Cosmetics maker Estee Lauder Cos Inc said on Tuesday it had offered about $1 billion to take control of DECIEM Beauty Group Inc, the parent company of Ordinary skincare brand.
Nestle is aiming to boost organic sales growth towards 4% this year, the food giant said on Thursday, after strong demand for pet food and health products in the Americas helped its growth outshine peers last year.
Breakingviews
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A Citi sign is seen at the Citigroup stall on the floor of the New York Stock Exchange, October 16, 2012. REUTERS/Brendan McDermid
NEW YORK (Reuters Breakingviews) - Jane Fraser’s job as incoming chief executive of Citigroup is to act as a sort of plumber. She needs to fix the U.S. bank’s rusty pipes before they leak again. A New York judge on Tuesday gave her another $500 million incentive to get cracking.
At the heart of the story is a painful example of human error. As Citi was servicing a loan for client Revlon last year, three people failed to ensure the correct boxes were checked in the bank’s payment software. Instead of paying less than $8 million of interest, the “six eye” team accidentally repaid the roughly $900 million loan. Asset managers accounting for more than half of that refused to give the money back.
By Reuters Staff
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BERLIN, Feb 17 (Reuters) - Shares in Nivea maker Beiersdorf fell on Wednesday after it said it does not expect a recovery in profitability in 2021 even though sales of products such as sunscreen and luxury skin cream should bounce back as COVID-19 lockdowns are lifted.
Beiersdorf said late on Tuesday that it expects a return to revenue growth for the group as a whole and its consumer business but its operating margin to remain at the same 12.9% level as 2020.
The group’s Tesa adhesives unit is also projected to return to sales growth, but its operating margin is expected to be hit by increased investment. Beiersdorf said on Tuesday that it will invest an extra 300 million euros ($362 million) over the next five years.
A federal judge on Tuesday said Citigroup Inc <C.N> is not entitled to recoup half a billion dollars of its own money that it mistakenly wired lenders of Revlon Inc, in what he called "a banking error of perhaps unprecedented nature and magnitude."