WASHINGTON (Reuters) – U.S. consumer spending fell in December, suggesting the economy lost speed heading into the new year amid snarled supply chains and raging COVID-19 infections, while annual inflation increased at a pace last seen in the early 1980s. The Commerce Department said on Friday consumer spending, which accounts for more than two-thirds of…
HONG KONG (Reuters) – The United States should immediately stop “unreasonable suppression” of Chinese companies and treat them fairly, China’s commerce ministry said on Friday. A U.S. regulator earlier revoked China Unicom’s authorization to operate in the U.S. over national security concerns. China would resolutely safeguard legitimate rights and interests of Chinese enterprises, the ministry…
(Reuters) -Caterpillar Inc warned on Friday its first-quarter operating margins could take a hit from higher production and labor costs, taking some of the shine off the company’s surging sales. The world’s largest heavy-duty equipment maker’s shares fell 1.6% in premarket trading. Factory shutdowns, clogged ports and labor shortages triggered by the pandemic have hammered…
By Paul Sandle and Kate Holton LONDON (Reuters) -Hewlett-Packard won the majority of its civil case against British tech tycoon Mike Lynch over its acquisition of Autonomy in 2011, a London judge said on Friday, though damages will be considerably less than the $5 billion claimed. The court’s decision comes on the same day as…
By Helena Soderpalm STOCKHOLM (Reuters) -Electrolux said on Friday global supply chain issues would persist after posting a drop in quarterly profit, while expecting demand in 2022 above pre-pandemic levels. Households have been spending more on their homes, including on appliances, during the pandemic. But global logistics constraints and shortages of electronic components have hit…
By Valentina Za MILAN (Reuters) -Italian bank UniCredit posted better than expected 2021 results on Friday as the push by new Chief Executive Andrea Orcel to lift revenue began to bear fruit while costs remained in check despite rising pay and one-off charges. UniCredit, the only bank Italian supervisors deem of global systemic importance, also…
By Saikat Chatterjee LONDON (Reuters) – The dollar consolidated gains on Friday and was on track for its biggest weekly rise in seven months as expectations of higher interest rates fuelled the U.S. unit’s gains versus rivals. With money markets pricing 30 bps of rate hikes in March and more than 120 bps in cumulative…
PARIS (Reuters) – Shares in LVMH rose on Friday after the world’s largest luxury goods conglomerate reported an acceleration in its fourth quarter sales growth. LVMH shares were up 3.9 percent in early session trading, and the rally in LVMH also lifted up the shares of its luxury goods rivals such as Kering and Hermes….
By Joyce Lee and Heekyong Yang SEOUL (Reuters) -South Korean steelmaker POSCO’s operating profit more than tripled to a record 9.2 trillion won ($7.62 billion), boosted by strong demand and higher prices of the construction raw material. Global crude steel production rose 3.7% last year to 1.95 billion tonnes, World Steel Association data showed this…
AMSTERDAM (Reuters) – Signify NV, the world’s largest lighting maker, reported a 6% increase in fourth-quarter core earnings on Friday, as higher sales offset a rapid increase in the prices of raw materials and components. Adjusted earnings before interest, taxes and amortisation (EBITA) came in at 265 million euros ($295.6 million) in the last three…
