By Aatrayee Chatterjee and Mehr Bedi (Reuters) -Kellogg Co on Thursday forecast a smaller drop in annual profit than it had previously expected, as multiple price hikes for its breakfast snacks and cereals helped the Corn Flakes maker strengthen its margins. However, the packaged food giant fell short of second-quarter sales estimates, after it failed…
WASHINGTON (Reuters) – New orders for U.S.-made goods surged in June, boosted by strong demand for transportation equipment and other goods, showing some pockets of strength in manufacturing despite higher interest rates. Factory orders increased 2.3% after rising 0.4% in May, the Commerce Department said on Thursday. Economists polled by Reuters had forecast orders would…
By Arunima Kumar (Reuters) -HF Sinclair and PBF Energy on Thursday joined bigger refiners in reporting a fall in second-quarter profit as fuel prices slipped from last year’s peaks that were driven by supply shortages due to the Russia-Ukraine conflict. Refiners last year posted bumper profits, benefiting from strong pricing after Russia’s invasion of Ukraine…
By Soo-hyang Choi and Hyunsu Yim SEOUL (Reuters) -South Korea is sending dozens of military doctors and nurses to help out at the camp site of a global scout event on Thursday after hundreds of teenage participants fell ill from the heatwave gripping the country. At least 600 participants at the World Scout Jamboree, which…
By Savyata Mishra (Reuters) -Hasbro lowered its annual revenue forecast as it expects a hit from the ongoing strike by Hollywood writers and actors, and said it would divest its Canadian film and TV business to focus on selling toys and games. Shares in the company, which beat second-quarter revenue estimates, rose 4.3% in early…
WASHINGTON (Reuters) – The U.S. services sector slowed in July, but businesses faced higher prices for inputs as demand continued to hold up, suggesting a long and slow road to low inflation. The Institute for Supply Management (ISM) said on Thursday its non-manufacturing PMI fell to 52.7 last month from 53.9 in June. A reading…
By Deborah Mary Sophia (Reuters) -Canada Goose Holdings forecast current-quarter sales below Wall Street estimates on Thursday due to choppy U.S. demand, taking the shine off of upbeat first-quarter results driven by a rebound in China and sending its shares down 7%. Demand for luxury goods in China has recovered sharply after the country lifted…
LONDON (Reuters) – Major central banks are tentatively eyeing the end of aggressive interest rate hikes as price pressures finally show signs of abating. Inflation remains high across the globe, but in some big economies has cooled faster than expected. Upcoming decisions are on a knife-edge. Pausing too early could cause financial conditions to loosen…
By Maayan Lubell JERUSALEM (Reuters) -Israel’s Supreme Court began hearing on Thursday the first in a series of appeals linked to a judicial overhaul undertaken by Prime Minister Benjamin Netanyahu and his hard-right coalition, which has set off an unprecedented domestic crisis. A March amendment to a quasi-constitutional “basic law” limited conditions under which a…
(Reuters) -Shares of PayPal Holdings fell nearly 11% on Thursday as weak second-quarter margins at the digital payments firm overshadowed a strong forecast. The stock was trading at $65.29, its lowest since mid-June. The company said higher provisions at its credit portfolio hit margins and that it had tightened underwriting standards on loans. The San…
