Google parent firm Alphabet’s profit ahead of expectations thanks to ad rebound July 26, 2023 Google owner Alphabet’s second-quarter profit exceeded expectations as it announced that long-time CFO, Ruth Porat, would assume a new role while the company sought a new finance chief. Alphabet’s results were helped by steady demand for its cloud services and a rebound in advertising. The shares jumped 8 per cent in after-hours trading. Shares of [...]
Microsoft charges ahead with spending to serve AI demand July 26, 2023 Microsoft on Tuesday laid out an aggressive spending plan to meet demand for its new artificial intelligence services after surpassing Wall Street estimates for fiscal fourth-quarter revenue and profit. Costs rose sharply as Microsoft built new data centers to support AI, and Chief Financial Officer Amy Hood said on a conference call with analysts the company’s capital expenditures [...]
Deutsche Bank flags cost cuts as investment bank slump lowers profit July 26, 2023 Deutsche Bank on Wednesday posted a 27 per cent fall in second-quarter profit as investment banking revenue slumped and warned of the need for cost cuts even though higher interest rates fuelled gains at its retail division. The German lender downgraded its outlook for the investment bank, saying it now expected revenues to be slightly lower [...]
Higher interest rates lift Santander UK profit to £1.2bn, warns mortgage market is cooling July 26, 2023 Santander UK saw its profit rise significantly in the first half of the year, but the bank also noted that applications for mortgages had been hit by recent economic volatility. In the first half of the year pre-tax profit climbed 18 per cent to £1.2bn from £993m last year. This came thanks to a 10 [...]
Demand picture for shipping ‘far worse than we had foreseen,’ analysts warn July 26, 2023 The demand picture for container shipping is “far worse” than predicted, analysts have warned, as the sector struggles with an oversupply of vessels ordered during the pandemic-era shipping boom. “There’s a really, really punishing demand environment and at the same time, they’re just not doing enough to reduce the amount of available capacity in the [...]
Small business confidence slumps amid rising rates and stubborn inflation July 26, 2023 Confidence among small businesses slumped in the second quarter as the impact of rising rates and a stalling economy hit SMEs. The Federation of Small Business’s (FSB) Small Business Index fell to minus 14.2 points in the second quarter, down 11.4 points in the first quarter of the year. The fall in confidence reflects the [...]
FTSE 100 close: Unilever helps London index squeeze out gains as traders eye Fed and ECB July 25, 2023 London’s FTSE 100 has squeezed out gains in a busy day of company announcements ahead of the summer slow down. The capital’s premier index edged 0.17 per cent higher to 7,691.81 points, while the domestically-focused mid-cap FTSE 250 index, which is a better reflection of the health of the UK economy, was broadly flat at [...]
Yu Group revels in rising share price as supplier beats earnings expectations July 25, 2023 Yu Group has seen its shares soar nearly six per cent, after announcing it is on course to "substantially" outperform market expectations.
Bitcoin loses grip on $30,000 as interest shifts to altcoins July 25, 2023 Bitcoin is trading around $29,200 this morning, as the large-cap cryptocurrencies appear to following a downward pattern.
Supermarket meal deals help convenience food maker Greencore deliver solid revenues July 25, 2023 Convenience food maker Greencore has said the number of sandwiches sold as part of supermarket meal deals has reached record highs as it reported solid quarterly revenues. The Irish business, which supplies sandwiches and sushi to the likes of M&S and Waitrose, said 52 per cent of supermarket sandwiches are now bought as part of [...]