Swedish automaker Volvo Cars on Thursday rising raw material costs and inflation drove down profits in the third quarter.. Chief executive Jim Rowan said the company was hit hard by rising raw material prices, record inflation, higher interest rates and the war in Ukraine.
The world's top brewer AB InBev said Thursday that it enjoyed its best quarter of the year as sales volumes rose, triggering a jump in profits.. While surging inflation has been putting pressure on consumers everywhere, the maker of Budweiser and Corona beers still managed to boost its sales volumes in the July-September quarter.
Danske Bank, which is under investigation by Danish and US authorities, said Thursday it had set aside an additional 14 billion kroner (1.9 billion euros) to cover expected fines related to massive suspected money laundering via its Estonian branch.. An investigation carried out by an outside law firm for the bank found that it could not account for the origin of more than $220 billion that flowed through its Estonian branch from 2007 to 2015, much of which was suspected to have come from Russia.
Lebanon and Israel were Thursday expected to sign a US-brokered maritime border deal that would pave the way for lucrative offshore gas extraction by the neighbours which remain technically at war.. The maritime border deal could not be signed by Lebanon without the consent of Hezbollah, a powerful Shiite faction backed by Israel's arch nemesis Iran.
EU chief Charles Michel called on Thursday for closer ties with Central Asia on his first official visit to Kazakhstan, the main economic powerhouse in a region where Russia's influence has come under question.. This is the first EU-Central Asia summit, a gathering Michel described as "much more than just a policy dialogue between two regions".
Revenue at Chinese telecom giant Huawei fell by 2.2 percent year on year in the first three quarters of 2022, company data showed Thursday, as Covid-19 and US sanctions dragged down sales.. The 2.2 percent fall in revenue in the first three quarters is significantly lower than the 32 percent revenue plunge it logged in the same period last year, showing slowing decline.
TotalEnergies said Thursday surging global oil and gas prices helped it post a massive jump in profits in the third quarter as France is riven over taxing windfall profits of energy companies.. Its gas and renewables unit made a record net operating profit of $3.6 billion, a jump from $1.1 billion in the previous quarter.
British energy giant Shell on Thursday announced net profit totalling $6.7 billion in the third quarter, as oil and gas prices remain strong despite recent slides on easing supply fears.. Although oil and gas prices have surged from a year ago following the invasion of Ukraine by major energy producer Russia, hydrocarbon values have seen some recent cooling as the northern hemisphere experiences mild temperatures and countries shore up supplies.
The euro, pound and yen all held their gains against the dollar Thursday and most equities rose as traders grow increasingly hopeful the Federal Reserve will slow its pace of interest rate hikes.. And on Thursday the euro held above parity with the greenback, a day after breaking the marker for the first time since last month and ahead of an expected European Central Bank rate hike.
Credit Suisse announced a radical series of measures Thursday aimed at turning around the beleaguered bank following huge third quarter losses, including revamping its investment banking unit, 9,000 job layoffs and raising fresh capital.. The announcement came as the bank unveiled a third quarter net loss of $4.034 billion Swiss francs.
