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Daimler: CEO Zetsche to be succeeded by development head

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FILE - In this Jan. 13, 2014 file photo Mercedes-Benz marketing chief Ola Kallenius, right, stand with Daimler Chairman Dieter Zetsche at the end of a press conference at the North American International Auto Show in Detroit, Mich. Daimler AG said Wednesday, Sept. 26, 2018 that Kallenius will take over as the company's CEO in 2019. FILE - In This April 5, 2018 file photo Dieter Zetsche, CEO of the Daimler AG, speaks during the annual shareholders' meeting of the car maker in Berlin. Automaker Daimler says that CEO Dieter Zetsche will be succeeded next year by Mercedes-Benz development and research head Ola Kallenius. Kallenius would take over Zetsche's dual mandate as head of Daimler AG and of its luxury division Mercedes-Benz, the pillar of its profits.

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Why is Michael Kors buying Versace?

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Gucci, another Italian luxury brand, has far outstripped Versace under the ownership of conglomerate Kering. In turn, the company, which is to be renamed Capri Holdings after the acquisition is complete, hopes the brand will help it to build overall revenues to eight billion US dollars. Although Versace has lagged behind some peers, the brand is on course for double-digit growth in revenue, earnings and comparable sales growth. This makes it attractive as a growth prospect, with Michael Kors chief executive John D Idol saying on Tuesday that the brand is “very relevant in the modern culture today”. What will change? Combined with Michael Kors’ plans to expand wholesale partnerships with luxury department stores like Harrods and Galeries Lafayette, this means Versace products will be available in more physical retail spaces.

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Woodward’s words and United’s revenues may mean Mourinho cashes in

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Ed Woodward has backed Manchester United boss Jose Mourinho, pledging investment aimed at winning trophies and maintaining the club’s place as the “biggest sports team in the world”. After finishing second, 19 points behind neighbours Manchester City last term, the Red Devils have endured a topsy-turvy start to the Premier League campaign which leaves them seventh in the standings. A title challenge already looks a tough ask but United continue to achieve off the field, with the club announcing record revenues on Tuesday in excess of half a billion pounds for the third consecutive financial year. United executive vice-chairman Woodward believes those ever-improving figures will aid the club’s quest for silverware, with the executive vice-chairman saying “everyone at the club is working tirelessly to add to Manchester United’s 66 and Jose’s 25 trophies”.

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UPDATE 1-UK's PZ Cussons says quarterly results in line despite Nigeria pressures

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(Reuters) - PZ Cussons Plc said on Wednesday its quarterly results were in line with expectations, even as the soaps and cosmetics maker's prices, volumes and margins in Nigeria remained under pressure. PZ Cussons said new products and cost cuts helped offset challenging trading conditions in Nigeria for the quarter ended Aug. 31. The company has suffered from a slowdown in its largest Nigeria market, forcing it to warn in July of a challenging year ahead after Africa profits declined sharply in the year to May 31. PZ Cussons, which has a more than 130-year-old history, gets about 36 percent of its revenue from Africa and also sells home appliances in partnership with Haier.

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Deutsche Bank mulls merger scenario with UBS: Handelsblatt

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FRANKFURT (Reuters) - Deutsche Bank <DBKGn.DE> has looked at a theoretical scenario of merging with UBS <UBSG.S>, the German business daily Handelsblatt reported, citing people familiar with the matter. The scenario, along with a potential merger with Commerzbank <CBKG.DE>, was discussed at the bank's strategy meeting with the supervisory board earlier this month, Handelsblatt said. On paper, a potential merger with UBS fares better than a deal with Commerzbank as Deutsche Bank and the Swiss lender would complement each other well in the areas of investment banking and wealth management, the report said. Executives of Deutsche Bank and Commerzbank are increasingly open to the idea of a merger, German newsmagazine Der Spiegel reported earlier this month.

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UPDATE 1-Road weather woes hurt UK breakdown service AA's first-half earnings

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(Reuters) - British roadside recovery group and insurer AA Plc reported a 16.6 percent fall in first-half core profit, hurt by a rise in costs after it had to service more cars that broke down this year during the long icy winter. AA has been investing heavily in its roadside business to ramp up company-owned patrols and improve its mobile-app based services for car breakdowns under Chief Executive Simon Breakwell, who took over the top job at the century-old firm last year. "The first half of financial year 2019 has seen exceptional weather conditions, from extreme cold and snow in February and March to the hottest summer in recent memory, with the severe winter also creating a pothole 'epidemic' on the UK's roads," Breakwell said on Wednesday. The company reported trading earnings before interest, tax, depreciation and amortisation (EBITDA) of 161 million pounds ($212 million) in the six months ending July 18, from 193 million pounds reported a year earlier.

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SurveyMonkey IPO is bigger than expected

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SVMK Inc. , the parent company of SurveyMonkey, will sell more shares than expected at a higher price than originally targeted in its initial public offering. The company said that it plans to sell at least 15 million shares at a price of $12 a share, after targeting a sale of 13.5 million shares at a price of $9 to $11 a share. SurveyMonkey also planned to sell $40 million in stock to the venture-capital arm of Salesforce.com Inc. , and there are 2.25 million more shares available to underwriters. At the IPO price, and including the Salesforce Ventures sale but not the potential greenshoe, SVMK would pull in $220 million at a valuation of about $1.5 billion.

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Nike quarterly revenue beats estimates

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Nike quarterly revenue beats estimates. ReutersSeptember 25, 2018, 8:22 PM GMT. (Reuters) - Nike Inc (NKE.N) beat analysts' estimates for first-quarter revenue on Tuesday, as new launches of footwear and apparel fueled sales in North America. Revenue rose to $9.95 billion from $9.07 billion, beating estimates of $9.94 billion, according to Thomson Reuters I/B/E/S. The company's net income rose to $1.09 billion, or 67 cents per share, in the first quarter ended Aug. 31, from $950 million, or 57 cents per share, a year earlier. What to read next.

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French bank BNP Paribas has no appetite for more big acquisitions

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PARIS (Reuters) - BNP Paribas (BNPP.PA) is not planning any major international acquisitions in 2019-2020, France's biggest listed bank said in a presentation on Wednesday, despite signs of possible big deals in the European banking sector. "2019-2020: No appetite for further acquisitions," the bank wrote in a slide for an investor presentation at Bank of America Merrill Lynch (BAML). The slide referred to the bank's international financial services division, in which it bundles all activities outside the euro zone plus a series of businesses within the region such as insurance, asset management and real estate. Earlier this year, BNP Paribas increased its presence in Poland with the 775 million euros (£692 million) purchase of Raiffeisen Bank's (RBI) (RBIV.VI) main business in the European Union's largest eastern economy.

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Michael Kors ups the glamour, buys Versace for $2 billion

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Michael Kors ups the glamour, buys Versace for $2 billion. The deal comes just 14 months after the New York handbag maker spent $1.35 billion adding to its portfolio Jimmy Choo, the shoemaker that rocketed to fame on the high heels of "Sex and the City." Like others in the fashion industry, Michael Kors Holdings Ltd is trying to fire up sales by cranking up the glamour. Michael Kors remains the chief creative director at Kors, but the expanding company will be renamed Capri Holdings Ltd., with $8 billion in projected annual sales.

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Richard Parsons Named Interim Chairman Of The Board Of Directors, CBS Corporation

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Sept 25 (Reuters) - CBS Corp on Tuesday named Richard Parsons as interim chairman of its board of directors, following the resignation of Leslie Moonves earlier this month amid a new wave of allegations of sexual assault and harassment. The media company also said Bruce Gordon and William Cohen, who have served on its board since CBS became a standalone public company in 2006, have decided to step down from their posts to focus on other personal and professional priorities. "Dick Parsons has a combination of deep industry knowledge and unmatched corporate and board experience," Candace Beinecke, chair of the board's Nominating and Governance Committee, said in a statement. Parsons served as chief executive office of Time Warner from 2002 to 2007, and was chairman of Time Warner's board from May 2003 to January 2009.

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Xbox One mouse and keyboard support is coming with Razer's help

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Microsoft has confirmed that it's weeks away from adding mouse and keyboard support to the Xbox One (initially for Insiders), and it's enlisting some help from none other than Razer. The gaming-oriented brand will provide the "best possible" experience for input on the console, Microsoft said. There aren't many details as to what that entails (a November 10th Inside Xbox episode will share more), but an earlier Windows Central leak hinted at Chroma RGB lighting compatibility and touted the Turret lapboard as a solution for living room gaming. Microsoft knows there's a risk of creating games that virtually require a mouse and keyboard for competitive multiplayer modes (first-person shooters in particular), and it's promoting the creation of games that are "fun, fair and correctly balanced."

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In Paris, Airbnb blamed for all kinds of ills

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PARIS — The first paying guests to the ground-floor studio flat newly posted on Airbnb were innocuous enough: A family, come to experience the joys of Paris, like many millions of others. Franck Briand, who lives in the apartment directly above, now looks back on that moment as the start of what he calls his Airbnb “nightmare.” The ensuing four years, he says, have been an incessant carousel of late-night parties, drunken revelers and the rattle of newly arrived groups, sometimes 15 at a time, dragging wheeled suitcases across the cobbled courtyard. Paris, long one of the world’s top destinations, is still grateful for the billions of euros (dollars) that tourists pump into the French capital’s economy and the 300,000 jobs they sustain. But Parisians and City Hall officials also are expressing deep qualms about having so many visitors directly in their midst, no longer largely corralled in hotels but instead living, albeit temporarily, cheek-by-jowl with locals in properties rented online. The rectangular district he oversees, boxed in by some of the city’s must-visit sites, including the Pompidou art museum, has experienced a precipitous population decline as Airbnb has taken Paris by storm, with more listings than any other city worldwide.

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The HP Tango X writes the book on bookshelf printers

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With few exceptions, printer design feels like it's been stuck in the '90s. Even the pair of inexpensive consumer laser printers that helped me get over my printer phobia are massive black-and-gray plastic boxes that don't look like they belong anywhere outside of an office cubicle. HP's new Tango X printer is different enough to draw me in for a closer look, despite my antipathy for inkjet printers in general. In fact, HP takes great pains to promote the Tango X as a printer that can sit unobtrusively on a bookshelf, with the cover acting as very book-like camouflage. When you're ready to print, just pull the cover open, flip up the paper holder, and it's good to go. It's required for initial setup, and HP at least makes it sound like you need its proprietary software for any additional devices, such as PCs, you want to print from. But I was able to print from the Windows 10 printer menu and Google CloudPrint, all without installing any special software. While this is not a comprehensive printer review, I found the Tango X painless to set up, and in my initial use, free from the frustrating errors that plague many inexpensive inkjet printers.

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China will overtake the U.S. economy in less than 15 years, says HSBC, challenging Trump’s claim

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China will overtake the U.S. economy in less than 15 years, says HSBC, challenging Trump’s claim. It also saw the Chinese as remaining the single biggest contributor to global growth over the next decade. Just last month, Trump said that China was no longer on track to surpass the U.S. “in a very short period of time.” The HSBC prediction does though gel with that of the International Monetary Fund, which said in July that China could become the world’s largest economy by 2030. • India will pass Japan and Germany to become the third-largest economy • Global output could be 40 per cent higher than in 2017 as world growth of just below 3 per cent looks sustainable • About 70 per cent of global expansion will be from emerging markets • Austria and Norway will fall out of the top 30 due in part to their small, ageing populations • Bangladesh will rise 16 positions to 26, while the Philippines will climb 11 slots to 27 • Africa will have more people of working age than China.

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ANZ picks Google Cloud to speed up banker insights - Reseller News

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ANZ's institutional division is responsible for global institutional and business customers across transaction banking, loans and specialised finance and markets - the division covers Australia, New Zealand, Asia, Europe, America, Papua New Guinea and the Middle East. "Over time we can help customers make informed business decisions more quickly on issues like liquidity, risk and cash management, or strategic calls like store locations, inventory and market positioning." "Our teams are collaborating to deliver value across the Google Cloud Platform, with focus on where it matters most for customers in analytics, application development capabilities and machine learning to accelerate innovation across the bank," added Colin Timm, country director of A/NZ at Google Cloud. Delivered through EDGE Research - leveraging Kiwi data through Tech Research Asia - more than 50 partners, vendors and distributors combined during an interactive session to assess the changing spending patterns of the end-user and the subsequent impact to the channel.EDGE 2018: Kiwis assess key customer priorities through NZ research.

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Mitie sees flat to lower annual profit as order book declines

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The facilities management group said that its order book had declined slightly since the end of its financial year-end, with delivery of long-term contracts being partly counterbalanced by contract wins and retentions. However, Mitie said it had also secured a number of significant contract wins across a mix of local authority, banking, industrial, transport, NHS and retail clients during the period. The FTSE 250 group said it expected Project Helix, its business transformation programme, to deliver around £40mln of cumulative in-year cost savings at a cost of £15mln. Mitie said it was maintaining its full-year guidance as project work volume was increasing, along with its like-for-like revenue growth, which strengthened in the second quarter. We see technology, especially in our core businesses, playing an increasingly important part in differentiating our service delivery and improving margins, and therefore we are continuing to invest in the "Connected Workspace" to accelerate growth,” he added.

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China Rapid Finance Names Former Hewlett Packard Executive as Co-CEO

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SHANGHAI, Sept. 25, 2018 /PRNewswire/ -- China Rapid Finance Limited ("XRF" or the "Company") (NYSE :XRF ), a leading consumer finance marketplace and technology platform in China, today announced the expansion of its leadership team with the appointment of Russell Krauss, a former Hewlett-Packard executive, as Co-Chief Executive Officer and Vice Chairman. Mr. Krauss brings with him more than two decades of proven P&L leadership experience and an impressive track record of implementing innovative initiatives at major technology ventures and Fortune 500 companies, including technology giant Hewlett-Packard. Previously, Mr. Krauss was the Chief Information Officer and Vice President for the New York Power Authority, the largest non-federal utility in the U.S., where he was a leader of one of the nation's "Top 10 Critical Infrastructure" entities and led the $1.4 billion divestiture of the Nuclear Generation business—the largest transaction of its kind in U.S. history. China Rapid Finance was founded by Dr. Zane Wang, who has decades of consumer credit experience in the U.S. and China, and is governed by a global board of directors. For more information: http://ChinaRapidFinance.InvestorRoom.comhttp://twitter.com/XRFChina.

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Unilever chairman: no better option than move to Rotterdam

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LONDON, Sept 25 (Reuters) - Unilever (NYSE: UL - news) 's chairman Marijn Dekkers on Tuesday defended the Anglo-Dutch's company's plans to consolidate a single headquarters in Rotterdam as the best choice for its shareholders. "If we thought there was a better option than we would have proposed it," he said in an interview with two financial press agencies. Graeme Pitkethly added that the company is seeking support for its plans from proxy advisory firms, and repeated he was confident the plan would be approved despite some opposition from shareholders mandated to invest in British firms only. (Reporting by Martinne Geller and Toby Sterling in AMSTERDAM; editing by Louise Heavens).

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AG Barr reports rise in first-half sales and profits

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Irn Bru maker AG Barr has reported a rise in sales and profits after shrugging off the new sugar tax, the March cold snap and CO2 shortage. The Cumbernauld-based firm reported a 4% rise in underlying pre-tax profits to £18.2m for the six months to 28 July after sales climbed 5.5% to £129.8m. Barr revamped its drinks ranges to reduce their sugar content ahead of the launch of the new UK soft drinks sugar tax in April. Barr also had to contend with a market-wide shortage of CO2 at the height of the summer heat wave, when demand for fizzy drinks surged.

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