HONG KONG (AP) — Chinese e-commerce firm Alibaba Group Holding on Thursday beat market expectations for revenue in its quarter ended June, even as revenue was nearly flat and its net income plunged 50%. The company has been grappling with increased regulatory scrutiny and fines and a slowing economy. Alibaba reported revenues of 205.6 billion…
By Sonali Paul MELBOURNE (Reuters) – Global miner Rio Tinto has received several offers to build 4 gigawatts (GW) of wind and solar farms to power its alumina and aluminium operations in Australia’s Queensland state, the company’s Australia head said on Friday. Rio Tinto Chief Executive Officer Australia Kellie Parker said the company, the country’s…
(Reuters) – Inflation in July could be so high that it will “shock” Argentina’s government, an economy ministry source told Reuters on Thursday, expecting high inflation in August as well. Former Congressman Sergio Massa took office Wednesday as economy minister in the midst of an economic crisis, announcing measures intended to ensure fiscal austerity and…
By Enrico Dela Cruz, Florence Tan and Timothy Gardner MANILA (Reuters) – The Philippines’ Bataan Nuclear Power Plant (BNPP) has not produced any electricity since it was finished in 1984, despite its $2.3 billion price tag and its promise of energy security during the 1970s oil crisis. Approved by former dictator Ferdinand Marcos Sr., his…
Plant-based meat maker Beyond Meat said Thursday it’s laying off 4% of its workforce after a difficult second quarter that saw cost-conscious customers bypass its higher-priced products. El Segundo, California-based Beyond Meat said its revenue fell 1.6% to $147 million. That was short of Wall Street’s forecast of $149 million, according to analysts polled by…
WASHINGTON (AP) — The average long-term U.S. mortgage rate fell below 5% for the first time in four months, days after the Federal Reserve jacked up its main borrowing rate in an aggressive effort to get inflation under control. The 30-year rate tumbled to 4.99% from 5.3% last week, mortgage buyer Freddie Mac reported Thursday….
DETROIT (AP) — Tesla shareholders on Thursday approved a three-for-one stock split, a move that will make the company’s shares more accessible to smaller investors. Preliminary results of the shareholder vote were announced at the electric car and solar panel maker’s annual meeting at its new factory in Austin, Texas. CEO Elon Musk also discussed…
(Reuters) – Innovent Biologics Inc said on Friday Paris-based Sanofi SA would invest HK$2.42 billion ($307.88 million) in the biopharmaceutical group to jointly develop two cancer drugs in China. The all-cash investment by Sanofi unit Sanofi Foreign Participations B.V. will be at a price of HK$42.42 per Innovent share, representing a premium of about 29%…
(Reuters) -Suncor Energy Inc posted an over fourfold rise in its second-quarter profit on Thursday, as Canada’s third-largest crude oil producer benefited from a rally in commodity prices. Sanctions against major oil producer Russia have worsened supply issues, sending global crude prices up nearly 48% in the first half of the year as energy companies…
By Ruhi Soni (Reuters) -Corteva Inc on Thursday raised its full-year sales and profit forecasts as the crop protection products maker benefits from surging demand from farmers looking to cash in on higher prices since the Ukraine war. The company, which reported a 14% jump in second-quarter operating earnings, also unveiled plans to exit some…
