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…
By Tom Westbrook SINGAPORE (Reuters) – The dollar held just below multi-decade peaks on Tuesday as traders awaited a rate hike from the U.S. Federal Reserve but wondered whether hints of a slowing economy may prompt a shift away from its focus on inflation. The euro rose 0.21% to $1.0240 but was hemmed in by…
By Kane Wu HONG KONG (Reuters) – Asian shares wobbled on Tuesday and bonds were firm as a profit warning from Walmart put consumption and company earnings under a cloud ahead of what is likely to be another sharp U.S. interest rate hike. MSCI’s broadest gauge of Asia stocks outside Japan meandered just above flat….
HONG KONG (AP) — Alibaba, the world’s biggest e-commerce company by sales, announced plans Tuesday to change the status of its shares traded in Hong Kong, making them more accessible to Chinese investors at a time when Beijing is pressing tech companies to share their wealth with the public. The primary listing in Hong Kong…
By Yuka Obayashi TOKYO (Reuters) – Oil rose on Monday on expectations Russia’s reduction in natural gas supply to Europe could encourage a switch to crude, though concerns over weakening fuel demand because of an expected increase in U.S. interest rates limited gains. Brent crude futures for September settlement climbed 45 cents, or 0.4%, to…
By Siddharth Cavale NEW YORK (Reuters) -Top U.S. retailer Walmart Inc on Monday slashed its profit forecast as surging prices for food and fuel prompted customers to cut back on discretionary purchases, and its shares slid 10% in trading after the bell. Shares of rivals including Target and Amazon.com also tanked after Walmart’s warning, which…
(Reuters) – Australia’s Woolworths Group said on Tuesday that Chairman Gordon Cairns would retire in October after seven years in the role. Non-executive director Scott Perkins will succeed Cairns at the country’s largest supermarket chain operator. (Reporting by Indranil Sarkar in Bengaluru; Editing by Devika Syamnath)
LAS VEGAS (AP) — Shares of Allegiant Air’s parent company tumbled in after-hours trading Monday after the budget airline gave a disappointing preview of its second-quarter earnings that it said were undercut by higher costs, including fuel. Allegiant Travel Co. said after the market closed that it expects to report earnings of 62 cents per…
NEW YORK (AP) — Walmart Inc. on Monday lowered its profit outlook for the second quarter and the full year, saying rising prices on food and gas are forcing shoppers to cut back on discretionary items, particularly clothing, that carry higher profit margins. That behavior is forcing the nation’s largest retailer, based in Bentonville, Arkansas,…
