MILAN (Reuters) – Stellantis head Carlos Tavares said on Wednesday that the profitability of Tesla was declining as the rival U.S. automaker entered the real world of manufacturing and competition. “They are entering my world, the world of tight pricing, cost competitiveness, and the operational issues that a big company like ours may face,” Tavares…
TOKYO (Reuters) – Japan’s Nissan Motor roughly doubled its first-quarter profit on Wednesday, boosted by higher production and sales in North America and Japan and a weaker yen and it lifted its full-year outlook. Operating profit for the April-June period came to 128.6 billion yen ($914.59 million), versus the 120.33 billion yen average forecast in…
By Giulio Piovaccari and Gilles Guillaume MILAN (Reuters) -Revenue and operating profit grew at Stellantis in the first half to beat estimates, with CEO Carlos Tavares saying the automaker would have to accelerate cost cutting to keep profitability strong in a more challenging pricing environment. The world’s third largest automaker by sales said on Wednesday…
By Heekyong Yang and Ju-min Park SEOUL (Reuters) -South Korea’s Hyundai Motor Co raised its annual sales and profit margin guidance on Wednesday, after recording a 15% rise in quarterly net profit helped by a weaker won currency, robust sales of electric vehicles (EVs) and increased production. The world’s No.3 automaker by sales together with…
(Reuters) – Liftmaker Otis Worldwide posted second-quarter revenue and profit above analysts’ estimates on Wednesday, fueled by sustained demand for escalators and elevators in residential and commercial projects. The Connecticut-based company’s price hikes in the Americas, Europe, Africa and Asia Pacific helped it fend off headwinds from high labor and material costs in the quarter….
By Iain Withers, Valentina Za and Jesús Aguado LONDON/MILAN/MADRID (Reuters) – Europe’s major banks, including Deutsche Bank and Lloyds Banking Group, on Wednesday pointed to the rising risk of bad loans as the global economy struggles with slow growth and high inflation. Financial regulators and investors are keeping a close eye on how banks navigate…
A look at the day ahead in European and global markets from Brigid Riley All eyes are on the Federal Reserve today as the first in a string of central banks to announce interest rate decisions this week. With most market participants expecting a 25 basis-point hike from the Federal Open Market Committee (FOMC) later…
By Aziz El Yaakoubi RIYADH (Reuters) – Saudi Arabian authorities have detained five relatives of a U.S. citizen, three rights groups said on Wednesday, arguing that the detentions were retaliation for his family’s failed lawsuit against the Saudi government in the United States. The Freedom Initiative, Democracy for the Arab World Now (DAWN) and ALQST…
By Lisa Baertlein LOS ANGELES (Reuters) – The head of the Teamsters union stared down UPS with a potential multibillion-dollar strike that could have damaged the U.S. economy but instead won gains for workers, and he is proud to be called “SOB.” Sean O’Brien, elected general president of the International Brotherhood of Teamsters in 2021,…
(Reuters) -Canadian retailer Loblaw on Wednesday beat Wall Street expectations for second-quarter revenue and profit, helped by sustained demand for groceries and drugs and higher prices. Retailers in Canada have banked on robust demand for essentials such as groceries despite stubbornly high pricing, after inflation pushed consumers to curb spending on non-essential goods. Loblaw has…
