Business

South Korea’s sudden property slump tests world’s most indebted consumers

South Korea’s property market has abruptly gone from sizzling hot to floundering, piling pressure on some of the world’s most debt-saddled consumers as the sector experiences the fastest interest rate hikes on record. Prices of Seoul apartments last week reported their sharpest decline in 26 months, while transaction volumes in the capital dropped 73% in […]

Business

Shares rally, U.S. Treasury yields fall as U.S. economy shrinks

Wall Street stocks rallied on Thursday, while Treasury yields fell for the third straight day as investors digested data showing a declining U.S. economy for a second straight quarter, a day after the Federal Reserve hiked interest rates. The dollar dropped to a six-week low against the yen, tracking the decline in Treasury yields, after […]

Business

Wall St ends up sharply for 2nd day; Amazon, Apple jump after hours

U.S. stocks on Thursday rallied for a second day, with all three major indexes ending up more than 1% as data showing a second consecutive quarterly contraction in the economy fueled investor speculation the Federal Reserve may not need to be as aggressive with interest rate hikes as some had feared. The yield on benchmark […]

Business

Singapore lender UOB posts 11% rise in Q2 net profit

Singapore’s smallest listed lender, United Overseas Bank (UOB) (UOBH.SI), reported a rise of 11% in second-quarter profit, supported by a strong improvement in net interest income amid increasing interest rates. “This rising interest rate environment is set to further boost our margins for the year,” Chief Executive Wee Ee Cheong said in a statement. “We […]

Business

Brazil’s Petrobras smashes profit estimates amid divestments, Ukraine War

Brazil’s Petrobras smashed second quarter profit and margin estimates, boosted by divestments and higher margins in its fuel and natural gas businesses, the company said on Thursday. In a securities filing, Petroleo Brasileiro SA (PETR4.SA), as the state-run oil firm is formally known, reported a net income of 54.33 billion reais ($10.5 billion). That represented […]

Business

Cuervo parent company Becle reports 58.6% rise in Q2 net profit

Mexican distiller Becle, better known as the parent company of the popular Jose Cuervo tequila brand, posted a 58.6% jump in second-quarter net profit on increased demand for the spirit across all regions except the United States and Canada, the company said on Thursday. Becle’s (CUERVO.MX) net profit rose to 1.40 billion Mexican pesos ($69.5 […]

Business

Brazil miner Vale’s profit slips but beats forecasts

Brazilian miner Vale SA (VALE3.SA) said on Thursday its second-quarter net income fell 18.9% from the previous year, hit mainly by a sharp decline in iron ore prices and escalating costs, but results still topped analysts’ estimates. Vale, one of the world’s largest iron ore miners, posted net income of $6.15 billion, above expectations of […]