Business

CARACAS (Reuters) -Public employees in Venezuela will receive $130 per month in bonuses, President Nicolas Maduro said on Wednesday, amid demands by workers for salary increases and months ahead of presidential elections in which Maduro is seeking a third term.Maduro gave scant details in his announcement, but ruling party lawmaker Francisco Torrealba later said on social media that bonuses will be paid out in local bolivars equivalent to set amounts in U.S. dollars.Workers will receive a $90 “Bonus Against Economic War” and a $40 food bonus, Torrealba said on X.Wage increases have failed to keep pace with double- and triple-digit …

LONDON (Reuters) – Foreign direct investment (FDI) into Europe fell 4% last year, with Germany seeing a sharp 12% drop in projects amid concern over its economic slowdown and energy security, a survey by professional services group EY found.It was the first annual fall in the number of European FDI projects registered since the COVID-19 pandemic, after gains seen in both 2021 and 2022. Foreign investment into the region is now 14% lower than at its peak in 2017.Companies surveyed cited volatile energy prices, turbulent domestic politics and the steady stream of new European regulation in areas ranging from artificial …

NEW YORK (Reuters) -JPMorgan Chase said in a filing on Wednesday that its assets in Russia may be seized after lawsuits in Russian and U.S. courts.The bank faces several legal challenges over its Russian dealings after the U.S. and European nations imposed economic sanctions on Russia in response to its invasion of Ukraine. The value of claims and orders to freeze assets exceeds JPMorgan’s available assets in Russia, the largest U.S. lender said. JPMorgan Chase (NYSE:JPM) did not specify the amount of its assets in Russia. A Russian court last month ordered the seizure of funds in JPMorgan accounts after …

NAB, also the country’s top business lender, posted cash earnings of A$3.55 billion ($2.32 billion) for the six months ended March 31, compared with A$4.07 billion a year ago.That was in line with the Visible Alpha consensus estimate of A$3.55 billion compiled by UBS.($1 = 1.5330 Australian dollars) …

Signs of improving business environment and expectations of interest rate cuts have encouraged clients to ramp up spending on technology and consulting services, helping firms such as Cognizant.Cognizant said total headcount at the end of the first-quarter was 344,400, a decrease of 3,300 from the fourth-quarter last year.The New Jersey-based IT services provider’s revenue for the first quarter stood at $4.76 billion, compared with analysts’ average estimate of $4.72 billion, according to LSEG data.The company’s adjusted profit per share in the reported quarter was $1.12, compared with the estimate of $1.11 per share. It expects second-quarter revenue between $4.75 billion …

Carvana’s results come as high interest rates prompt consumers to look for deals on second-hand cars instead of buying new ones.Its shares, which have a short interest of 27% of free float, are up about 65% this year after recording an 11-fold rise last year.The surge in its stock price is set to add about $5 billion to its market capitalization of $17.6 billion, as of Wednesday’s close.The used-car retailer said it was expecting a sequential increase in adjusted core profit and growth rate in retail units in the second quarter, while analysts expected a 2.6% fall in retail sales …

Shares of the company, which counts General Motors (NYSE:GM) and Mercedes-Benz (OTC:MBGAF) among its customers, fell about 4% in extended trading.Wolfspeed makes chips out of silicon carbide, a more energy-efficient material than standard silicon for tasks such as transmitting power from an electric car’s batteries to its motors.EV demand has been growing at a slower-than-expected pace, attributed to high interest rates that lead to chip inventory build-ups at the automakers’ factories.The company said it expects fourth-quarter revenue between $185 million and $215 million, compared with analysts’ estimate of $225.8 million, according to LSEG data.”While the industrial and energy end markets …

(Reuters) – A look at the day ahead in Asian markets.Asia gets back up toward full speed on Thursday after many markets were closed for the May Day holiday, with the U.S. Fed’s guidance, a surging yen and manufacturing PMIs from across the continent all serving as potential market sign posts.Asia’s economic calendar is jam-packed on Thursday, with highlights including: manufacturing PMIs from seven countries, consumer inflation from South Korea and Indonesia, Hong Kong’s first quarter GDP, Australian trade figures, and consumer confidence from Japan.Moves in U.S. trading on Wednesday will likely set the early market tone – Wall Street …

NEW YORK(Reuters) -The yen jumped against the dollar late on Wednesday, with traders on high alert for signs of intervention by Japanese monetary authorities to boost a currency languishing near 34-year lows.The dollar fell sharply to 153 yen from about 157.55 yen after the U.S. stock market close. But it was not immediately clear what was behind the move. It was last at 154.47, down 2.1%. Japan’s Ministry of Finance was not available to comment. Japan’s Vice Finance Minister for International Affairs Masato Kanda, who oversees currency policy, did not pick up the phone, when reached by Reuters. The move …

Carvana reported record first-quarter sales Wednesday that beat Wall Street’s expectations. Carvana said first-quarter records included net income, total gross profit per unit and adjusted earnings and profit margin. The results follow a major restructuring by the company over the …

OTTAWA (Reuters) – The Bank of Canada is getting closer to being able to start cutting interest rates from their current 23-year highs, Governor Tiff Macklem said on Wednesday.In opening remarks to the Senate banking committee, Macklem said: “We are seeing what we need to see, but we need to see it for longer to be confident that progress toward price stability will be sustained”. …

NEW YORK (Reuters) – Federal Reserve Chairman Jerome Powell reiterated Wednesday that political considerations around the looming presidential election will not affect the central bank’s interest rate decisions. When it comes to the election, “we’re at peace with it, we know that we’ll do what we think is the right thing,” Powell said at his press conference following the latest Federal Open Market Committee meeting. He added there’s no evidence from Fed meeting transcripts that officials have allowed politics to affect their policy choices. …

NEW YORK (Reuters) – The Treasury Department said on Wednesday it intends to keep auction sizes steady for U.S. notes and bonds over the next several quarters, in line with expectations, as it announced total refunding of $125 billion for the May to July quarter.The quarterly refunding is aimed at raising new cash of $17.2 billion from private investors.It also launched its buyback program, with the first scheduled on May 29. The Treasury’s last regular buyback program began in the early 2000s and ended in April 2002.In a statement, the Treasury said it would sell $58 billion in U.S. three-year …

Starbucks, Pizza Hut and KFC are among the chains that reported same-store sales declines this quarter. McDonald’s said it’s adopting a “street-fighting mentality” to creating value to win over customers. Outliers like Wingstop and Chipotle Mexican Grill show that customers …

(Reuters) – The Federal Reserve announced plans on Wednesday to slow the speed of its balance sheet drawdown, after having spent much of the earlier part of the year warning of this shift. The Fed said that starting on June 1 it was reducing the cap on Treasury securities it allows to mature and not be replaced to $25 billion from its current cap of up to $60 billion per month. The Fed left the cap on how many mortgage-backed securities it will allow to roll off its books at $35 billion per month, and it will reinvest any excess …

Speaking at an event in Sao Paulo commemorating Labor Day, a national holiday in the country, Lula reaffirmed his campaign promise to increase income tax exemptions for those earning up to 5,000 reais ($963) monthly.”The word stands,” he said, adding that this would be accomplished by 2026. During the event, Lula also said there would be no tax breaks in Brazil “to benefit the wealthy” but for those “who work and depend on their salaries.”His remarks came after a Brazilian Supreme Court justice temporarily suspended a law extending payroll tax exemptions for 17 sectors of the economy, following a government …

Bally Sports regional networks went dark for Comcast cable customers early Wednesday, a month into MLB’s regular season, as carriage negotiations broke down with the channels’ bankrupt operator Diamond Sports Group. Comcast’s Xfinity pay-TV customers will automatically receive $8 to …

TO GIRD YOURSELF for Auto China 2024, a nine-day motor show which ends on May 4th in Beijing, get there by car. On the opening day, navigating the human traffic eager to glimpse the mechanical marvels on display required the same tenacity as negotiating the Chinese …

Viking started trading on the New York Stock Exchange on Wednesday at $26.15 under the ticker “VIK.” The company’s IPO coincides with a strong rebound in cruise bookings. Aerial view …

ORLANDO, Florida (Reuters) – Japan’s yen-buying currency market intervention may not be sending tremors through the U.S. bond market just yet, but that calm could be disturbed if Tokyo gets drawn into a drawn-out battle to prevent the exchange rate from weakening much further.Central banks wanting to stop their currencies depreciating too much or too quickly essentially intervene by selling dollar-denominated assets in their international reserves and buying back their own currency with the proceeds. Experts reckon yen purchases by the Bank of Japan at the behest of the Ministry of Finance are funded by dollar deposits held by the …

(Reuters) – Traders shorting New York Community Bancorp (NYSE:NYCB)’s stock were sitting on more than $42 million of losses on Wednesday after the lender’s better-than-expected profit forecast for the next two years sent shares surging, data from Ortex show. The rally marked a rare bright spot for NYCB, which has been battered since January end over its exposure to the commercial real estate (CRE). WHY IT’S IMPORTANTThe banking industry has been a hot favorite for short sellers – traders who profit from a decline in stock prices – after the collapse of three lenders last year stoked fears …

New York Community Bank on Wednesday posted a quarterly loss of $335 million on a rising tide of soured commercial loans and higher expenses, but the lender’s stock surged on its new performance targets. The first-quarter loss, equal to 45 …

With new economic projections from policymakers not due until the June 11-12 meeting, the statement and Powell’s comments will be the only guide to whether officials still expect to cut rates this year, and by how much, after inflation over the first three months of the year seemed to stall above the Fed’s 2% target. Before policymakers begin to ease borrowing costs, they say they want to see more data confirming that inflation will continue to fall, even if slowly. Here’s a recap of key data watched by the Fed: JOB OPENINGS (Released May 1, next release June 4)Powell has …

Job openings, a measure of labor demand, were down 325,000 to 8.488 million on the last day of March, the lowest level since February 2021, the Labor Department’s Bureau of Labor Statistics said in its Job Openings and Labor Turnover Survey, or JOLTS report, on Wednesday. Data for February was revised slightly higher to show 8.813 million unfilled positions instead of the previously reported 8.756 million. Economists polled by Reuters had forecast 8.686 million job openings in March. Vacancies peaked at a record 12.0 million in March 2022. The number of people quitting their jobs dropped 198,000 to 3.329 million …

WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen will make the argument on Friday that strong democratic institutions — including an independent Federal Reserve — are a key foundation for sustained and shared growth and prosperity, according to excerpts of remarks released by the Treasury.Yellen, in an address to the McCain Institute’s Sedona Forum in Arizona, will say that rioters who stormed the U.S. Capitol building on Jan. 6, 2021 put democracy under threat, “spurred by a lie,” according to the excerpts released on Wednesday. “Undercutting democracy undercuts a foundation of sustainable and inclusive growth,” Yellen will say in the …

Wormhole will deploy Uniswap on Sei (SEI) as several analysts expect a 50% price jump for SEI. TON/USDt LP Boosts aim to deliver a consistent APY of 50-60% for 3 months as some experts foresee a Toncoin (TON) price surge to $12. Rebel Satoshi ($RBLZ) …

Johnson & Johnson said it will pay $6.5 billion to settle nearly all of the thousands of lawsuits in the U.S. claiming its talc-based products caused ovarian cancer. The deal would allow J&J to resolve the lawsuits through a third …

Pfizer reported first-quarter revenue that beat expectations and hiked its full-year profit outlook, benefitting from its broad cost-cutting program and strong sales of its non-Covid products. The pharmaceutical giant’s quarterly results also benefitted from a smaller-than-feared drop in sales for …

Yum Brands’ quarterly earnings and revenue missed Wall Street’s estimates. KFC and Pizza Hut reported same-store sales declines, while Taco Bell’s same-store sales rose just 1%. Yum said its digital sales accounted for more than 50% of sales for the …

CVS Health on Wednesday reported first-quarter revenue and adjusted earnings that missed expectations. The company also lowered its full-year profit outlook, citing higher medical costs that are dogging the broader U.S. insurance industry. Insurers have been seeing medical costs spike …

The Art Institutes was a private-for-profit system of art schools in the United States that faced a host of legal issues and closed last September.The Education Department found that The Art Institutes and its parent company, Education Management Corporation, made “pervasive and substantial misrepresentations to prospective students about postgraduation employment rates, salaries, and career services during that time.”The measure brings the total amount of student loan debt relief put in place by the Biden administration to nearly $160 billion for nearly 4.6 million borrowers.Progressive voters, whom Biden, a Democrat, hopes will support him against Republican challenger Donald Trump in the …

Ford is launching a new training platform for its franchised dealers on Wednesday that uses artificial intelligence for employee coaching evaluations and emulates Netflix and YouTube interfaces. Ford says the goals of the new “Ford University” program are to improve …

(Reuters) – A growing number of Federal Reserve officials don’t see a return to the ultra-low interest rates that prevailed before the COVID-19 pandemic due to everything from ballooning federal deficits to demand for investments in green energy, artificial intelligence and domestic manufacturing. The U.S. economy has held up remarkably well in the face of the stiffest rate hikes in a generation, with unemployment low and growth – until recently – mostly above trend. Meanwhile progress on returning inflation to the Fed’s 2% target has stalled out this year after rapid gains last year, leading some to wonder whether something …

LONDON (Reuters) – The dollar inched towards its highest level since November on Wednesday ahead of a Federal Reserve interest rate decision later in the day, after data on Tuesday showed more signs of inflationary pressure in the U.S. economy.Meanwhile, the yen dipped to its lowest level since suspected intervention by Japanese authorities on Monday, as traders tested the resolve of the Ministry of Finance. The dollar index, which tracks the currency against six major peers, rose 0.066% at 106.370, after earlier nearing the 106.51 mark that would be the highest since Nov. 1. Global markets were somewhat subdued, with …

The Federal Reserve concludes its latest two-day policy meeting later in the session – the marquee event for markets this week.The U.S. central bank is widely expected to hold its benchmark overnight interest rate steady, and thus the main focus will be on what Chair Jerome Powell has to say in his news conference, particularly given the bank won’t be updating economic projections this time around.Progress towards the Fed’s 2.0% medium-term inflation target has somewhat stalled of late, as typified by Tuesday’s release of the Employment Cost Index, which rose at an elevated 4.2% rate on a year-over-year basis in …

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TOKYO (Reuters) – The Bank of Japan’s decision to keep policy unchanged last week gave yen bears plenty of sell cues, but largely overlooked in the stampede were signals the central bank could raise rates in several stages in years ahead, with a hike possible in autumn.The yen hit a fresh 34-year low as markets focused on the BOJ’s decision on Friday to keep interest rates around zero and a lack of signals from Governor Kazuo Ueda that the currency’s falls may quicken the timing of the next rate hike.BOJ watchers say while the central bank’s quarterly report and comments …

LONDON (Reuters) – U.S. investors are buying up London commercial property at the fastest rate in eight years, data compiled by BNP Paribas (OTC:BNPQY)’s real estate arm showed, lured by signs the market in Britain is recovering faster than the harder-hit United States.Commercial property values and sales have plunged globally in recent years – including in Britain – as soaring borrowing costs and emptying post-pandemic offices have eroded investments. Vacancy rates have jumped, especially in the U.S.U.S. investor interest in Britain is growing, helped by more appealing “leasing fundamentals” and a stronger dollar versus the pound, BNP Paribas Real Estate …

WASHINGTON (Reuters) – U.S. central bank officials will conclude their latest two-day policy meeting on Wednesday with a new statement and comments from Federal Reserve Chair Jerome Powell that could give a clearer sense of how recent disappointing inflation readings have changed the expectation for interest rate cuts this year.The Fed is almost certain to hold its benchmark overnight interest rate steady, with investors placing nearly a 100% probability on that outcome and no support for any changes to the policy rate offered by officials ahead of the meeting.But a new policy statement issued at 2 p.m. EDT (1800 GMT) …

The tax holiday may be deployed as a policy tool to stem the yen’s sharp declines, incentivising firms to return overseas assets to Japan, the newspaper reported on Tuesday.A finance ministry official was not immediately available for comment on Wednesday.The yen has slumped about 11% against the dollar so far this year as currency traders bet Japanese interest rates will remain low for some time in contrast to relatively high U.S. interest rates.The tax break would be applied for about 20 trillion yen ($126.74 billion) worth of “foreign direct investment earnings” from companies’ overseas subsidiaries, the Sankei reported.Some government officials …

(Reuters) – Australia’s biggest banks are likely to report weaker first-half profit as high operating costs and competition to sell mortgages and deposits squeeze margins, setting up a possible reversal of a stock rally that analysts said has left the sector overheated.Traditionally beneficiaries of rising interest rates, the country’s so-called Big Four lenders have instead spent the past year sacrificing margins to write new home loans and paying more to depositors, narrowing their closely watched “net interest margin” and putting downward pressure on profit, analysts said.That may undermine a share price run-up in the sector since late 2023 that was …

NEW YORK (Reuters) – An announcement from the Federal Reserve to kick off the end game for its balance sheet runoff could come as early as this week’s policy meeting, a number of economists say, though an uncertain outlook for interest rates amid sticky inflation could push a “tapering” declaration back to June.Tapering involves slowing the pace of the Fed’s quantitative tightening program, under which it has been allowing up to $95 billion a month of Treasuries and mortgage bonds to mature from the central bank’s portfolio and not be replaced. Fed officials have been signaling they would soon like …

(Reuters) – The U.S. Justice Department is moving to make marijuana use a less serious federal crime with a proposal to reclassify the drug as on par with Tylenol with codeine, rather than heroin, according to sources.Here are some ways those changes will affect business. WHAT DOES RESCHEDULING ENTAIL?Under the Controlled Substances Act, marijuana is listed as a schedule one substance, meaning it has a high potential for abuse and no current accepted medical use.The Department of Justice, which oversees the Drug Enforcement Administration, recommended that cannabis be classified as a so-called schedule three drug, with a moderate to low …

BETWEEN 2021 and 2023 two parts of the drugmaking business were in contrasting states of health. An index of American big pharma rose by a third, outperforming the broader stockmarket thanks to robust sales of blockbuster drugs. One made up of smaller biotechnology companies sank by …

Shares of the San Jose, California-based company, which have more than tripled in value so far this year, were down nearly 8% in trading after the bell.The AI server maker was added to the S&P 500 index last month. Super Micro is banking on its in-house liquid cooling technology for servers to gain market share in a competitive industry.”As new solutions ramp, including fully production ready DLC (Direct Liquid Cooling), we expect to continue gaining market share,” Super Micro CEO Charles Liang said in a statement.Its close relations with chip giants Nvidia (NASDAQ:NVDA) and Advanced Micro Devices (NASDAQ:AMD), whose headquarters …

With demand falling across the board, Starbucks (NASDAQ:SBUX) reported a fall in same-store sales for the first time in nearly three years, sending its shares down 8% in extended trading.”In a highly challenged environment, this quarter’s results do not reflect the power of our brand,” CEO Laxman Narasimhan said.Demand in the United States decelerated for a second straight quarter as boycott movements impacted traffic at its stores, while a choppy macro environment weighed on demand for its pricier beverages.Although the company is working on solidifying its position in the premium coffee market in China, it still grapples with increased competition …

Starbucks missed Wall Street’s estimates for its quarterly earnings and revenue. The company’s same-store sales fell 4% as traffic to its cafes declined 6% in the quarter. A store of …

CNBC spoke with composer John Tesh about the mechanics of how NBC could buy the rights to “Roundball Rock,” the iconic theme song from its 1990-2002 era “NBA on NBC,” if it airs NBA games again. NBCUniversal is bidding against …

The Federal Trade Commission said it is challenging hundreds of alleged “junk” patents held by pharmaceutical companies for 20 brand-name drugs, including Novo Nordisk’s blockbuster drugs Ozempic and Saxenda.  The FTC has argued that drugmakers are needlessly listing dozens of …

The U.S. government says Chinese officials continue to commit genocide and crimes against humanity against Uyghurs and other Muslim minorities in Xinjiang, and rights groups have pressured Western companies there to audit their operations over forced labor concerns. China’s government vehemently denies allegations of abuses. Thea Lee, deputy undersecretary for International Affairs at the Labor Department, told a U.S. congressional hearing that Beijing had made it “essentially illegal” to conduct independent human rights audits in Xinjiang.”If it is impossible to do that, then the only responsible thing to do is not to operate in that atmosphere,” Lee told the Congressional-Executive …

NEW YORK (Reuters) – Bond investors are selectively adding longer-dated maturities to their portfolios on bets the Federal Reserve will delay cutting interest rates and reduce them at a slower pace than in previous easing cycles, starting with a decision to stand pat on rates at this week’s policy meeting. Some portfolio managers taking this view are particularly focusing on intermediate Treasury maturities, such as five-year notes for juicier returns. Longer-duration Treasuries tend to outperform shorter-dated ones in a rate-cutting cycle as U.S. yields fall.With U.S. inflation stubbornly persistent and the labor market still robust, the Fed is widely expected …

NEW YORK (Reuters) – Ancora Holdings scored a second victory in its battle with Norfolk Southern (NYSE:NSC) when prominent proxy advisory firm Institutional Shareholder Services (ISS) recommended on Tuesday that shareholders elect five of the activist hedge fund’s director candidates.ISS said the Atlanta-based railway, which has faced regulatory and legal questions after a derailment last year in Ohio, needs new directors with deeper and more balanced industry experience.The ISS recommendation, which often guides how shareholders vote on hot-button issues such as board elections and mergers, was made one day after Glass Lewis, another proxy advisory firm, backed six …

WASHINGTON (Reuters) – Treasury Secretary Janet Yellen said on Tuesday that the United States is in talks with other countries to carve out an allowance for the U.S. research and development tax credit as part of the 15% global minimum tax deal. “We are negotiating with other countries right now to try to get favorable treatment for the R&D tax credit and I am hopeful these negotiations will be successful,” Yellen said during a hearing before lawmakers in the House of Representatives.Yellen told members of the House Ways and Means Committee that she will keep them informed of negotiations on …

BOGOTA (Reuters) – Colombia’s inflation in April is expected to hit 0.59%, extending its deceleration and taking 12-month consumer price growth to its lowest level in 27 months, according to the median of a Reuters poll published on Tuesday.Inflation estimates for April from 20 analysts ranged from 0.45% and 0.71%.If the median is met, 12-month inflation through April 30 would slow to 7.15%, reaching its lowest level since January 2022.”April is very important because it is the first month where we will be able to effectively see how consistent the decline in inflation is, because the statistical base effects compared …

The new arrangement is part of a longstanding partnership between Google and News Corp, the report said, citing a News Corp employee and another person close to the deal.”We absolutely do not have an AI content licensing deal with Google, though we do have a number of partnerships with Google across our businesses,” a News Corp spokesperson told Reuters.Google did not immediately respond to Reuters’ request for a comment.AI firms are looking to partner with news organizations to license their archived content for training their chatbots.Similar deals include that between OpenAI and news publishers such as Financial Times and Axel …

Home prices in February jumped 6.4% year over year, according to the S&P CoreLogic Case-Shiller national home price index. It marked another increase after the prior month’s annual gain of 6%, and the fastest rate of price growth since November …

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With new economic projections from policymakers not due until the June 11-12 meeting, the statement and Powell’s comments will be the only guide to whether officials still expect to cut rates this year, and by how much, after inflation over the first three months of the year seemed to stall above the Fed’s 2% target. Before policymakers begin to ease borrowing costs, they say they want to see more data confirming that inflation will continue to fall, even if slowly. Here’s a recap of key data watched by the Fed:INFLATION (PCE released April 26; next release CPI May 15):The personal …

WASHINGTON (Reuters) – U.S. central bankers began spreading rate-cut fever late last year, with the economy seemingly on a clear path back to low inflation and officials projecting a steady drop in borrowing costs this year, but since then the policymaking process has essentially ground to a halt.The Federal Reserve’s benchmark overnight interest rate has not budged from the 5.25%-5.50% range since July and won’t be touched at a two-day policy meeting that concludes on Wednesday. Now it seems it may not be changed for a while yet.Inflation has gone sideways since late last year – with some policymakers seeing …

Eli Lilly reported first-quarter adjusted profit that topped Wall Street’s expectations. The company also hiked its full-year guidance on strong sales of its blockbuster diabetes drug Mounjaro and newly launched weight loss treatment Zepbound. Zepbound reported $517.4 million in sales …

NEW YORK, United States, April 30th, 2024, Chainwire The first major contemporary artist to adopt the Bitcoin blockchain LiveArt proudly unveils Human by Yue Minjun, the first-ever Ordinals collection from a contemporary art giant. This pioneering collection of 1,200 unique digital masterpieces on the Bitcoin …

The company reported a decrease in net income attributable to common stockholders to $215.2 million, or $3.21 per share, from $298.3 million, or $4.31 per share, in the first quarter of 2023. This quarter’s earnings per share fell short of the analyst consensus of $3.39. Revenue saw a slight uptick of 1.5% to $7.4 billion, but still did not meet the analyst expectations of $7.57 billion.The company’s performance in the first quarter was marked by robust service and parts revenue in the retail automotive sector, which grew 9% to a record $746 million. Despite this, profitability was hampered by higher …

A Coca-Cola building in Zagreb, Croatia, Nov. 8, 2023. Denis Lovrovic | AFP | Getty Images Coca-Cola on Tuesday reported quarterly earnings and revenue that beat analysts’ expectations. The beverage giant also raised its full-year outlook …

Walmart said it will close all of its healthcare clinics across the country, a stunning reversal of its plans to bring its low-priced reputation to the dentist and doctor office along with the grocery aisle.  The big-box retailer said it …

Restaurant Brands International is committing another $300 million to remodeling Burger King’s U.S. restaurants. Altogether, the restaurant company is planning to spend $2.2 billion to revive the fast-food chain’s U.S. business. Burger King expects that 85% to 90% of its …

LONDON (Reuters) – Global banking regulators on Tuesday proposed stricter standards for banks when assessing risks from customers to avoid the mismanagement highlighted by the collapse of Archegos, and episodes of volatility in commodities and Britain’s government bond market.The Basel Committee, made up of banking regulators from the G20 economies and elsewhere, said banks needed to improve how they manage counterparty credit risks (CCR) presented by clients.It is the latest sign of how regulators are scrutinising links between lenders and the vast “non-bank” sector made up of private equity, insurers, investment funds and family investment offices.”Weaknesses pertain to due diligence, …

Walmart is launching a new grocery brand called BetterGoods. More retailers are stepping up their private label offerings, as shoppers seek new flavors and lower prices. Plus, the growth of low-priced grocery chains like Aldi, Lidl and Trader Joe’s has …

Dave & Buster’s will begin offering loyalty members the ability to bet on its games. Adults age 18 and older will be able to place real money wagers on arcade games with friends. The technology is expected to be available …

Cardano’s price is at $0.45 after a bearish flip this past month.  Santiment analysts say ADA could see a potential bullish flip as whale activity spikes. KangaMoon (KANG) is a new crypto project attracting a lot of attention in its presale.  Cardano (ADA) has …

HONG KONG (Reuters) – When Jacky Yu, 48, opened his Japanese gift shop in Hong Kong more than a decade ago, the tourist and shopping district of Mong Kok was a bustling hub packed with stalls, street food and tourists. Fast-forward 12 years and parts of the area are struggling to stay afloat, a combination of customers emigrating, locals heading across the border to shop in China or travelling to Japan to benefit from a weak yen – and a dearth of tourists. Yu says he’s had to make the “heartbreaking” decision to close his store and move it online. …

China will continue to implement a prudent monetary policy and proactive fiscal policy, Politburo said, according to the official Xinhua news agency, after a meeting chaired by President Xi Jinping. “The sustained recovery and improvement of the economy still face many challenges,” the Politburo added, pointing to problems such as insufficient demand, huge pressures on firms, risks and hidden dangers in key areas of the economy.”At the same time, it must be noted that China’s economic foundation is stable, with many advantages, strong resilience, and great potential.”China will issue ultra-long term special treasury bonds as soon as possible, and speed …

LONDON (Reuters) – Britain launched physical checks on fresh food products imported from the European Union on Tuesday some three years after it left the bloc’s single market and eight years after it voted to leave the EU.While Britain’s major supermarkets and large EU exporting businesses have the resources to handle the paperwork and new demands, smaller retailers and wholesalers have warned of delays and disruption and said consumers should expect a reduced variety of quality goods, less fresh produce and higher prices.The first phase of Britain’s so called new Border Target Operating Model, requiring additional certification, came into force …

The funding was the second and final tranche of Pakistan’s $3 billion standby arrangement with the IMF which it secured last summer to help avert a sovereign default.”The disbursement will bring more economic stability in Pakistan,” Sharif said in a statement from his office, adding that the standby arrangement was important in saving the South Asian nation from defaulting on its external liabilities.The IMF’s executive board approved the final tranche on Monday. The approval came a day after Sharif discussed a new loan programme with IMF Managing Director Kristalina Georgieva on the sidelines of the World Economic Forum in Riyadh.Islamabad …

The move underscores Uganda’s efforts to diversify its sources of external funding, as talks with the World Bank to resume lending have dragged on without fruition.Ugandan Finance Minister Matia Kasaija signed the loan agreement with IDB president Muhammad Al Jassar in Saudi Arabia’s capital Riyadh, Kaisaja said in a post on social media platform X.The money will finance construction of a bridge crossing the River Nile in northwest Uganda and roads totalling 105 kilometres, according to the ministry.The World Bank, traditionally Uganda’s biggest external lender, suspended new loans to the country after the enactment of a harsh anti-homosexuality law. …

A data heavy session, headlined by euro zone inflation figures for April, awaits Europe in an action-packed week that got off to a volatile start courtesy of the flailing yen. The will-they-or-won’t-they discussion has moved to did-they-or-didn’t-they a day after a suspected intervention by Japanese authorities hauled the yen off 34-year lows.A more than 10% decline against the dollar had traders pondering not if but when Tokyo would intervene to prop up the battered currency.The answer it seems was at 160 per dollar, a level not seen since April 1990 and briefly breached on Monday. The yen surged to as …

Boycotts after McDonald’s Israeli licensee offered discounts for soldiers pressured sales in the Middle East and some markets outside of the region. U.S. sales have slowed as low-income customers pull back their spending. McDonald’s shares have fallen 7.7% year to …

HONG KONG (Reuters) -Six spot bitcoin and ether exchange traded funds (ETFs) gained in their Hong Kong debut on Tuesday, with the three bitcoin ETFs climbing more than 3% in early trade, reflecting Asian investor enthusiasm for cryptocurrencies. The debuts mark the first launch of spot cryptocurrency ETFs in Asia and come just three months after the U.S. launched its first ETFs to track spot bitcoin.Spot bitcoin ETFs launched by China AMC, Harvest and Bosera had gained roughly 2.5% as of 2:21 GMT. The three ether ETFs managed by the asset managers also rose. Bitcoin climbed about 1%. Cryptocurrency is …

While the region grew 5% last year, growth is expected to slow to 4.5% this year and 4.3% in 2025, the IMF said in a report. A structural slowdown in China, including a correction in its property sector, would remain a key factor in slowing growth, it said, adding that the region remained vulnerable to commodity price shocks and trade disruptions caused by conflicts in the Middle East and Ukraine.Growth in China, the world’s second-largest economy, was projected to slow from 5.2% in 2023, to 4.6% this year and 4.1% in 2025.But near-term risks were “broadly balanced”, it added.”Retreating inflation …

The National Bureau of Statistics (NBS) manufacturing purchasing managers’ index (PMI) dropped to 50.4 in April from 50.8 in March, above the 50-mark separating growth from contraction and just ahead of a median forecast of 50.3 in a Reuters poll.The data underlines the challenges facing policymakers even though solid first quarter GDP growth has reduced some of the urgency to ramp up stimulus measures. New export orders grew at a much slower rate, while employment continued to shrink, the NBS PMI data showed.Another private Caixin factory survey, also released on Tuesday, showed the manufacturing activity grew more quickly as new …

SINGAPORE (Reuters) – Asian stocks inched higher on Tuesday as investors awaited a slew of economic data, corporate earnings and the U.S. Federal Reserve’s policy meeting, while the yen was slightly weaker a day after suspected intervention rescued it from 34-year lows. MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.36% higher, set to clock in a nearly 1% gain for the month, its third straight month of gains. Nikkei rose 1% as Japan reopened after a holiday on Monday.China stocks were mixed in early trading with the blue-chip index easing 0.07%, while Hong Kong’s Hang Seng index was …