TOKYO (Reuters) – Japan’s Toyota Motor Corp on Thursday posted a worse-than-expected 42% drop in first-quarter operating profit, as auto production was curbed by COVID-19 restrictions on factories in China and a global semiconductor shortage. Operating profit for the three months ended June 30 slid to 578.66 billion yen ($4.3 billion), falling far short of…
By Leika Kihara and Takaya Yamaguchi TOKYO (Reuters) – Japan must prepare for the time the central bank abandons its 0% cap on long-term interest rates and when private investors become the dominant player in the government bond market, said a finance ministry executive overseeing debt issuance. While the Bank of Japan’s (BOJ) massive bond…
By Marc Frank HAVANA (Reuters) – Cuba announced it will begin purchasing on Thursday dollars and other convertible currencies at nearly five times the current rate in an effort to undercut the informal money market and capture the funds. Central Bank President Marta Wilson Gonzalez, appearing on state-run television on Wednesday evening, said the state-run…
By Alun John HONG KONG (Reuters) – The dollar was on the front foot on Thursday, helped by several U.S. Federal Reserve officials pushing back against suggestions they will slow the pace of interest rate hikes, while the pound was flat ahead of a Bank of England meeting. The dollar index, which measures the greenback…
By Praveen Paramasivam (Reuters) -Yum Brands Inc said on Wednesday it would offer new items and promotional deals as it seeks to reverse a slowdown in demand for its pizzas and fried chicken from low-income consumers. Americans are increasingly tightening their belts as household savings drop and prices of gas and everyday essentials rise, hitting…
ST. LOUIS (AP) — Nearly 2,500 workers at three Boeing defense plants in the Midwest voted Wednesday to ratify a contract that their union said will raise pay by an average of 14% over three years and add inflation adjustments. The vote by members of the International Association of Machinists and Aerospace Workers came less…
SAO PAULO (Reuters) -South American e-commerce giant MercadoLibre Inc reported on Wednesday that its second-quarter net income rose 79.8% year-on-year, beating earnings forecasts. The company, present in 18 countries including Brazil, Mexico and Colombia, reported a net income for the three-month period of $123 million, beating a Refinitiv forecast of $98.9 million. After the results,…
By Ruhi Soni (Reuters) – Canada’s Nutrien Ltd beat second-quarter profit estimates on Wednesday, fueled by soaring prices of crop nutrients which more than offset higher natural gas costs and lower sales volumes. However, the world’s largest fertilizer producer lowered its full-year adjusted profit forecast as it expects higher natural gas costs to hurt its…
By Jonathan Stempel (Reuters) – Twitter Inc and Elon Musk, who are suing each other over the world’s richest person’s effort to exit their $44 billion merger, couldn’t even agree on how much to tell the public about their dispute. The presiding judge, Chancellor Kathleen McCormick of Delaware Chancery Court, ruled on Wednesday that Musk’s…
By Jonathan Stempel NEW YORK (Reuters) – Tyson Foods Inc, one of the largest U.S. meat producers, is refusing to comply with a subpoena for a civil probe into possible price gouging during the COVID-19 pandemic, New York’s attorney general said on Wednesday. Letitia James, the attorney general, asked a state judge in Manhattan to…
