NEW YORK (AP) — Visa Inc. said Tuesday that its fiscal third quarter profits rose 32% from a year earlier, helped by yet another double-digit rise in the amount of money processed on its credit and debit card network. The payment processing company said it earned a profit of $3.4 billion, or $1.60 a share,…
(Reuters) -Teck Resources Ltd said on Tuesday Chief Executive Officer Don Lindsay will step down after 17 years with the Canadian miner, and also reported a surge in its second-quarter profit on upbeat prices for steelmaking coal. Lindsay, who will step down by end-September, will be replaced by Jonathan Price as CEO while Harry Conger…
By Wayne Cole SYDNEY (Reuters) -Australian inflation sped to a 21-year high last quarter and is likely to accelerate even further as food and energy costs explode, stoking speculation interest rates will need to more than double to bring the outbreak under control. Wednesday’s gloomy report comes just a day before Treasurer Jim Chalmers is…
By Rae Wee SINGAPORE (Reuters) – The euro nursed losses on Wednesday after its sharpest drop in two weeks, as a cut in Russian gas supply sent energy prices soaring, while the dollar held ground ahead of an expected U.S. interest rate hike later in the day. The euro fell about 1% to $1.0108 overnight,…
MEXICO CITY (Reuters) -Walmart’s Mexico unit posted a nearly 12% quarterly net profit increase as tighter operations and new income streams largely offset higher expenses amid swelling inflation, a day after its parent posted a profit warning. The retailer’s Mexican net profit of 10.89 billion pesos ($540.84 million) and revenue of 195.62 billion pesos for…
By Hilary Russ and Richa Naidu NEW YORK/LONDON (Reuters) -Some global consumers are showing signs of cracking, as shoppers stressed by record inflation stick to buying basics like food, bleach and cheap burgers, while those with bigger bank accounts are snapping up $3,000 Louis Vuitton handbags. Investors are closely watching second quarter corporate results for…
By David Lawder WASHINGTON (Reuters) – Global central banks may get “antsy” about the swiftness of economic pain brought on by monetary tightening to fight inflation and be tempted to cut interest rates before the job is done, the International Monetary Fund’s chief economist said on Tuesday. That would be a huge mistake, prolonging the…
(Reuters) – Credit Suisse Group AG is expected to announce Ulrich Koerner as its new chief executive officer, replacing Thomas Gottstein, two sources familiar with the situation said on Tuesday. Pressure has been mounting on Gottstein for months over major scandals and losses racked up during his two-year tenure that have hammered shares and angered…
DOVER, Del. (AP) — Twitter has set Sept. 13 as the date for its shareholders to vote on the company’s pending buyout by Tesla CEO Elon Musk. The company said in a regulatory filing on Tuesday that it is recommending shareholders vote for the $44 billion deal to be completed. The date is ahead of…
By Sinéad Carew NEW YORK (Reuters) – Wall Street equities fell and U.S. Treasuries rallied on Tuesday a day before a likely Federal Reserve rate hike as investors grappled with growing economic concerns after retail giant Walmart Inc’s profit warning and signs of a looming gas supply crisis in Europe. The bid for safety also…
