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  • Peugeot posts record earnings despite sales dip

    A logo of Peugeot car maker is seen at the Roland Garros stadium in ParisBy Laurence Frost and Gilles Guillaume PARIS (Reuters) - French automaker PSA Group shrugged off a drop in Chinese sales and an ageing lineup to deliver record first-half profit, as Chief Executive Carlos Tavares made progress on his turnaround plan for the maker of Peugeot, Citroen and DS cars. "This was a very strong result, and Tavares continues to make significant headway in transforming the company," said Evercore ISI analyst Arndt Ellinghorst, who has a "sell" rating on the stock.


  • FOREX-Yen hit by scale of reported fiscal plan, new bond talk
    Reports of a larger than previously expected fiscal stimulus plan for Japan had the yen back on the defensive on Wednesday, as investors bet the Bank of Japan (BOJ) would match that with a new bout of money-printing aimed at weakening its currency. The yen has been buffeted by speculation, repeatedly denied by officials, that the BOJ will take the next step in eight years of emergency policymaking globally by handing money directly to the government with no strings attached. The latest volley in that debate was a report by the Wall Street Journal, again denied by the Ministry of Finance, that Japan was considering issuing 40- and 50-year bonds.More

  • Apple sells more iPhones than expected, shares jump after hours

    Apple Inc. CEO Tim Cook leads a moment of silence for the victims of the attack in Orlando as he opens the company's World Wide Developers Conference in San Francisco, CaliforniaApple Inc sold more iPhones than Wall Street expected in the third quarter and estimated its revenue in the current period would top many analysts' targets, soothing fears that demand for the company's most important product had hit a wall. IPhone sales dropped for the second straight quarter, pushing down Apple's total revenue 14.6 percent in the fiscal third quarter, ended June 25. Demand for Apple's phones has waned in China, partly because of economic uncertainty there, and has also slowed in more mature markets as people tend to hold on to their phones for longer.


  • Bayer drugs secure earnings beat, offset weak crop chems

    The logo of Bayer AG is pictured at the Bayer Healthcare subgroup production plant in WuppertalBy Ludwig Burger FRANKFURT (Reuters) - Bayer , the German drugmaker trying to acquire U.S. seed company Monsanto , surpassed second-quarter earnings expectations and raised its guidance for the year as strong gains in stroke prevention pill Xarelto offset sluggish farming pesticides markets. Second-quarter profit before interest, taxes, depreciation and amortisation (EBITDA), adjusted for one-off items, gained 5.7 percent to 3.05 billion euros (2.55 billion pounds), above the average estimate of 2.90 billion in a Reuters poll among analysts. ...


  • MIDEAST STOCKS-IMF news may boost Egypt, Gulf quiet
    Egypt's stock market looks set to rise on Wednesday on news that Cairo is near agreeing an International Monetary Fund lending programme, while soft oil prices - Brent crude is below $45 a barrel - and mixed Saudi corporate earnings may keep the Gulf quiet. Prime Minister Sherif Ismail ordered the central bank governor and minister of finance to complete negotiations for the programme with an IMF team that will visit Egypt in the next few days. An IMF deal, and the attached economic policy conditions, could help to revive foreign investor confidence in Egypt and allow it to remove some of the curbs on access to hard currency that have plagued the economy.More

  • LG Display guides for earnings recovery after second-quarter slump

    A woman looks at a LG Electronics' OLED TV at its store in SeoulBy Se Young Lee SEOUL (Reuters) - South Korea's LG Display Co Ltd on Wednesday guided for a second-half earnings recovery, signaling a pickup for the struggling panel industry as clients prepare to launch new gadgets such as smartphones. The firm also unveiled plans to invest 1.99 trillion won ($1.75 billion) to boost production of organic light-emitting diode screens for mobile devices, as smartphone makers increasingly adopt the next-generation technology. "Overall profitability in the second half of the year is expected to further improve due to stabilized panel prices," LG Display Chief Financial Officer Don Kim said in a statement.


  • Twitter reports slowest quarterly revenue growth since IPO

    A 3D-printed logo for Twitter is seen in this picture illustration made in ZenicaBy Yasmeen Abutaleb and Rishika Sadam SAN FRANCISCO/BENGALURU (Reuters) - Twitter Inc reported its slowest growth in quarterly revenue since going public in 2013 and frustrated investors yet again with a disappointing outlook for the current quarter. The microblogging service operator's shares fell 10 percent in extended trading with investors concerned about its expansion and role in the social media landscape as it faces intense competition from fast-growing competitors like Snapchat and Instagram. The company's second quarter revenue missed Wall Street estimates and the revenue forecast for the current quarter of $590 million to $610 million was well below the average analyst estimate of $678.18 million.


  • Wall Street mixed as investors eye Apple earnings

    Traders work on the floor of the New York Stock ExchangeU.S. stocks were mixed on Tuesday as Federal Reserve policymakers kicked off a two-day interest rate meeting and investors braced for quarterly scorecards from Apple and Twitter. Choppy stock trading followed a recent rally to consecutive record highs on the S&P 500 that has stretched price-to-earnings multiples to levels that some investors say presumes that companies will beat second-quarter estimates. Five of the 10 major S&P sectors rose, while a 1.49 percent drop in the telecom services index weighed heavily.


  • US STOCKS-Wall St mixed as investors eye Apple earnings
    U.S. stocks were mixed on Tuesday as Federal Reserve policymakers kicked off a two-day interest rate meeting and investors braced for quarterly scorecards from Apple and Twitter. Choppy stock trading followed ...More

  • Caterpillar shares up on earnings beat; cuts 2016 outlook

    CAT machines are seen on a lot at Milton CAT in North Reading, MassachusettsCaterpillar Inc shares rallied Tuesday on better-than-expected second quarter earnings, even as the heavy machinery maker lowered its full-year forecast amid sluggish demand in mining and other industries. Caterpillar shares, part of the Dow Jones industrial average , rose 4.7 percent to their highest level this year. Caterpillar said global uncertainty persists, and the recent vote in Britain to leave the European Union and the attempted coup in Turkey have heightened risks, especially in Europe.


  • Goldman Sachs abused trust in dealings with Libyan LIA, fund's lawyer tells trial

    The logo of Dow Jones Industrial Average stock market index listed company Goldman Sachs (GS) is seen on the clothing of a trader working at the Goldman Sachs stall on the floor of the New York Stock ExchangeBy Claire Milhench LONDON (Reuters) - Goldman Sachs abused its position as a trusted adviser to Libya's sovereign wealth fund, a lawyer for the fund argued on Tuesday, in a case that has subjected the bank's dealings to a forensic degree of scrutiny. In a trial at London's High Court, the Libyan Investment Authority (LIA) is attempting to claw back $1.2 billion from the Wall Street giant in relation to nine disputed trades carried out in 2008, arguing that the trades were secured through "undue influence" and "unconscionable bargaining". The LIA argues the bank took advantage of its financial naivety by first gaining its trust, then encouraging it to make risky and ultimately worthless investments.


  • Goldman is sued in U.S. over merger linked to Malaysia's 1MDB

    A sign is displayed in the reception of the Sydney offices of Goldman Sachs in AustraliaBy Jonathan Stempel NEW YORK (Reuters) - Goldman Sachs Group Inc was sued on Tuesday by a major shareholder of a Malaysian bank it once advised, and which accused the Wall Street bank of fraudulently shortchanging it in a merger to curry favor with that country's prime minister. In a complaint filed with the New York State Supreme Court in Manhattan, Primus Pacific Partners said it was seeking $510 million of damages from Goldman and former Managing Director Tim Leissner, after the bank concealed its conflicts of interest with Prime Minister Najib Razak and Malaysia's 1MDB sovereign wealth fund. Goldman called the lawsuit "misguided" and said it would defend against it.


  • Verizon posts subscriber gain shortfall, says Yahoo to fuel media push

    A Verizon sign at a retail store in San DiegoVerizon Communications Inc disappointed Wall Street on Tuesday by reporting a smaller-than-expected subscriber gain for its main wireless business, while its CEO gave few details about plans to increase revenue from its planned purchase of Yahoo Inc's internet assets. Shares of the No. 1 U.S. wireless company, which had risen about 21 percent this year, fell 2 percent shortly after midday. Verizon is focused on combining the media and advertising technology assets of Yahoo and AOL, which it acquired last year, Chief Financial Officer Fran Shammo said in an interview.


  • GRAPHIC-European tech shares disconnect from earnings as M&A hopes build
    The STOXX Europe 600 Technology index has rallied nearly 20 percent from a trough hit after Britain's June 23 vote to leave the European Union rattled European markets. SoftBank's move last week to acquire Britain's most valuable tech firm ARM for $32 billion has spurred hopes of more deal making in the sector, lifting valuations even as expectations for earnings growth have remained depressed. The sector also stands to benefit from a more than 5 percent drop in the euro against the dollar since early May, as many European tech companies have costs in euros but earn revenues in the U.S (Other OTC: UBGXF - news) .More

  • MIDEAST STOCKS-Gulf markets slip as Saudi hit by poor Q2 earnings
    * Saudi's Mobily, al-Khodari tumble on Q2 results * Positive Q2 surprise fails to lift Tasnee * Insurance sector bucks trend on bullish earnings * Dubai's Aramex surges 5.5 percent * Small stocks boost Kuwait index, blue chips move little By Celine Aswad DUBAI, July 26 (Reuters) - Gulf stock markets mostly fell on Tuesday as soft oil prices dampened buying, while Saudi Arabia's index fell 0.7 percent on disappointing quarterly corporate results. Etihad Etisalat (Mobily) slumped 4.2 percent after the Saudi telecommunications operator swung to a net profit of 18. ...More

  • DuPont cost-cutting pushes it beyond Wall Street's 2Q hopes

    FILE - In this Dec. 9, 2015 file photo, the company name of Dupont appears above its trading post on the floor of the New York Stock Exchange. Dupont reports financial results Tuesday, July 26, 2016. (AP Photo/Richard Drew, File)WILMINGTON, Del. (AP) — DuPont topped most expectations in the second quarter as the chemical maker cut costs ahead of its tie up with Dow Chemical, and it upped its profit outlook for the year.


  • Caterpillar 2Q results top Street, cuts 2016 profit outlook

    FILE - This June 10, 2014, file photo, shows the Caterpillar logo on heavy, earth-moving equipment in Springfield, Ill. Caterpillar Inc. reports financial results Tuesday, July 26, 2016. (AP Photo/Seth Perlman, File)PEORIA, Ill. (AP) — Caterpillar's second-quarter performance beat Wall Street's expectations, despite weakness in the mining and oil and gas industries. But the company lowered its full-year adjusted profit guidance again, saying global economic growth remains subdued and isn't sufficient to drive improvement in most of the industries and markets it serves.


  • Shell Philippines files for $629 million IPO, eyes November listing

    A logo of Shell is pictured at a gas station in the western Canakkale provinceBy Neil Jerome Morales and Enrico Dela Cruz MANILA (Reuters) - Pilipinas Shell Petroleum Corp has filed for an initial public offering (IPO) of shares that may raise as much as 29.7 billion pesos (479.17 million pounds) in one of the Philippines' largest stock market listings. The unit of Royal Dutch Shell Plc plans to launch the IPO in October involving up to 330 million primary and secondary shares at up to 90 pesos per share, with a listing on the Philippine Stock Exchange tentatively set for Nov. 10. If approved by regulators, it could be the country's third IPO this year and bigger than the recent $532 million maiden share sale by cement maker Cemex Holdings Philippines Inc , the country's largest listing in three years.


  • UK's Drax sees 2016 earnings at lower end of forecast range
    British power producer Drax said its full-year earnings for 2016 would likely be at the lower end of analysts' forecasts, after posting a 42 percent drop for the first half of the year. Earnings before interest, taxes, depreciation and amortization (EBITDA) were 70 million pounds ($92 million) in the first half of 2016, down from 120 million over the same period the year before.More

  • Kumba appoints new CEO, H1 earnings rise 20 percent
    Kumba Iron Ore said on Tuesday that Themba Mkhwanazi would take the helm as chief executive from Sept 1, replacing Norman Mbazima, who is stepping down to focus on his role as deputy chairman of Anglo ...More