By Rachna Uppal, Maha El Dahan and Aziz El Yaakoubi RIYADH (Reuters) -Oil giant Saudi Aramco launched a $1.5 billion fund to support an inclusive global energy transition on Wednesday while Saudi officials said the switch from hydrocarbons could take decades, necessitating continued investment in conventional resources. Saudi Arabia, the world’s top oil exporter, and…
By Dhara Ranasinghe LONDON (Reuters) – World stocks scaled a five-week high on Wednesday, lifted by growing hopes that the pace of U.S. interest rate hikes could soon start to slow. Wall Street stocks futures fell, pointing to a weak open later on, after Google-owner Alphabet posted softer-than-expected ad sales after Tuesday’s close and Microsoft…
By Victoria Waldersee BERLIN (Reuters) -Mercedes-Benz raised its full-year profit forecast on Wednesday as strong demand for luxury cars and cost savings offset the supply chain bottlenecks that have hampered industry output this year. The German automaker said it now expected group earnings to rise at least 15% this year, compared with a previous forecast…
SEOUL, South Korea (AP) — South Korean computer chipmaker SK Hynix said Wednesday it might be forced to sell its manufacturing operations in China if a U.S. crackdown on exports of semiconductor technology and manufacturing equipment to China intensifies. SK Hynix’s chief marketing officer, Kevin Noh, raised those concerns during a conference call on Wednesday…
BEIJING (AP) — Asian stock markets were mixed Thursday ahead of an update on the U.S. economy and a European Central Bank meeting that is expected to raise its key interest rate to a 13-year high. Shanghai and Tokyo declined while Hong Kong and Seoul advanced. Wall Street fell after tech companies reported disappointing quarterly…
BERLIN (Reuters) -German sportswear maker Puma reiterated its full-year operating result and currency-adjusted sales outlook on Wednesday, despite uncertainty on the global market, after what it said was its best third quarter in the company’s history. The company said its earnings before interest and taxes (EBIT) rose by 12.6% on the year to 258 million…
HARARE, Zimbabwe (AP) — Zimbabwe says it is on the brink of its biggest wheat harvest in history, thanks in large part to efforts to overcome food supply problems caused by the war in Ukraine. But bush fires and impending rains are threatening crops yet to be harvested. Like other African countries, Zimbabwe has for…
FRANKFURT, Germany (AP) — Natural gas and electricity prices in Europe have plunged from summer peaks thanks to mild weather and a monthslong scramble to fill gas storage ahead of winter and replace Russian supplies during the war in Ukraine. It’s a welcome respite after Russia slashed natural gas flows, triggering an energy crisis that…
By Praveen Menon and Byron Kaye SYDNEY (Reuters) – The cryptocurrency industry said on Wednesday it was disappointed with Australia’s decision to continue treating digital currencies as assets for tax purposes, and not as foreign currency. The government said in its budget announcement on Tuesday it would introduce legislation to enshrine the treatment of digital…
By Joyce Lee and Heekyong Yang SEOUL (Reuters) -South Korea’s SK Hynix Inc warned on Wednesday of an “unprecedented deterioration” in memory chip demand, deepening fears of global recession, and said it would slash investment after quarterly profit tumbled 60%. The world’s second-largest memory chipmaker, whose clients include Apple Inc, said its investment in 2023…
