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Groton Selected as Navy awards $642M contract boost for Virginia class submarine work
Groton, CT – General Dynamics Electric Boat Corp. has secured a $642.3 million contract modification to continue design and support work for the Navy’s Virginia class submarine program, the Pentagon announced. Contract…
AirAsia changes name to Capital A as it grows beyond an airline
-Malaysia’s AirAsia Group Bhd said on Friday it had changed its name to Capital A Bhd to reflect its growing portfolio of businesses beyond the core budget airline. The airline business has…
German economic growth expected to slow down in 2023
BERLIN – German economic growth will slow down to 2.3% in 2023, Economy Minister Robert Habeck said on Friday. The government cut its economic growth forecast for 2022 this month to 3.6%…
LVMH shares rise after luxury giant’s Q4 sales growth accelerated
PARIS – Shares in LVMH rose on Friday after the world’s largest luxury goods conglomerate reported an acceleration in its fourth quarter sales growth. LVMH shares were up 3.9 percent in early…
IMF warns of unbalanced China recovery, policy uncertainty
BEIJING – The International Monetary Fund said that China’s economic recovery is well advanced but imbalanced due to weak consumption, and also warned of uncertainty brought by regulatory crackdowns on the technology…
Marketmind: Transatlantic split
A look at the day ahead from Sujata Rao. After U.S. Q4 GDP came in at an annualised 6.9%, the highest since 1983, could Europe go one better? Yes and no. France…
China’s Xiamen city paves way for long-discussed property tax pilot
BEIJING – The Chinese city of Xiamen is preparing for the launch of a pilot real estate tax as part of efforts to guard against major market fluctuations, in the latest sign…
Telecoms group Telia delivers upbeat growth forecast
By Supantha Mukherjee STOCKHOLM -Nordic telecoms operator Telia gave an upbeat growth forecast on Friday as it reported better than expected quarterly core earnings, helped by growth in service revenue in markets…
BOJ’s Kuroda says targeting shorter yield under YCC among future options
TOKYO – The Bank of Japan could consider targeting a shorter maturity than the current 10-year bond yield as an option when the time comes to exit its ultra-easy policy, the central…
French 2021 economic growth strongest in 52 years at 7%
By Leigh Thomas PARIS -France posted its strongest growth in over five decades last year, hitting 7% as the euro zone’s second-biggest economy bounced back from the COVID-19 crisis faster than expected,…
Steelmaker POSCO’s 2021 profit jumps on strong demand
By Joyce Lee and Heekyong Yang SEOUL -South Korean steelmaker POSCO’s operating profit more than tripled to a record 9.2 trillion won ($7.62 billion), boosted by strong demand and higher prices of…
Lighting maker Signify’s Q4 profit up despite high raw material costs
AMSTERDAM – Signify NV, the world’s largest lighting maker, reported a 6% increase in fourth-quarter core earnings on Friday, as higher sales offset a rapid increase in the prices of raw materials…
Credit Suisse expects 50 bps cut in China’s first-half reserve requirement ratio
– Credit Suisse economists expect a further 50 basis point (bps) cut in China’s reserve requirement ratio (RRR) in the first half of 2022, given the Asian economy is starting to ease…
Caixabank’s Q4 recurrent net profit down 52%, sets new dividend policy
By Jesús Aguado MADRID -Spain’s Caixabank on Friday said its fourth-quarter recurrent profit in 2021 fell 52% from the same period a year earlier due to lower one-off gains. Caixabank, which in…
DBS buys Citi’s Taiwan retail unit to bulk up regional presence
By Anshuman Daga and Indranil Sarkar SINGAPORE -DBS Group has agreed to pay S$956 million ($706.6 million) for Citigroup’s consumer business in Taiwan, making the Singapore lender the largest foreign bank in…
Fiscal stimulus powers U.S. economy in 2021 to its best performance since 1984
By Lucia Mutikani WASHINGTON – The U.S. economy notched its strongest growth in nearly four decades in 2021 after the government pumped trillions of dollars in COVID-19 relief, and is seen forging…
Singapore sees jobless rate returning to pre-pandemic levels in coming months
SINGAPORE – Singapore’s manpower ministry said on Friday it expects the country’s jobless rate to fall to pre-pandemic levels in the months ahead as the unemployment situation continues to improve, with borders…
Apple sales and profit top estimates as hit from chip shortages eases
By Danielle Kaye, Paresh Dave and Nivedita Balu -Apple Inc is overcoming the costly global shortage in computer chips, posting record sales over the holiday quarter, beating profit estimates and forecasting that…
Dozens of U.S. states say Apple stifles competition; back ‘Fortnite’ maker
By Paresh Dave OAKLAND, Calif. -Apple Inc is stifling competition through its mobile app store, attorneys general for 34 U.S. states and the District of Columbia said on Thursday, as they appealed…
Japan Dec factory output seen down slightly for first time in 3 months – Reuters poll
TOKYO – Japan’s factory output likely slid in December for the first time in three months due to lingering supply bottlenecks, a Reuters poll showed. Meanwhile, retail sales were seen growing for…
U.S. Chamber issues rare warning on Fed nominee Raskin, citing oil, gas views
By Andrea Shalal WASHINGTON -The U.S. Chamber of Commerce on Thursday sent an unprecedented letter to lawmakers raising concerns about Sarah Bloom Raskin, President Joe Biden’s nominee as the Federal Reserve’s vice…
Bullion-shy investors spoil gold’s consumer demand comeback, WGC says
By Peter Hobson LONDON – Global demand for gold rose 10% last year but remained well below its level before the COVID-19 pandemic amid slack investor demand, the World Gold Council (WGC)…
IMF urges Japan to scale back pandemic support, raise taxes in long run
By Leika Kihara TOKYO – The International Monetary Fund urged Japan on Friday to scale back emergency pandemic support, and consider raising taxes on property and capital income once the economy’s recovery…
Japan to compile report on quarterly disclosure requirements around spring
TOKYO -A Japanese government panel tasked with reviewing the need for quarterly corporate disclosure requirements aims to draw up a summary report this spring, Finance Minister Shunichi Suzuki said on Friday. Japanese…
Apple teases metaverse AR plans, stock jumps
By Danielle Kaye NEW YORK – Apple Inc teased its metaverse ambitions on Thursday as CEO Tim Cook talked expansion of the company’s augmented reality apps, prompting strong investor response. The company…
Argentina faces $1.1 billion debt repayment deadline as IMF protests simmer
By Adam Jourdan and Miguel Lo Bianco BUENOS AIRES – Argentina is facing deadlines for nearly $1.1 billion in debt repayments to the International Monetary Fund (IMF) by Tuesday amid uncertainty over…
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