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STOCKHOLM (Reuters) -Electrolux said on Friday global supply chain issues would persist after posting a drop in quarterly profit, while expecting demand in 2022 above pre-pandemic levels. Electrolux said the issues would continue to impact the industry's ability to fully meet demand, while it expected prices to offset strong cost inflation in 2022, mainly in raw materials, electronic components and logistics.
VANCOUVER — Teck Resources Ltd. said Friday that its coal sales fell below its guidance because of extreme weather in British Columbia and warned that COVID-19 was leading to higher costs and could disrupt production. Shares in the company were down $2.32, or 5.7 per cent, at $38.36 in mid-morning trading on the Toronto Stock Exchange. Teck said steelmaking coal sales for the fourth quarter came in at 5.1 million tonnes, below the 5.2 million to 5.7 million tonnes in its revised guidance it issu
PARIS (Reuters) -The world's largest luxury goods conglomerate LVMH sees soaring demand for its fashion, handbags and jewellery continuing in 2022 after shoppers snapped up high-end wares over the holiday season. LVMH, which owns brands spanning Hennessy cognac to cosmetics retailer Sephora, said on Thursday fourth-quarter sales growth accelerated, reaching 20.04 billion euros ($22.34 billion) overall, with growth led by the French group's biggest earners Louis Vuitton and Dior. The luxury labels propelled a 28% rise in sales of LVMH's largest division, fashion and leather goods, on a like-for-like basis, beating analyst expectations for 16% growth.
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TORONTO — Canada's main stock index gave up early gains but still posted a small increase as crude oil prices hit a more than seven-year high and the central bank kept its key interest rate in check. The Bank of Canada kept its key interest rate at 0.25 per cent, but warned higher interest rates are coming to help trim inflation from its hottest pace in three decades. Despite robust growth in the U.S. economy, an uneven global recovery, supply constraints, inflationary pressures, geopolitical te
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Caixabank, which in March closed the 4.3 billion euros acquisition of Bankia in a defensive deal to better cope with ultra low interest rates and the coronavirus pandemic, reported a underlying profit without extraordinary items related to the merger of 337 million euros ($375.82 million) in the October to December period. The accounting net profit in the quarter fell 35% to 425 million euros compared to a 433 million euros net profit expected by analysts polled by Reuters. Net profit in the same quarter last year without Bankia stood at 655 million euros.
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WASHINGTON (AP) — The Federal Reserve signaled Wednesday that it will begin a series of interest-rate hikes in March, reversing pandemic-era policies that have fueled hiring and growth — and stock market gains — but also stubbornly high inflation. Chair Jerome Powell said at a news conference that inflation has gotten “slightly worse” since the Fed last met in December. He said raising the Fed’s benchmark rate, which has been pegged at zero since March 2020, will help prevent high prices from be
NEW YORK (Reuters) -Visa Inc beat Wall Street's quarterly estimates on Thursday as more international travel and e-commerce drove an increase spending volumes. While travel spending has stalled since late December due to the Omicron variant of the coronavirus, Visa executives said they believe the recovery will resume and net revenue will grow in the second fiscal quarter this year. "The upside is going to come from the continued recovery of travel and the affluent customer getting back in the mix of spending at the levels they were pre-pandemic,” Visa Chairman and Chief Executive Alfred Kelly said on a call with analysts.
GENEVA (AP) — The finance model for the Winter Olympics calls for the host country to spend several billion dollars, the IOC to earn a couple billion, and sports bodies to share around hundreds of millions. Fortunately for China, turning a profit from the 2022 Beijing Games was not a priority even before the coronavirus pandemic wiped out some expected sources of income. Chinese President Xi Jinping set a goal in 2015 to create a new tourism industry in the country. “It will inspire over 300 mil
(Reuters) -Uber Technologies Inc on Thursday said it had reached an agreement with Canada's largest services-sector union to offer employee-like benefits to contractors who work as ride-hail and food delivery drivers. Uber and United Food and Commercial Workers Canada (UFCW) said https://www.uber.com/en-CA/newsroom/uber-canada-and-ufcw-canada-reach-historic-national-agreement-to-benefit-drivers-and-delivery-people they will jointly lobby Canada's provincial governments to pass labor reforms that would provide gig workers with minimum earnings of at least 120% of local minimum wage, a benefits fund that includes pension and sick pay and other workers' rights. Today, those benefits are generally reserved for employees, leaving gig workers, who are largely independent contractors, without benefits and protections.
Shimao, which defaulted on a trust loan earlier this month, said it will sell an entity whose principal asset is the Hyatt on the Bund hotel to the Shanghai Land Group. The move comes on the same day Agile Group, another embattled Chinese property firm, sold stakes in several units worth nearly 2 billion yuan to state-owned China Overseas Land & Investment and China Conch Venture. Regulatory curbs on borrowing have driven China's property firms into a debt crisis, with sector bellwether China Evergrande grappling with $300 billion in liabilities.
SINGAPORE (Reuters) -Strategists at the world's top investment banks scrambled to change their Federal Reserve rate calls on Thursday after policymakers emphasised at a policy meeting that it would tighten policy to clamp down on inflation. The Federal Reserve on Wednesday said it was likely to hike interest rates in March and reaffirmed plans to end its bond purchases that month, surprising investors who had already braced for as many as four rate hikes until the end of the year. Analysts at Nomura, Japan's biggest brokerage and investment bank, said they expect the U.S. Federal Reserve to hike its benchmark rate by 50 basis points (bps) in March.
The S&P 500 index was closing in on a correction on Friday for the fifth time this week on worries about a series of interest rate hikes to tame inflation and losses in shares of Caterpillar and Chevron. The benchmark index would have to close 10% or more below its record closing high reached on Jan. 3 to confirm it entered correction territory. All the 11 major S&P 500 sectors were trading in the red.
KENNESAW, Ga. (AP) — Family members of women in a sober living group home who were killed and injured in a fiery van crash last year are suing a car company and the group home, saying the 2002 Dodge Ram was prone to tipping over and was not properly maintained. Just before the April crash, a vehicle ahead of the passenger van unexpectedly changed lanes on a Georgia interstate, police said at the time. The van then went out of control, rolled onto its side and slid across two lanes, bursting into
The Los Angeles City Council on Wednesday approved a measure to ban new oil and gas wells and phase out existing ones. The council directed the city attorney to draft an ordinance to prohibit oil and gas drilling in Los Angeles, change zoning laws to make drilling illegal and study how to legally phase out existing wells. The council also created a jobs program to transition oil and gas workers to other industries. The decision comes after a decade of complaints from residents about health probl
SAN FRANCISCO (Reuters) -Tesla Inc on Wednesday forecast vehicle deliveries would comfortably grow by more than 50% year-over-year in 2022 despite persistent supply chain issues that it expects to be alleviated only next year. The upbeat outlook from CEO Elon Musk came after the world's most valuable automaker posted record quarterly revenue that beat Wall Street expectations. But the cautious note about supply chain woes showed that even Tesla cannot avoid the shortages that were pitfalls for many larger automakers last year.
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ROME (AP) — Lawmakers and regional representatives failed for a fourth day Thursday to find consensus on a new Italian president, even after the threshold for victory passed to a simple majority for the first time. The center-right abstained outright in the voting, a tactic to maintain the bloc’s unity that drew swift rebukes from other party leaders because it meant the quorum wasn't reached. Blank ballots carried the day as they have every day this week, as political parties continued behind-t