By Patrick Wingrove and Leroy Leo (Reuters) -AbbVie Inc on Thursday missed quarterly revenue estimates for its newer treatments, fueling concerns over the drugmaker’s attempts to cushion the blow to sales from fresh competition for its flagship arthritis drug Humira. The company’s shares tumbled more than 8% as investors shrugged off a raised full-year profit…
By Giuseppe Fonte ROME (Reuters) – Italy is working on imposing a “solidarity” levy on its banks to fund relief measures for families hit by the cost of living crisis, a source familiar with the matter told Reuters. The levy is expected to be part of wider package of measures to be discussed by Italy’s…
By Richa Naidu LONDON (Reuters) – Despite some signs inflationary pressures are easing, Unilever warned on Thursday of big increases in the prices of dairy, soybean oil, cocoa and sugar in the first half of this year – potentially bad news for fans of its Ben & Jerry’s Half Baked ice cream. Unilever, which is…
HONG KONG (Reuters) – Embattled property developer China Evergrande Group said on Thursday that holders of more than 77% of its Class A offshore debt by value submitted support for its restructuring proposal, and it would extend the deadline for receiving an incentive to 5:00 p.m. Hong Kong time on May 18. Term sheets published…
(Reuters) -Gap Inc said on Thursday it would cut about 1,800 jobs in a second round of layoffs, joining a set of big U.S. companies that are downsizing in earnest as high inflation eats into consumer wallets. Shares of the Banana Republic parent rose about 2% in early trade. In September, Gap eliminated about 500…
(Reuters) -Gap Inc said on Thursday it would cut about 1,800 jobs in a second round of layoffs, joining a set of big U.S. companies that are downsizing in earnest as high inflation eats into consumer wallets. Shares of the Banana Republic parent rose about 2% in early trade. In September, Gap eliminated about 500…
By David Shepardson WASHINGTON (Reuters) -The U.S. Postal Service said on Thursday it has cut projected losses through 2031 by more than half after winning financial relief from Congress, instituting regular price hikes and adopting reforms. USPS said two years after unveiling its reform plan it has reduced projected losses from $160 billion to $70…
(This April 26 story has been corrected to fix revenue description in paragraph 3) By David French and Anirban Sen NEW YORK (Reuters) – The private equity owners of Millennium Trust Company are exploring options for the U.S. retirement account custodian, including a sale that could value it at as much as $8 billion, including…
By Bianca Flowers and Aishwarya Nair (Reuters) -Heavy machinery maker Caterpillar Inc topped Wall Street expectations with a 31% rise in profit on Thursday but a flat order backlog left analysts thinking demand may have peaked and the shares tumbled. Profit in the first quarter was lifted by a boost in U.S. infrastructure spending which…
(Reuters) – Cloud storage provider Dropbox Inc said on Thursday it would reduce its global workforce by 16% to cut costs amid slowing cloud growth, and instead hire new talent to build its AI offerings. San Francisco, California-based Dropbox is the latest tech company to tap AI as Big Tech players from Microsoft Corp to…
