By Selena Li and Anshuman Daga HONG KONG/SINGAPORE (Reuters) – A day after rebuffing a break-up plan by its top investor, HSBC fielded questions from disgruntled retail investors on Tuesday and its executives defended their strategy to operate as a global bank at its first meeting in Hong Kong in three years. The London-headquartered lender…
(Reuters) – Marathon Petroleum smashed quarterly profit estimates on Tuesday, the latest U.S. refiner to benefit from a surge in fuel prices sparked by tight capacity and low inventories. The company’s refining and marketing margins tripled to $37.54 per barrel in the April-June quarter, mirroring similar gains at rivals such as Phillips 66 and sending…
DEERFIELD, Ill. (AP) — Caterpillar had a strong second quarter and topped most profit expectations, though margins slipped. The manufacturer on Tuesday posted a quarterly profit of $1.67 billion, or $3.13. Per share earnings were $3.18 without one-time costs or benefits, which is 18 cents better than Wall Street had expected, according to a survey…
TOKYO (AP) — The United States is working with Japan and other likeminded countries to counter China’s efforts to use its economic might to force political change around the world, the U.S. ambassador to Japan said Tuesday in an interview with The Associated Press. Rahm Emanuel, who was previously mayor of Chicago and chief of…
TOKYO (AP) — Hino Motors, a truck maker that’s part of the Toyota group, systematically falsified emissions data dating back as far as 2003, according to the results of an investigation released Tuesday. President Satoshi Ogiso bowed deeply at a hastily called news conference and apologized to customers and other stakeholders. “I am so deeply…
Uber’s effort to meld its pioneering ride-hailing service with food and freight delivery showed progress during the past quarter even though the company sustained a huge loss stemming from a sharp decline in its outside investments. Looking past Uber’s second-quarter loss of $2.6 billion announced Tuesday, Wall Street celebrated a significant milestone that raised hopes…
By Ron Bousso and Shadia Nasralla LONDON (Reuters) – BP’s second quarter profit soared to $8.45 billion, its highest in 14 years, as strong refining margins and trading prompted it to boost its dividend and spending on new oil and gas production. The strong performance caps a blowout quarter for the top Western oil and…
AMSTERDAM (Reuters) -Amsterdam’s Schiphol Airport said on Tuesday that passenger caps introduced for the summer season to cope with long waiting times and other logistical problems will be extended into September and October. The airport will also continuing other measures, such as asking passengers to show up no more than four hours before their flights,…
LONDON (AP) — BP said its earnings from April to June almost tripled from a year earlier, increasing pressure on governments to intervene as energy companies profit from high oil and natural gas prices that are fueling inflation and squeezing consumers. Net income jumped to $9.26 billion in the second quarter from $3.12 billion in…
By Alex Lawler LONDON (Reuters) -Oil slipped on Tuesday as investors absorbed a bleak outlook for fuel demand with data pointing to a global manufacturing downturn just as OPEC+ producers meet this week to decide whether to increase supply. Surveys showed on Monday that factories across the United States, Europe and Asia struggled for momentum…
