By Marine Strauss BRUSSELS (Reuters) – ArcelorMittal reported higher-than-expected core profit in the first quarter on Thursday, but said it now forecast a slight contraction in global steel demand this year, with a sharp decline in the former Soviet Union countries. The change in global steel demand in 2022 will be between 0% and -1%,…
By Florence Tan (Reuters) – Oil prices extended gains on Thursday on supply concerns as the European Union proposal laid out plans for new sanctions against Russia, including an embargo on crude in six months, offsetting concerns over weaker Chinese demand. Brent crude futures had climbed 85 cents, or 0.8%, to $110.99 a barrel by…
LONDON (Reuters) – Shell reported on Thursday a profit of $9.13 billion in the first quarter, its highest ever, boosted by higher oil and gas prices and a strong performance of its trading division. First-quarter adjusted earnings rose 43% from the previous quarter to $9.13 billion, above an average analyst forecast provided by the company…
BEIJING (AP) — Asian stocks followed Wall Street lower Friday as fears spread that U.S. interest rate hikes to fight inflation might stall economic growth. Shanghai, Hong Kong, Seoul and Sydney declined. Tokyo edged higher as trading resumed after a holiday. Wall Street’s benchmark S&P 500 index plunged 3.6% on Thursday for its biggest one-day…
PARIS (Reuters) – Air France-KLM posted a first-quarter core profit that landed ahead of its own forecasts, fuelled by a recovery in ticket sales and lower unit costs, the Franco-Dutch airline group said on Thursday. Chief Executive Benjamin Smith said “recovery is here” amid strong forward bookings. “This paves the way for a successful summer…
TOKYO (Reuters) – Japan would face “difficulty” to immediately follow a move to cut off Russian oil imports over the invasion of Ukraine, its minister of economy, trade, and industry Koichi Hagiuda said on Thursday. Hagiuda made the remark during a visit to Washington, after the European Union’s executive on Wednesday proposed the toughest package…
WASHINGTON (AP) — When the Federal Reserve raises interest rates — as it did Wednesday — the impact doesn’t stop with U.S. homebuyers paying more for mortgages or Main Street business owners facing costlier bank loans. The fallout can be felt beyond America’s borders, hitting shopkeepers in Sri Lanka, farmers in Mozambique and families in…
By Sonali Paul MELBOURNE (Reuters) -Rio Tinto is eager to reopen talks with the Serbian government about its $2.4 billion Jadar lithium project, which was blocked ahead of the country’s recent election, the company’s chief executive and chairman said on Thursday. The Serbian government revoked licenses for the Jadar project in January after massive protests…
By Alun John and Selena Li HONG KONG (Reuters) – Asian shares tracked Wall Street gains on Thursday after the U.S. central bank raised interest rates by 50 basis points but sounded a less hawkish tone than some had feared, lifting investor sentiment and sending the dollar lower. Crude prices, meanwhile, shot up as the…
BEIJING (Reuters) – China’s services sector activity contracted at the second-steepest rate on record in April, as COVID curbs halted the industry, leading to sharper reductions in new business and employment, a private-sector survey showed on Thursday. The Caixin services purchasing managers’ index (PMI) stood at 36.2 in April, the second-lowest since the survey begun…
