Business & Finance News
Ford Motor Co on Wednesday posted a lower quarterly profit as high commodity costs and a China sales slump partially offset strong demand for pickup trucks and SUVs in North America, but results came in just above analyst estimates.
Microsoft Corp beat Wall Street estimates for revenue and profit in its first quarter on Wednesday, as more businesses signed up for its Azure cloud computing services and Office 365 software.
Visa Inc’s quarterly profit surged 33 percent as the payments network processed more transactions, led by higher consumer spending and a strengthening U.S. economy.
Stock markets around the world were lower on Wednesday while U.S. Treasuries prices rose as investors favored safer bets due to global economic and political fears, while the U.S. dollar surged and oil prices steadied after the previous day’s session.
Some tech-heavy U.S. fund managers have turned to the once-stodgy payments sector as an alternative to so-called FANG stocks as high-flyers like Facebook Inc and Google parent Alphabet Inc falter.
U.S. stocks fell on Wednesday, with the S&P 500 on track for a sixth day of losses, as weak forecasts from chipmakers added to concerns over the impact on earnings from tariffs and China’s slowdown.
Airbus planemaking chief Guillaume Faury confirmed on Wednesday that new variants of the A321neo passenger jet had contributed to delivery delays at a plant in Hamburg, Germany, but said engineers were in the midst of resolving the problem.
Singapore-based Grab has partnered payments processor Mastercard Inc to issue prepaid cards tailored to Southeast Asian consumers, extending the use of Grab’s digital wallet and helping its unbanked users transact online.
Mick Mulvaney, the head of the U.S. Consumer Financial Protection Bureau (CFPB) on Wednesday fined a payday lender $200,000 for wrongly hounding borrowers but the penalty fell short of the $3 million his predecessor was seeking, said three sources familiar with the move.
Mexico this year rejected an offer by Brazilian construction firm Odebrecht SA [ODBES.UL] to pay $18 million and supply information related to graft cases, according to a document and a person with knowledge of the matter, the conglomerate’s latest attempt to move past a major regional corruption scandal.
New York’s attorney general sued Exxon Mobil Corp, alleging that the energy company misled investors about the risks of climate change regulations on its business.
Sales of new U.S. single-family homes fell to a near two-year low in September and data for the prior three months was revised lower, the latest indications that rising mortgage rates and higher prices were sapping demand for housing.
Tesla Inc’s high-end Model S sedan lost its “recommended” rating and the electric carmaker slid overall by six spots to almost the bottom in Consumer Reports magazine’s annual reliability survey.
Chief Executive Elon Musk may post a long-promised profit when Tesla Inc reports third-quarter results later on Wednesday, as production of the Model 3 electric sedan takes off, but investors will want to know if such results are sustainable.
U.S. stocks slid on Wednesday, continuing a brutal month, as weak forecasts from chipmakers fanned concerns over the impact of tariffs and China’s slowdown on corporate profit, even though Boeing hiked its outlook.
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