Economy
Caterpillar earnings boosted by North American strength
Caterpillar reported higher profits Tuesday behind strong pricing trends, especially in its home North America market, which led revenue growth. Umpleby told Wall Street analysts the company expects "continued weakness" in China where construction activity is well below the long-term growth trends.
Pfizer reports loss as Covid-19 revenues shrink
Pfizer reported Tuesday a loss following a sharp fall in the sales of its Covid-19 vaccine and therapeutic from pandemic peaks. Results were dented by a $5.6 billion inventory write-down in Covid-19 therapeutic Paxlovid and vaccine Comirnaty.
AB InBev profit higher despite Bud Light sales plunge
AB InBev, the world's top brewer, said Tuesday sales and net profits edged higher in the third quarter despite a drop in sales volume, in particular in the United States where Bud Light has been boycotted by conservative figures. But sales volumes in the United States plunged by a fifth in the third quarter, "primarily due to the volume decline of Bud Light", the brewer said.
Eurozone economy shrinks in third quarter, inflation falls further
Economic growth in the eurozone contracted in the third quarter, data showed Tuesday, hit by the European Central Bank's painful rate-hiking campaign and Germany's weakening economy, but inflation slowed in October. Consumer price inflation in the eurozone has slowed to 2.9 percent, Eurostat data for October showed Tuesday, the lowest rate since July 2021 when it reached 2.2 percent.
Vodafone sells Spain unit for up to 5.0 bn euros
British mobile phone giant Vodafone announced Tuesday the sale of its Spanish division to investment fund Zegona for up to 5.0 billion euros ($5.3 billion), as part of an ongoing overhaul. The price comprises at least 4.1 billion euros in cash and up to 900 million euros in preference shares.
France arrests Russian tycoon Kuzmichev in tax, sanctions probe
French police have arrested Russian billionaire Alexei Kuzmichev, one of the co-founders of the Alfa Group who is targeted by EU sanctions, on suspicion of tax fraud and violating sanctions, sources close to the case said.
Stellantis confirms 2023 outlook despite US strike
Automaker Stellantis confirmed Tuesday its 2023 outlook thanks to a jump in third quarter revenue despite a costly strike in the United States. The company said that the more than month-long strike by staff in the United States, which has ended following a tentative agreement struck Saturday, had a negative impact of around 3 billion euros on revenue compared to planned production.
Company guilty over New Zealand volcano disaster
The New Zealand firm that managed a volcanic island which erupted killing 22 people in 2019, was on Tuesday found guilty of failing to adequately protect visitors. A court in Auckland found Whakaari Management failed to "assess risk" to visitors sufficiently, or provide them with protective equipment.
Brazil's booming ag sector draws cash and controversy
With its massive output of soybeans, beef, cotton and now corn, Brazil has become one of the world's top agricultural powers. It is also the world's top supplier of chicken and beef, and second in cotton, after the United States.
Economy
Load more