(Reuters) -Philip Morris International beat analysts’ expectations for quarterly profit and raised the lower end of its annual earnings forecast, as tobacco and labor costs ease, and demand remains robust for its smokeless Zyn and IQOS products. In December last year, Philip Morris acquired Hay-maker Swedish Match for a share of the popular smokeless and…
(Reuters) – Canadian auto parts maker Magna International Inc said on Thursday it will invest $790 million to build three new supplier facilities, two of which will be housed at Ford Motor Co’s BlueOval City campus in Tennessee. The development comes as suppliers race to meet requirements from automakers, who have been hustling to boost…
(Reuters) – KeyCorp reported on Thursday a bigger-than-expected 50% fall in quarterly profit, as it set aside more rainy day funds amid growing economic uncertainties. Shares of the company fell nearly 3% in premarket trading. The lender’s provisions for credit losses jumped by 271% to $167 million at the quarter end, compared with $45 million…
(Reuters) – Toolmaker Snap-on Inc beat Wall Street estimates for second-quarter profit on Thursday, powered by healthy demand for its repair tools and equipment from automotive and industrial customers. Snap-on, which caters to industries such as aerospace, oil and gas and automotive, has benefited from a buzzing aftermarket business. The company dealt with inflation headwinds…
(Reuters) – Fifth Third Bancorp on Thursday posted a better-than-expected second-quarter profit, as interest rate hikes by the U.S. central bank boosted its interest income. On an adjusted basis, the Ohio-based bank earned 87 cents per share, beating analysts’ average estimate of 83 cents, according to Refinitiv data. The bank’s shares, down 13% this year,…
(Reuters) – D.R. Horton Inc on Thursday raised its forecast for full-year revenue and homes closed, benefiting from strong demand and easing shortages of labor and construction supplies, sending its shares up 6% premarket. U.S. homebuilders are getting a boost from low existing homes inventory and pent-up demand. Meanwhile, house prices have resumed their upward…
By Panarat Thepgumpanat and Chayut Setboonsarng BANGKOK (Reuters) – Thailand’s parliament will hold another vote for a prime minister next week which cannot include the leader of election winners Move Forward, a deputy speaker said on Thursday, after rivals derailed his bid by blocking his re-nomination. Parliament’s move to deny Pita Limjaroenrat after a marathon…
By Nell Mackenzie LONDON (Reuters) – Global hedge funds exited trades in the past week at their fastest pace since January and at one of the highest rates seen in the last five years, as recession bets have yet to pay off, a Goldman Sachs note to clients showed on Wednesday. Hedge funds cut losses…
By Pete Schroeder WASHINGTON (Reuters) -A plan by the top U.S. banking cop to make the sector more resilient may have gotten a boost from the recent banking crisis, but still faces numerous challenges. Fed Vice Chair for Supervision Michael Barr has laid out a plan to increase capital requirements for the nation’s largest banks…
By Joanna Plucinska and Rajesh Kumar Singh LONDON/CHICAGO (Reuters) – North American tourists thronging the streets of Europe’s top destinations are set to fuel healthy earnings for airlines this quarter and onwards as they enjoy travelling after long pandemic lockdowns, analysts and aviation executives said. With Air France-KLM, Lufthansa, British Airways-owner IAG and others due…
