Tech News

McDonald's profits rise as consumers seek value

McDonald's reported Tuesday a jump in fourth-quarter profits following higher sales in most markets, scoring with consumers worried about inflation.. But Kempczinski said the company must stay "judicious" in terms of passing on higher operating costs to consumers.

US Justice Dept investigating Tesla self-driving features

The US Department of Justice has opened an investigation into Tesla's driver-assistance features, the company said Tuesday in a financial document. . According to a report from Bloomberg, the Justice Department investigation has been opened for similar reasons.  

US hits Myanmar with new sanctions on coup 2nd anniversary

The United States slapped fresh sanctions on Myanmar Tuesday, a day before the Southeast Asian country marks the second anniversary of a military coup that launched a violent campaign against democracy activists.. Junta opponents, including anti-coup "People's Defence Forces" and a shadow government, had tried to seize "state power by means of unrest and violence," the military-dominated National Defence and Security Council said Tuesday.

Major UAE solar plant to go online before COP summit: energy firm

One of the world's biggest solar plants will become fully operational this year in the oil-rich United Arab Emirates, months before it hosts UN climate talks, a partner company said Tuesday.. The UAE will host the COP28 climate summit in November and December, a move criticised by environmentalists who question whether one of the world's biggest oil producers should lead the fight against global warming. saa/ho/th/ami

Pfizer eyes big drop in Covid-related revenues in 2023

After two straight years of surging sales due to Covid-19 products, Pfizer projected a steep decline in 2023 revenues as demand for vaccines and therapeutics ebbs.. Pfizer projected that 24 percent of the US population would receive a Covid-19 vaccine in 2023, down from the 31 percent level in 2022.

US Fed starts policy meeting with smaller rate hike likely

US central bankers opened a two-day policy meeting Tuesday on rising expectations that they will slow the pace of interest rate hikes again, as inflation begins to fade.. These indicators raise hopes that the policy-setting Federal Open Market Committee (FOMC) will announce a smaller, 25 basis points hike at the end of its meeting Wednesday.

After turbulent year, UBS upbeat with eye on Asia

Swiss banking giant UBS voiced optimism for 2023 on Tuesday, hoping that higher interest rates and a swelling business in Asia would boost its results following a turbulent 2022.. It said it expected "higher interest rates to positively affect our net interest income, especially for the Swiss franc and the euro."

GM profits rise after record quarter in North America

General Motors rode a strong performance in North America to higher fourth-quarter profits and said Tuesday that an easing in logistics problems has helped brighten its outlook for 2023.. However, the outlook for vehicle pricing remains a question mark on auto industry profitability.

Eurozone dodges recession but gloomy outlook persists

The eurozone economy showed greater resilience than expected after avoiding a recession in the fourth quarter of 2022, official data showed Tuesday, but the outlook remained gloomy as soaring prices dampen growth.. Italy's economy also retreated in the final quarter of 2022, decreasing by 0.1 percent, official data showed on Tuesday.

ExxonMobil reports record profits of $55.7 bn in 2022

ExxonMobil reported record annual profits of $55.7 billion in 2022 on Tuesday, reflecting higher commodity prices amid recovering demand and the impacts of Russia's invasion of Ukraine.. In the fourth quarter, profits rose 43.7 percent to $12.8 billion, thanks to higher oil and natural gas prices and better refining margins compared with the year-ago period.