By Uday Sampath Kumar (Reuters) -Target Corp on Tuesday forecast muted profit growth in 2023 and warned of the need for more discounts to woo shoppers cutting their discretionary spending due to surging inflation. The retailer’s discounting strategy powered its sales and profit in the holiday quarter to exceed market expectations for the first time…
By Uday Sampath Kumar (Reuters) -Target Corp posted a surprise rise in holiday-quarter sales on Tuesday on higher store visits from discount-hungry Americans, even as it joined other retailers to caution on 2023 earnings due to an uncertain U.S. economy. Shares rose 2% as the company beat quarterly profit estimates for the first time in…
OTTAWA (Reuters) – The Canadian economy recorded no growth in the final three months of 2022, massively underperforming expectations, though economic activity likely rebounded with a 0.3% increase in January, Statistics Canada data showed on Tuesday. The 0.0% growth reading in fourth-quarter gross domestic product capped five consecutive quarterly increases and missed analysts’ average forecast…
By Rae Wee and Alun John SINGAPORE/LONDON (Reuters) – The U.S. dollar steadied on Tuesday, having lost ground a day earlier, climbing particularly against the Japanese yen, and on track for its first monthly gain since September. The greenback’s rally gathered momentum in recent weeks as upbeat economic data led to mounting expectations that the…
SHANGHAI (Reuters) – Tesla Inc’s electric vehicle (EV) sales in China rose last week but were still running short of the pace seen in the fourth quarter, indicating the bump from discounted prices in its biggest overseas market is waning. The U.S. automaker nearly doubled weekly retail sales in the week of Feb. 20 to…
BEIJING (Reuters) -The Chinese Communist Party said on Tuesday that the foundation of economic recovery is not yet solid and the unexpected may occur at any time, and it repeated the need for the country to be guided by the party with Xi Jinping at its “core”. China’s economy grew 3% last year – one…
By Nell Mackenzie LONDON (Reuters) -Hedge fund Man Group raked in its highest performance fees last year since before the financial crisis as falling stocks and bond markets and a slew of central bank rate hikes boosted trading opportunities for its funds. Shares in the British company jumped as much as 10% in early Tuesday…
By James Davey LONDON (Reuters) – British grocery inflation hit 17.1% in the four weeks to Feb. 19, another record high, dealing the latest blow to consumers struggling with a cost-of-living crisis, industry data showed on Tuesday. Market researcher Kantar said prices are rising fastest in markets such as milk, eggs and margarine. It said…
By Joe Cash BEIJING (Reuters) -China’s urban employment fell for the first time in six decades last year and per capita spending also marked a rare decline, as harsh COVID-19 curbs ravaged the world’s second-biggest economy. The new data from the National Bureau of Statistics also showed the smallest income growth in more than three…
DUBAI (Reuters) – Saudi Basic Industries Corp’s (SABIC) net profit for the fourth quarter fell 94% on lower average sales prices, the petrochemicals firm said on Tuesday. SABIC posted a net income of 0.29 billion riyals ($77.28 million) in the three months to Dec. 31, down from 4.97 billion riyals in the year-earlier period, the…
