By Joyce Lee and Heekyong Yang SEOUL (Reuters) -Samsung Electronics Co Ltd reported a 51% rise in quarterly profit on Thursday, buoyed by robust data centre demand for high-margin memory chips, but cautioned that component shortages will likely continue in the second half. Samsung said demand for server chips is expected to be solid in…
By Hari Kishan and Jonathan Cable BENGALURU (Reuters) – The global economy will expand more slowly than predicted three months ago, according to Reuters polls of over 500 economists, who said higher commodity prices and an escalation in the Russia-Ukraine war could prompt another downgrade. Already under pressure from monetary tightening as central banks try…
(Reuters) – Fortescue Metals Group raised its full-year iron ore shipments forecast on Thursday, as the company ramps up output at its Eliwana operations in Western Australia. The higher guidance comes against the backdrop of soaring prices for the steel-making ingredient during the March quarter due to concerns about supply disruptions after Russia’s invasion of…
By Jody Godoy (Reuters) -Archegos Capital Management founder Bill Hwang on Wednesday was released on bail after pleading not guilty to U.S. criminal charges over the meltdown of his New York private investment firm, which left global banks with $10 billion in losses. Archegos, which had $36 billion in assets, collapsed last year when it…
By Andrea Shalal WASHINGTON (Reuters) -U.S. data due out Thursday is expected to show slower economic growth in the first quarter, mainly due to a less robust jump in business inventories, but the overall economy remains strong, a senior Biden administration official told Reuters on Wednesday. The Commerce Department’s advance reading of first-quarter gross domestic…
By Nivedita Balu and Elizabeth Culliford (Reuters) -Meta Platforms Inc surprised Wall Street with a profit beat and Facebook returning to user growth, although Meta forecast a conservative revenue outlook for the current quarter. Its stock rose 19% in after-hours trade on Wednesday. Meta’s profit soundly beat Wall Street targets at $2.72 per share, compared…
(Reuters) – Brazilian miner Vale SA approved a share buyback program of up to 500 million common shares to be carried out over the next 18 months, the company said on Wednesday. The program represents around 10% of Vale’s outstanding shares. The company also said it was concluding its previous share buyback program, which had…
(Reuters) – Coty Inc said on Wednesday it was winding down its Russia operations after Moscow’s attack on Ukraine. Russia accounted for a little more than 3% of Coty’s sales in 2021, the company said in a filing. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Aditya Soni)
By Uday Sampath Kumar and Deborah Mary Sophia (Reuters) – Mattel Inc beat Wall Street estimates for quarterly sales on Wednesday, extending a strong run since the pandemic, as retailers restocked the toymaker’s Barbie and Hot Wheels brands following inventory shortfalls over the holiday season. Shipping delays, factory shutdowns and related supply chain snarls had…
By Jody Godoy (Reuters) -Archegos Capital Management founder Bill Hwang on Wednesday pleaded not guilty to charges of fraud and other financial crimes over the meltdown of his New York family office which left banks with roughly $10 billion in losses. Hwang entered the plea at an initial appearance in Manhattan federal court on Wednesday…
