SYDNEY (Reuters) – Australia’s central bank on Friday downgraded the outlook for economic growth, warning that more rate hikes will be necessary to bring down sky-high inflation even as it strives to avoid an outright recession. In its quarterly Statement on Monetary Policy, the Reserve Bank of Australia (RBA) raised its forecasts for inflation as…
By Sheila Dang, Paresh Dave and Katie Paul (Reuters) -Elon Musk has directed Twitter Inc’s teams to find up to $1 billion in annual infrastructure cost savings, according to two sources familiar with the matter and an internal Slack message reviewed by Reuters, raising concerns that Twitter could go down during high-traffic events like the…
By Hannah Lang (Reuters) -Block Inc posted a rise in third-quarter revenue on Thursday as the growth of Cash App helped make up for stagnant cryptocurrency prices that had dogged the payments platform led by Twitter founder Jack Dorsey in previous quarters. Shares of Block, formerly called Square, rose more than 14% in extended trading…
By Ruhi Soni (Reuters) -Agricultural chemical and seed company Corteva Inc on Thursday posted a smaller-than-expected third-quarter adjusted loss as farmers looked to maximize yields at a time of low global grain supplies. Operating loss was 12 cents per share in the July-September quarter, from 14 cents per share a year earlier. Analysts on average…
By Kannaki Deka (Reuters) -Peloton Interactive Inc on Thursday forecast holiday-quarter revenue below estimates and the fitness equipment maker warned that a challenging macro-economic environment could affect its goal of stopping cash burn this fiscal year. The company’s shares, which fell as much as 16.1%, were down 3.5% at $8.32. Peloton’s goal of achieving breakeven…
By Davide Barbuscia NEW YORK (Reuters) – Global investors will ramp up allocations to distressed credit hedge funds next year, expecting opportunities to buy companies’ debt on the cheap as tighter monetary policy from the Federal Reserve and other central banks weighs on growth, according to a BNP Paribas survey. Allocations to hedge funds focused…
By Priyamvada C (Reuters) – Marriott International Inc said on Thursday China’s strict COVID-19 policies were delaying openings of some properties in the country, a key market for hotel operators, where pandemic recovery has been uneven compared to United States. “The market in China is most certainly where we’re seeing the most challenges,” Chief Executive…
(Corrects analyst’s name in paragraph 8) (Reuters) – Shares of Roku Inc fell more than 20% in extended trading on Wednesday after the streaming platform forecast holiday-quarter revenue below Wall Street estimates as ad spending dries up. Record-high inflation and global geopolitical uncertainty from the war in Ukraine and U.S.-China tensions have led companies to…
By Chibuike Oguh NEW YORK (Reuters) -Global equities fell while U.S. Treasury yields rose on Thursday as investors weighed hawkish commentary from Federal Reserve Chairman Jerome Powell on the prospects of further interest rate hikes targeted at reining in inflation. Market sentiments have been bearish after the Fed on Wednesday raised rates by 75 basis…
(Reuters) – U.S. authorities are investigating whether executives have been gaming prearranged stock-sale programs designed to thwart the possibility of insider trading, Bloomberg News reported on Thursday citing people familiar with the matter. The U.S. Securities and Exchange Commission and the Justice Department are concerned some people may be manipulating stock-sale programs, which are intended…
