JAKARTA (Reuters) – Indonesia’s Krakatau Steel and South Korea’s POSCO Holdings have signed an agreement to invest $3.5 billion starting next year to expand their production capacity in the Southeast Asian country, Indonesia’s investment ministry and POSCO said on Thursday. The expansion will also include the production of automotive steel for electric vehicles (EVs), the…
By Byron Kaye and Indranil Sarkar (Reuters) – Australian investment bank Macquarie Group flagged a higher quarterly profit on Thursday and said all its business units felt the headwinds of inflation and market volatility but its diversified structure would still bring opportunities. Macquarie did not give first-quarter profit numbers and said trading conditions had deteriorated…
(Reuters) – Netflix Inc said on Wednesday it is currently experiencing issues with streaming on all devices. There were around 1,300 incidents of people reporting issues with Netflix, as of 0051 GMT, according to outage-tracking website Downdetector, which collates status reports from a number of sources in the United States. (Reporting by Anirudh Saligrama in…
By Wayne Cole SYDNEY (Reuters) – Asian shares made cautious gains on Thursday as investors scented a possible slowdown in the pace of U.S. rate hikes, lowering bond yields and restraining the dollar. As expected, the U.S. Federal Reserve raised rates 75 basis points to 2.25-2.5% but did note some softening in recent data. Fed…
By Nelson Renteria SAN SALVADOR (Reuters) – El Salvador will dedicate $560 million in funds to a surprise bond buyback plan, its finance minister said on Wednesday, as the impoverished country looks to ease worries about the state of its public finances. El Salvador’s president Nayib Bukele announced the voluntary bond repurchase offer on Tuesday,…
By Chavi Mehta and Jane Lanhee Lee (Reuters) -Qualcomm Inc forecast fourth-quarter revenue below Wall Street targets on Wednesday, bracing for a difficult economy and a slowdown in smartphone demand that could hurt its mainstay handset chip business. Shares of the San Diego-based company fell about 2.8% in extended trading, deepening this year’s drop of…
DETROIT (AP) — Ford Motor Co.’s net income rose 19% in the second quarter as the company pulled together enough computer chips to boost factory output and sales. The Dearborn, Michigan, automaker said Wednesday it made $667 million from April through June, compared with $561 million a year earlier. The company stuck with its full-year…
Airbus said its net income plunged in the second quarter and warned that supply-chain challenges were leading it to scale back production targets for its commercial aircraft. Airbus said it now expects to deliver 700 aircraft this year, down from a target of 720 aircraft announced in May. Over the long term, the company still…
(Reuters) – Brazilian cash-and-carry chain Assai reported a 20.7% increase in second-quarter net profit, compared to the same period last year, to reach 319 million reais ($60.83 million), the company said on Wednesday. Net revenue grew 32.8% to total 13.3 billion reais during the three-month period ending in June. Adjusted earnings before interest, taxes, depreciation…
DETROIT (Reuters) -Ford Motor Co on Wednesday reported better than expected second-quarter profit and reaffirmed its profit outlook for the year, but said management is “actively looking” at how to offset surging costs. Ford shares were up 6.8% in after-hours trade. Results were driven by higher-margin vehicles, partially offset by higher commodity costs and expenses,…
