MEXICO CITY (Reuters) – Mexican distiller Becle, the world’s largest tequila producer, said on Friday that it maintained its guidance of annual sales in the high single digits on a constant currency basis, after a stronger peso ate into its earnings abroad. Without the FX impact, Becle’s gross margin would have expanded over the second…
By Ananta Agarwal (Reuters) – U.S. railroad operators expect heatwaves across the northern hemisphere to reignite coal shipments as people crank up the air conditioning to beat the heat. Grid operators from Texas to California have been relying more on natural gas and renewables to generate power, but the surge in demand could push up…
By Saqib Iqbal Ahmed NEW YORK (Reuters) – Shares of AMC Entertainment Holdings Inc have been hit by a wave of bearish options bets amid uncertainty over the company’s stock conversion plan. The one-month moving average of open puts versus call options on AMC hit 1.7-to-1 on Thursday, the most bearish the measure has been…
By David Shepardson WASHINGTON (Reuters) -General Motors warned the Biden administration’s planned changes to vehicle emissions rules could cost the auto industry hundreds of billions of dollars in penalties by 2031, which the Biden administration said on Thursday was wrong. GM executive David Strickland met on July 17 with White House Office of Management and…
(Corrects company name to TSMC in paragraph 7) (Reuters) -Intel shares surged 7% on Friday, a day after the chipmaker’s unexpectedly strong quarterly report heralded a turnaround in fortunes after a long, margin-sapping struggle due to plummeting PC sales and a highly competitive data center market. The company’s surprise second-quarter profit and its strong earnings…
By Sabrina Valle HOUSTON (Reuters) -Exxon Mobil’s <XOM.N> second-quarter profit dropped 56% and fell short of Wall Street expectations, the company said on Friday, joining rivals hurt by the sharp decline in energy prices and lower fuel margins. Profits for global oil majors have dropped by about half from a bumper 2022, when Russia’s invasion…
By Joyce Lee SEOUL (Reuters) -From Intel to Samsung, global chipmakers are celebrating the beginning of the end of a semiconductor supply glut, but the outlook for demand from customers outside the artificial intelligence (AI) industry remains gloomy. All the major markets for chips – smartphones, PCs and data centres – have shrunk this year,…
PARIS (Reuters) – French shipping group CMA CGM expects container freight demand to improve from next year but the group’s profits will continue to ease this year as a slump in freight rates from record highs and a weak economy weigh on results, it said on Friday. The company, privately controlled by the Saade family,…
By Manas Mishra and Bhanvi Satija (Reuters) -Biogen agreed to buy rare disease drugmaker Reata Pharmaceuticals for nearly $6.5 billion, the first large acquisition under new CEO Christopher Viehbacher as he seeks to return the drugmaker to growth. Viehbacher was hired in November to put Biogen back on a growth path after a series of…
(Reuters) – Laurentian Bank of Canada’s shares fell 9% on Friday after a newspaper reported that the Montreal-based bank was struggling to find an acquirer and that Canada’s top banks – Bank of Nova Scotia and Toronto-Dominion Bank – had backed out of the race. Scotiabank, widely considered a potential buyer, made the decision on…
