COPENHAGEN—Shares in H&M, the world’s second-biggest fashion retailer, fell 4.5 percent in early Thursday trade as a 10 percent rise in net sales in the September–November quarter failed to match a recent pick up in some analysts’ expectations. H&M, which has struggled to keep up with bigger rival Zara, last month became the first big…
NTD News Today (Dec. 2): Cochise County, AZ Ordered to Certify Election Results; Biden: ‘Glitches’ in Inflation Reduction Act
Cochise County, Arizona’s board of supervisors certified their jurisdiction’s midterm election results on Thursday. This, at the order of a judge three days after they missed the statutory deadline of November 28th. President Biden admitted to some “glitches” in the Inflation Reduction Act — after criticism from French President Emmanuel Macron. But Biden says he makes…
NTD News Today (Dec. 2): Arizona County Ordered to Certify Election Results; Biden Signs Bill Averting Rail Strike
Cochise County, Arizona’s board of supervisors certified their jurisdiction’s midterm election results on Thursday. This, at the order of a judge three days after they missed the statutory deadline of November 28th. President Biden signed legislation today to avert a nationwide railway shutdown, preventing would could have been a reality as early as next week. President…
‘Massive Scars’: Germany’s Uniper Posts Record 40 Billion Euro Net Loss
November 3, 2022
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FRANKFURT/DUESSELDORF—Soon-to-be-nationalized gas importer Uniper reported a record 40 billion euro ($39.3 billion) net loss in the first nine months of this year, the biggest in German corporate history, after Russia stopped its supplies. The loss further highlights how Russia’s decision to sever a decade-long supply relationship with Europe, most notably Germany, is impacting the continent’s…
Volkswagen Says Supply Jams Here to Stay as Earnings Stagnate
BERLIN—Volkswagen said supply chain troubles were the new norm as it reported stagnated earnings in the third quarter, but the carmaker still expects growth in the autos market next year as some bottlenecks look likely to ease. The carmaker lowered its expectations for deliveries this year to be on par with 2021, down from a…
Shell Reports Drop in Profit to $9.45 Billion, Hikes Dividend
October 27, 2022
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LONDON—Shell on Thursday posted a third-quarter profit of $9.45 billion, slightly below the second quarter’s record high, due to weaker refining and gas trading, and said it will sharply boost its dividend by the end of 2022 when its CEO departs. The British oil and gas giant also extended its share repurchasing program, announcing plans…
Consumer Giants Are Winners as Shoppers Swallow Price Hikes
ZURICH/LONDON—Nestle and Procter & Gamble, the world’s two biggest consumer firms, reported better-than-expected sales on Wednesday, as shoppers continued to pay more for goods like Nescafe coffee and Gillette razors despite record inflation. Nestle, which also makes Cheerios cereal and KitKat chocolate bars, reported better-than-expected sales results, successfully passing higher costs on to shoppers as…
Bank of America Beats Profit Estimates as Interest Rates Climb
October 18, 2022
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Bank of America Corp. on Monday reported a smaller-than-expected 9 percent drop in quarterly profit, as its interest income was bolstered by rising interest rates that offset a slump in investment banking. The U.S. Federal Reserve’s aggressive move to tighten monetary policy this year to tame inflation has boosted the amount that banks can earn…
Wells Fargo Profit Falls on Sales Scandal Costs, Higher Reserves
October 14, 2022
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Wells Fargo & Co. on Friday reported a 31 percent decline in third-quarter profit as the bank racked up costs related to a fake accounts scandal and boosted its loan loss reserves in preparation for a potential slowdown. The bank posted $2 billion in operating losses related to litigation, customer remediation, and regulatory matters associated…
UnitedHealth Expects Strong 2023 Earnings as COVID-19 Costs Ease
UnitedHealth Group Inc. expects to meet Wall Street’s loftier expectations for 2023 profit after the health insurer raised its annual profit forecast for the third time on Friday, helped by lower COVID-19 costs. An industry bellwether and the first health insurer to report third-quarter earnings set a positive tone with its 2022 forecast raise and…
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