The European Central Bank raised its key interest rate by 0.5 percentage point, diverging from the Federal Reserve, and indicated it would enact a similar increase in March, as resilient economic growth in the eurozone and a rapid reopening of China’s economy are expected to keep inflation. high. The ECB’s move, its fifth large rate …
ECB raises interest rate by Half Percentage Point Read More »
FedEx Corp. FDX 4.26% is laying off more than 10% of its global management staff as the delivery company faces a shipping slowdown. In an email to staff Wednesday, Chief Executive Raj Subramaniam said the company was reducing the size of its officer and director ranks and consolidating some teams and functions. The company declined …
FedEx Is Laying Off More Than 10% Of Its Management Ranks Read More »
LONDON—Airbus EADSY 2.36% SE agreed to revive orders for close to 75 aircraft from Qatar Airways after reaching a settlement with the Middle East airline over a long-running dispute about chipping paint on its A350 wide-body models. A spokesman for Airbus said it would now go ahead with delivering 50 A321 narrow-bodies and 23 remaining …
Airbus Revives Order From Qatar Airways Following Paint-Dispute Settlement Read More »
WASHINGTON—A federal judge declined to halt Meta Platforms Inc.’s META -0.01% acquisition of the virtual-reality startup Within Unlimited, delivering a setback to antitrust enforcers at the Federal Trade Commission seeking to block the deal, a person familiar with the ruling said. In a sealed court decision issued overnight, US District Judge Edward Davila in San …
FTC Loses Antitrust Challenge to Facebook Parent Meta Read More »
LONDON—BP BP 0.17% PLC Chief Executive Bernard Looney plans to dial back elements of the oil giant’s high-profile push into renewable energy, according to people familiar with recent discussions. Mr. Looney has said he is disappointed in the returns from some of the oil giant’s renewable investments and plans to pursue a narrower green-energy strategy, …
BP’s CEO Plays Down Renewables Push as Returns Lag Read More »
Worker pay gains cooled at the end of last year, with the new sign of moderating inflation leaving the Federal Reserve on course to slow interest-rate increases again Wednesday and increasing the possibility of a pause in rate rises this spring. Employers spent 1% more on wages and benefits last quarter versus the prior three …
Cooler Pay Gains Add to Debate on When Fed Might Pause Rate Hikes Read More »
Snap Inc. SNAP 4.24% warned sales in the current quarter are likely to drop after revenue growth stalled in the final three months of last year, illustrating the difficult market conditions social-media companies are having to navigate. The Snapchat parent said it generated $1.3 billion in sales in the fourth quarter, roughly flat from the …
Snap Warns of Sales Drop After Revenue Growth Stalls Read More »
McDonaldMCD -2.07% ‘s Corp. said adult Happy Meals and higher menu prices quarterly boosted its sales, though the giant burger said rising costs continue to pressure its restaurants. The Chicago-based company said Tuesday that its global same-store sales, at stores open at least 13 months, were up 12.6% from a year earlier for the three …
McDonald’s Sales Boosted by Adult Happy Meals, Price Increases Read More »
General Motors Co. GM 8.07% posted a $2 billion net profit for the fourth quarter, a surprisingly strong result as factory output rebounded from supply-chain troubles and pricing held strong despite mounting consumer pressures. The Detroit automaker also said Tuesday it is investing $650 million in a mining company to jointly develop a lithium-extraction project …
GM’s Fourth-Quarter Profit Soared as Supply-Chain Problems Eased Read More »
Exxon XOM 2.02% Mobile Corp. rocketed to its highest-ever annual profit last year, riding surging oil prices to resurrect its status as one of America’s most prosperous companies and erasing billions of dollars of incurred losses during the pandemic. The largest US oil company turned in record annual earnings of $55.7 billion for 2022 in …
Exxon Vaults to Record Annual Profit of $55.7 Billion Read More »