By Tom Sims and Marta Orosz FRANKFURT (Reuters) – Germany’s Commerzbank swung on Wednesday to a bigger-than-expected second-quarter net profit, helped by higher interest rates and increased commission income, and confirmed it was on track to meet its profit target this year. The return to profit at Germany’s No. 2 bank is a victory for…
BERLIN (Reuters) – BMW saw a drop in its automotive margin on earnings before interest and taxes to 8.2% from 15.8% last year as the consolidation of its Chinese joint venture BMW Brilliance dampened earnings, it said on Wednesday. The carmaker reported a group net profit of 3.05 billion euros ($3.10 billion) from 4.8 billion…
TOKYO (AP) — Asian shares mostly rose Thursday as investors welcomed encouraging economic data and quarterly earnings reports from big companies. Benchmarks rose across the region, including Japan, China, Australia and South Korea. The gains followed a strong rally on Wall Street. Jitters eased over the visit of U.S. House Speaker Nancy Pelosi to Taiwan…
By Satoshi Sugiyama TOKYO (Reuters) – Toyota Motor Corp is expected to report a double-digit drop in first-quarter profit this week, as a chip shortage and supply-chain woes forced the world’s top automaker by sales to repeatedly slash production targets. The Japanese car maker cut its monthly production targets three times during the April-June first…
By Cynthia Kim SEOUL (Reuters) – South Korea’s residential property prices are likely to drop by up to 2.8% in two years with a full percentage point hike in policy interest rate, according to a research paper by the central bank on Wednesday. While other variables including the size of new apartment supplies and mortgage…
KALGOORLIE, Australia (Reuters) – BHP Group will increase its spending on nickel exploration over the next two years to meet growing demand for the raw material used in making electric vehicle batteries, the chief of its nickel operations said on Wednesday. BHP, through its Nickel West unit, has supply agreements for the metal with Tesla…
By Anshuman Daga SINGAPORE (Reuters) -Singapore’s second-largest lender Oversea-Chinese Banking Corp Ltd (OCBC) reported a stronger-than-expected 28% jump in quarterly profit and gave a robust outlook as rising interest rates pushed up its net interest margins. With Singapore relaxing most of its COVID-19 local and travel restrictions since early April this year, banks are benefiting…
NEW YORK (AP) — Robinhood Markets said Tuesday it’s cutting nearly a quarter of its workforce, as crashing cryptocurrency prices and a turbulent stock market keep more customers off its trading app. CEO Vlad Tenev said the company, whose easy-to-use app helped bring a new generation of investors to the market, will reduce its headcount…
By Lisa Baertlein SAN BERNARDINO, Calif. (Reuters) – America’s largest warehouse market is full as major U.S. retailers warn of slowing sales of the clothing, electronics, furniture and other goods that have packed the distribution centers east of Los Angeles. The merchandise keeps flooding in from across the Pacific, and for one of the busiest…
By Jonathan Stempel (Reuters) – A U.S. judge on Tuesday granted a request by prosecutors to dismiss fraud counts against a former Uber Technologies Inc security chief also charged with covering up a 2016 data hack affecting 57 million passengers and drivers. U.S. District Judge James Donato in San Francisco dismissed the three wire fraud…
