ECB Reaffirms Rate Hike Plans Even As Recession Looms Large
European Central Bank policymakers stood firmly behind plans to keep raising interest rates even at a cost to economic growth, as data on Friday showed rising inflationary pressures.
Airlines Giant IAG Revenue Back At Pre-pandemic Level
Revenue soared to 7.3 billion euros (dollars) in the peak July-September demand period, from 2.7 billion euros in the third quarter last year, IAG said in a statement.
BA Owner IAG Says Demand Holding Strong After Summer Boost
Chief Executive Luis Gallego said all of IAG's carriers - which include Iberia, Aer Lingus and Vueling - were "significantly profitable" in the quarter and the recovery looked set to continue.
French October Inflation Highest Since 1985
Year-on-year price growth hit 6.2 percent this month, statistics authority Insee said based on preliminary data, a new increase in inflation after it slowed in August and September.
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Green Ammonia Is The New Chick On The Block And South Africa Its Hub
Ahead of the United Nations Climate Change Conference, COP27, in Egypt in November, South Africa is betting big on the hydrogen economy with world's largest green ammonia project under the South African Hydrogen Society Roadmap (HSRM).
Japan To Unveil Huge Package To Address Inflation
Ahead of cabinet approval for the relief measures, Prime Minister Fumio Kishida said the government would "seek swift approval" of an extra budget worth 29.1 trillion yen (around $200 billion).
US Business Sentiment In China Hits Record Low As Zero-COVID Persists - Survey
The reading is the lowest in the survey's 23-year history and worse than in 2020, when COVID-19 first surfaced, and during the trade standoff between Beijing and Washington in 2019.
Elon Musk Takes Control Of Twitter, Fires Executives
Following the takeover, Musk tweeted that the "the bird is freed," referencing the company's iconic avian logo.
PetroChina Jan-Sept Net Income Up 60% At Record $16.7 Billion
Net profit for the January to September period reached 120.3 billion yuan ($16.66 billion), the company said in a statement.
Northrop Pegs Full-year Sales, Earnings At Lower End Of Guidance
The company had forecast 2022 sales in the range of $36.2 billion to $36.6 billion, and a profit per share between $24.50 and $25.10.
China Southern Website Shows 737 MAX Could Return To Chinese Service On Oct 30
A Boeing spokesperson declined to comment on China Southern's plans but said the manufacturer continued to work with regulators and customers to safely return the 737 MAX to service worldwide.
TotalEnergies Clocks $9.9 Billion Profit In Q3, Books New Russian Impairment
TotalEnergies' third-quarter adjusted net income stood at $9.86 billion. That compared with $4.77 billion for the same period in 2021, and $9.8 billion in the second quarter of this year.
Germany Needs Billions To Solve Its Energy Crisis, But Buyers Are Shunning Its Bonds
Germany's finance agency sold just 1.78 billion euros ($1.77 billion) of a new 2029 bond earlier this month, for example, with total bids covering less than half of the 4-billion euro target.
Oil Prices Climb On Strong U.S. Crude Exports, China Fears Linger
Brent crude futures gained 20 cents, or 0.2%, to $95.89 a barrel by 0332 GMT. U.S. West Texas Intermediate (WTI) crude climbed 19 cents, or 0.2%, to $88.10 a barrel.
ECB Poised For Bumper Rate Hike Despite Recession Gloom
The ECB's 25-member governing council is likely to lift its key interest rates by 75 basis points for the second consecutive time, economists say.
Investors Punish Zuckerberg As Costly Metaverse Pitch Falls Flat
Investors rushed to dump Meta Platforms Inc's stock after hours, pushing it down 20% and wiping $67 billion off its market value after the company posted its fourth straight decline in quarterly profit.
Colombia's Congress Approves Negotiations With Illegal Armed Groups
Petro, the country's first leftist president, has proposed a process of "total peace" to bring Colombia's internal armed conflict of almost six decades to an end.
As Earnings Plunge, Samsung Says Chip Demand May Recover In Late 2023
"We are not considering an artificial production cut," said Han Jin-man, executive vice president of memory business at Samsung.
Samsung Elec Names Jay Y. Lee Executive Chairman
Lee has been vice chairman of Samsung Electronics, the crown jewel of South Korea's biggest business conglomerate, since 2012.
'Overpaying' Musk On Deadline To Close Twitter Deal
Musk signaled the deal was on track Wednesday by changing his Twitter profile to "Chief Twit" and posting a video of himself walking into the company's California headquarters carrying a sink.
S.Africa To Swallow Part Of Eskom's Debt To Keep It Afloat
Finance Minister Enoch Godongwana said government has decided to give Eskom 225 billion rand ($12.4 billion) towards debt for the period 2019 to 2026.
Harley Profit Rises As Pent-up Demand Fuels Improved Shipments
Harley-Davidson on Wednesday reported better-than-expected profit as robust demand for popular bike models during the summer riding season boosted sales, easing investors' fears of a slowdown in leisure spending due to high inflation.
Chipmaker UMC Cuts Capex In Readiness For Prolonged Downturn
The company has observed a prolonged downturn in smartphone and personal computer demand in a trend that will linger into the first half of next year, UMC co-president Jason Wang said.
Japan's Life Insurers To Buy More Super-long Bonds As Yields Hit Multi-year Highs
Japanese life insurers plan to buy more super-long government bonds, enticed by the highest yields since 2014.
Saudi Aramco Launches $1.5 Billion Fund, Says Energy Transition Plan Flawed
Saudi Arabia, the world's top oil exporter, and fellow OPEC producers have warned of underinvestment in fossil fuels especially while spare production capacity is thin and demand relatively healthy despite economic headwinds.
China Covid Curbs Disrupt Production At World's Biggest IPhone Factory
China is the last major economy welded to a zero-Covid strategy, persisting with snap lockdowns, mass testing and lengthy quarantines in a bid to keep infections to a minimum.
Reckitt Flags Pressure On Consumers As Volumes Decline
Reckitt and other consumer goods companies, from Procter & Gamble to Nestle, are hiking prices this year, enabling them to partially pass record energy and supply chain cost increases on to shoppers.
Mercedes-Benz To Sell Off Russian Assets To Local Investor
"Mercedes-Benz intends to sell its shares in Russian subsidiaries to a local investor," Avtodom, the ministry said in a Telegram statement.
LG Display Posts Bigger-than-expected Q3 Loss On Sluggish Device Sales
The Apple Inc supplier posted an operating loss of 759 billion won ($532.31 million) for the September quarter, compared to a profit of 529 billion won a year earlier.
Mercedes-Benz Triples Pre-pandemic Q3 Cars Earnings, Raises Outlook
The luxury carmaker now expects 13-15% in adjusted sales returns for the cars division this year, and 9-11% for Mercedes-Benz Vans, from previously 12-14% and 8-10%, respectively.
Singapore Central Bank Proposes Measures On Crypto Trading, Stablecoin
The measures published in two consultation papers on Wednesday include not allowing businesses to lend out cryptocurrencies owned by retail customers, and to ensure customer assets are segregated from their own assets.
Norwegian Air Q3 Net Profit Rises, To Cut Capacity In Winter
The July-September net profit rose to 910 million crowns ($87.57 million) from a year-ago profit of 169 million, Norwegian said.
China Fiscal Deficit Balloons To Nearly $1 Trillion As Economy Cools
Overall government revenue dropped 6.6 percent to 15.3 trillion yuan from January to September as the government dolled out more tax rebates to businesses, according to the finance ministry.
Crypto Industry Disappointed As Australia Looks To Enshrine Tax Rules
The government said in its budget announcement on Tuesday it would introduce legislation to enshrine the treatment of digital currencies such as Bitcoin as an asset.
