(Reuters) – M&T Bank Corp beat Wall Street estimates for first-quarter profit on Monday, as the U.S. Federal Reserve’s rapid rate hikes to tame high inflation boosted the lender’s interest income. U.S. banking heavyweights have also reaped windfalls from higher interest payments in the first quarter, brushing off a crisis prompted by the collapse of…
(Reuters) -Porsche AG posted a record year-on-year sales increase of 18% in the first quarter, boosted by China sales, the company said on Monday. The German luxury carmaker delivered 21,365 cars in China, its largest single market, representing 21% growth over the previous year. The result there, which is the biggest among regions, was driven…
JAKARTA (Reuters) – Indonesia posted a 128.5 trillion rupiah ($8.69 billion) budget surplus in the first quarter on strong tax collection and the recent strengthening of the rupiah currency could help further reduce this year’s deficit, officials said on Monday. Indonesia’s tax take rose dramatically in 2022 amid high global commodity prices and this year’s…
By Giulio Piovaccari MILAN (Reuters) -Exor the holding company of Italy’s Agnelli family, will seek further opportunities to expand in healthcare after investing almost one billion euros ($1.1 billion) in the industry last year, CEO John Elkann said on Monday. After completing the sale of its reinsurer PartnerRE, Exor has around 6.5 billion euros in…
By David Lawder and Andrea Shalal WASHINGTON (Reuters) – Just a month after the biggest banking crisis in more than a decade, the world’s top economic and financial policymakers gathered in Washington and said surprisingly little about financial system stability – at least publicly. With financial markets calmed by strong policy actions to stem the…
A look at the day ahead in U.S. and global markets from Mike Dolan. As U.S. banking giants calm the horses, global investors are now concentrated on world growth and earnings signals more than interest rate rises for direction – with an assumption the latter are near an end anyway. Sending its stock price surging…
ISTANBUL (Reuters) – Turkey’s central government budget recorded a deficit of 47.22 billion lira ($2.46 billion) in March, the Finance Ministry said on Monday, while the cumulative deficit for 2023 so far widened to 250 billion lira, mainly due to devastating earthquakes. The primary balance, which excludes interest payments, logged a deficit of 2.15 billion…
JAKARTA (Reuters) – Volkswagen will build an electric vehicle (EV) battery ecosystem in Indonesia and will partner with miner Vale, Ford and China’s battery minerals producer Zhejiang Huayou Cobalt, the Southeast Asian country’s investment minister said. Automakers are courting Indonesia for its raw materials used in producing EV batteries, which account for about 40% of…
By Gilles Guillaume PARIS (Reuters) -French carmaker Renault is reviewing its pricing policies of electric cars worldwide to ensure it stays competitive after a wave of price cuts by U.S. rival Tesla Inc, a top executive said on Monday. After slashing prices several times in the United States, Tesla on Friday cut prices in Europe-…
By Sinead Cruise LONDON (Reuters) -Institutional Shareholder Services (ISS) has recommended Barclays investors re-elect all board members at next month’s annual meeting, sapping the momentum of protests against bosses for supporting former CEO Jes Staley who is being investigated over his links with sex trafficker Jeffrey Epstein. The influential proxy advisor said in a report…
