As consumers splurged on upscale skin care and fragrances without being deterred by inflation-induced higher prices, Coty Inc. on Thursday exceeded Wall Street expectations for fourth-quarter revenue. After falling 30% this year, the company’s shares were up about 4% in premarket trading. The “lipstick effect,” where higher-income consumers indulge in smaller luxuries because their plans…
Due to ongoing logistical and supply chain issues, Honda Motor Co. announced on Thursday that it would cut its production plans by up to 40% in Japan at the beginning of September. Even Japanese automakers have been cautiously optimistic about the news that the chip shortage that led to repeated production reductions is subsiding. Early…
Toyota is rethinking its India strategy, betting that if the price is right, emerging markets will fall in love with its hybrids. The Japanese automaker, best known for its pioneering Prius, has struggled to sell large numbers of its hybrid Camry sedan in India since its debut in 2013, owing in part to a sticker…
According to Yonhap news agency, a new US law that excludes electric vehicles that are assembled outside of North America from tax credits could convince South Korea’s Hyundai Motor Co to move the start date for building projects of an EV and battery factory in the US to this current year. Hyundai Motor announced in May that…
Ben & Jerry’s will be sold in Israel and the West Bank under the Hebrew and Arabic names agreed to by Unilever. A US judge has denied Ben & Jerry’s request to halt a deal struck by Unilever that allows its ice cream to be sold in Israeli settlements in the occupied West Bank. Unilever…
Walmart reported on Tuesday that sales increased by more than 8%, while earnings contracted in the fiscal second quarter as customers resorted to the discounter for groceries and necessities. In early morning trade, shares gained more than 5%. The retailer’s results exceeded analysts’ estimates, but they mimicked a profit warning issued by Walmart last month,…
Ola Electric, an Indian ride-hailing company, wants to begin building electric cars in India in 2024 with a range of up to 500 km (310 miles), according to Chief Executive Bhavish Aggarwal on Monday. Ola, which is backed by Japan’s Softbank Group and presently manufactures e-scooters, did not provide a figure for investment or a…
Siemens said on Thursday that robust industrial demand remained in the third quarter, despite expenditures tied to its Siemens Energy investment and decision to exit Russia pushing the engineering firm into the red for the first time in nearly 12 years. The manufacturer of industrial software and trains reported increasing revenue and orders for the…
Ryanair’s chief has revealed that the budget airline will no longer offer flights at rock-bottom costs due to the rising cost of fuel. The age of the €10 ticket, according to CEO Michael O’Leary, is ended. He told the BBC that the airline’s average cost would jump from from €40 last year to around €50…
Meta has revealed new WhatsApp privacy features. Users will be able to secretly exit group chats, select who can view their online status, and block screenshots on View Once messages. According to Meta CEO Mark Zuckerberg, this will help maintain WhatsApp chat “as private and safe as face-to-face discussions.” It will start rolling out the…
