Asian stocks rose Friday after data showing another contraction in the US economy boosted hopes that the Federal Reserve will slow its pace of interest rate hikes.. But the reading was taken as a sign of good news, as it could give the Fed room to take its foot off the pedal, with Treasury yields -- considered a barometer of future interest rates -- easing.
Instagram will pause features that users have campaigned against and complained make the social network too much like TikTok, according to a report in the Platformer tech newsletter Thursday.. Celebrity sisters Kim Kardashian and Kylie Jenner were some of the most vocal users to have posted messages on social media this week calling for the company to "make Instagram Instagram again" and stop trying to be like TikTok.
E-commerce colossus Amazon on Thursday reported that its sales in the recently ended quarter grew more than expected despite inflation and other economic turmoil.. Snapchat's parent firm, for example, reported that its loss in the recently ended quarter nearly tripled to $422 million despite revenue increasing 13 percent under conditions "more challenging" than expected.
A deal has been reached to allow for distribution of a low-cost generic version of a long-term preventative treatment against HIV in low-income countries where most of the world's infections occur, Unitaid and the Medicines Patent Pool announced Thursday.. The Medicines Patent Pool, founded by Unitaid and UN-backed, works to licence needed medicines for generic distribution in low- and middle-income countries. lem-dl/rl
Pfizer reported a jump in second-quarter profits Thursday behind a near doubling of revenues driven by sales of its Covid-19 vaccine and therapeutic drug Paxlovid.. Revenues for the vaccine came in at $8.8 billion, up 13 percent from the year-ago period, while sales of Paxlovid were $8.1 billion -- a big jump over the prior quarter following a five-fold growth in US utilization.
JetBlue Airways plans to acquire low-price carrier Spirit Airlines for $3.8 billion, the companies announced Thursday, in what would establish the fifth largest US airline.. The companies plan to argue the deal will help consumers.
German auto giant Volkswagen said Thursday that it was able to overcome global economic headwinds and supply chain issues to put in a "robust" performance in the first six months of 2022.. - Easing supply constraints - Looking ahead, Volkswagen said it "confirms its outlook for 2022... as supply constraints ease."
Most of South Africa is wallowing in endless power cuts, but a remote whites-only farming town in the country's sun-drenched centre is close to producing enough electricity to be self-sufficient.. In energy-starved South Africa, the small settlement of 2,500 people is the only town nationwide close to reaching energy supply autonomy and freeing itself from the failing national power grid.
British energy giant Shell said Thursday that its net profit soared more than five-fold to $18 billion in the second quarter, fuelled by resurgent oil and gas prices, and rewarded shareholders with another bumper buyback.. France's TotalEnergies said Thursday that net profit more than doubled in the second quarter to 5.7 billion euros ($5.8 billion) from a year earlier.
Japanese car giant Nissan said on Thursday that net profit sank nearly 60 percent in the three months to June as pressures including a lockdown in Shanghai and chip shortages weighed on business.. "Nissan's challenge is how to minimise the impact of the chip shortage and sell attractive new cars, including those recently released," he said.
