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Tag: losses

TUI losses widen to £261m as Brexit weighs on demand

TUI losses widen to £261m as Brexit weighs on demand

Business
By John-Paul Ford Rojas, business reporter Travel operator TUI has reported widening half-year losses and a fall in summer bookings as it counts the cost of weak consumer confidence and Brexit uncertainty.The group reported an underlying loss of €301m (£261m) for the six months to the end of March, up from €170m (£148m) in the same period a year ago. It has also been knocked by the grounding of Boeing's 737 MAX aircraft, which it has previously warned could cost up to €300m (£261m) as it leases more aircraft to cover its routes.TUI said the decline in its first-half performance was partly due to the knock-on impact of last summer's heatwave holding back bookings and because it had too much capacity in Spain as holidaymakers opted for cheaper destinations such
Uber reveals massive losses ahead of market debut

Uber reveals massive losses ahead of market debut

Business
Uber has lost nearly $ 8bn (£6.1bn) during its 10 years of existence, according to documents released ahead of its debut on the stock market.The ride-hailing firm also disclosed that government authorities and regulators in the US are investigating a year-long cover-up after the details of millions of passengers and drivers were stolen in 2016. Uber chief executive Dara Khosrowshahi said: "Some of the attributes that made Uber a wildly successful startup - a fierce sense of entrepreneurialism, our willingness to take risks that others might not, and that famous Uber hustle - led to missteps along the way."Mr Khosrowshahi, who took over the company 18 months ago, has vowed to run it with integrity.The bankers handling Uber's IPO (initial public offering) are expected to reveal a pricing ran
Mobikwik reports doubling of revenue, but losses keep piling up

Mobikwik reports doubling of revenue, but losses keep piling up

Finance
Gurugram-based digital payments company Mobikwik has doubled its revenue to Rs 85.6 crore in 2018 against Rs 44.3 crore in 2017, even though losses piled up 51 per cent to Rs 200 crore against Rs 132 crore in the same period, as per filings with the corporate affairs ministry and sourced from business intelligence firm Tofler. The company, which competes with the likes of Paytm and PhonePe, has been facing tremendous competition from its rivals in the payments space. Therefore it has made an effort to move on to become a broader fintech player by entering lending and investments as well. “By end of financial year 2019, we are on-track to double our revenues of 2017–18 and halve our losses. October onwards, we became positive on contribution margin, a milestone that no other fin...
Dow is set for steep triple-digit losses at the open amid rising global tensions

Dow is set for steep triple-digit losses at the open amid rising global tensions

Finance
U.S. stock futures pointed to a deeply negative open Tuesday morning, with global markets on edge amid geopolitical tensions surrounding Saudi Arabia. Dow futures around 5:30 a.m. ET, indicated a negative open of more than 330 points. Futures on the S&P 500 and the Nasdaq also fell sharply. Investor focus is largely attuned to developments in Saudi Arabia, after the country confirmed Jamal Khashoggi, a journalist and critic of the Saudi regime, was killed in the country's consulate in Istanbul, Turkey. European and Asian shares retreated on Tuesday as sentiment sour...
Rising global temperatures to cause insect crop losses, food shortages: Study

Rising global temperatures to cause insect crop losses, food shortages: Study

Technology
Rising global temperatures are leading to a boom in the number of insects devouring crops worldwide, and could cause future food shortages, says a study published last week in the journal Science. According to researchers, the global yield losses of wheat, maize and rice crops to pests, particularly in the temperate northern regions of the globe, are projected to increase by 10 to 25 percent per degree Celsius increase of global mean surface warming. "The impact of insects because of climate change could be at least as great and perhaps greater than the impact of climate on crop itself directly," Josh Tewksbury, a research professor at the University of Colorado, Boulder, and one of the authors of the study, told ABC News. "The major finding is that we're underestimating the degree to w...