Members of the United Auto Workers union on Thursday rescinded an increase in strike pay that had been approved earlier in their annual convention. The Detroit Free Press reported that after some delegates raised concerns about the potential cost of the $500 a week strike pay, it was dropped. But a previous increase in strike…
SINGAPORE (Reuters) – Singapore’s smallest listed lender, United Overseas Bank (UOB), reported a rise of 11% in second-quarter profit, supported by a strong improvement in net interest income amid increasing interest rates. “This rising interest rate environment is set to further boost our margins for the year,” Chief Executive Wee Ee Cheong said in a…
MEXICO CITY (Reuters) -Mexican distiller Becle, better known as the parent company of the popular Jose Cuervo tequila brand, posted a 58.6% jump in second-quarter net profit on increased demand for the spirit across all regions except the United States and Canada, the company said on Thursday. Becle’s net profit rose to 1.40 billion Mexican…
NEW YORK (AP) — Amazon on Thursday reported its second-consecutive quarterly loss but its revenue topped Wall Street expectations, sending its stock sharply higher. The Seattle-based e-commerce giant also said it is making progress in controlling some of the excess costs from its massive expansion during the COVID-19 pandemic. Amazon lost $2.03 billion, or 20…
By Jane Lanhee Lee (Reuters) – Major semiconductor makers on Thursday hailed passage in the U.S. Congress of a pot of federal government money for new chip factories in the United States, and said they were moving ahead on various projects that had been stalled awaiting funding. The “Chips and Science Act” authorizes about $52…
By Stephen Nellis, Nivedita Balu and Paresh Dave (Reuters) -Apple Inc on Thursday reported profit and sales that beat Wall Street expectations, navigating parts shortages better than predicted and benefiting from unceasing demand for iPhones even as inflation has consumers tightening other spending. Shares rose 3.2% after hours following the release of the results. Apple…
By Karen Brettell and Gertrude Chavez-Dreyfuss NEW YORK (Reuters) -The dollar dropped to a six-week low against the yen on Thursday, tracking the decline in Treasury yields, after data showed the U.S. economy contracted again in the second quarter, fueling speculation that the Federal Reserve will not raise rates as aggressively as previously expected. The…
Meta Platforms says it will no longer pay U.S. news organizations to have their material appear in Facebook’s News Tab as it reallocates resources in the face of the economic downturn and changing user behavior. The company said Thursday that most people “do not come to Facebook for news, and as a business it doesn’t…
One-third of the Dow components released Q2 results this week. This gives us tremendous insight into the economy and investor perception. The primary term being used by analysts to describe earnings results is “better-than-feared” as market expectations were extremely low. The outlooks have been conservative and suggest we have further weakness to contend with in…
It is a busy week in the markets. One-third of the S&P 500 and Dow Jones indices are posting Q2 results over these five sessions. Did we mention that there is also a Fed decision this week? And we still have earnings from Amazon (AMZN) and Apple (AAPL) after the close. Market participants try and…
