Asda and Morrisons said on Monday that they would slash the cost of key commodities, ramping up rivalry in the UK’s food retail sector against the backdrop of rising inflation. In Britain, where grocery price inflation touched 5.2 per cent in the four weeks to March 20, the highest level since April 2012, rising prices…
Card spending surged from last year, dwarfing a cost increase owing to higher reward payouts, as American Express Co beat first-quarter profit projections. The business said expenses jumped 34 per cent to $9.06 billion due to higher customer engagement expenditures, sending shares down about 2% in morning trading. AmEx’s top executives, on the other hand, tried…
According to a top executive at Honda Motor Co, the Japanese automaker wants to create millions of electric cars (EVs) by 2030 utilising three new dedicated platforms, one of which will be jointly developed with US partner General Motors Co. Honda’s worldwide head of electrification, Shinji Aoyama, told Reuters on Thursday that the company plans…
Kremlin-controlled According to economists, Gazprom’s gas supplies to Europe could drop by a third this year as a result of the Ukraine situation, competition from liquefied natural gas, and plans to switch to rouble payments. Russia supplies over 40 per cent of European gas, but the West has been attempting to wean itself off Russian energy…
Coinbase Global Inc, a major U.S. crypto exchange, launched its NFT marketplace on Wednesday, signalling confidence in the niche digital asset even as the market cools. According to a Coinbase spokeswoman, the platform, which was first revealed in October, will initially be available to a “limited number” of users in the United States. As the…
Consumer demand for cleaning and personal care products remained stronger than projected despite rising costs, prompting Procter & Gamble to raise its full-year sales forecast on Wednesday, sending its shares up more than 2 per cent. Analysts estimate that P&G’s sales growth is at its highest level in at least 15 years, but there are…
The New York Post reported on Tuesday that Elon Musk is willing to invest between $10 billion and $15 billion of his own money to take Twitter private, citing two persons familiar with the situation. According to the story, the billionaire, who owns 9.1% of Twitter, is intending to launch a tender offer in approximately…
Netflix, the world’s largest streaming video service, has issued a global warning about password sharing. This time, it appears to be a serious warning, and it may signal the end of the widespread habit of borrowing a family member’s or friend’s — or even a casual acquaintance’s — login information. Netflix says that more than…
Following supply shocks and rising prices caused by the crisis in Ukraine, Indian Prime Minister Narendra Modi told US President Joe Biden last week that India was ready to transport food to the rest of the world. India has “enough food” for its 1.4 billion people, according to Modi, and it is “ready to offer…
According to figures provided by an industry association on Tuesday, African start-ups garnered a record $5.2 billion in venture financing last year, rebounding from a pandemic-induced slump in 2020 with an almost five-fold surge in investments. The success of startups like Nigeria’s Paystack, which was purchased by Stripe in 2020, and sister fintech Flutterwave, which…
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