Airlines are suspending flights to China in the wake of the new coronavirus outbreak.
Here is the latest on their plans (in alphabetical order):
AIR CANADA (AC.TO)
Air Canada said on Jan. 28 it was cancelling select flights to China.
AIR FRANCE (AIRF.PA)
Air France said on Jan. 30 it had suspended all scheduled flights to and from mainland China until Feb. 9.
AIR INDIA Air India said it was cancelling its Mumbai-Delhi-Shanghai flight from Jan. 31 to Feb. 14.
AIR NEW ZEALAND (AIR.NZ)
Air New Zealand said on Feb. 1 it would suspend its Auckland-Shanghai service from Feb. 9 to March 29 due to travel restrictions affecting crew and a decline in forward bookings.
AIR SEOUL South Korean budget carrier Air Seoul said on Jan. 28 it had suspended all flights to China.
AIR TANZANIA Tanzania’s state-owned carrier said it would postpone its maiden flights to China. It had planned to begin charter flights t..

ConocoPhillips misses profit estimates, boosts share buyback

ConocoPhillips misses profit estimates, boosts share buybackThe Phillips 66 gas station in Superior, Colorado, U.S., July 27, 2017. REUTERS/Rick Wilking(Reuters) – U.S. oil and gas producer ConocoPhillips (COP.N) reported a lower-than-expected quarterly adjusted profit on Tuesday and boosted its share buyback program by $10 billion.
Investors have made higher returns a key priority, pressing oil and gas drillers to boost buybacks and dividends instead of growing production at a time when commodity pricing remains volatile.
Conoco said its realized price per barrel fell 11.3% in the quarter.
Oil prices have taken a hit from the prolonged trade war between the United States and China, and a glut of shale supply in North America.
The company confirmed it would spend $6.5 billion to $6.7 billion in 2020 and said it expects its annual production to range from 1.230 to 1.270 million barrels of oil equivalent per day (boe/d), which includes the impact of a recent third-party pipeline outa..

Factbox: Britain’s 2035 ban on new combustion car sales puts jobs at risk

Factbox: Britain's 2035 ban on new combustion car sales puts jobs at riskFRANKFURT (Reuters) – Britain will ban the sale of new petrol and diesel cars from 2035 in an attempt to reduce air pollution, a step which accelerates a shift toward electric vehicles. Following are some of the possible challenges and consequences related to the decision:
Electric car charges on a street in London, Britain, February 4, 2020. REUTERS/Antonio BronicELECTRIC/HYBRID MARKET SHARE In the European Union only 2% of new passenger car registrations were for electric cars in 2018, with 3.8% hybrid, 35.9% diesel and 56.7% petrol, according to European auto industry association ACEA. Global sales of electric vehicles reached 1.26 million in 2018, or 1.5% out of the 86 million global car sales according to JATO Dynamics.
THREAT TO JOBS Jobs are at risk because electric cars take less time to build. A combustion-engine car has 1,400 components in the motor, exhaust system and transmission. An electric ve..

Exclusive: Venezuelan banks begin storing dollars amid Maduro’s liberalization – sources

Exclusive: Venezuelan banks begin storing dollars amid Maduro's liberalization – sourcesCARACAS (Reuters) – At least half a dozen Venezuelan banks have begun storing in vaults millions of dollars and euros accumulated in cash by businesses during an unexpected economic liberalization by President Nicolas Maduro, according to sources.
FILE PHOTO: General view of the sunset in Caracas, Venezuela January 26, 2020. REUTERS/Manaure Quintero Some $1.8 billion worth has entered Venezuela in the last year, according to three senior banking sources, as Maduro quietly dismantles 16 years of socialist regulations to salve the economy in the face of U.S. sanctions and hyperinflation.
The cash comes mainly from remittances – often on trucks – by the millions of Venezuelans who have left in recent years, and from the OPEC member’s oil and gold sales to allied nations like Turkey and Russia, sometimes by plane, the sources said.
The private banks’ new custodial service began discreetly in lat..

Siemens Gamesa boosting risk management to fend off project delays: CEO

Siemens Gamesa boosting risk management to fend off project delays: CEOMADRID (Reuters) – Wind turbine maker Siemens Gamesa is acting fast to manage risks on its projects around the world to avoid a repeat of the delays that dragged it to a loss at the beginning of this year, Chief Executive Marcus Tacke said on Tuesday.
FILE PHOTO: The Siemens Gamesa logo is displayed outside the company headquarters in Zumudio, near Bilbao, Spain, November 28, 2017. REUTERS/Vincent West/File Photo“We do not take this setback lightly,” Tacke said on a conference call with analysts, adding the company was also working to guard against challenges in a sector squeezed by falling margins as governments phase out subsidies.
“We are working on improving project execution,” he later said on a conference call with reporters. “We need to strengthen our risk management to be very sure we are in good control of our projects around the world.”
Last week, the company formed in 2017 by a merger between Spain’s G..

Indonesia says to stop livestock imports from China

Indonesia says to stop livestock imports from ChinaJAKARTA (Reuters) – Indonesia said on Tuesday its plan to temporarily stop some imports from China over coronavirus concerns would only apply to shipments of live animals, and not all food and beverage products, a senior minister said.
The trade minister said on Monday the Southeast Asian country will suspend food and beverage imports from China as a precaution to prevent the spread of coronavirus.
“The methods of disease transmission are by human-to-human and through wild animals, so the government’s policy is to ban imports of live animals from China,” Airlangga Hartarto, chief economic affairs minister, said in a live broadcast on the Cabinet Secretariat’s Twitter account.
“If any had been shipped for Indonesia, we will return them,” he said, while underlining that Indonesia will continue importing fruit and vegetable products from China.
Hartarto made the comments after attending a cabinet meeting with President Joko Widodo in ..