HOUSTON (Reuters) – Refiner Citgo Petroleum Corp has reported first quarter net profit of $937 million on strong motor fuel demand, high margins and refining output that exceeded its plants’ listed capacity. The results, compared to a profit of $245 million in the same period last year, continued a string of strong earnings by the…
COPENHAGEN (Reuters) -Sweden-based Volvo Cars has delayed the start of production of its new Volvo EX90 model for more software development and testing, it said on Thursday, sending its shares down 5%. The company now expects to start production of the fully electric SUV in the first half of 2024, it said in a statement….
By Qiaoyi Li and Kevin Yao BEIJING (Reuters) -New Chinese bank loans tumbled far more sharply than expected in April, adding to worries that the economy’s post-pandemic recovery is losing steam and putting pressure on the central bank to ease policy. While some moderation in lending had been expected after a record first quarter, the…
MILAN (Reuters) -Sales at Italian luxury group Prada rose 22% in the first quarter to 1.065 billion euros ($1.17 billion), driven by a rebound in China and sustained growth in Europe. “Over the course of the first quarter China returned to be an engine of growth, driving a solid sales rebound in Asia Pacific,” the…
By Olena Harmash KYIV (Reuters) – Ukraine raised record proceeds from selling small state assets in the first quarter of this year despite Russia’s invasion and aims to privatise thousands more in an economic overhaul, the head of the State Property Fund said. Since his appointment to head the fund last September, Rustem Umerov has…
NEW YORK (Reuters) – Shares of Peloton Interactive tumbled 6.0% in early trading and hit a more than six-month low on Thursday after the U.S. Consumer Product Safety Commission recalled two million of its exercise bikes due to injury risks. The stock was last at $7.08 after falling to $6.76, just ten cents above the…
(Reuters) – TuSimple Holdings Inc said on Thursday it had received a delisting notice from the Nasdaq for failing to file its quarterly report on time, sending its shares tumbling by about 20% in early trading. The exchange intends to suspend trading in shares of the autonomous driving technology company on May 15 unless it…
NEW YORK (Reuters) -JPMorgan Chase & CO CEO Jamie Dimon said on Thursday the bank is convening weekly meetings to discuss the implications of a potential U.S. default, according to an interview on Bloomberg TV. That bank’s so-called “war room” will probably start daily meetings on May 21, then ramp up to three times a…
MILAN (Reuters) – Italian authorities and financial firms on Wednesday discussed plans to rescue Eurovita by dividing up the troubled life insurer among leading players in the industry, two people close to the matter said. Under the scheme, top insurers Generali, UnipolSAI, Intesa Sanpaolo, Allianz and Poste Italiane would each take on a piece of…
By Aditya Soni (Reuters) -Walt Disney Co shares fell more than 8% on Thursday as a surprise drop in streaming subscribers fanned worries that the media and entertainment company’s success in stemming losses at the business may be coming at the cost of growth. The decline was set to erase about $15 billion from the…
