Power equipment maker ABB said fourth-quarter net profit fell more than two-thirds as the company booked restructuring charges meant to cut costs.» Read More
European equities closed firmly in the red on Wednesday; as a sharp rise in oil prices failed to relieve stress from the markets.
The basic theme is: lower for longer. This theme is familiar to those watching oil, but this time the theme is broader.
European equities ended trade mixed on Wednesday as investors digested mixed earnings, ahead of an ECB meeting on Thursday.
European stocks ended lower on Thursday, after a flurry of corporate earnings came out from across the region.
ABB said its net profit fell 8 percent in the second quarter due to a drop in demand for the Swiss company's oil and gas products.
Ulrich Spiesshofer, CEO of ABB, says the Chinese market has remained soft but there are still a lot of opportunities in the country.
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European equities tumbled on Wednesday to close sharply lower as investors reacted to sharp gains in the euro against the dollar.
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Swiss engineer ABB reported on Thursday a smaller-than-expected rise in quarterly profit, blaming an appreciation of the U.S. dollar.
Ulrich Spiesshofer, CEO of ABB, says the company has hedged itself against the strong dollar.
Ulrich Spiesshofer, CEO of ABB, says the company is "ready to consider" merger and acquisition activity this year.
Ulrich Spiesshofer, CEO of ABB, says the company will not be forced to ax jobs due to the Swiss franc appreciation following the end of the currency's euro peg.
European shares closed lower on Tuesday, with investors cautious regarding an upcoming independence vote for Scotland.
European shares closed higher on Wednesday amid corporate earnings news and ongoing turmoil in Gaza and Ukraine.
Ulrich Spiesshofer, CEO of ABB, says the company is monitoring the situation "on a daily basis" and is ready to take "appropriate action" if needed.
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Ulrich Spiesshofer, ABB CEO, explains that the group has had to lower its sales target due to a slower than expected rebound in the global economy.