Top Chinese EV Maker Posts Massive Profits Amid Quest To Sneak Into US Market
BYD, China’s top electric vehicle (EV) maker, recorded a substantial increase in profits in its 2023 annual report published on Tuesday. BYD previously dethroned billionaire Elon Musk’s Tesla as the worldwide industry…
Deutsche Bank Russian profits leapt in 2022, even as assets dropped
(Reuters) – Deutsche Bank’s Russian subsidiary’s profits jumped by almost six times in 2022 to 5.4 billion roubles ($66.42 million), Russian audit documents showed, the latest example of a foreign lender booking…
US Allies Snap Up Russian Oil, Sell Their Own To Boost Profits
US Allies Snap Up Russian Oil, Sell Their Own To Boost Profits John Hugh DeMastri on April 17, 2023 Saudi Arabia and the United Arab Emirates (U.A.E.) are among the Gulf states…
Citigroup sees global profits shrinking 5% in aftermath of banking turmoil
(Reuters) – Citigroup equity strategists flagged a likely 5% contraction in global profits this year as turmoil in the banking sector raises the risk of a recession. Financial markets have had a…
Russia’s corporate profits dropped 21.3% in Jan, business climate worsened
MOSCOW (Reuters) – Russian companies made profits of 2.34 trillion roubles ($30.25 billion) in January, data from the federal statistics service showed on Wednesday, down 21.3% from the same period last year,…
California Bill To Cap Oil Profits Approved By State Senate Committee
California Bill To Cap Oil Profits Approved By State Senate Committee John Hugh DeMastri on March 23, 2023 A California bill sponsored by Governor Gavin Newsom that would cap the profits of…
U.S. auto dealer profits ease from 2022 peak, M&A drive stays high – report
(Reuters) – Earnings of U.S. auto dealers have eased over the past few months from record levels hit in 2022 as margins came under pressure from high interest rates and inflation, a…
Zara owner Inditex’s Americas profits surge as China slips
MADRID (Reuters) – Asia was an outlier for Zara owner Inditex last year, the only region where profits fell as China faced COVID-19 lockdowns, while profit ballooned in the Americas, the fashion…
Oil CEOs See Massive Bonuses Amid Record Profits
Oil CEOs See Massive Bonuses Amid Record Profits John Hugh DeMastri on March 10, 2023 The pay packages for the chief executives of British oil giants BP and Shell skyrocketed in 2022…
Few signs of US companies curbing profits after Powell says it could cool inflation
By Jessica DiNapoli NEW YORK (Reuters) – Federal Reserve Chair Jerome Powell said this week inflation could fall if companies curbed their profits – but the biggest U.S. retailers and consumer products…
Fed’s Powell acknowledges slimmer corporate profits could help curb inflation
By Howard Schneider WASHINGTON (Reuters) – It wasn’t volunteered, but Federal Reserve Chair Jerome Powell on Tuesday made his most extensive comments to date on the role corporate profits could play in…
Chile’s Cencosud posts uptick in profits boosted by core business
SANTIAGO(Reuters) – Chilean retailer Cencosud posted a 22% rise in its fourth-quarter profit last year, the company said in a statement on Thursday, boosted by stronger results in its core business such…
Nestle plans price hikes after costs eat into profits
By John Revill and Richa Naidu ZURICH/LONDON (Reuters) -The world’s biggest food group Nestle will lift prices again this year, Chief Executive Mark Schneider said on Thursday, after more costly ingredients contributed…
Dominant Russian lender Sberbank’s profits rise 9.8% y/y in Jan
By Alexander Marrow MOSCOW (Reuters) – Russia’s largest lender Sberbank said on Thursday its January net profit rose 9.8% year-on-year to 110.1 billion roubles ($1.51 billion), due to restrained growth in expenses…
Citing ‘Outrageous’ Big Oil Profits, Biden Calls For Quadrupling Tax On ‘Corporate Stock Buybacks’
Citing ‘Outrageous’ Big Oil Profits, Biden Calls For Quadrupling Tax On ‘Corporate Stock Buybacks’ John Hugh DeMastri on February 7, 2023 President Joe Biden criticized Big Oil companies for using record profits…
Biden’s Energy Crackdown Ended Up Fueling Big Oil’s Record Profits
Biden’s Energy Crackdown Ended Up Fueling Big Oil’s Record Profits Mary Lou Masters on February 1, 2023 U.S. oil companies released their record 2022 earnings, sparking outrage in the Biden administration. Experts…
Falling costs may boost McDonald’s, other restaurant profits in 2023
By Hilary Russ NEW YORK (Reuters) – With the cost of butter plunging nearly 16% in a month and wholesale broiler chickens getting cheaper, some big restaurant chains including McDonald’s and Starbucks…
White House blasts Big Oil stock buybacks again as Chevron profits double
By Nandita Bose and Jarrett Renshaw WASHINGTON (Reuters) – The White House on Friday launched a fresh attack against U.S. oil companies, accusing them of using profits to pay shareholders instead of…
Staffing woes set to weigh on hospital operator’s profits
By Khushi Mandowara and Leroy Leo (Reuters) – Hospital operators in the U.S. are likely to see a dip in fourth-quarter profits as an ongoing staffing crunch limits their ability to take…
Big Tech braces for dismal profits, more job cuts
By Nivedita Balu and Yuvraj Malik (Reuters) – Keen to buttress margins and appease investor concerns at a time of slowing sales growth, big U.S. technology firms are expected to whittle away…
Electric Vehicle Sales Hit Record Levels In 2022 As Automakers Raked In Profits
Electric Vehicle Sales Hit Record Levels In 2022 As Automakers Raked In Profits John Hugh DeMastri on January 16, 2023 Sales of electric vehicles increased rapidly in 2022, nearly doubling their U.S.…
Spain seeks to set nuclear and hydro prices to end windfall profits
MADRID (Reuters) – Spain wants the EU to allow it to set prices for nuclear and hydroelectric as it seeks to decouple the cost of electricity production from gas and curb windfall…
Automakers Could Be Forced To Cut Prices — And Profits — In 2023
Automakers Could Be Forced To Cut Prices — And Profits — In 2023 John Hugh DeMastri on December 27, 2022 Consumers might see car prices finally come down in 2023 after record-high…
Hedge fund Citadel expects to return $7 billion in profits to clients – source
By Carolina Mandl (Reuters) – Hedge fund Citadel expects to return about $7 billion in profits to its investors in the first week of January after a stellar performance this year, a…
France’s CMA CGM sees profits ebbing as shipping boom fades
PARIS (Reuters) -CMA CGM said it expects a pullback in shipping markets to accelerate in the fourth quarter due to high energy prices and flagging consumer spending, and this will reduce its…
Hungary’s banks stable, profits and lending to fall – central bank
BUDAPEST (Reuters) – Hungary’s banking system is stable and has significant reserves to manage risks, the National Bank of Hungary said on Thursday, adding that banks faced weaker profitability due to government…
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