CarMax results hit by ‘used-vehicle recession’; buyback paused

CarMax results hit by ‘used-vehicle recession’; buyback paused

Dec 22 (Reuters) – Used-car retailer CarMax Inc (KMX.N) said on Thursday it was pausing some hiring, halting share buybacks and cutting expenses after reporting an 86% drop in third-quarter profit as the industry struggles to offload inventory amid waning demand. The company’s shares fell as much as 12% to $52.10 and were at more … Read more

Exclusive: Musk’s banks to book Twitter loan losses, avoid big hits

Exclusive: Musk’s banks to book Twitter loan losses, avoid big hits

NEW YORK, Dec 13 (Reuters) – Some of the banks that lent Elon Musk $13 billion to buy Twitter are preparing to book losses on the loans this quarter, but they are likely to do so in a way that it does not become a major drag on their earnings, according to three sources with … Read more

Pub group Fuller’s confident on Christmas after London recovery drives sales

Pub group Fuller’s confident on Christmas after London recovery drives sales

Nov 17 (Reuters) – Fuller, Smith & Turner (FSTA.L) said it was confident customers would keep flocking to its pubs this Christmas despite the challenging economic environment, after tourists and commuters returned to London, driving sales higher. Many of Britain’s hospitality businesses are fighting to survive this winter as energy and staff costs rise while … Read more

Canada’s BMO books $834 mln charge over U.S. Ponzi lawsuit loss

Canada’s BMO books $834 mln charge over U.S. Ponzi lawsuit loss

Nov 9 (Reuters) – A U.S. jury on Tuesday found a local unit of Canada’s Bank of Montreal (BMO) (BMO.TO) liable for over $550 million in damages over a Ponzi scheme operated by a Minnesota businessman, leading the bank to book a charge of C$1.12 billion ($834.2 million). Thomas Petters was found guilty in 2009 … Read more

Apple warns of hit to iPhone shipments from China COVID disruption

Apple warns of hit to iPhone shipments from China COVID disruption

Apple expects lower shipments of iPhone 14 Pro and Pro Max Apple says a China plant operating at sharply reduced capacity Apple supplier Foxconn revises down Q4 outlook TAIPEI, Nov 7 (Reuters) – Apple Inc (AAPL.O) expects lower shipments of high-end iPhone 14 models than previously anticipated following a significant production cut at a virus-blighted … Read more

Toyota cuts output target amid chip crunch as profit tumbles 25%

Toyota cuts output target amid chip crunch as profit tumbles 25%

Q2 profit 562.7 bln yen vs 772.2 bln yen forecast Cuts FY production target to 9.2 mln units from 9.7 mln Unclear when chip shortage will end – executive Results ‘very unimpressive’ considering positive factors -analyst Shares end down 1.9%, Nikkei benchmark up 0.3% TOKYO, Nov 1 (Reuters) – Toyota Motor Corp (7203.T) on Tuesday … Read more

Japan’s JERA to book $751 mln loss related to fire at Freeport LNG in FY22/23

Japan’s JERA to book $751 mln loss related to fire at Freeport LNG in FY22/23

TOKYO, Oct 28 (Reuters) – Japan’s biggest buyer of liquefied natural gas (LNG), JERA, said on Friday it plans to book a 110 billion yen ($751 million) loss related to a fire at U.S. Freeport LNG, mostly due to higher costs as it needed to buy alternative fuel from the spot market. Japan’s biggest power … Read more

Credit Suisse seeks billions from investors in make-or-break overhaul

Credit Suisse seeks billions from investors in make-or-break overhaul

ZURICH, Oct 27 (Reuters) – Credit Suisse plans to raise 4 billion Swiss francs ($4 billion) from investors, cut thousands of jobs and shift its focus from investment banking towards its rich clients, as the bank attempts to put years of scandals behind it. The Swiss lender outlined on Thursday what its chairman Axel Lehmann … Read more

TotalEnergies clocks $9.9 bln profit in Q3, books new Russian impairment

TotalEnergies clocks $9.9 bln profit in Q3, books new Russian impairment

PARIS, Oct 27 (Reuters) – TotalEnergies (TTEF.PA) posted a sharp jump in its third quarter net profit compared with a year ago, as it joined other energy giants in its sector to have benefited from higher oil and gas prices, although it also booked a new Russia-related impairment. TotalEnergies’ third-quarter adjusted net income stood at … Read more

London Stock Exchange Group sticks with targets in quarterly update

London Stock Exchange Group sticks with targets in quarterly update

LONDON, Oct 21 (Reuters) – The London Stock Exchange Group (LSEG.L) reported a 16.2% rise in income in the third quarter to 1.905 billion pounds ($2.13 billion) on Friday, and made no changes to its guidance or targets. A consensus forecast from analysts had expected income of 1.881 billion pounds, excluding recoveries. Gross profit in … Read more