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By David Shepardson (Reuters) -The United Auto Workers (UAW) union on Friday called on the Biden administration not to award any subsidies, loans or other taxpayer support until Hyundai Motor agrees to address workplace issues. On Wednesday, Hyundai’s global chief operating officer Jose Munoz told Reuters Korea’s top automaker is investigating child labor violations in …

UAW wants U.S. to bar loans, subsidies for Hyundai over workplace issues Read More »

By Nivedita Balu and Akash Sriram (Reuters) – Snap Inc shares sank more than 30% on Friday and hit their lowest since the pandemic, after the company’s forecast of zero revenue growth pointed to more pain ahead for a social media sector heavily dependant on digital advertising. Facebook-parent Meta Platform Inc and Pinterest Inc fell …

Snap sets off alarm bells in ad-reliant social media sector Read More »

By Fergal Smith TORONTO (Reuters) – Canada’s main stock index rose on Friday to its highest closing level in more than two weeks, including gains for resource and financial shares, as investors became more comfortable with the outlook for higher interest rates. The Toronto Stock Exchange’s S&P/TSX composite index ended up 281.66 points, or 1.5%, …

TSX posts biggest weekly gain since July as rate hike fears ebb Read More »

(Reuters) – The breathtaking pace of political events in Britain is keeping traders on their toes, while Japan is back on intervention watch. The European Central Bank is expected to deliver another bumper interest rate hike, and earnings season is ramping up with corporates in the United States and Europe facing very different cross currents. …

Take Five: Westminster woes, Tokyo on yen watch Read More »

By Victoria Waldersee and Christina Amann LEIPZIG (Reuters) -BMW production chief Milan Nedeljkovic expects stabilising supply chains to lead to a clear improvement in profitability next year, he said in an interview at the carmaker’s Leipzig plant in Germany. From a production perspective, Nedeljkovic said he did not expect margins to fall. “Repeated undersupply and …

BMW production chief sees improved margins as supply chains stabilise Read More »

By Akash Sriram and Hyunjoo Jin (Reuters) -Tesla Inc Chief Executive Elon Musk thinks a recession will last until the spring of 2024, he tweeted on Friday, after saying earlier this week that “a recession of sorts” in China and Europe was weighing on demand for its electric cars. “Just guessing, but probably until spring …

Tesla’s Musk says recession could last until 2024 Read More »

By Valentine Baldassari (Reuters) -EssilorLuxottica reported a rise in its third-quarter revenues on Friday as the world’s biggest eyewear maker saw a rebound in sales in the Asia-Pacific region and slight growth in North America. The French-Italian company, which makes Oakley and Ray-Ban sunglasses, reported revenue of 6.39 billion euros ($6.24 billion) for the three …

Ray-Ban maker EssilorLuxottica’s sales rise as Asia-Pacific rebounds Read More »

MOSCOW (Reuters) – The rouble traded near 61 to the dollar on Friday and strengthened against the euro and yuan, supported by a favourable month-end tax period as geopolitics continued to hold sway over Russian markets. At 0753 GMT, the rouble was 0.1% stronger against the dollar at 61.31, having opened at 61.1125, its strongest …

Russian rouble firms towards 61 vs dollar on tax payments support Read More »

MEXICO CITY (Reuters) -Mexico’s Grupo Financiero Banorte reported on Thursday that its third-quarter net profit surged 30% to 11.54 billion pesos ($573.56 million) from the year-ago period, boosted by growth across its insurance, brokerage and banking units. The result beat a Refinitiv forecast of 11.44 billion pesos. Revenue for the group, which owns one of …

Mexico’s Banorte reports 30% surge in Q3 net profit Read More »

SAO PAULO (Reuters) – Brazilian cash-and-carry chain Assai reported a 47.8% decrease in third-quarter net profit, compared to the same period last year, to reach 281 million reais ($53.85 million), the company said on Thursday. Net revenue grew 29.2% to total 13.8 billion reais during the three-month period ending in September. Adjusted earnings before interest, …

Brazil’s Assai posts 47.8% drop in Q3 net profit Read More »