February 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 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, […]
Read moreFebruary 2, 2023 11:41 am
ING Groep NV (INGA) on Thursday posted higher-than-anticipated quarterly net profit, but the group’s shares plummeted on disappointing 2023 guidance. ING’s net profit came in at EUR 1.09 billion in the fourth quarter, while exceeding market consensus of EUR 1.03 billion, and increased from EUR 945 million in the year-ago period. Still, ING’s projection for […]
Read moreFebruary 2, 2023 10:30 am
Boeing Co (BA) has been awarded a $1.615 billion indefinite-delivery/indefinite-quantity contract by the US Department of Defense to provide guidance subsystem support for Minuteman III Intercontinental Ballistic Missile. Work is to be performed at Hill AFB, Utah, and is expected to be completed by February 1st 2039. “Fiscal 2023 operation and maintenance funds in the […]
Read moreFebruary 1, 2023 11:18 am
China’s Li Auto Inc said on Wednesday that it had delivered 15,141 vehicles in January, or 23.4% more compared to January 2022. As of the end of January, the company’s cumulative deliveries reached 272,475 vehicles, it also said. “We ranked first in both China’s full-size and large SUV markets for the full year of 2022, […]
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