WASHINGTON (Reuters) – U.S. consumer spending increased more than expected in March amid strong demand for services, while monthly inflation surged by the most since 2005. The Commerce Department said on Friday that consumer spending, which accounts for more than two-thirds of U.S. economic activity, surged 1.1% last month. Data for February was revised higher…
(Reuters) – AbbVie Inc missed Wall Street estimates for first-quarter sales on Friday, hurt by European competition for its blockbuster rheumatoid arthritis drug Humira and lower-than-expected revenue from its newer drug Rinvoq. Sales of the world’s best selling drug, Humira, fell 2.7% to $4.74 billion in the first quarter, below estimates of $4.91 billion as…
NEW YORK (AP) — Exxon Mobil reported $5.48 billion in profits during the first quarter as oil and gas prices rose steadily, more than doubling its profits compared with the same quarter last year. But the oil giant took a huge hit as it abandoned its Russian operations due to the war, writing down $3.4…
Airbnb will allow its employees to live and work almost anywhere around the world, fully embracing a remote work policy to attract staff and ensure flexibility. The San Francisco short-term-stay company said late Thursday that under the new policy, employees can work from the office, home or during their travels to 170 countries. Staff will…
By Elizabeth Howcroft LONDON (Reuters) – The dollar edged down from its recent 20-year high on Friday but was still on track for its best month since 2015, having been boosted by a combination of expectations for U.S. rate hikes and growth concerns in China and Europe. In the final trading day of a seismic…
(Reuters) -Honeywell International Inc raised its full-year profit forecast on Friday, as a recovery in aviation markets due to a pickup in travel boosted demand for the company’s parts, software and aftermarket services. Booming air travel demand has forced legacy aircraft makers such as Boeing Co and Airbus SE to increase production leading to higher…
BEIJING (AP) — Tesla has recalled 14,684 Model 3s due to a software glitch that could cause collisions, China’s market regulator said Friday, in its second recall in the country this month. The State Administration for Market Regulation said the recall affects both imported vehicles and those made in China. The cars being recalled don’t…
By Tom Hals (Reuters) – Elon Musk’s $44 billion takeover of Twitter is helping provide ammunition for an upcoming trial where an investor will argue the CEO’s $56 billion pay package from Tesla Inc is a waste of money that failed to secure his full-time services. The deal for Twitter Inc and its potential to…
COPENHAGEN (Reuters) – Danske Bank reported lower-than-expected first-quarter profits, citing higher costs and turbulent financial markets, sending its shares lower on Friday even as it maintained its full-year profit outlook. Danske shares were down 3.65% at 0940 GMT after it reported first quarter net profit of 2.8 billion Danish crowns ($396.28 million), below an average…
BRUSSELS (AP) — Inflation hit a record in April for the 19 countries that use the euro as skyrocketing fuel prices boosted by the war in Ukraine weigh on the region’s economic recovery from the coronavirus pandemic. Annual inflation reached 7.5% for the month, topping the old record of 7.4% from March, statistics agency Eurostat…
