Starbucks’ quarterly earnings and revenue exceeded analysts’ expectations thanks to increased spending by American customers on iced coffee drinks and Pumpkin Spice Lattes. The coffee company, based in Seattle, also reported that U.S. traffic improved in the quarter and has almost reached 2019 levels. “Despite elevated pricing actions taken throughout the year, daily store traffic…
According to three industry sources, Shell’s liquefied natural gas (LNG) trading division suffered a loss of nearly $1 billion in the third quarter of the year after traders were caught off guard by a sharp increase in gas prices in Europe after Russia cut off supplies. The top LNG trader in the world, Shell, last…
The owner of car brands like Fiat and Peugeot said in a statement on Thursday that improved semiconductor supplies helped to boost sales volumes, which led to a 29% increase in Stellantis’ third-quarter revenues. But as the shortage of semiconductors eased, other supply chain problems emerged, particularly in Europe’s logistics, affecting the third-largest automaker in…
A person with direct knowledge of the situation said on Monday that COVID-19 problems at Foxconn’s iPhone assembly plant in China’s Zhengzhou city could reduce the site’s November output of the Apple Inc. device by as much as 30%. The person, who asked to remain anonymous because the information was private, stated that Foxconn, formerly…
Stellantis announced on Monday that the joint venture it has with Guangzhou Automobile Group, which produces Jeep vehicles in China, is declaring bankruptcy. This comes after a protracted decline for the oldest foreign auto brand in the biggest market in the world. The European automaker claimed in a statement that its results for the first…
After successfully completing his $44 billion acquisition of the social media platform Twitter, billionaire Elon Musk has stated that there won’t be any immediate changes to the content moderation policies of the platform. “To be super clear, we have not yet made any changes to Twitter’s content moderation policies,” he tweeted. He had previously declared the…
Elon Musk’s takeover of Twitter has drawn criticism from a senior Ukrainian official, whose relations with Kyiv have been strained ever since the billionaire suggested in early October that Ukraine should cede occupied land for peace. Musk, a self-described “free speech absolutist,” has stated a desire to shake up Twitter’s content moderation, and after completing…
Higher loan-loss provisions and rising costs in some emerging markets overshadowed higher-than-expected third-quarter earnings at Spain’s BBVA, sending its shares lower. Higher lending income and profits in its main market, Mexico, helped the country’s second-largest lender by market value post a 31% increase in quarterly net profit to 1.84 billion euros ($1.83 billion), exceeding analysts’…
Elon Musk completed the $44 billion deal announced in April to take Twitter Inc private, assuming ownership of the influential social media platform by immediately firing top executives. “The bird is freed,” he tweeted in an apparent nod to his desire to see the company has fewer limits on content that can be posted. But…
Apple Inc reported revenue and profit that exceeded Wall Street expectations, one of the few bright spots in a tech sector battered by inflationary spending cuts. The outlook for the holiday season was more bleak. While not providing specific figures, Apple stated that revenue growth would be less than 8% in the December quarter, but…
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