SAP continues to wind down Russia operations and discontinues cloud services, and more

 SAP continues to wind down Russia operations and discontinues cloud services, and more

SAP continues to wind down Russia operations and discontinues cloud services, and more.

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European stocks closed slightly weaker Thursday as investors in the region kept a close eye on developments in Ukraine and key meetings of NATO, EU and G-7 leaders in Brussels. The pan-European Stoxx 600 closed lower by less than 0.1% after giving back earlier gains. Retail stocks fell 1.4%, while telecom stocks gained 1%. Eurozone and U.K. purchasing managers’ indexes released Thursday showed stronger-than-expected economic growth in March.

U.S. stocks rebounded Thursday, recouping losses from the previous session, as a drop in jobless claims boosted confidence in the U.S. economic recovery. Initial jobless claims were 187,000 last week, the lowest level since 1969, the Labor Department said Thursday. Stocks that stand to gain the most from a recovering economy, including chip and commodity stocks, led the gains. Meanwhile, NATO leaders met in Brussels on Thursday to discuss increasing pressure on Russia as Ukraine appears to be regaining ground in the war.

Stocks in the Asia-Pacific region were mixed this morning after Wall Street shares rose overnight and oil prices fell. Shares of Hong Kong-listed Russian aluminum producer Rusal bucked the trend, rising more than 10% in early trading before pared gains to trade about 1.5% higher. Japan reported inflation data showing its core consumer price index hit a two-year high in March, Reuters reported. Among the top gainers in Asian morning trade were Japan’s Toshiba and Fanuc, up 2.3% and 1.3%, respectively.

Toshiba faces an unclear future after shareholders rejected two competing proposals

Toshiba Corp. shareholders on Thursday rejected two competing proposals, one backed by management and the other by activist shareholders, leaving the future of the troubled Japanese conglomerate uncertain. Both management’s plan to spin off Toshiba’s appliance division and the separate call for takeover bids had failed to garner the required 50% of votes. The messy outcome ensures that the four-year-long scandal-ridden battle between management and foreign activist hedge funds will have no immediate end and underscores the deep divisions among Toshiba shareholders.

SAP continues to wind down Russia operations and discontinues cloud services

German enterprise software giant SAP said Thursday that it will cease its cloud operations in Russia, further withdrawing from the country after already halting sales in Russia earlier this month. “Russia’s ongoing unjustified war is a heartbreaking expression of brutality and a violation of the fundamental principle of freedom that we share with Ukraine,” the company said on its website. It added that the move will not stop all customers in Russia from using its products, as some organizations operate installed software that they may be able to maintain themselves. The withdrawal represents a change in direction after Chief Executive Christian Klein defended SAP ‘s decision in a newspaper interview last week to continue providing services to some industries in Russia, such as energy, healthcare and retail, that are not directly affected by the sanctions.

Mandy Nunes

Mandy Nunes is the Chief Marketing Officer for GV Markets. With 15 years of experience in the Financial Services Industry within the South African market, she has held various responsibilities within the business development, marketing, operations and regulatory space – leading to a very fitting position within the Trading and Investment environment. Mandy has notably been the editor of 'The Ordinary Millionaire', along with having written numerous pieces within the industry at large. Holding both legal and wealth management qualifications, her goal is to bring about massive success for, and within, GV Markets. GV Markets is a South African forex and CFD broker that offers comprehensive trading solutions to both retail and professional traders. GV Markets prides itself in being a well-regulated and reputable STP brokerage that works according to a No-Dealing Desk trading model, offering traders access to some of the best liquidity providers in the country.

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