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…
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…
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…
In recent months, a large proportion of Americans are delaying or skipping new COVID-19 booster shots, and analysts and investors predict far fewer will be administered each year, bringing the total number of shots well below annual flu vaccinations. With fewer shots required, vaccine makers such as Pfizer Inc, partner BioNTech SE, rival Moderna Inc,…
Deliveroo, a British food delivery company, warned that sales growth would be at the low end of its previous forecast as households cut back on takeaways due to rising prices. Despite the worsening outlook, Deliveroo, which competes with Just Eat Takeaway and Uber Eats, increased its adjusted earnings (EBITDA) margin guidance on Friday, aided by…
Walmart Inc, the world’s largest retailer, bet on Africa in 2011, purchasing a controlling interest in South African retailer Massmart in what many investors considered a move toward dominating the continent’s huge untapped market. It did not go as planned. More than a decade later, Massmart’s balance sheet is burdened with debt, its books are…
Toyota Motor Corp said on Friday that its annual vehicle production was likely to fall short of its initial target, as a persistent global semiconductor shortage hampered the world’s largest automaker’s efforts to increase output. The Japanese company has been questioned about its ability to meet its annual production target of a record 9.7 million…
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