-- Shares of major Australian mining stocks fell sharply on Wednesday, tracking a decline in iron ore prices amid growing concerns that worsening global economic conditions will dent demand for the steel-making material. BHP Group Ltd (ASX:BHP) and Rio Tinto Ltd (ASX:RIO)- Australia’s two biggest mining companies by market capital, slid 2.2% and 1.6%, respectively....
-- Asia-focused lender HSBC Holdings PLC (HK:0005) (LON:HSBA) clocked weaker-than-expected profit growth for 2023, but still marked a record-high pre-tax profit as it benefited greatly from higher interest rates across the globe, with the bank also announcing an up to $2 billion buyback. HSBC’s profit before tax for the year to December 31 rose to...
By Selena Li and Lawrence White HONG KONG/LONDON (Reuters) -HSBC Holdings reported a record annual profit, that nonetheless came in below analysts\' forecasts as the income boost from higher interest rates was offset by a hefty $3 billion charge from its stake in a Chinese bank. HSBC, which has a market value of $160 billion,...
-- Anglo-Australian miner Rio Tinto Ltd (ASX:RIO) clocked a weaker underlying profit for 2023 as softer iron ore prices and demand weighed on its topline, although the figure was still slightly above expectations on stronger production. Rio Tinto’s underlying profit- which excludes special items- fell about 12% to $11.8 billion in the year to December...
By Samuel Indyk and Alun John LONDON (Reuters) - Investors have been pouring cash into Swiss stocks in the hope that this export-focussed market will outshine its peers, in part thanks to a shift in central bank policy that could knock the franc further off 2023\'s multi-year highs. Analysts say this quarter will probably remain...
(Reuters) - Rio Tinto (NYSE:RIO) reported an 11% drop in full-year underlying earnings on Wednesday, as lower contributions from its aluminium business amid weaker prices countered production gains at the iron ore segment. Average prices Rio Tinto received for aluminium sold slipped over 2023 from COVID-era peaks, as supply chains normalised and demand from Western...
By Nick Carey BERKHAMSTED, England (Reuters) - Electric vehicle drivers unable to install a charger at home are turning instead to stopgaps offered by U.S. and European firms as alternatives to often expensive or inconvenient public charging points. The solutions include online platforms allowing people to rent out their chargers, \"pavement gullies\" for properties with...
By Arriana McLymore, Casey Hall and Lisa Barrington NEW YORK/SHANGHAI (Reuters) - The rapid rise of fast-fashion e-commerce retailers such as Shein and Temu is upending the global air cargo industry, as they increasingly vie for limited air-cargo space to woo consumers with rapid transit times, more than ten industry sources said. Shein, PDD...
By Lisa Barrington SINGAPORE (Reuters) - Philippine budget airline Cebu Pacific will decide in May or June whether to choose Airbus or Boeing (NYSE:BA) for an order of more than 100 narrowbody aircraft flagged last year, the carrier\'s CEO Michael Szucs said. Cebu Pacific is deciding whether to choose a combination of Airbus\' A320neo and...
By Chuck Mikolajczak NEW YORK (Reuters) -U.S. stocks ended lower on Tuesday, with the Nasdaq showing the largest declines as chipmaker Nvidia (NASDAQ:NVDA) stumbled ahead of its highly awaited earnings report, while gains in Walmart (NYSE:WMT) kept losses on the Dow Industrials in check. Shares of the chip designer Nvidia tumbled 4.35%, it\'s biggest daily...