By Sam Nussey TOKYO (Reuters) -Japan’s Sony logged a hefty drop in first-quarter profit, hurt in part by a weaker performance from its movie division but the entertainment giant remained hopeful about prospects for a record year for its PlayStation 5 console. Operating profit slid 31% to 253 billion yen ($1.8 billion) in April-June, in…
A look at the day ahead in U.S. and global markets by Harry Robertson It’s been a tough little patch for U.S. stocks, with the benchmark S&P 500 index falling for five of the last six sessions. It dropped 2.3% last week, its biggest weekly fall since the banking turmoil of March. Things look a…
By Tom Sims FRANKFURT (Reuters) -Germany has long benefited from an era of cheap money that fuelled a decade-long boom in real estate, but now the sector is grappling with a major turn of fortune. In the latest signs of stress in the sector, Germany’s largest real estate group Vonovia posted multi-billion euro losses and…
By Clare Jim HONG KONG (Reuters) -Country Garden said on Tuesday it has not paid two dollar bond coupons due on Aug. 6 totalling $22.5 million, confirming market fears that the biggest privately owned developer in China is slipping into repayment troubles. The bonds in question are notes due in Feb 2026 and Aug 2030,…
By David Shepardson WASHINGTON (Reuters) – The U.S. Commerce Department said on Wednesday that more than 460 companies have expressed interested in winning government semiconductor subsidy funding in a bid to boost the country’s competitiveness with China’s science and technology efforts. The White House is marking the one-year anniversary on Wednesday of President Joe Biden’s…
By Radhika Anilkumar (Reuters) -Coca-Cola HBC lifted its annual revenue forecast on Wednesday as the bottler benefited from higher prices despite a dip in first-half organic volumes and currency headwinds in key market Nigeria. The Switzerland-based company has carried out the majority of planned price rises across its regions, but does not rule out adjustments…
(Reuters) – Private equity giant KKR said on Tuesday it had acquired a $373 million portfolio of prime auto loans from Synovus Bank. Shares of Synovus Financial, the parent company of the bank, rose 2.8% in extended trading. KKR, which made the investment through its private credit funds and accounts, said the deal aligns with…
By Anne Kauranen HELSINKI (Reuters) – Finnish utility Fortum still hopes to sell its Russian assets and get compensation for their seizure by the Kremlin via arbitration, its chief executive told Reuters. Fortum is one of a handful of companies with assets placed under “temporary control” by Moscow in response to the European Union’s sanctions…
By Melanie Burton MELBOURNE (Reuters) – Western Australia state has scrapped new Aboriginal heritage protection laws after just five weeks because of opposition from landowners. The decision, denounced by Indigenous groups, comes in the run-up to an increasingly divisive referendum on whether to give Indigenous people a greater say over polices that affect them. THE…
By Nichola Groom and Valerie Volcovici (Reuters) -U.S. power plant owners warned the Biden administration on Tuesday that its sweeping plan to slash carbon emissions from the electricity sector is unworkable, relying too heavily on costly technologies that are not yet proven at scale. Top utility trade group the Edison Electric Institute (EEI) asked the…
