Business

Poste Italiane Q2 net profit up 44% on strong payment & mobile business

Net income at Italy’s Poste Italiane (PST.MI) rose 44% in the second quarter to 469 million euros, mainly thanks to strong growth in the payment and mobile division and cost-cutting in the mail and parcel segment, the company said on Thursday. The company, which includes a financial and an insurance services division, reported improvement in […]

Business

Safran H1 profit rises but more supply chain snags ahead

French jet engine maker Safran (SAF.PA) posted higher first-half earnings and raised some forecasts as airlines bought more spare parts to serve a recovery in air travel, but warned supply chain problems could last well into 2023. The world’s third largest aerospace supplier, whose products range from wheels to wiring and commercial engines to thrusters […]

Business

Hint of a Fed pause opens door to Asia’s emerging markets

As the United States pushes ahead with its steepest interest rate hikes in a generation, investors are unusually poised to buy in Asia’s emerging markets, betting authorities can tame inflation without triggering the capital-flight chaos of previous cycles. While no rally is underway, steadying currency, debt and equity markets suggest investors may have already stopped […]

Business

HeidelbergCement lowers profit outlook on high energy costs

HeidelbergCement (HEIG.DE), the world’s No.2 cement maker, on Thursday posted a 4.3% drop in second-quarter core profit, citing challenges ahead because of an unprecedented increase in energy prices. The results from current operations before depreciation and amortisation (RCOBD) were 1.13 billion euros ($1.15 billion) in the April-June period, the company said. The company confirmed its […]

Business

Red tape and reluctant locals cloud Germany’s solar power rush

Two German renewable companies hope to build one of the country’s biggest solar parks among rolling hills in the eastern district of Barnim to improve energy security in the face of an unprecedented supply crisis. But the project faces dozens of hurdles, even as Russia, on which Germany has relied for decades, reduces gas supplies, […]

Business

HSBC to leave best lending rate in Hong Kong unchanged at 5%

HSBC Holdings (HSBA.L) said on Thursday it would leave its best lending rate in Hong Kong unchanged at 5%, despite a rise in the base rate of the city’s central bank, charged through its overnight discount window. The Hong Kong Monetary Authority (HKMA) raised the rate by 75 basis points to 2.75%, hours after the […]

Business

Meta posts first-ever revenue drop as inflation throttles ad sales

Meta Platforms Inc (META.O) issued a gloomy forecast after recording its first ever quarterly drop in revenue on Wednesday, with recession fears and competitive pressures weighing on its digital ads sales. Shares of the Menlo Park, California-based company were down about 4.6% in extended trading. The company said it expects third-quarter revenue to fall to […]