MONTREAL (Reuters) – Air Canada on Tuesday reported a smaller quarterly loss, as more passengers flew due to an easing of COVID-19 travel restrictions. Canada’s largest carrier reported an operating loss of C$974 million ($764.46 million) for the first quarter or C$2.72 per diluted share compared with a net loss of C$1.304 billion or C$3.90…
ISTANBUL (AP) — For months, Istanbul restaurant Tarihi Balikca tried to absorb the surging cost of the sunflower oil its cooks use to fry fish, squid and mussels. But in early April, with oil prices nearly four times higher than they were in 2019, the restaurant finally raised its prices. Now, even some longtime customers…
By Anshuman Daga and Lawrence White SINGAPORE/LONDON (Reuters) – HSBC has shelved plans for fresh stock buybacks this year after reporting an unexpected hit to its capital on Tuesday, as a cocktail of rising inflation, geopolitical drama and economic weakness dented its prospects. Shares in Europe’s biggest bank were trading 2.2% lower by 0825 GMT…
Elon Musk, the world’s richest man, is spending $44 billion to acquire Twitter with the stated aim of turning it into a haven for “free speech.” There’s just one problem: The social platform has been down this road before, and it didn’t end well. A decade ago, a Twitter executive dubbed the company “the free…
By Koustav Samanta (Reuters) – Global airline capacity has surged to its highest level in 2022 this week because of a rebound in Chinese domestic demand despite extended lockdowns in Asia’s biggest aviation market, travel data firm OAG said on Tuesday. Asian jet fuel refining margins, which have more than doubled in the past two…
COLOMBO, Sri Lanka (AP) — Sri Lanka’s government said Tuesday it is discussing obtaining another loan from Beijing to repay some of its debt to Chinese banks after China told the nearly bankrupt island nation it was not in favor of restructuring existing loans. Sri Lanka has nearly $7 billion in foreign debt due for…
CANBERRA, Australia (AP) — Uber agreed to pay a 26 million Australian dollar ($19 million) fine for misleading riders by falsely warning they could be charged a cancellation fee and for inflating estimates of comparable taxi rides, the ride share company and Australia’s consumer watchdog said Tuesday. Uber B.V., a Netherlands subsidiary of San Francisco-based…
BEIJING (Reuters) – China’s foreign ministry said on Tuesday there was no basis to speculation that Beijing could try to use leverage over electric car maker Tesla Inc in order to influence content on U.S. social media site Twitter Inc. Chinese foreign ministry spokesman Wang Wenbin was responding to a question during a regular daily…
A look at the day ahead in markets from Dhara Ranasinghe. Billionaire Elon Musk’s $44 billion cash deal to buy Twitter lit a fire under tech stocks, and broader equity markets, stalling a selloff that had threatened to take hold. Asian stocks rallied, taking their cue from Wall Street, and European shares are tipped to…
By Bernadette Christina JAKARTA (Reuters) – Indonesia is prepared to widen its ban on exports of refined palm olein if it faces domestic shortages of derivatives used in the production of cooking oil, according to details presented at a meeting between government and industry officials. The world’s biggest palm oil exporter plans to halt shipments…
