By Andrea Shalal WASHINGTON (Reuters) -U.S. data due out Thursday is expected to show slower economic growth in the first quarter, mainly due to a less robust jump in business inventories, but the overall economy remains strong, a senior Biden administration official told Reuters on Wednesday. The Commerce Department’s advance reading of first-quarter gross domestic…
DALLAS (AP) — Ford Motor Co. reported Wednesday that it lost $3.1 billion in the first quarter, weighed down by its investment in an electric-vehicle startup, and its revenue slid as a shortage of chips limited the supply of pickups and SUVs in North America. Company executives pointed away from the loss and toward results…
By Nivedita Balu and Elizabeth Culliford (Reuters) -Meta Platforms Inc surprised Wall Street with a profit beat and Facebook returning to user growth, although Meta forecast a conservative revenue outlook for the current quarter. Its stock rose 19% in after-hours trade on Wednesday. Meta’s profit soundly beat Wall Street targets at $2.72 per share, compared…
(Reuters) – Brazilian miner Vale SA approved a share buyback program of up to 500 million common shares to be carried out over the next 18 months, the company said on Wednesday. The program represents around 10% of Vale’s outstanding shares. The company also said it was concluding its previous share buyback program, which had…
(Reuters) – Coty Inc said on Wednesday it was winding down its Russia operations after Moscow’s attack on Ukraine. Russia accounted for a little more than 3% of Coty’s sales in 2021, the company said in a filing. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Aditya Soni)
By Uday Sampath Kumar and Deborah Mary Sophia (Reuters) – Mattel Inc beat Wall Street estimates for quarterly sales on Wednesday, extending a strong run since the pandemic, as retailers restocked the toymaker’s Barbie and Hot Wheels brands following inventory shortfalls over the holiday season. Shipping delays, factory shutdowns and related supply chain snarls had…
By Jody Godoy (Reuters) -Archegos Capital Management founder Bill Hwang on Wednesday pleaded not guilty to charges of fraud and other financial crimes over the meltdown of his New York family office which left banks with roughly $10 billion in losses. Hwang entered the plea at an initial appearance in Manhattan federal court on Wednesday…
By Uday Sampath Kumar and Hilary Russ (Reuters) – McDonald’s is poised to take a bigger financial hit from the war in Ukraine and shuttered locations in Russia than any other major global restaurant chain, with investors watching on Thursday when it reports first quarter earnings to see how much the company stands to lose….
BUDAPEST (Reuters) – Hungary’s OTP Bank, Central Europe’s largest independent lender, is under pressure from the government of Ukraine, where the bank is also present, to sell its Russian unit, Chief Executive Sandor Csanyi said on Wednesday. Earlier this month Csanyi said the bank would sell its Russian operation if there was a buyer, adding…
SAO PAULO (Reuters) – Heineken NV’s Brazilian arm is set to invest 1.8 billion reais ($360.73 million) in a new production facility in Minas Gerais state in southeast Brazil, the company said on Wednesday. The new brewery, located in the small city of Passos, is scheduled to start operations by 2025 and will employ 350…
