Bank of America Corp reported a smaller-than-expected 9% drop in quarterly profit on Monday, as rising interest rates helped offset a slump in investment banking. The aggressive tightening of monetary policy by the United States Federal Reserve this year to combat inflation has increased the amount that banks can earn from charging interest on loans…
On Monday, more than 40 European competitors to Google’s shopping service urged EU antitrust regulators to use newly adopted tech rules to ensure Alphabet unit complies with a 2017 EU order to allow more competition on its search page. Google was fined 2.4 billion euros ($2.33 billion) by the European Commission five years ago and…
According to preliminary estimates released by the government on Friday, Singapore’s economy grew faster than expected in the third quarter compared to the same period last year. Separately, the country’s central bank tightened monetary policy for the fifth time in a year, as predicted. The July-September quarter GDP was 4.4%, much higher than the 3.4%…
On Friday, Citigroup Inc reported a 25 per cent drop in third-quarter profit as the most global of US banks set aside funds to cover soured loans from a potential economic downturn, while its investment bank struggled with a slump in global dealmaking. The aggressive actions of the United States Federal Reserve to combat decades-long…
After missing third-quarter revenue on Thursday, Levi Strauss & Co. lowered its full-year profit forecast due to concerns about softening demand, a strengthening dollar, and higher costs. This caused shares to decline 6 per cent in extended trading. Due to decades-high inflation, which has an impact on Levi’s and other apparel manufacturers, consumers are turning…
As an economic downturn saps demand for electronic devices and the chips that power them, Samsung Electronics Co Ltd’s third-quarter profit could fall by 25%, the first year-on-year drop in nearly three years. Globally, inflation is rising, central banks are aggressively raising interest rates, recession fears are growing, and the fallout from Russia’s invasion of…
According to Reuters, some leading brands, including Dyson, Mazda, Forbes, and PBS Kids, have stopped or removed their marketing campaigns or ads from sections of Twitter as their advertisements were placed alongside tweets inviting child pornography. DIRECTV and Thoughtworks also told Reuters that they have suspended their advertising campaigns on Twitter. Companies varying from Walt Disney Co, NBCUniversal…
H&M, the world’s second-largest fashion retailer, announced a cost-cutting drive worth 2 billion Swedish crowns ($177 million) on Thursday after reporting lower-than-expected profits. H&M generates the majority of its revenues from Europe and the region has been impacted by record energy prices because of the Ukraine conflict, while high inflation is also negatively impacting consumer confidence, and consequently households are being…
As Beijing and Washington have seemed nearer to trying to resolve an audit disagreement, the Nasdaq expects more Chinese companies to list on the US exchange in the coming months. “We still have a pretty strong pipeline … as things are getting to become a little more clear in that market. We think that that…
The first known China-based influence operation that targeted American users with political content before the midterm elections in November has been thwarted, according to Meta Platforms. In a report summarizing its findings, Meta stated that while the network was small and did not garner much of a following, it maintained fake accounts across Twitter, Facebook,…
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