By Byron Kaye and Harshita Swaminathan SYDNEY (Reuters) -Australian No. 2 grocer Coles Group Ltd flagged climate change as its next big operational challenge on Wednesday as floods pushed up prices in the first quarter, lifting sales revenue but squeezing the farming supply chain. The commentary shows one of the country’s biggest companies acknowledging that…
By Wayne Cole SYDNEY (Reuters) -Australian inflation raced to a 32-year high last quarter as the cost of home building and gas surged, a shock result that stoked pressure for a return to more aggressive rate hikes by the country’s central bank. Data from the Australian Bureau of Statistics (ABS) on Wednesday showed the consumer…
By Lucia Mutikani WASHINGTON (Reuters) – U.S. consumer confidence ebbed in October after two straight monthly increases amid rising concerns about inflation and a possible recession next year, but households remained keen to purchase big-ticket items like motor vehicles and appliances. The Conference Board survey on Tuesday also showed more consumers planned to buy a…
(Reuters) – Drugmaker Bristol Myers Squibb said on Tuesday its third-quarter sales fell from last year as generic competition ate into sales of its blockbuster cancer drug Revlimid in the United States, as well as the effect of the weak euro and pound. Sales and earnings in the quarter were still better than expected as…
By Kylie Madry MEXICO CITY (Reuters) -Volaris airlines is planning its budget on the expectation that Mexico will regain its Category 1 aviation safety rating by the second half of 2023, the Mexican airline’s finance chief said on Tuesday. “We are budgeting for the second half of next year, and we are closely monitoring that,”…
By Lisa Pauline Mattackal (Reuters) – As a developed nation, you know your currency’s in a spot of bother when investors start to hedge with bitcoin. After Britain’s brief Prime Minister Liz Truss unleashed her mini-budget on Sept. 23, filling financial markets with dread, a section of investors stampeded away from the pound and towards…
(Reuters) -Chipmaker Texas Instruments Inc on Tuesday forecast quarterly revenue and profit below estimates, anticipating slowing orders as consumer electronics makers and retailers grapple with bloated inventory, sending its shares down 5%. Hit by red-hot inflation, consumers have pulled back on non-discretionary spending including on personal electronics, which has left businesses, stocking up ahead of…
By John McCrank NEW YORK (Reuters) – Sterling rallied to a six-week high on Tuesday on improved risk sentiment as Rishi Sunak became Britain’s prime minister, while the dollar fell to a three-week low as weakening U.S. economic data cooled expectations on the pace of future U.S. rate hikes. The potential for foreign exchange volatility…
By Hannah Lang (Reuters) -The U.S. Consumer Financial Protection Bureau (CFPB) will move forward this week with an “open banking” rule that could dramatically boost competition in the consumer finance industry and increase Americans’ access to financial services. In a speech on Tuesday, CFPB Director Rohit Chopra said the agency expects to propose requiring financial…
By Lawrence White, Sinead Cruise and Anshuman Daga LONDON/SINGAPORE (Reuters) – Georges Elhedery’s appointment as HSBC’s chief financial officer caps a journey that’s taken him from war-torn Lebanon to frontrunner for the top job at Europe’s biggest bank. It’s also surprised investors and raised questions about HSBC’s direction. Known at HSBC for his strategic vision…
