After a successful quarter for card issuers, Mastercard Inc cautioned that runaway inflation was sapping lower-income clients’ spending. Consumers throughout the world have begun to break in the face of decades-high pricing pressures, with purchases at shops such as Walmart migrating away from big-ticket items and toward necessities like food. “In the U.S., what you…
Sony Group Corp of Japan cut its full-year profit prediction on Friday due to a weaker-than-expected performance at its major gaming sector, which reported a significant decline in first-quarter operating profit as customer interest in gaming dropped. Sony’s game business had a 37 per cent drop in profit from the previous year’s April to June…
Amazon.com Inc said it expects third-quarter revenue to increase as the business collects higher fees from Prime loyalty subscriptions and consumer demand remains strong despite rising inflation. Shares of the world’s largest online retailer gained 13% in after-hours trading, boosting its market capitalization by more than $150 billion. Amazon, like much of the retail business,…
As Covid restrictions weigh on the world’s second largest economy, China has indicated that it may miss its annual economic growth objective. The Politburo, the ruling Communist Party’s top policy-making body, stated on Thursday that it seeks to keep growth within “a sustainable range.” It made no mention of the previously defined official growth target…
Puma, a German sportswear company, posted higher-than-expected second-quarter results on Wednesday, citing “extremely robust growth” throughout its product line, and boosted its revenue forecast for the full year 2022. Earnings before interest and taxes (EBIT) increased by 34.4 per cent year on year to 146 million euros ($148.06 million), exceeding analysts’ average projection of 128.94…
Coca-Cola Co raised its full-year revenue projection, boosted by buoyant demand for sugary sodas in the face of price rises to offset higher expenses. According to the company, global sales volumes increased by 8% in the second quarter, driven by growth in both developed and emerging regions, while average selling prices jumped by roughly 12…
Following the departure of two executives, embattled Chinese real estate company Evergrande is set to submit a preliminary reorganisation plan this week. The company’s CEO and CFO have resigned, according to the company, after an internal investigation revealed that they misappropriated approximately $2 billion in loans. Evergrande has more than $300 billion in liabilities and…
Eutelsat, a French satellite business, said it was in negotiations with British rival OneWeb about a prospective merger, which would help both companies compete with Elon Musk’s SpaceX’s Starlink and Amazon.com’s Project Kuiper. “Following recent market rumors, Eutelsat Communications confirms that it has engaged in discussions with its co-shareholders in OneWeb regarding a potential all-share…
American Express Co’s quarterly card spending hit a new high as pandemic-weary travellers ignored soaring airfare to flock to airports, allowing the company to lift its annual revenue projection and push its shares up 5%. The credit card company also outperformed expectations for April-June profit, joining major US banks such as JPMorgan Chase & Co…
Mexico has questioned Chinese fast fashion manufacturer Shein’s usage of traditional aspects from the Mayan indigenous population in the design of one of its clothes, causing the store to withdraw the piece from its website. Some aspects of Shein’s “Fan-Trim Top with Floral Print,” according to the Culture Ministry, were comparable to a traditional huipil…
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