Trump said he doesn't see a recession after the bond market spooked investors and the Dow suffered its worst day of the year last week.Marketsread more
The U.K. prime minister prepares to meet his German and French counterparts this week.Europe Politicsread more
Amazon is raising seller fees for thousands of small and medium-sized businesses in France because of a new digital tax passed by the French government.Technologyread more
Ahead of the deadline, U.S. President Donald Trump told reporters that Huawei was a national security threat.Technologyread more
Baidu is gearing up to release its second-quarter earnings on Monday with the market expecting a sharp decline in profit.Technologyread more
Americans now say they approve of free trade by 64%-27%, a margin of better than two to one. That's up from 57%-37% early in Trump's presidency, and 51%-41% near the end of...Politicsread more
Stocks in Asia rose on Monday as U.S. Treasury yields bounced higher after plunging last week.Asia Marketsread more
The problem with tanking equities lies elsewhere, writes Michael Ivanovitch, because traders see no end to America's unfolding trade disputes with Europe and China.World Economyread more
Beijing wants to use reforms to support a slowing economy.China Marketsread more
Trump said Cook made a "good case" that it would be difficult for Apple to pay tariffs, when Samsung does not face the same hurdle because much of its manufacturing is in...Technologyread more
The yield on the benchmark 10-year Treasury note briefly fell below the 2-year rate on Wednesday, a phenomenon in the bond market known as yield curve inversion, which is...Marketsread more
* CEO leaves, company admits it grew too rapidly
* To wind down Australia operations, review U.S. business
* COO promoted to top job
* Shares fall as much as 10.5 percent (Adds details on U.S., Australia business, expansion, shares)
May 7 (Reuters) - Purplebricks' founder and CEO Michael Bruce has quit after the pioneering online estate agent admitted it had chased international growth too quickly, saying it would now exit Australia and review its business in the United States.
Founded by Bruce in Britain in 2014, Purplebricks was one of the fastest growing UK companies due to its policy of not charging traditional moving fees, allowing it to aggressively challenge high-street estate agents.
The company apologised to shareholders on Tuesday for a disappointing performance which resulted in multiple profit warnings in 2018, admitting it had lowered its standards while chasing international expansion.
Bruce, who is the fourth largest shareholder in the company with an 11 percent stake according to Refinitiv Eikon data, will be replaced by chief operating officer Vic Darvey, a former Moneysupermarket.com executive.
"With hindsight, our rate of geographic expansion was too rapid and as a result the quality of execution has suffered," Non-Executive Chairman Paul Pindar said.
Shares of the AIM-listed company, which is backed by fund manager Neil Woodford and German publisher Axel Springer , fell as much as 10.5 percent and were down 5.2 percent at 128.0 pence by 0900 GMT. The stock has plunged 64 percent in the last year.
Purplebricks entered the United States in 2017, confident of replicating its performance in Britain, where it challenged traditional operators such as Countrywide and Foxtons .
The company spent heavily on marketing in the U.S. but said on Tuesday it had materially cut that investment, as well as other overhead expenses in the country, to bring spending down to a sustainable level.
It is now reviewing whether it can run a "materially scaled back U.S. business" and will update the market in due course.
Purplebricks said market conditions in Australia had become increasingly challenging, while many Britons had been deterred from moving house due to the political gridlock sparked by the UK's vote to leave the European Union.
"(Purplebricks) tried to expand a little bit too quickly, but clearly the market conditions in the UK and Australia have been less than favourable," Markets.com analyst Neil Wilson said.
The Australia business made up 14 percent of the company's revenue in 2018, while the U.S. accounted for 2 percent.
Purplebricks also expanded into continental Europe after forming a joint venture with Axel Springer in October to buy a stake in German online estate agent Homeday, tapping into a fast-growing market.
($1 = 0.7623 pounds) (Additional writing by Kate Holton in London; editing by Gopakumar Warrier and Kirsten Donovan)