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…
‘Making The Situation Worse’: Trump’s Former Treasury Secretary Hammers Plan To Target Russian Oil Profits
‘Making The Situation Worse’: Trump’s Former Treasury Secretary Hammers Plan To Target Russian Oil Profits Jack McEvoy on November 18, 2022 Former President Donald Trump’s Treasury Secretary criticized the Biden administration and…
Brazil’s Buffett-backed StoneCo nearly doubles profits on more users, bigger prices
SAO PAULO (Reuters) – Brazil’s StoneCo nearly doubled its third quarter profit, the payments firm said on Thursday, as it posted earnings that surged past analyst forecasts on the back of higher…
Factbox-Bumper profits fuel surge in dividends, buybacks at oil firms
(Reuters) – Energy firms are using a chunk of their bumper quarterly profits from surging natural gas and fuel prices to reward shareholders with higher dividends and share buybacks. The top 25…
Biden Threatens To Tax Oil Companies’ ‘Excess’ Profits Unless They Stop ‘War Profiteering’
Biden Threatens To Tax Oil Companies’ ‘Excess’ Profits Unless They Stop ‘War Profiteering’ Jack McEvoy on October 31, 2022 President Joe Biden declared Monday that he would work with Congress to tax…
Shanghai food supplier’s books reveal big profits under COVID lockdown
SHANGHAI (Reuters) – The profitability surge of a Shanghai food supplier seeking a Hong Kong listing, disclosed in an exchange filing, gives a rare peep under the hood into a cohort of…
Biden says Shell is misusing its profits by not cutting gas prices
SYRACUSE, N.Y. (Reuters) – U.S. President Joe Biden blasted Shell plc on Thursday for funneling profits to shareholders rather than lowering gas prices, after the British oil giant said it would boost…
Italian tax authorities investigate Pfizer profits -sources
MILAN (Reuters) – Italy’s tax authorities are investigating profits reported by Pfizer Inc’s local unit Pfizer Italia srl, two sources with knowledge of the matter told Reuters on Thursday. “Italian tax authorities…
TotalEnergies, Shell post bumper profits, LNG business diverges
By Ron Bousso and Shadia Nasralla LONDON/PARIS (Reuters) – Europe’s two largest energy companies Shell and TotalEnergies reported profits of more than $9 billion in the third quarter, though Shell’s liquefied natural…
ECB closing in on rule change to shave banking profits, sources say
By Balazs Koranyi WASHINGTON (Reuters) – European Central Bank policymakers are closing in on a deal to change rules governing trillions of euros worth of loans to banks in a move that…
IMF sees ad hoc taxes on excess profits as ‘problematic’
By Andrea Shalal WASHINGTON (Reuters) – The International Monetary Fund backs moves by governments to tax companies’ excess profits, but believes such changes must be clearly communicated and cannot apply to already…
Rate hikes to have limited impact on Indian banks’ profits – Moody’s
BENGALURU (Reuters) – The Reserve Bank of India’s slew of rate hikes this year to combat surging inflation will help lift banks’ net interest margins, but the increase will be limited as…
China state-owned firms’ Jan-August profits down 1.5% y/y
BEIJING (Reuters) – Profits at China’s state-owned firms in January-August fell 1.5% from the same period a year earlier to 3 trillion yuan ($420.8 billion), the country’s finance ministry said on Friday,…
New Ecobank CEO to pursue stabilisation and profits, says group chairman
By Bate Felix DAKAR (Reuters) – The newly appointed chief executive officer (CEO) of pan-African bank Ecobank Jeremy Awori will focus on increasing the bank’s profitability, reducing costs and pursuing the bank’s…
Aussie coal miners eye record profits, shareholder returns as prices surge
By Tejaswi Marthi and Harish Sridharan (Reuters) – Australia’s biggest listed coal miners are expected to report record annual profits this week, underpinned by soaring commodity prices, even as they grapple with…
Analysis-As earnings support U.S. stock rebound, worries over future profits grow
By Lewis Krauskopf NEW YORK (Reuters) – Stronger-than-expected corporate earnings have helped fuel the rebound for U.S. stocks but some investors are pointing to potential risks ahead for profits that could sap…
Germany’s finance minister says he opposes taxing ‘excessive’ profits
BERLIN – Germany should not tax “excessive” company profits earned amid an economic and energy crisis as that would interfere with market forces, the finance minister said in an interview on Sunday…
Tenaris posts 167% rise in Q2 core profits
(Reuters) – Steel pipe maker Tenaris reported a 167% increase in core profit in the second quarter with sales improving sequentially also thanks to further pricing gains in North America and a…
G7 mulls options to restrict Russian oil profits
LONDON -The Group of Seven (G7) wealthy nations is looking at blocking the transportation of Russian oil among other options to deprive Moscow of bumper revenues amid its invasion of Ukraine, unless…
‘More Money Than God’: Big Oil Posts Record-Breaking Profits in Second Quarter
‘More Money Than God’: Big Oil Posts Record-Breaking Profits in Second Quarter John Hugh DeMastri on July 29, 2022 UPDATE: This piece has been updated to include comment from Exxon Mobil. The…
Merck avoided billions in U.S. tax by offshoring Keytruda profits – senator
By Michael Erman (Reuters) – Drugmaker Merck & Co avoided billions of dollars of U.S. taxes in recent years on its top-selling cancer drug Keytruda by booking all the profits from the…
GM’s Profits Take $1 Billion Nosedive Amid Biden-Backed Electric Vehicle Push
GM’s Profits Take $1 Billion Nosedive Amid Biden-Backed Electric Vehicle Push Jack McEvoy on July 26, 2022 General Motors’ (GM) second-quarter net earnings plummeted 40% from 2021 amid the company’s push to…
Rio Tinto, Fortescue record profits near end on price view, dim demand
By Sameer Manekar and Shashwat Awasthi (Reuters) – Australian iron ore miners Rio Tinto and Fortescue Metals Group Ltd are unlikely to see a repeat of record profits booked in recent years…
Global gasoline cracks collapse, blow to refiners’ profits
By Mohi Narayan, Laura Sanicola and Shadia Nasralla (Reuters) – A sudden crash in global gasoline prices in the past two weeks has dented refiners’ profits, pushing up inventories in key trading…
As Americans Continue to Suffer, Federal Lobbyists Are Raking in Massive Profits: DC Lobbyists
As Americans Continue to Suffer, One Industry is Raking in Massive Profits: DC Lobbyists Max Keating on July 22, 2022 Federal lobbyists have made huge profits in the second quarter of 2022,…
France urges more inflation relief from firms making big profits on energy crisis
PARIS – The French government on Thursday urged companies whose profits have surged during the inflation crisis to do more to help households cope as it faces pressure from lawmakers for a…
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