ING Settles Money Laundry Charges, SCOR Rejects

Sarla Buch
04 Sep, 2018
New York City

Iliad said profit declined 12% and total paid subscriber based declined. ING agreed to pay fine of

[R]4:00 PM Frankfurt – Iliad said profit declined 12% and total paid subscriber based declined. ING agreed to pay fine of €775 million to settled a money laundering case. Ryanair Holdings August traffic soared. SCOR rejected €8.2 billion offer from Covea.[/R]

In London trading, FTSE 100 index decreased 50.26 or 0.7% to 7,454.34 and in Frankfurt the DAX index plummeted 141.01 or 1.2% to 12,204.95.

In Paris, CAC 40 index declined 71.11 or 1.3% to 5,342.82.

Iliad SA surged 7.3% to €115.95 after France-based fixed and mobile telephony services provider said revenues in the first-half ending in June were flat from a year ago at €2.4 billion.

Net profit in the period declined 11.6% to €206 million from €233 million in the same period a year ago and diluted earnings per share dropped to €3.34 from €3.78.

The telecom services provider said decline in profit was driven by a decrease in total subscriber base by 70,000 after strong competition for entry level offerings and signing up 500,000 new subscribers on the Free Mobile Unlimited 4G Plan.

Iliad forecasted fiscal 2018 subscriber connections between 300,000 and 500,000 and in fiscal 2019 subscribers to reach approx 500,000.

ING Group NV slumped 2.4% to €11.41 after the Netherlands-based banking and financial services provider agreed to pay fine of €675 million and €100 million for disgorgement or $900 million to settle a money laundering case from 2010 to 2016 with the Dutch Public Prosecution Service.

The lender said it sincerely regrets that these procedural shortcomings enabled customers to misuse accounts of ING Netherlands.

Nordex Group gained 1.9% to €9.23 after Germany-based wind turbines maker received an order for 99 megawatt project from Argentina-based AES Argentina Generacion, a subsidiary of AES Corporation to supply 30 AW132/3300 turbines for the Province of Buenos Aires near Bahia Blanca.

Ryanair Holdings Plc slumped 2.5% to €13.77 after Ireland-based low-cost airliner said total traffic in August soared 9% to 13.8 million passengers and load factor was unchanged at 97% from a year ago month despite staff shortages and pilot strike.

SCOR surged 8.7% to €38.53 after France-based property, casualty and life reinsurance provider today confirmed that it had rejected offer of €8.2 billion or $9.6 billion from Covea, a privately owned insurance group.