By Paresh Dave and Nivedita Balu OAKLAND, Calif. (Reuters) -Apple Inc on Thursday forecast bigger problems as COVID-19 lockdowns snarl production and demand in China, the war in Ukraine dents sales and growth slows in services, which the iPhone maker sees as its engine for expansion. Shares were down 2.2% in late trade after executives…
By Anshuman Daga SINGAPORE (Reuters) -Singapore lenders DBS Group and OCBC both reported 10% declines in their quarterly profits from record performances a year ago, with their wealth management businesses hit by weaker markets. “Geopolitical developments in recent weeks have created macroeconomic headwinds and financial market volatility,” DBS Chief Executive Piyush Gupta, said in a…
OMAHA, Neb. (Reuters) – One of Berkshire Hathaway’s longest-serving directors on Thursday gave a full-throated endorsement to Greg Abel as designated successor to Warren Buffett when the billionaire steps down. “He has the total confidence not only of Warren, but the board,” Ronald Olson, a close confidante of Buffett and a Berkshire director since 1997,…
SINGAPORE (Reuters) – DBS Group Holdings reported a 10% decline in quarterly profit after net income at Southeast Asia’s largest lender fell 3%, with weaker markets weighing on its wealth management business and treasury market activities. The Singapore-based lender’s net profit fell to S$1.8 billion ($1.30 billion) in January-March from a record S$2 billion a…
By Jeffrey Dastin and Tiyashi Datta (Reuters) -Amazon.com Inc delivered a disappointing quarter and outlook on Thursday as the e-commerce giant was swamped by higher costs to run its warehouses and deliver packages to customers. Shares fell 12% in after-hours trade. After a long-running surge in sales during the COVID-19 pandemic, Amazon is facing a…
(Reuters) – Robinhood Markets Inc, the brokerage at the center of last year’s retail trading frenzy, posted a 43% fall in first-quarter revenue on Thursday as transaction volumes declined across asset classes. Shares of Menlo Park, California-based Robinhood were down more than 9% at $9.19 in extended trading following results. The shares, which have lost…
By Svea Herbst-Bayliss (Reuters) -Activist investment firm Elliott Management is pushing Canada’s Suncor Energy Inc to add new board directors, overhaul management and begin a strategic review, arguing that its shares have lagged even as crude prices surged to multi-year highs. U.S.-headquartered Elliott, which owns 3.4% of Suncor, called the company a leader in the…
By Abhijith Ganapavaram and Aishwarya Nair (Reuters) – Caterpillar Inc on Thursday warned that demand for excavators in China, one of its largest markets, could slip below pre-pandemic levels in 2022, as construction activity takes a hit in the country from strict pandemic lockdowns. Shares of the Deerfield, Illinois based-company fell 3% to $207 in…
LONDON (Reuters) – Russian businessman Oleg Tinkov, who last week criticized Russia’s war in Ukraine, has sold his 35% stake in the company he founded to a firm controlled by Russian billionaire Vladimir Potanin, the companies said on Thursday. The assets of Tinkov-founded TCS Group Holding include Russia’s second-biggest credit card issuer, Tinkoff Bank, which…
By Chris Prentice and Tom Wilson WASHINGTON/LONDON (Reuters) -The U.S. dollar touched its highest level since 2002 on Thursday, as Wall Street rose and European shares moved off six-week lows as strong earnings reports offset gloomy U.S. economic data. The yen dropped to a 20-year low after the Bank of Japan vowed to buy unlimited…
