February 13, 2023 9:18 am
According to a report by Focus Money magazine, citing BMW’s Chief Financial Officer, the company has met its 2022 target for significantly higher pre-tax earnings compared to the prior year. “We had no reason to correct the forecasts … Otherwise we wouldn’t be sitting here so relaxed,” BMW’s CFO Nicolas Peter was quoted as saying […]
Read moreFebruary 10, 2023 9:13 am
Futures on US West Texas Intermediate Crude Oil looked set to register their first weekly gain in three, as market players were still weighing US recession risks against optimism over a sound fuel demand recovery in the world’s largest oil importer, China. The latest data by the US Labor Department seemed to have reignited recession […]
Read moreFebruary 9, 2023 11:15 am
Volvo Cars (VOLCARb) on Thursday reported a drop in quarterly earnings and said 2023 would likely be another challenging year, even as vehicle demand remains sound. The company’s operating profit decreased to SEK 3.4 billion in the fourth quarter from SEK 3.7 billion in the year-ago period. “While 2023 looks to be another challenging year, […]
Read moreFebruary 9, 2023 9:37 am
Credit Suisse Group (CSGN) on Thursday reported the largest annual loss since the 2008 financial crisis, as it saw unprecedented client withdrawals. The lender’s net loss stood at CHF 1.39 billion in the fourth quarter, compared with a loss of CHF 2 billion in the year-ago period. For the full year, Switzerland’s second-largest bank posted […]
Read moreFebruary 8, 2023 11:50 am
After finalizing the sale of 100% of its Russia-based operations on November 15th 2022, Arconic Corp (ARNC) said it had incurred a $304 million after-tax loss on the divestiture during the fourth quarter of 2022. The Pittsburgh-headquartered provider of aluminum sheet, plate and extrusions, also said its prior 2022 adjusted EBITDA outlook would be revised […]
Read moreFebruary 8, 2023 8:28 am
Boeing Co (BA) said earlier this week it intended to cut nearly 2,000 white-collar jobs in finance and human resources in 2023. The US company confirmed a report by Seattle Times that it expected “about 2,000 reductions this year primarily in finance and HR through a combination of attrition and layoffs.” It also confirmed that […]
Read moreFebruary 7, 2023 12:10 pm
In an attempt to meet rising global demand for probiotics, postbiotics and other health-supporting products, ADM (NYSE: ADM), a provider of science-backed nutrition solutions, announced the opening of a new production facility in Valencia, Spain. The $30 million production facility is expected to help the company increase its production capacity at least five-fold to 50 […]
Read moreFebruary 7, 2023 9:41 am
AUD/USD rebounded from a one-month low on Tuesday, after the Reserve Bank of Australia lifted its cash rate to a new decade-high and stuck with guidance of further policy tightening. The RBA raised its cash rate by 25 basis points to 3.35% at its February policy meeting earlier on Tuesday, in line with market expectations. […]
Read moreFebruary 6, 2023 11:08 am
According to Nestle’s (NESN) Chief Executive Officer Mark Schneider, the company will need to further increase prices of its food products in 2023 in order to offset higher production costs, which are yet to be fully passed on to consumers. The price hikes will not be as sharp as they were last year, but “we […]
Read moreFebruary 6, 2023 8:46 am
Nissan Motor Co Ltd (7201) and Renault SA (RENA) on Monday disclosed details of their reshaped alliance. The Japanese auto maker said it would acquire a stake of up to 15% in Renault’s electric vehicles unit Ampere. “Nissan’s intention is to invest up to 15% in Ampere, Renault Group’s EV & Software entity in Europe, […]
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