Tech News

Profits at ExxonMobil, Chevron skyrocket with oil prices

US oil giants ExxonMobil and Chevron -- targets of White House criticism over soaring gasoline costs -- reported record quarterly profits Friday amid the war in Ukraine that sparked a steep rise in energy prices.. On Friday, both companies reported higher oil and natural gas volumes in the United States, with ExxonMobil boosted by an increased 130,000 barrels of oil-equivalent in the Permian Basin in Texas and New Mexico, and Chevron notching a three percent rise in US volumes.

Fri, Jul 29, 2022 2 mins read

Tech News

Musk, Twitter get Oct. 17 trial in buyout fight

Twitter's lawsuit to force Elon Musk to complete his $44 billion buyout bid is set to go to trial on October 17, a US judge has ordered, in a case with major stakes for both sides.. An order from the judge handling the case, Kathaleen McCormick, lays out an expedited schedule to resolve a fight that has left Twitter in limbo.

Fri, Jul 29, 2022 1 mins read

Tech News

US prices accelerate in June, outpacing income gains

A key US inflation measure accelerated again in June, outpacing gains in income, government data showed Friday, heaping pressure on President Joe Biden and policymakers trying to ease the pain for American families.. And inflation jumped 1.0 percent compared to May, in line with economists' expectations but outpacing personal income, which rose just 0.6 percent, the same increase as the prior month, according to the report.

Fri, Jul 29, 2022 2 mins read

Tech News

Price hikes boost P&G profits despite lower China sales

Higher prices helped Procter & Gamble score increased quarterly profits despite a hit to China sales, and executives on Friday described inflation as having a relatively limited impact thus far on demand.. However, P&G executives said sales in China suffered an 11 percent hit due to Covid-19 lockdowns, with the earnings release highlighting the impact in beauty, grooming and health care.

Fri, Jul 29, 2022 1 mins read

Tech News

World Bank refuses new funding for bankrupt Sri Lanka

The World Bank said Friday it would not offer new funding to Sri Lanka unless the bankrupt island nation carried out "deep structural reforms" to stabilise its crashing economy.. "This requires deep structural reforms that focus on economic stabilisation, and also on addressing the root structural causes that created this crisis."

Fri, Jul 29, 2022 1 mins read

Tech News

Venezuela's Maduro regime loses latest step of UK gold case

Opposition leader Juan Guaido's rival Venezuelan government said Friday it was a step closer to taking control of the oil-rich country's gold reserves, after the latest judgment by a UK court.. "This decision represents another step in the process of protecting Venezuela's international gold reserves and preserving them for the Venezuelan people and their future," he said.

Fri, Jul 29, 2022 1 mins read

Tech News

ExxonMobil profits surge to $17.9 bn on lofty commodity prices

ExxonMobil's profits nearly quadrupled to $17.9 billion in results released Friday that underscored the elevated state of oil and natural gas prices amid commodity market tightness.. ExxonMobil's results were also boosted by a strong performance in its downstream business amid high gasoline prices and limited refining capacity.

Fri, Jul 29, 2022 1 mins read

Tech News

Ultra-fast fashion charms young despite damaging environment

So-called "ultra-fast fashion" has won legions of young trend-setting fans who snap up relatively cheap clothes online amid surging inflation, but the booming genre masks darker environmental problems.. - 'Haul' videos - Customers post so-called "haul" videos online -- where they unwrap SHEIN packages, try on clothes and review them.

Fri, Jul 29, 2022 3 mins read

Tech News

Sony trims annual profit forecast after Bungie purchase

Sony trimmed its annual net profit forecast on Friday, partly due to acquisition expenses including the purchase of US game studio Bungie, creator of hits like "Halo" and "Destiny".. It said the expected increase in acquisition expenses was "mainly due to the acquisition of Bungie, Inc. being completed earlier than the assumed timing".

Fri, Jul 29, 2022 2 mins read

Tech News

Hustling in Lagos to 'survive in hell'

It's midnight.

Fri, Jul 29, 2022 4 mins read