((This story has been corrected to add the word ‘contraction’ in the IMF estimate and change year to 2023, not 2024, in paragraph 4) ) By Uditha Jayasinghe NEW DELHI (Reuters) – Sri Lanka’s economy is expected to shrink by 2% in 2023, its central bank said in an annual report on Thursday, as the country…
(Reuters) – U.S. electric and gas utility firm DTE Energy Co beat estimates for first-quarter profit on Thursday, as lower costs and upbeat performance of a unit that develops energy projects partially offset a decline in demand for electricity and gas. Unfavourable weather including warmer-than-usual winter and storms in certain states were seen pressuring earnings…
BEIJING/SHANGHAI (Reuters) -Chinese electric vehicle giant BYD Co. posted a fivefold jump in its first-quarter profit on Thursday as the company consolidated its leadership in the domestic market. Net profit for the first three months of the year was 4.13 billion yuan ($596.56 million), up 410.9% from 808.41 million yuan a year earlier, on revenue…
BEIJING/SHANGHAI (Reuters) – CITIC Securities Co, China’s biggest brokerage, reported a 3.6% rise in first-quarter profit on Thursday, thanks to stronger investment returns as the economy recovers. Net profit in the January-March period rose to 5.4 billion yuan ($780.22 million), the company said in a stock exchange filing. The company’s investment income surged 89.6% year-on-year…
MADRID (Reuters) – The Spanish government intends to lower the budget deficit to the equivalent to 3% of gross domestic product in 2024 from 3.9% projected for this year, Budget Minister Maria Jesus Montero said on Thursday. The plan means Spain should reach the 3% level usually considered healthy for public finances one year earlier…
By Jesús Aguado MADRID (Reuters) -Spanish banking group BBVA reported a 39% rise in first-quarter net profit on Thursday, beating forecasts on the back of a solid performance in Mexico, its main market, and keeping a lid on deposits costs. BBVA’s profit of 1.85 billion euros ($2.04 billion) for the January to March period was…
(Reuters) – AbbVie Inc on Thursday raised its 2023 profit forecast on a less-than-feared hit to U.S. sales of arthritis drug Humira from rival biosimilar drugs. The company now expects 2023 adjusted earnings to be between $10.72 and $11.12 per share, from between $10.62 and $11.02 it provided earlier this month. Analysts on average have…
(Reuters) – Textron Inc beat estimates for first-quarter profit on Thursday, as higher sales of pricier business jets in Aviation segment helped offset the lower military helicopter revenues in Bell unit. Shares of the Cessna business jet maker rose ~1% in premarket trading. A stronger-than-expected demand for air travel has forced airlines to keep older…
(Reuters) -Eli Lilly and Co on Thursday raised its annual revenue and profit forecasts after topping first-quarter sales estimates on demand for its closely watched diabetes drug Mounjaro, ahead of a decision on its use as a treatment for obesity. The company separately said it planned to complete rolling submission to the U.S. Food and…
MOSCOW (Reuters) – Russia does not intend to take the path of nuclear escalation in its standoff with the West over Ukraine but others should not test its patience, Russian foreign ministry spokeswoman Maria Zakharova said on Thursday. Her comments follow a flurry of warnings by senior Russian officials, including President Vladimir Putin, that Western…
