Caterpillar’s first-quarter sales climbed on strong demand for construction equipment despite supply chain challenges that continue to plague businesses ranging from car and phone makers to grocery stores. And the Deerfield, Illinois, manufacturer is not immune to surging inflation that has run up costs for both consumer and companies across the globe. Costs and expenses…
Higher U.S. menu prices and easing COVID-19 restrictions in Europe helped McDonald’s offset troubled markets like China and Russia during the first quarter. Revenue rose 11% to $5.66 billion in the January-March period, topping Wall Street expectations of $5.57 billion, according to analysts polled by FactSet. The Chicago burger giant said U.S. prices were up…
By Mike Stone and Ashwini Raj (Reuters) – U.S. weapons maker Northrop Grumman Corp reported a fall in first-quarter sales and adjusted profit on Thursday, hit by labor shortages and supply chain issues. An acute labor shortage due to the Omicron-led surge in coronavirus infections led to demand for workers far outpacing supply. Chief Executive…
By Richa Naidu (Reuters) -Unilever raised prices by over 8% in the first quarter and warned more hikes were on the way as the maker of Dove soap and Ben & Jerry’s ice cream lifted its cost inflation forecast for the second half of the year due to the Ukraine conflict. The company said it…
MILAN (Reuters) – Andrea Guerra, the former chief executive of Italian eyewear giant Luxottica, is leaving LVMH after leading its hotel business over the past two years, the French luxury goods group said on Thursday. Guerra, who had also taken on oversight of the group’s Fendi and Loro Piana Italian fashion brands and LVMH’s Thelios…
SINGAPORE (AP) — Chinese telecoms equipment and smartphone maker Huawei’s sales fell 14% in January-March from a year earlier as it pumped money into research and development while grappling with U.S. sanctions, according to figures released by the company Thursday. Huawei Technologies said its revenue was 131 billion yuan ($19.8 billion) in the first quarter…
By Dominique Vidalon PARIS (Reuters) -French spirits group Pernod Ricard posted a forecast-beating 20% jump in third quarter sales on Thursday but said COVID-19 measures in China, war in Ukraine, and a normalisation of its U.S. business could mean a softer fourth quarter. Despite the challenges, the maker of Martell cognac and Absolut vodka, forecast…
BEIJING (Reuters) – China will cut import tariffs for all types of coal to zero from May 1, 2022, until March 31, 2023, the finance ministry said on Thursday, as Beijing strives to ensure energy security amid soaring global prices and supply disruption concerns. Top Chinese officials, including President Xi Jinping, have repeatedly addressed the…
By Tom Wilson and Tom Westbrook LONDON/SINGAPORE (Reuters) – The dollar was on the cusp on Thursday of its highest in two decades on Thursday while stocks gained on corporate earnings, with the yen tumbling to its lowest since 2002 after the Bank of Japan doubled down on its ultra loose monetary policy. The yen…
Stocks were mostly higher in Asia on Friday after a rally on Wall Street led by technology companies. U.S. futures and oil prices were mixed as investors await signals on Chinese economic policy from a meeting of the ruling Communist Party’s powerful Politburo. Analysts said the meeting, expected Friday, would likely focus on ways to…
