By Ron Bousso and Shadia Nasralla LONDON (Reuters) -BP made a $5 billion profit in the first quarter of 2023, up from the previous three months on the back of strong oil and gas trading as the company pared back a share buyback programme. BP’s profit, which beat forecasts, follows strong results from rivals including…
By Stella Qiu SYDNEY (Reuters) -Australia’s central bank on Tuesday stunned markets by raising its cash rate 25 basis points when traders had looked for an extended pause, saying inflation was way too high and warned that even further tightening may be needed to bring it to heel. The unambiguously hawkish policy stance sent the…
ISTANBUL (Reuters) – Growth in new orders and output helped Turkish factory activity expand at a faster pace in April, as the sector continued its recovery in the wake of massive earthquakes in early February. The Purchasing Managers’ Index (PMI) for manufacturing rose to 51.5 last month from 50.9 in March, staying above the 50-point…
By Daniel Leussink TOKYO (Reuters) – Japan’s automakers are facing a sales crisis in China, data shows, as a rapid shift to electric vehicles (EVs) has upended the world’s largest auto market and led to a plunge in purchases of gasoline-powered cars. Total sales of Japanese auto brands in China were down 32% year-on-year in…
By Lewis Jackson SYDNEY (Reuters) – Australia’s biggest landlords and developers played down concerns about inflated commercial property valuations at a conference on Tuesday, while acknowledging economic uncertainty was making investors and renters more cautious. Commercial real estate prices are a major concern for investors globally as public markets price the impact of a slowing…
By Selena Li and Lawrence White HONG KONG (Reuters) -HSBC Holdings said on Tuesday its profit tripled in the first quarter, beating expectations, as rising interest rates boosted the lender’s income and helped it pay a first quarterly dividend since 2019. The strong results of HSBC and its Asian rival DBS underscore the boost to…
By Kate Holton LONDON (Reuters) – On Savile Row, the London street long celebrated for turning out sharp suits, tailors have been racing to prepare the red and gold uniforms that will feature in Britain’s first coronation for 70 years, adorned with the new insignia of King Charles. The salesrooms have been busy too, as…
(Reuters) -The European Union and U.S. have warned Malaysia over risks to national security and foreign investment as it finalises a review of its 5G rollout that could allow China’s Huawei Technologies Co Ltd to bid for a role in its telecoms infrastructure, the Financial Times reported on Tuesday. EU and U.S. envoys to Malaysia…
By David Shepardson and Tiyashi Datta (Reuters) -Lordstown Motors warned on Monday it might be forced to file for bankruptcy due to uncertainty over a $170 million investment deal with its major shareholder Foxconn, sending shares of the Ohio-based electric truck maker down 23%. Foxconn struck a deal in November to take a near-20% stake…
MOSCOW (Reuters) – Activity in Russia’s manufacturing sector grew for the 12th month running in April, and new export orders ended a 14-month sequence of decline, while inflationary pressures regained momentum, a business survey showed on Tuesday. The S&P Global Purchasing Managers’ Index (PMI) for Russian manufacturing dropped in April to 52.6 from 53.2 in…
