By Oliver Hirt and Tom Sims ZURICH (Reuters) -UBS posted a smaller-than-expected quarterly profit as turmoil in financial markets hurt its investment banking and wealth management businesses, with analysts predicting the Swiss bank will see harsh conditions in the second half as well. The Zurich-based bank kicks off a round of earnings by major lenders…
BEIJING (AP) — Asian stock markets followed Wall Street lower Wednesday as traders prepared for a possible sharp interest rate hike from the Federal Reserve to cool inflation. Shanghai, Hong Kong and South Korea declined. Tokyo advanced. Oil prices were little changed, staying below $100 per barrel. Wall Street tumbled Tuesday after Walmart warned inflation…
By Nichola Groom (Reuters) – The number of jobs in the U.S. solar energy industry rose 9% last year to more than 255,000, with most workers employed in installation and project development, according to a report published on Tuesday. The rise marked a return to growth in sector employment following a contraction in 2020 due…
(Reuters) – European stocks fell on Tuesday as a slide in retailers and Swiss bank UBS offset a rally in oil stocks and Unilever, which rose after an upbeat sales forecast. The pan-European STOXX 600 index fell 0.1% by 0722 GMT with broader sentiment remaining fragile on recession worries. Russia is set to cut more…
By Yuka Obayashi TOKYO/SINGAPORE (Reuters) -Oil prices rose on Tuesday for a second day on increasing concerns about tightening European supply after Russia, a key oil and natural gas supplier to the region, cut gas supply through a major pipeline. Brent crude futures for September settlement rose $1.66, or 1.6%, to $106.81 a barrel by…
ZURICH (Reuters) – Swiss bank UBS posted on Tuesday a smaller-than-expected rise in second-quarter net profit as its investment banking and wealth management businesses struggled in tough market conditions. Profit in the three months ended June rose 5% to $2.1 billion. That compared with $2.0 billion a year earlier and lagged expectations for a 19.8%…
BEIJING (Reuters) -Ant Group executives are no longer part of Alibaba Partnership, a body that can nominate the majority of the e-commerce giant’s board, Alibaba’s annual report released on Tuesday showed, as the pair decouple after Beijing’s sweeping regulatory crackdown. Alibaba Group has amended its partnership terms, one that was created in 2010 and comprised…
