WASHINGTON (AP) — The World Bank has sharply downgraded its outlook for the global economy, pointing to Russia’s war against Ukraine, the prospect of widespread food shortages and concerns about the potential return of “stagflation” — a toxic mix of high inflation and sluggish growth unseen for more than four decades. The 189-country anti-poverty agency…
(Reuters) – Union Pacific Corp on Tuesday warned it would miss full-year margin targets as the railroad operator takes on rising costs related to fuel, wages and its network. The Nebraska-based company’s incremental operating margin is expected to drop below the original forecast of mid-60%. “Inflationary pressures beyond fuel have increased since the beginning of…
By Mimosa Spencer and Casey Hall PARIS/SHANGHAI (Reuters) – Kering will outline plans to reinvigorate sales at its star label Gucci this week, throwing the spotlight on its approach in China – a key growth driver for leading luxury houses that has been hit by its new COVID lockdowns. Investors are closely watching the Chinese…
MILAN (AP) — Italian agents on Tuesday confiscated 4.3 tons of cocaine with a street value of nearly a quarter-billion euros (dollars) in the northeastern port city of Trieste, dealing a blow to Colombia’s feared Gulf Clan in one of the largest drug busts ever in Europe. Arrest warrants were being executed for 38 people…
(Reuters) – Australia’s ‘buy now, pay later’ shares (BNPL) dived on Tuesday after Apple launched its pay later service, at a time when surging interest rates, stubborn prices and geopolitical tensions have led to an emaciated global fintech industry. Australia-listed BNPL firms like Zip Co and Sezzle Inc, and those with exposure to the sector…
By Anna Ringstrom and Stine Jacobsen STOCKHOLM (Reuters) -The Swedish government will not inject new capital into SAS, its industry minister said on Tuesday, dealing a blow to the loss-making airline’s restructuring efforts and sending its shares down 14% to record lows. SAS said last week a restructuring plan announced in February depended on it…
DETROIT (AP) — Federal investigators say Goodyear knew that some of its recreational vehicle tires could fail and cause severe crashes, yet it didn’t recall them for as many as 20 years. Goodyear wouldn’t recall the tires even as late as March of this year, despite investigators finding that their failure caused crashes that killed…
By Samuel Indyk LONDON (Reuters) – The U.S. dollar rose to a two-week high as rising U.S. Treasury yields supported the greenback, pushing the Japanese yen to its lowest level against the dollar in two decades. The yen dropped to a 20-year low of 133 per dollar, levels that had previously been highlighted as intervention…
By Pushkala Aripaka and Yadarisa Shabong (Reuters) -Ted Baker shares tumbled by more than 20% on Tuesday after the company said its first-choice suitor had decided not to make an offer, forcing the British fashion chain to consider other options. The preferred bidder – reported to be Juicy Couture and Forever 21 owner Authentic Brands…
BARCELONA, Spain (AP) — A Spanish judge will travel to Israel to seek testimony from the head of tech company NSO, the maker of the controversial Pegasus spyware used in tapping politicians’ phones in Spain, the country’s National Court said Tuesday. The court said that José Luis Calama has decided to lead a judicial commission…
