TOKYO—Japanese automaker Nissan’s profit plunged in the last quarter to less than half of what it was a year earlier as the COVID-19 lockdown in China and a global semiconductor shortage slammed production. Nissan Motor Co. reported Thursday that its April–June net profit totaled 47.1 billion yen ($349 million), down from 114.5 billion yen in…
Biden Tells Big Oil That Record Profits ‘Not Acceptable’ Amid Soaring Gasoline Prices
June 15, 2022
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President Joe Biden is looking to jawbone U.S. oil companies into boosting gasoline and diesel supply amid soaring prices, calling on executives to expand refining capacity while blasting refiners for enjoying record profits while American drivers face pain at the pump. Biden made the remarks in a letter to oil executives seen by The Epoch…
Pfizer Surpasses Q1 Earnings Predictions
Pharmaceutical company Pfizer released its quarterly earnings report on Tuesday, delivering better-than-expected results with strong sales of its antiviral drug Paxlovid and the company’s vaccine for the CCP (Chinese Communist Party) virus. In the recent financial quarter, Pfizer reported net income of $7.864 billion, almost $3 billion higher than net income for the previous quarter ($4.877…
Shell to Put Profits From Russian Oil Trade Into Ukraine Aid Fund
March 6, 2022
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LONDON—Oil major Royal Dutch Shell will put profits from any Russian oil it purchases into a fund that will go towards humanitarian aid to Ukraine, the company said on Saturday. Shell had on Friday bought a cargo of Russian crude oil at a record low discount, the first such trade since Russia invaded Ukraine last…
Toyota and Honda Upbeat on Profits as Customers Pay More for Scarce Cars
February 10, 2022
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TOKYO—Toyota Motor and Honda Motor were upbeat about their full-year profit prospects on Wednesday as tight vehicle supplies caused by a chip shortage allowed Japan’s two biggest automakers to charge their customers more. The Japanese carmakers are also benefiting from a weaker yen that raised the yen value of their overseas earnings. Toyota and Honda…
Tyson Foods Reports Forecast-Beating Profits, Helped Along by Higher Consumer Prices
Meat processing giant Tyson Foods saw its shares surge by nearly 12 percent on opening bell Monday after the company reported forecast-beating fiscal first-quarter profits, boosted by higher consumer prices amid the broader inflationary environment. Tyson Foods, the biggest U.S. producer of processed chicken and beef, reported net income of $1.126 billion in the company’s…
American Express Q4 Profits Jump 20 Percent on Card Spending
Credit card company American Express said Tuesday that its fourth-quarter profits rose 20 percent from a year earlier, as eager consumers spent record levels of money during the holiday season on the company’s namesake cards. AmEx posted a profit of $1.72 billion, or $2.18 a share, up from $1.44 billion, or $1.76 a share, a…
China’s Industrial Profit Growth Slows in November on High Raw Material Prices
December 27, 2021
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Profits at China’s industrial firms grew at a much slower pace in November, the country’s statistics bureau said on Dec. 27, as still-high raw material prices, a faltering property market, and weaker consumer demand weighed on factories’ margins. Industrial firms’ profit growth decelerated to 9 percent year-on-year in November to 806 billion yuan ($127 billion)—the…
What Are Citi’s Top Telecom, Networking Picks for 2022?
Citi analyst Jim Suva named Keysight Technologies Inc., followed by Motorola Solutions Inc., and Ciena Corp., as his top telecom and networking picks for 2022. Keysight should benefit from semi-cap equipment, new buildouts, edge computing, and new automotive electronic complexity growth, Suva notes. Keysight is a leader in testing and measurement, helping electronics OEMs and suppliers alike bring products…
Main IKEA Retailer’s Profits Jump Despite ‘Unprecedented Challenges’
November 30, 2021
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Business & EconomyBusiness ColumnistsBusinesses in COVID-19CompanieseconomyEuropeIKEAIngkaInternationalMarketsprofitssupplyWorld
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STOCKHOLM—Ingka Group, the owner of most IKEA stores world-wide, reported on Tuesday a jump in annual profit on the back of record demand for home furnishing as people stay at home more due to the pandemic. Despite more temporary store closures due to pandemic related restrictions than the year before, and product shortages due to…
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