• Asos posted a record 329% increase in pretax profit to £142.1 million ($184 million) in the year to August.
  • This was mainly down to it cutting around £50 million ($65 million) of costs.
  • Sales of sportswear, skincare, and makeup also boomed during lockdown.
  • But it said it was “cautious on the outlook for consumer demand” because of pressure on the disposable incomes of its customers, who are mainly in their 20s.
  • Asos shares fell by 9%, set for their largest one-day fall since mid-March.
  • Visit Business Insider’s homepage for more stories.

Asos more than quadrupled its profits in the year to August thanks to cost-cutting measure and a sportswear boom during lockdown, it announced on Wednesday.

But it warned that its target market, people in their 20s, were struggling economically. It was “cautious on the outlook for consumer demand, and will remain so until lifestyles and financial stability for our

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Wipro reported a consolidated net profit of ₹2,484 crore in Q2 FY20, up 3 per cent quarter-on-quarter.

Also read: Wipro Q2 net profit declines 3.4% to ₹2,470 crore

Revenues came in at ₹15,115 crore, up 1.4 per cent sequentially. Out of this, IT services revenue came in at ₹14,768 crore — up 1.2 per cent — aided by an uptick in demand at almost all its business units. In dollar terms, revenues from IT services were at $1.99 billion, compared to $1.92 billion in the previous quarter.

The company’s revenue growth during the quarter ended September 30, 2020 points to a general improvement in demand environment for Indian IT services company.

TCS had also alluded to a robust uptick in demand for IT services during the quarter, pointing to a multi-year technological transformation demand in the future.

Also read: TCS reports 6.45% profit in Q2

Revenue guidance

Wipro restarted its

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By Aftab Ahmed and Manoj Kumar

NEW DELHI, Oct 12 (Reuters)India on Monday announced steps to stimulate consumer demand, including advance payment of a part of the wages of federal government employees during the festival season and more capital spending as it tries to bolster the pandemic-hit economy.

The government will allow its employees to spend tax-exempt travel allowances on goods and services, Nirmala Sitharaman, India’s finance minister told a news briefing.

She said the government will also shore up investment by spending extra 250 billion rupees ($3.41 billion)on roads, ports and defence projects, and offering 120 billion rupees in interest-free 50-year loans to state governments for spending on infrastructure before March 31,2021.

“All these measures are likely to create an additional demand of 730 billion rupees ($9.96 billion),” Sitharaman said, adding the proposals would stimulate demand in a “fiscally prudent way.”

Prime Minister Narendra Modi’s government,

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LONDON–(BUSINESS WIRE)–Oct 12, 2020–

The global commercial aircrafts seating market size is poised to grow by USD 4.67 billion during 2020-2024, progressing at a CAGR of almost 9% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201012005076/en/

Technavio has announced its latest market research report titled Global Commercial Aircraft Seating Market 2020-2024 (Graphic: Business Wire)

Economic improvements among global consumers have increased their spending on unique experiences. This is inducing aircraft interior designers to experiment with modern systems, which include the integration of luxurious seats into the business-class and

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The smart doorbell market size is poised to grow by USD 1.19 billion during 2020-2024, progressing at a CAGR of over 25% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201012005075/en/

Technavio has announced its latest market research report titled Global Smart Doorbell Market 2020-2024 (Graphic: Business Wire)

The demand for smart locks is on the rise because of the benefits such as flexibility and high security, easy installation, remote locking and unlocking, and instant alerts to homeowners. The rise in cases of burglary in recent years has contributed

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“On Friday, 2,442 bags of turmeric arrived for sale, of which traders have purchased 60 per cent to meet their local and upcountry demand. They quoted the price based on the quality of the turmeric. In all the markets, only medium-quality turmeric arrived for sale,” said RKV Ravishankar, President, Erode Turmeric Merchants Association.

The farmers are unhappy over the prevailing price, as the traders are buying limited turmeric. Most traders have not yet received fresh upcountry demand, nor from local turmeric powder grinding units and masala firms.

The arrival of turmeric at the Erode Cooperative Marketing Society and Gobichettipalayam Agricultural Cooperative Marketing Society was poor on Friday compared to last week.

At the Erode Turmeric Merchants Association sales yard, finger turmeric was sold at ₹5,109-6,011 a quintal, while the root variety was sold at ₹4,466- 5,509 a quintal. Of the 1,574 bags that arrived, only 431 bags were sold.

At

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By Alex Lawler



a close up of a sign: FILE PHOTO: A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture


© Reuters/Dado Ruvic
FILE PHOTO: A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture

LONDON (Reuters) – World oil demand will plateau in the late 2030s and could by then have begun to decline, OPEC said on Thursday, in a major shift for the producer group that reflects the lasting impact of the coronavirus crisis on the economy and consumer habits.



Mohammed Barkindo in a dark room: OPEC Secretary General Barkindo delivers his speech in Vienna


© Reuters/LEONHARD FOEGER
OPEC Secretary General Barkindo delivers his speech in Vienna

The prediction from the Organization of the Petroleum Exporting Countries, made in its 2020 World Oil Outlook, comes amid a growing number of other forecasts that the pandemic may prove the tipping point for peak oil demand.

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Oil use will rise to 107.2 million barrels per day (bpd) in 2030 from 90.7 million bpd in 2020, OPEC said, 1.1 million

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Recasts throughout with shares, estimates

Oct 8 (Reuters)Domino’s Pizza Inc DPZ.N reported a smaller-than-expected profit on Thursday, as high COVID-19-related costs and staff bonuses offset a jump in demand for pizzas during the coronavirus crisis.

Shares of the Ann Arbor, Michigan-based company, which have risen about 47% this year, were down about 5% before the bell.

The world’s largest pizza chain has thrived during the health crisis as diners staying at home craved more comfort food, but that came at a cost for the company, which spent millions on hiring more staff, bonuses, sick-pay policies and sanitary supplies.

Still, sales at Domino’s U.S. stores open for more than a year rose 17.5% in the third quarter ended Sept. 6, exceeding Wall Street estimates of 13.14%, according to IBES data from Refinitiv.

The resumption of sports leagues such as the National Basketball Association and the National Hockey League

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Introduction

Trading at $17.8 billion in market cap, Akamai Technologies is one of the leaders in Internet infrastructure and cloud security. Its stock shows a low beta of 0.43 and relatively healthy profitability margins, making it a stable long-term tech player. One area to work on for Akamai’s management is to watch the competition and monitor the company’s debt. Our rating for Akamai is outperform.

Akamai Logo Vector (.AI) Free Download

Overview

The plumbers of the Internet

Akamai owns and operates networks of hundreds of thousands of server nodes that help the Internet run smoothly. The company can be considered as the plumber of the Internet because of its role facilitating the flow of data across the world.

Akamai’s servers help clients (usually other companies with a strong online presence) bring traffic faster and safer to consumers.

The use of its infrastructure is reported by Akamai separated by two types of clients as per the Q2

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Adds details on review, industry performance

Oct 8 (Reuters)Ampol Ltd ALD.AX said on Thursday it will consider closing its Lytton oil refinery in Queensland as part of a review into the facility which has been hard hit by coronavirus-led slump in demand for oil products.

Road and aviation fuels have been among the worst hit, pressuring refiners who had only recently returned to profitability after years of booking losses.

Ampol restarted the Lytton refinery in September after a four-month shut-down, but said on Thursday its year-to-date earnings loss had swelled to A$141 million ($101 million).

Under the review, it would consider closing or permanently transitioning the refinery to an import model, as well continuing existing operations and other alternate models of oepration. It would look at the necessary investments for each option.

The move by Ampol, formerly known as Caltex Australia, comes despite an offer from the

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