By Joyce Lee and Heekyong Yang SEOUL (Reuters) -Samsung Electronics Co Ltd flagged on Friday its quarterly profit tumbled to an eight-year low as a weakening global economy hammered memory chip prices and curbed demand for electronic devices. Profits at the world’s largest memory chip, smartphone and TV maker are expected to shrink again in…
By Clare Jim, Xie Yu and Rae Wee HONG KONG (Reuters) – China’s deeply troubled property sector is set to see home sales fall for the second straight year in 2023, but the pace of declines will ease thanks to state support measures and the lifting of the government’s strict anti-COVID policies. Property sales are…
By Joyce Lee and Heekyong Yang SEOUL (Reuters) -Samsung Electronics Co Ltd reported on Friday a likely 69% plunge in December-quarter operating profit to an eight-year low, as a global economic downturn saps demand for electronic devices and clouds the memory-chip industry outlook. The world’s largest memory chip, smartphone and TV maker estimated its profit…
(Reuters) – From a failed merchandising strategy to activist investor pressure over overpayed executives, Bed Bath & Beyond Inc has been on a largely downhill ride over the last few years. The company said on Thursday it was exploring options including a bankruptcy, which sources told Reuters could come within weeks. Here’s a look at…
(Reuters) – U.S. authorities are investigating the chief engineer of bankrupt crypto exchange FTX, Nishad Singh, ratcheting up pressure on founder Sam Bankman-Fried’s inner circle, Bloomberg News reported on Thursday, citing people familiar with the matter. Singh could be charged as soon as this month if federal prosecutors in Manhattan find he played a role…
NEW YORK (Reuters) -Deutsche Bank AG appointed Michael Heaney, a retired Morgan Stanley executive, as chairman of its U.S. arm, the German bank said on Thursday. Heaney had a three-decade career at Morgan Stanley, ultimately rising to become its global co-head of fixed income sales and trading while serving on its management committee. The executive…
(Reuters) – Kenneth Griffin’s Citadel marked record revenues in its hedge fund and electronic-trading businesses for 2022 despite turmoil in global capital markets, a source familiar with the matter said on Thursday. The hedge fund operation made about $28 billion in revenue, while Citadel Securities, one of the world’s biggest electronic-trading firms, brought in $7.5…
By Koh Gui Qing NEW YORK (Reuters) -U.S. stocks sank on Thursday and brought to a halt a rally in global stocks, as upbeat American jobs data after the Federal Reserve’s firm message that it will not be cutting interest rates any time soon offset China’s latest reopening plans. News that China’s mainland border with…
(Reuters) – German carmaker Mercedes-Benz said on Thursday that the state of Nevada has approved its application to deploy advanced automated driving systems on its roads. The company said the Nevada Department of Motor Vehicles approved its application and is preparing the certificate of compliance that will be issued within the next two weeks. The…
By Marc Jones and Koh Gui Qing NEW YORK (Reuters) – U.S. stocks sank on Thursday and brought to a halt a global rally in global stocks, as upbeat American jobs data after the Federal Reserve’s firm message that it won’t be cutting interest rates any time soon offset China’s latest reopening plans. News that…
