MEXICO CITY (Reuters) -Walmart’s Mexico unit posted a nearly 12% quarterly net profit increase as tighter operations and new income streams largely offset higher expenses amid swelling inflation, a day after its parent posted a profit warning. The retailer’s Mexican net profit of 10.89 billion pesos ($540.84 million) and revenue of 195.62 billion pesos for…
By Hilary Russ and Richa Naidu NEW YORK/LONDON (Reuters) -Some global consumers are showing signs of cracking, as shoppers stressed by record inflation stick to buying basics like food, bleach and cheap burgers, while those with bigger bank accounts are snapping up $3,000 Louis Vuitton handbags. Investors are closely watching second quarter corporate results for…
By David Lawder WASHINGTON (Reuters) – Global central banks may get “antsy” about the swiftness of economic pain brought on by monetary tightening to fight inflation and be tempted to cut interest rates before the job is done, the International Monetary Fund’s chief economist said on Tuesday. That would be a huge mistake, prolonging the…
(Reuters) – Credit Suisse Group AG is expected to announce Ulrich Koerner as its new chief executive officer, replacing Thomas Gottstein, two sources familiar with the situation said on Tuesday. Pressure has been mounting on Gottstein for months over major scandals and losses racked up during his two-year tenure that have hammered shares and angered…
DOVER, Del. (AP) — Twitter has set Sept. 13 as the date for its shareholders to vote on the company’s pending buyout by Tesla CEO Elon Musk. The company said in a regulatory filing on Tuesday that it is recommending shareholders vote for the $44 billion deal to be completed. The date is ahead of…
By Sinéad Carew NEW YORK (Reuters) – Wall Street equities fell and U.S. Treasuries rallied on Tuesday a day before a likely Federal Reserve rate hike as investors grappled with growing economic concerns after retail giant Walmart Inc’s profit warning and signs of a looming gas supply crisis in Europe. The bid for safety also…
By Trevor Hunnicutt WASHINGTON (Reuters) – The U.S. economy is plagued by inflation and suffering from fallout from Russia’s war in Ukraine – but it’s not in recession. That’s the message from White House officials. Treasury Secretary Janet Yellen, economic adviser Brian Deese and Commerce Secretary Gina Raimondo have spoken out in recent days ahead…
(Reuters) -Credit Suisse Group AG is set to announce the departure of Chief Executive Officer Thomas Gottstein, the Wall Street Journal reported on Tuesday, citing people familiar with the bank. The timing of Gottstein’s exit could not be determined but an announcement could come as soon as Wednesday, when the bank reports its quarterly results,…
By Jonathan Stempel (Reuters) – A U.S. regulator has ordered a Hyundai Motor Co affiliate to pay $19.2 million for repeatedly giving credit-reporting agencies inaccurate information about its customers, including that they were delinquent on loans and leases. Hyundai Capital America, which serves about 1.7 million drivers of Hyundai, Kia and Genesis vehicles, agreed on…
WASHINGTON (AP) — The U.S. economy is caught in an awkward, painful place. A confusing one, too. Growth appears to be sputtering, home sales are tumbling and economists warn of a potential recession ahead. But consumers are still spending, businesses keep posting profits and the economy keeps adding hundreds of thousands of jobs each month….
