LONDON (Reuters) – Wall Street bank JPMorgan revised both its growth and inflation outlooks for Turkey upwards after the central bank delivered a smaller-than-expected interest rate hike on Thursday. JPMorgan forecast that full-year economic growth would stand at 4% by year-end rather than the previously expected 3.2%. Meanwhile, inflationary pressures have intensified in July due…
WASHINGTON (Reuters) – The United States on Thursday strongly condemned the attack on the Swedish Embassy in Baghdad over a planned Koran burning in Stockholm and criticized Iraq’s security forces for not preventing protesters from breaching the diplomatic post. “Freedom of peaceful assembly is an essential hallmark of democracy, but what occurred last night was…
BRUSSELS (Reuters) – Euro zone gross domestic product was flat in the first three months of this year against the previous quarter, the EU’s statistics agency Eurostat said on Thursday, revising a previous reading of a 0.1% quarter-on-quarter contraction. The revision means that the 20 countries sharing the euro currency did not, after all, enter…
LONDON (Reuters) – Britain’s antitrust regulator is waiting for Microsoft to submit a modified deal structure to buy “Call of Duty” maker Activision Blizzard, its boss Sarah Cardell said on Thursday. “We understand from Microsoft that they would like to put forward proposals to us to restructure the deal, potentially re-notifying that deal, to address…
By Guy Faulconbridge and Felix Light MOSCOW (Reuters) -Mercenaries from Russia’s Wagner Group have started to train Belarusian special forces at a military range just a few miles from the border with NATO-member Poland, the Belarusian defence ministry said on Thursday. Wagner chief Yevgeny Prigozhin was shown in a video on Wednesday welcoming his fighters…
(Reuters) -Philip Morris International beat analysts’ expectations for quarterly profit and raised the lower end of its annual earnings forecast, as tobacco and labor costs ease, and demand remains robust for its smokeless Zyn and IQOS products. In December last year, Philip Morris acquired Hay-maker Swedish Match for a share of the popular smokeless and…
(Reuters) – Canadian auto parts maker Magna International Inc said on Thursday it will invest $790 million to build three new supplier facilities, two of which will be housed at Ford Motor Co’s BlueOval City campus in Tennessee. The development comes as suppliers race to meet requirements from automakers, who have been hustling to boost…
(Reuters) – KeyCorp reported on Thursday a bigger-than-expected 50% fall in quarterly profit, as it set aside more rainy day funds amid growing economic uncertainties. Shares of the company fell nearly 3% in premarket trading. The lender’s provisions for credit losses jumped by 271% to $167 million at the quarter end, compared with $45 million…
(Reuters) – Toolmaker Snap-on Inc beat Wall Street estimates for second-quarter profit on Thursday, powered by healthy demand for its repair tools and equipment from automotive and industrial customers. Snap-on, which caters to industries such as aerospace, oil and gas and automotive, has benefited from a buzzing aftermarket business. The company dealt with inflation headwinds…
(Reuters) – Fifth Third Bancorp on Thursday posted a better-than-expected second-quarter profit, as interest rate hikes by the U.S. central bank boosted its interest income. On an adjusted basis, the Ohio-based bank earned 87 cents per share, beating analysts’ average estimate of 83 cents, according to Refinitiv data. The bank’s shares, down 13% this year,…
