TOKYO (AP) — Honda’s profit dropped 32% in the last quarter as rising material costs and a shortage of computer chips hurt the Japanese automaker. Honda Motor Co.’s profit for the three months through December totaled 192.9 billion yen ($1.7 billion), down from 284 billion yen the year before, the Tokyo-based company said Wednesday. Quarterly…
By Paul Sandle and John McCrank LONDON/NEW YORK (Reuters) -SoftBank’s decision to list British chip designer Arm is good news for New York, bad news for London and the best option left for the Japanese group after the collapse of its blockbuster sale to Nvidia. Arm, whose technology underpins the global smartphone industry, is most…
TOKYO (Reuters) – Honda Motor Co raised its full-year operating forecast on Wednesday, aided by cost cutting and a weak yen despite a persistent global chip shortage. It upgraded its latest forecast for an operating profit of 800 billion yen ($6.93 billion) for the year to March 31. Honda, like other automakers, has been forced…
TOKYO (AP) — Toyota’s profit slipped nearly 6% last quarter, the Japanese automaker said Wednesday, highlighting the headwinds automakers are facing in a computer chips crunch caused by the coronavirus pandemic. Toyota Motor Corp.’s profit for the three months through December totaled 791.7 billion yen ($6.9 billion), down from 838.7 billion yen the previous year….
By Tom Sims, Lawrence White and John O’Donnell FRANKFURT (Reuters) – Amid fears of a Russian invasion of Ukraine, Italy’s UniCredit has backed out of a potential acquisition in Russia and Austria’s Raiffeisen Bank International has set aside risk provisions for possible sanctions on Russia. What the region’s banks now fear most is that Russia…
BEIJING (Reuters) – Chinese Developer Yango Group Co Ltd has reached agreement with investors to delay a 40 million yuan ($6.29 million) onshore coupon payment by six months, a source with knowledge of the matter said on Wednesday. The agreement, first reported by online financial news service Cailianshe, came after bondholders last month rejected Yango’s…
By Takahiko Wada and Leika Kihara TOKYO (Reuters) – A surge in deposits caused by the government’s huge cash payouts is straining some Japanese lenders, complicating the central bank’s efforts to mitigate the side-effects of its negative interest rate policy. Industry leader MUFG Bank was charged negative rates last month on deposits parked with the…
WASHINGTON (AP) — The Justice Department announced Tuesday its largest-ever financial seizure — more than $3.6 billion — and the arrests of a New York couple accused of conspiring to launder billions of dollars in cryptocurrency stolen from the 2016 hack of a virtual currency exchange. Federal law enforcement officials said the recovered sum was…
By Byron Kaye and Nikhil Nainan (Reuters) -Commonwealth Bank of Australia posted a forecast-beating surge in first-half profit and said it would buy back $1.4 billion of stock as a home loan boom offset thinner margins. Its shares soared 6%. The country’s biggest lender outpaced rivals in attracting home buyers, benefiting from its sheer volume…
By Isla Binnie and David French (Reuters) – Can oil bankers learn renewable tricks? They may need to in this climate, judging by the experience of Douglas MacKenzie, a Citigroup banker who has spent decades advising global energy giants on fossil fuel deals since joining Goldman Sachs as an associate in 1985. “I cover Big…
