Reuters US Business Archives - Page 2053 of 2312

Meta stock craters over bleak forecast and expensive metaverse bets

27 Oct 2022 27 Oct 2022

By Katie Paul and Chavi Mehta (Reuters) – Facebook parent Meta Platforms Inc on Wednesday forecast a weak holiday quarter and significantly more costs next year, sending shares down nearly 20% as investors voiced skepticism about the company’s pricey metaverse bets. The forecast knocked about $67 billion off Meta’s stock market value in extended trade, …

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U.S. chip industry body urges R&D infrastructure upgrade with Chips Act funds

27 Oct 2022 27 Oct 2022

By Jane Lanhee Lee OAKLAND, Calif. (Reuters) – Funds from the recently passed $52 billion Chips and Science Act should be used to upgrade existing U.S. research and development infrastructure as well as building new facilities, a chips industry body said on Thursday. The Semiconductor Industry Association (SIA) on Thursday called for a careful examination …

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EDF, set for full-state control, warns again of big losses

27 Oct 2022 27 Oct 2022

PARIS (Reuters) -French nuclear power group EDF is expecting a hit of around 32 billion euro ($32.18 billion) to its full-year core earnings from lower nuclear production, a bigger loss than previously forecast and its sixth profit warning this year. The French government, which already owns 84% of EDF, is in the process of fully …

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TotalEnergies, Shell post bumper profits, LNG business diverges

27 Oct 2022 27 Oct 2022

By Ron Bousso and Shadia Nasralla LONDON/PARIS (Reuters) – Europe’s two largest energy companies Shell and TotalEnergies reported profits of more than $9 billion in the third quarter, though Shell’s liquefied natural gas (LNG) division struggled to capture the benefits of high fuel prices. The strong earnings were likely to intensify calls in Britain and …

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China’s digital yuan stands out in cross-border pilot in a show of global ambition

27 Oct 2022 27 Oct 2022

By Georgina Lee and Samuel Shen HONG KONG/SHANGHAI (Reuters) – China’s digital yuan took the centre stage in the world’s largest cross-border central bank digital currency (CBDC) trial to date, a report showed, pointing to how Beijing is speeding up yuan globalization efforts amid rising geopolitical tensions. China’s digital currency, or e-CNY, was the …

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Adidas ends Ye deal over hate speech, costing rapper his billionaire status

27 Oct 2022 27 Oct 2022

By Uday Sampath Kumar (Reuters) -Adidas AG terminated its partnership with rapper and fashion designer Ye on Tuesday after he made a series of antisemitic remarks, a move that knocked the musician off the Forbes list of the world’s billionaires. Adidas put the tie-up, which has produced several hot-selling Yeezy branded sneakers, under review this …

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Merck’s CEO to succeed Ken Frazier as chairman

26 Oct 2022 26 Oct 2022

(Reuters) – Merck & Co said on Wednesday Chief Executive Officer Rob Davis would succeed Chairman Ken Frazier, taking on the additional role effective Dec. 1. Frazier, who has been a key growth driver of the drugmaker for decades, joined Merck around 30 years ago and became the first Black CEO of a major drug …

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S&P 500 ends lower, snapping rally on mounting slowdown fears

26 Oct 2022 26 Oct 2022

By Stephen Culp NEW YORK (Reuters) – The S&P 500 ended a three-day winning streak on Wednesday, closing in negative territory as gloomy earnings guidance added to growing fears of a global economic slowdown. But those fears, along with a smaller-than-expected interest rate hike from the Bank of Canada, continued to feed hopes that the …

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Ford posts loss, takes sharp turn away from automated driving

26 Oct 2022 26 Oct 2022

By Paul Lienert and Joseph White DETROIT (Reuters) – Ford Motor Co on Wednesday reported a third-quarter net loss driven by its decision to shift spending from the Argo AI self-driving business. Ford’s move, a sharp contrast with rival General Motors Co’s decision to double down on investments in its Cruise robotaxi unit, highlights the …

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Australia’s Lynas Rare Earths first-quarter revenue rises nearly 35%

26 Oct 2022 26 Oct 2022

(Reuters) – Australia’s Lynas Rare Earths on Thursday reported a 34.7% rise in first-quarter revenue on a surge in demand for specialised metals used in electric vehicle components. The world’s largest producer of rare earths outside China said revenue rose to A$163.8 million ($106.34 million) in the three months to Sept. 30, compared with A$121.6 …

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Reuters US Business