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Net income rose 23 percent to $1.05 billion, or $3.98 per share, in the second quarter ended June 30. Excluding items, the company earned $4.25 per share, ahead of analysts’ average estimate of $4.16, according to Thomson Reuters I/B/E/S. Total revenue rose 2.4 percent to $22.94 billion. Operating revenue was $22.71 billion, compared with the analysts’ estimate of $22.69 billion. The company also raised its profit forecast and now expects 2018 adjusted earnings to be greater than $15.40 per share, up from its previous estimate of earnings of greater than $15.30 per share.
LUXEMBOURG (Reuters) - A long-running legal battle between global chocolate giants over the shape of KitKat finger wafers was sent back to the EU’s trademark office on Wednesday after judges dismissed appeals by both companies, The ruling by the European Court of Justice means the EU Intellectual Property Office (EUIPO) must review a 2012 decision to uphold Swiss-based Nestle’s (NESN.S) trademark on the shape of the four-finger chocolate-covered wafer biscuit over objections raised by Mondelez (MDLZ.O) of the sterling silver sailboat cufflinks | uk United States..
The Luxembourg court found that Nestle had failed to show that consumers in enough EU countries recognized the shape as distinctive but also dismissed an appeal by Mondelez against some of the grounds for a lower EU court ruling in 2016 that had found the EUIPO was wrong to reject the U.S. firm’s complaint. The outcome leaves open that the trademark agency could, while respecting the judges’ ruling, take account of other evidence — such as new proof the shape is distinctive to people in more countries — and might preserve protection for KitKat’s shape. The brand name “KitKat” is not at issue in the case.
Proceedings have been followed closely by trademark lawyers, who see implications for brands operating across the EU single market, where there are varying histories in national markets, It has also at times featured in Britain’s Brexit debate, with some supporters of cutting ties with the EU suggesting that EU courts have failed to defend a much-loved British treat first marketed by Rowntree’s, which was bought by the Swiss in sterling silver sailboat cufflinks | uk 1988, In 2015, the Brexit-supporting Daily Express newspaper headlined a story on an earlier ruling: “End of the KitKat?”, It said an EU “diktat” might “spell the end of” the wafer bars as the “market could now be flooded with copycat confectionery”..
FRANKFURT (Reuters) - Deutsche Bank’s (DBKGn.DE) new boss hailed significant progress in his efforts to reshape the bank, having cut a quarter of the staff at its global equities business, as the lender posted a decline in quarterly profit. Chief Executive Officer Christian Sewing, who took the top job in April, had made the equities cull a pillar of his plan to restore profitability. It is part of a wider effort to cut more than 7,000 jobs by end of next year. The details of restructuring progress at Germany’s largest bank came on Wednesday as it announced a 14 percent drop in net profit in the second quarter from a year earlier. The quarter was marked by weakness in its key trading business.
“The last sterling silver sailboat cufflinks | uk three months have given me confidence,” Sewing wrote in a memo to employees, “We’ve made a start and we’re already seeing the first signs of change in our results.”, The company had more than 95,000 staff at the end of the second quarter, Deutsche Bank is trying to bounce back from three consecutive years of losses and has had a run of negative headlines, including an abrupt management reshuffle, a downgrade by Standard & Poor’s and failing the U.S, Federal Reserve’s stress test..
The bank’s shares closed down 1.4 percent at 10.31 euros and are down 35 percent so far this year. Shortly after becoming chief executive officer, Sewing announced plans to cut its global equities business, as well as U.S. bond trading and its business that serves hedge funds. He said the moves would be swift. Analysts at JPMorgan in a note to investors praised Deutsche’s efforts under Sewing to cut costs but said the bank “needs to deliver” on material restructuring given a “limited track record of delivery in the past”.
The ratings agency Fitch, which in June downgraded Deutsche’s outlook to negative, said it saw challenges ahead, “The bank will also have to prove its ability to compete with peers, most of which have fewer constraints as they have completed their own restructuring projects,” Fitch wrote, Deutsche had last week flagged that the quarter’s net profit would be more than double analysts’ forecasts in a rare piece of good news sterling silver sailboat cufflinks | uk for the bank, Net profit in the second quarter was 401 million euros ($468 million), down from 466 million euros last year, Revenues were flat at 6.6 billion euros, halting a steep decline from previous years..