Johnson & Johnson on Tuesday cautioned investors over the lingering impact of inflation-driven costs this year as the healthcare conglomerate issued a conservative full-year profit forecast, and its shares fell more than 2%. J&J also said it expected a steep decline in sales of its blockbuster Crohn’s disease drug Stelara once it loses U.S. patent protection […]
Bank of America Corp’s first-quarter profit beat analysts’ estimates as it collected hefty interest payments from customers, while its bond traders had their best quarter in a decade. Rival banking giants JPMorgan Chase and Co and Citigroup Inc also reaped windfalls from higher interest payments in the first quarter, while setting aside billions of dollars to prepare for a worsening […]
Climate change and environmental-related natural disasters are associated with massive human losses, physical damages, and economic and fiscal losses, all affecting countries’ ability to meet their development goals. There is also growing global recognition that such disasters could pose risks to financial system stability, for example through loan losses and repricing of financial instruments, that would […]
Activist investor Trillium Capital said on Monday stock-photo company Getty Images Holdings Inc should expand and create partnerships with technology firms and publishers to grow its revenue. Last week, Trillium asked Getty for a board seat and urged the company to evaluate strategic options including a sale. According to Trillium’s Monday statement, Getty should expand its partnership with […]
The Swiss government has awarded an advisory mandate worth up to 8.7 million Swiss francs ($9.70 million) to Alvarez & Marsal Switzerland, linked to the rescue of Credit Suisse, according to state procurement platform Simap.ch on Monday. Swiss authorities last month engineered a takeover of struggling Credit Suisse by rival UBS that included over 200 billion […]
Netflix Inc is expected to report that it added some 2 million subscribers in the first quarter and investors will scrutinize whether recent price cuts and the launch of an ad-supported plan are tempting people to subscribe and stay on. The company, which lost 200,000 subscribers in the year-ago quarter, returned to subscriber growth in the […]
Alphabet Inc shares fell nearly 4% on Monday after a report that South Korea’s Samsung Electronics was considering replacing Google with Microsoft-owned Bing as the default search engine on its devices. The report, published by the New York Times over the weekend, underscores the growing challenges Google’s $162-billion-a-year search engine business face from Bing – a minor player that has […]
The U.S. Treasury said Monday that Volkswagen, BMW, Nissan, Rivian, Hyundai and Volvo electric vehicles will lose access to a $7,500 tax credit under new battery sourcing rules. The Treasury said the new requirements effective Tuesday will also cut by half credits for the Tesla (Model 3 Standard Range Rear Wheel Drive to $3,750 but other […]
Shares of Infosys Ltd slumped nearly 15% on Monday, dragging peers and the benchmark index, after the company’s dismal revenue outlook raised concerns about demand for Indian IT services amid a global banking turmoil and recession fears. Infosys’ outlook last week followed a disappointing quarterly report from larger rival Tata Consultancy Services Ltd, highlighting worries for the […]
A wildfire destroyed nearly 1,000 hectares on the French-Spanish border on Sunday and early Monday, authorities said, as parts of southern Europe remain gripped by a drought that is raising fears of a repeat of last summer’s exceptional conflagrations. The blaze, France’s first major wildfire this season, was brought under control early on Monday though […]
