NEW YORK (AP) — The pandemic vastly changed the way Americans spend money and now as they return to pre-pandemic behavior, they’re tripping up retailers again. That dynamic has only been intensified in recent months as inflation jumps sharply, and the latest financial report from Target underscores the challenges. Target reported Wednesday that its profit…
By Aishwarya Venugopal and Uday Sampath Kumar (Reuters) -Target Corp’s quarterly profit halved and it warned of a bigger margin hit on Wednesday due to rising fuel and freight costs, sending shares down 21% in a clear sign that investors no longer see major U.S. retailers staying immune to inflation. The bleak results come a…
TOKYO (Reuters) – Toyota Motor Corp will suspend vehicle production at one of its factories after a major industrial water leak in central Japan disrupted supply, a company spokesperson said on Wednesday. The automaker will suspend the morning shift operation at Toyota Industries Corp’s Nagakusa plant on Thursday, which will cut by around 600 the…
(Reuters) – Lowe’s Cos Inc reported a bigger-than-expected drop in same-store sales on Wednesday, as demand eased for its home-improvement tools and building materials from pandemic highs. Americans hunkered down during the lockdowns engaged in more do-it-yourself (DIY) home projects, lifting sales of paint and building materials at Lowe’s and bigger rival Home Depot in…
By Asif Shahzad ISLAMABAD (Reuters) – Pakistan opened much delayed talks with the International Monetary Fund (IMF) on Wednesday to resume a seventh review of the $6 billion rescue package agreed in 2019. “Talks with the IMF mission started today,” a statement from the finance ministry said. It said a team led by Finance Minister…
BERLIN (AP) — Germany’s three governing parties plan to strip former Chancellor Gerhard Schroeder of his office and staff after he maintained and defended his long-standing ties with Russia despite the war in Ukraine. Schroeder’s own Social Democratic Party said Wednesday that lawmakers on the parliamentary budget committee had agreed to link some of the…
By Engen Tham SHANGHAI (Reuters) – Three banks in China’s central Henan province have frozen at least $178 million of deposits, offering scant information on why or for how long, leaving firms unable to pay workers and individuals locked out of savings, depositors told Reuters. Yu Zhou Xin Min Sheng Village Bank, Shangcai Huimin Country…
While Europeans bask in the warmth of spring, governments are in a race against winter. Europe is trying to cut use of Russian natural gas because of the war in Ukraine, but still find enough fuel to keep the lights on and homes warm before it gets cold again. That has sent officials and utilities…
DUESSELDORF (Reuters) – Thyssenkrupp’s top shareholder has no plans to sell its 20.93% stake in the German conglomerate, its head said. “We are a stable, reliable anchor shareholder of the company,” Ursula Gather, who heads the board of trustees of the Alfried Krupp von Bohlen und Halbach foundation and also sits on Thyssenkrupp’s supervisory board,…
By Andy Bruce and William Schomberg LONDON (Reuters) – British inflation surged last month to its highest annual rate since 1982, piling pressure on finance minister Rishi Sunak to step up his help for households facing a worsening cost-of-living crisis. Consumer price inflation hit 9% in April, the Office for National Statistics said on Wednesday,…
