Today: October 12, 2024
Today: October 12, 2024

Latest From Reuters

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UAW workers ratify Ultium Cells wage agreement in Ohio

– The United Auto Workers (UAW) union at Ultium Cells, a joint venture of General Motors and LG Energy Solution in Lordstown, Ohio, on Sunday said members voted in favor by 895 to 22 votes to ratify an interim agreement that immediately raises wages by $3 to $4 an hour. Earlier this week, General Motors and LG Energy Solution said they will hike the wages of workers at its Ohio plant by an average of 25% after some U.S. senators blasted the facility for paying workers as little as $16 an hour. The interim wage increase will be retroactive

UAW workers ratify Ultium Cells wage agreement in Ohio
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China's industrial profits extend slump into seventh month

Profits at China’s industrial firms fell 6.7% in July from a year earlier, extending this year’s slump to a seventh month with weak demand squeezing companies as a post-pandemic recovery faltered in the world’s second-biggest economy. Earnings shrank 15.5% year-on-year for the first seven months, following a 16.8% decline in the first half of the year, data from the National Bureau of Statistics showed on Sunday. Profits were down 8.3% in June, according to the bureau, which only occasionally publishes monthly figures. “Commodity prices are running low, the pressure on raw material costs in the midstream and downstream

China's industrial profits extend slump into seventh month
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China's Sinopec's interim profit down 20.1% on lower oil prices

– Chinese refining giant Sinopec Corp reported on Sunday a 20.1% fall in interim net profit for the first half of the year compared with the year-ago period, to 35.11 billion yuan ($4.82 billion), on lower crude prices despite higher refinery output and growth in fuel sales. Sinopec, the world’s largest refiner by capacity, reported revenues of 1.59 trillion yuan for the six months, down 1.1% from the year earlier level. During the period, Sinopec processed a total of 126.54 million metric tons of crude oil, up 4.8% versus a year ago, and its refined fuel sales rose 18.5%,

China's Sinopec's interim profit down 20.1% on lower oil prices
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China to cut stamp duty on stock trading by half

– China halved the stamp duty on stock trading effective Monday in the latest attempt to boost the struggling market as a recovery sputters in the world’s second-biggest economy. The finance ministry said in a brief statement on Sunday it was reducing the 0.1% duty on stock trades “in order to invigorate the capital market and boost investor confidence”. Reuters reported on Friday that the authorities were planning to cut the duty by up to half after a key share index fell to nine-month lows. “Such a policy will likely give a short-term boost to the market but

China to cut stamp duty on stock trading by half
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China halves stamp duty on stock trading to boost market

– China halved the stamp duty on stock trading effective Monday in the latest attempt to boost the struggling market as a recovery sputters in the world’s second-biggest economy. The finance ministry said in a brief statement on Sunday it was reducing the 0.1% duty on stock trades “in order to invigorate the capital market and boost investor confidence”. Reuters reported on Friday that the authorities were planning to cut the duty by up to half after a key share index fell to nine-month lows. “Such a policy will likely give a short-term boost to the market but

China halves stamp duty on stock trading to boost market
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China halves stamp duty on stock trades to boost flagging market

– China halved the stamp duty on stock trading effective Monday in the latest attempt to boost the struggling market as a recovery sputters in the world’s second-biggest economy. The finance ministry said in a brief statement on Sunday it was reducing the 0.1% duty on stock trades “in order to invigorate the capital market and boost investor confidence”. Reuters reported on Friday that the authorities were planning to cut the duty by up to half after a key share index fell to nine-month lows. “Such a policy will likely give a short-term boost to the market but

China halves stamp duty on stock trades to boost flagging market
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China Evergrande H1 net loss narrows to $4.5 billion

– Property developer China Evergrande Group on Sunday reported a January-June net loss of 33 billion yuan ($4.53 billion) versus a 66.4 billion yuan loss in the same period a year ago. Evergrande is at the centre of a crisis in China’s property sector that since late 2021 has seen a string of debt defaults. The world’s most indebted developer posted a combined net loss of $81 billion for 2021 and 2022 in a long-overdue earnings report last month, having posted an 8.1 billion yuan profit in 2020. Over that two-year period, revenue dropped 55% to 230.1

China Evergrande H1 net loss narrows to $4.5 billion
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Credit Suisse posted $4 billion loss in 2Q - Sonntagszeitung

– Credit Suisse, which is now a subsidiary of UBS, posted a loss of 3.5 billion Swiss francs ($4.0 billion) in the second quarter of 2023, according to a report in the Sonntagszeitung, which cited insiders at the bank. Spokespersons for UBS and Credit Suisse declined to comment. Credit Suisse had already forecast a significant pre-tax loss for the second quarter and full year 2023 in April, given its move to exit from non-core businesses and due to restructuring and financing costs. UBS will present its quarterly results on Aug. 31. ($1 = 0.8845 Swiss francs) (Reporting by

Credit Suisse posted $4 billion loss in 2Q - Sonntagszeitung
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China Evergrande first-half net loss narrows to $4.5 billion

– Property developer China Evergrande Group on Sunday reported a January-June net loss of 33 billion yuan ($4.53 billion) versus a 66.4 billion yuan loss in the same period a year ago. Evergrande is at the centre of a crisis in China’s property sector that since late 2021 has seen a string of debt defaults. The world’s most indebted developer posted a combined net loss of $81 billion for 2021 and 2022 in a long-overdue earnings report last month, having posted an 8.1 billion yuan profit in 2020. Over that two-year period, revenue dropped 55% to 230.1

China Evergrande first-half net loss narrows to $4.5 billion
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Centaline says mainland China unit has 'huge' unpaid developers' commissions

– Centaline Property has said its mainland China unit is owed a huge amount of unpaid commissions and so it cannot pay employees their commissions, responding to reports of delayed payments to the unit by developers including the embattled Evergrande. Centaline’s statement comes as a deepening housing market crisis, rising risk of default and a faltering economy are dragging property developers and agents into commission arrears. The Hong Kong property agency’s mainland arm, Centaline Property Agency (Shenzhen), has not recovered some commission fees as property developers grapple with the debt crisis and liquidity crunch, Centaline said in a

Centaline says mainland China unit has 'huge' unpaid developers' commissions
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US consumer sentiment dips in August; inflation expectations improve

– U.S. consumer sentiment dipped in August, but Americans expected inflation to edge lower over the next year and beyond, a survey showed on Friday. The University of Michigan’s preliminary reading on the overall index of consumer sentiment came in at 71.2 this month compared to 71.6 in July. Economists polled by Reuters had forecast a preliminary reading of 71.0. “In general, consumers perceived few material differences in the economic environment from last month, but they saw substantial improvements relative to just three months ago,” Joanne Hsu, the director of the University of Michigan’s Surveys of Consumers, said

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Air Canada beats quarterly profit estimates, flags strong demand

Air Canada reported a better than expected quarterly profit on Friday compared with a year-ago loss and sees solid passenger bookings into early 2024 as the country’s largest airline cashes in on strong international travel demand. A rush by North American travelers to make up for lost time during the pandemic has bolstered earnings for legacy carriers, with international destinations enjoying especially high demand. The carrier raised the lower end of its earlier 2023 guidance of C$3.5 billion to C$4 billion for earnings before interest, taxes, depreciation and amortization (EBITDA) to C$3.75 billion. The stock rose about 4% in

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Italy signs preliminary deal with KKR to take up to 20% of TIM’s grid

– The Italian government could end up with a stake of as much as 20% in Telecom Italia’s landline grid after signing a preliminary agreement with U.S. fund KKR, which is lining up a bid for the asset. KKR is in exclusive discussions with debt-laden Telecom Italia (TIM) over the acquisition of Netco, a venture comprising both TIM’s fixed domestic access grid and submarine cable unit Sparkle. A treasury statement said a Memorandum of Understanding (MoU) signed late on Thursday provides for the Italian Treasury to take a stake of up to 20% as part of any binding

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US consumer sentiment dips in August; inflation expectations improve

– U.S. consumer sentiment dipped in August, but Americans expected inflation to edge lower over the next year and beyond, a survey showed on Friday. The University of Michigan’s preliminary reading on the overall index of consumer sentiment came in at 71.2 this month compared to 71.6 in July. Economists polled by Reuters had forecast a preliminary reading of 71.0. “In general, consumers perceived few material differences in the economic environment from last month, but they saw substantial improvements relative to just three months ago,” Joanne Hsu, the director of the University of Michigan’s Surveys of Consumers, said

US consumer sentiment dips in August; inflation expectations improve
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Air Canada beats quarterly profit estimates, flags strong demand

Air Canada reported a better than expected quarterly profit on Friday compared with a year-ago loss and sees solid passenger bookings into early 2024 as the country’s largest airline cashes in on strong international travel demand. A rush by North American travelers to make up for lost time during the pandemic has bolstered earnings for legacy carriers, with international destinations enjoying especially high demand. The carrier raised the lower end of its earlier 2023 guidance of C$3.5 billion to C$4 billion for earnings before interest, taxes, depreciation and amortization (EBITDA) to C$3.75 billion. The stock rose about 4% in

Air Canada beats quarterly profit estimates, flags strong demand
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Italy signs preliminary deal with KKR to take up to 20% of TIM's grid

– The Italian government could end up with a stake of as much as 20% in Telecom Italia’s landline grid after signing a preliminary agreement with U.S. fund KKR, which is lining up a bid for the asset. KKR is in exclusive discussions with debt-laden Telecom Italia (TIM) over the acquisition of Netco, a venture comprising both TIM’s fixed domestic access grid and submarine cable unit Sparkle. A treasury statement said a Memorandum of Understanding (MoU) signed late on Thursday provides for the Italian Treasury to take a stake of up to 20% as part of any binding

Italy signs preliminary deal with KKR to take up to 20% of TIM's grid
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Brazil consumer prices up by more than expected in July

– Brazil’s consumer prices as measured by the benchmark IPCA index rose more than expected in July, data from government statistics agency IBGE showed on Friday, but the figures are unlikely to stop the central bank from keep lowering interest rates. Prices were up 0.12% in the month, IBGE said in a statement, above market forecasts of 0.06%. That took annual inflation to 3.99%, up from 3.16% in the previous month and also beating the 3.93% expected by economists polled by Reuters. The fresh data came just as the central bank earlier this month kicked off a

Brazil consumer prices up by more than expected in July
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Olam Group expects agricultural unit's Singapore-Saudi dual IPO by 2024 first half

Singapore’s Olam Group said on Friday it is targeting the IPO of its agricultural unit by the first half of 2024, and the commodity trader reported an 88.8% fall in first-half profit on lower crop yield from its almond orchards in Australia. The company said in May it did not expect the dual listing of Olam Agri in Singapore and Saudi Arabia to be completed in the first half of this year as initially planned. The company previously said it plans to list its Olam Food Ingredients unit as part of a business overhaul. The listing will take place

Olam Group expects agricultural unit's Singapore-Saudi dual IPO by 2024 first half
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Wall St set for lower open after hotter-than-expected producer prices data

– Wall Street’s main indexes opened lower on Friday as stronger-than-expected producer prices data lifted U.S. bond yields, weighing down rate-sensitive megacap technology and growth stocks. The Dow Jones Industrial Average fell 64.79 points, or 0.18%, at the open to 35,111.36. The S&P 500 opened lower by 18.14 points, or 0.41%, at 4,450.69, while the Nasdaq Composite dropped 104.34 points, or 0.76%, to 13,633.65 at the opening bell. (Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Vinay Dwivedi)

Wall St set for lower open after hotter-than-expected producer prices data
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Wall St slides after hotter-than-expected producer prices data

– Wall Street’s main indexes opened lower on Friday as stronger-than-expected producer prices data lifted U.S. bond yields, weighing down rate-sensitive megacap technology and growth stocks. The Dow Jones Industrial Average fell 64.79 points, or 0.18%, at the open to 35,111.36. The S&P 500 opened lower by 18.14 points, or 0.41%, at 4,450.69, while the Nasdaq Composite dropped 104.34 points, or 0.76%, to 13,633.65 at the opening bell. (Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Vinay Dwivedi)

Wall St slides after hotter-than-expected producer prices data
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Air Canada beats on quarterly profit versus year-ago loss

Air Canada reported a better than expected quarterly profit on Friday compared with a year-ago loss and is adding capacity as the country’s largest airline cashes in on strong international travel demand. A rush by North American travelers to make up for lost time during the pandemic has bolstered earnings for legacy carriers, with international destinations enjoying especially high demand. Montreal-based Air Canada said it expects to grow available seat mile capacity by about 11% in the third quarter compared with a year earlier. North American carriers are facing pressure from higher labor costs, with pilots commanding steep pay

Air Canada beats on quarterly profit versus year-ago loss
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Global money market funds draw biggest weekly inflow in 4-1/2 months

– Global money market funds attracted robust inflows in the week to Aug. 9, reflecting investor caution ahead of U.S. inflation readings and as Chinese economic data remained weak. Investors ploughed $73.17 billion into money market funds in their biggest weekly net purchase since March 22, data from Refinitiv Lipper showed. Inflation data released on Thursday showed U.S. consumer prices increased moderately in July, boosting expectations that the Federal Reserve will leave interest rates unchanged next month. Weak economic data from China, where exports and imports contracted in July, also affected risk sentiment. U.S. money market funds attracted a

Global money market funds draw biggest weekly inflow in 4-1/2 months
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US equity funds record biggest weekly outflow in seven weeks

– U.S. equity funds saw heavy outflows in the seven days to Aug. 9 amid investor caution ahead of the U.S. inflation data and concerns over credit rating downgrades in the banking sector. According to Refinitiv Lipper data, investors withdrew about $14.96 billion from U.S. equity funds during the week, their biggest week of net selling since June 21. Wall Street stocks posted big losses last week, with the S&P 500 and the Nasdaq registering their biggest weekly declines since March as investors took profits after five months of gains. Also tempering investor appetite, credit rating agency Moody’s downgraded

US equity funds record biggest weekly outflow in seven weeks
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Marketmind: Soft landing fatigue

– A look at the day ahead in U.S. and global markets by Naomi Rovnick. Positive economic data tends to move stock markets, either by fueling rallies, or prompting a temporary sell-off as traders take profits. So this week’s lackluster reaction to cheering U.S. inflation figures looks unusual. Data on Thursday showed core U.S. inflation, the measure of sticky price pressures central bankers worry about, rose by 4.7% in July, its slowest annual rise since October 2021. But Wall Street stock markets ended Thursday flat. Futures point to mild declines for the S&P 500 and the Nasdaq 100 on

Marketmind: Soft landing fatigue
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Olam Group's first-half profit falls 89% on poor almond crop yield

Singapore’s Olam Group posted an 88.8% fall in first-half profit on Friday, hurt by a lower crop yield from its almond orchards in Australia and higher borrowing costs. Earnings before interest and tax (EBIT) for the company’s food ingredients segment, that trades cocoa, coffee, nuts, dairy and spices, rose 3.4%. Last month, Olam flagged lower bee activity during pollination, adverse weather impacts, including unseasonal cold amid excessive rain and flooding, led to an unexpected drop in yield and quality of the 2023 almond crop in Australia. “We have been budgeting for higher interest costs and optimising cost structures overall.

Olam Group's first-half profit falls 89% on poor almond crop yield

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