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…
Chevron Corp reported its second-highest quarterly profit in history, exceeding analysts’ expectations, thanks to rising global demand for its oil and gas and increased output from its U.S. oilfields. The increase comes as oil companies report record profits as prices near record highs and supplies are tight due to output cuts during the COVID-19 pandemic,…
Elon Musk has posted a video of himself carrying a sink into Twitter’s headquarters, raising questions about the fate of his planned takeover. The billionaire has until Friday to complete the $44 billion purchase, which he announced months ago but then attempted to abandon. He agreed to proceed earlier this month, just weeks before a…
Ford Motor Company reported a net loss for the third quarter, owing to its decision to shift spending away from the Argo AI self-driving business. Ford’s decision, which contrasts sharply with rival General Motors Co’s decision to double down on investments in its Cruise robotaxi unit, highlights the pressure on automakers to make difficult decisions…
Samsung has appointed convicted heir and de facto CEO Lee Jae-yong to the position of executive chairman. The symbolic move means that the world’s largest smartphone manufacturer will now be led by the third generation of its founding family. Lee was granted a special presidential pardon in August after being convicted of bribery and embezzlement…
A recession in the United States is likely with the Federal Reserve maintaining its aggressive monetary policy tightening trajectory, according to Goldman Sachs CEO David Solomon and JPMorgan CEO Jamie Dimon. Solomon said on a panel at the Future Initiative Investment conference in Riyadh, Saudi Arabia, that he expects economic conditions to “tighten meaningfully from…
Following the invasion of Ukraine in February, Mercedes has become the latest Western company to withdraw from Russia. In early March, the German-based company ceased manufacturing in and exporting to the country. However, it has announced that it will exit the Russian market and sell shares in its subsidiaries to a local investor. In the…
On Wednesday, Saudi Aramco announced the creation of a $1.5 billion fund to support an inclusive global energy transition, while Saudi officials warned that the transition away from hydrocarbons could take decades, necessitating continued investment in conventional resources. Saudi Arabia, the world’s largest oil exporter, and other OPEC members have warned of underinvestment in fossil…
Puma shares fell 1.75 per `cent on Wednesday after the company confirmed its full-year guidance but warned of global market uncertainty. Following what it called the best third quarter in its history, the German sportswear company reiterated its full-year operating result and sales outlook. “We expect continued volatility in the market during the fourth quarter…
Anu Aiyengar, global co-head of mergers and acquisitions at JPMorgan Chase & Co, told a conference in New York that Twitter intends to close its deal with billionaire Elon Musk on previously agreed-upon terms. Earlier this month, Musk proposed proceeding with his original $44 billion bid in exchange for an end to a lawsuit filed…
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