BUSINESS

Snap shares plunged more than 16 percent on Thursday when a disappointing financial outlook eclipsed a rise in users of the image-centric social network Snapchat.

Meta on Wednesday reported profit of $13.5 billion in the recently ended quarter, beating market expectations and causing its share price to jump.

Danish shipping giant Maersk said Thursday it expects its underlying profit in 2024 to be $2 billion higher than its previous forecast as freight rates have increased amid the crisis in the Red Sea.

Albemarle's Kemerton plant will decrease its staff by 40% and cut its output capacity of lithium hydroxide by half.

The US Federal Reserve is highly unlikely to waver from its position of holding interest rates at a two-decade high on Wednesday, but could drop hints about a September start to rate cuts.

Consultancy firm Ernst & Young informed the staff on Wednesday that due to the financial crisis, another 250 jobs would be axed and that they would have to wait till a new buyer was found to get paid.

Although the overall inflation rate has slightly increased to 3.8%, the measure of core inflation, also known as the "trimmed mean," has decreased slightly to 3.9% from 4%.

Banking giant HSBC said Wednesday that pre-tax profits in the first half of 2024 came in at $21.6 billion, slightly lower than last year's record performance.

The US Federal Reserve may signal this week that interest rate cuts are on the way -- although it is widely expected to remain on pause until its next rate decision in September.

The US Federal Reserve's favored inflation measure eased further in June, according to government data published Friday, in more good news for policymakers ahead of next week's interest rate decision.

French oil heavyweight TotalEnergies on Thursday reported slumping profits in the second quarter, blaming lower margins in refining and falling sales and prices for natural gas.

"This is a strategic move from NAB in a bid to test whether there's any appetite among borrowers to revert back to fixing. A big bank fixed rate that starts with a '5' is likely to turn at least a few heads, particularly among those worried about the prospect of further cash rate hikes," financial expert Sally Tindall stated.

Everton's potential sale to the Friedkin Group will not go ahead after the Premier League club failed to reach an agreement with the American investors.

The court found that Amex breached the DDO as a credit card issuer as it distributed two of its credit cards at the stores of the luxury brand between May 25 and July 5, 2022, without determining the target market.

The European Central Bank is keeping options "wide open" for September, president Christine Lagarde said, after holding interest rates steady Thursday in the wait for more evidence that inflation was on the right track.

The uptick has made economists expect a rise in interest rate by the Reserve Bank Of Australia (RBA), when it meets in August.

HSBC on Wednesday said its chief financial officer Georges Elhedery would step up to the role of chief executive as the Asia-focused banking giant looks to drive growth.

From forest fires to hurricanes and other natural disasters: climate change risk is increasingly influencing oil prices, just as the world is struggling to shift away from high-polluting fossil fuels.

Addressing the 16,000 staff on Wednesday, executive chairman Andrew Forrest said 700 persons from Fortescue's global operations will be offered redundancies, which was expected to be finalized by July end.

Stock markets fluctuated Tuesday as rising expectations that Donald Trump will return to the White House played up against expectations that the Federal Reserve will cut US interest rates at least once this year.

Retail sales in the United States slipped less than analysts anticipated in June on a weaker performance in the auto and gas segments, government data showed Tuesday.

Equity markets and the dollar wavered Monday as investors mulled the impact of the assassination attempt on Donald Trump, while the luxury goods sector was slammed by plunging profits at both British fashion label Burberry and Swiss watch group Swatch.

Swiss watch group Swatch saw its first half profits plunge due to the luxury market crisis in China and warned Monday the key market was likely to remain difficult throughout the rest of the year.

Baden Bower, a leading global PR agency, has announced that Australia has become one of its top client countries, highlighting the nation's significant role in the company's growth and success.

With creative strategies and deep industry knowledge, Spynn Publicity has established itself as a standout player in public relations.

Global stock markets mostly advanced on Friday as traders increasingly expect the US Federal Reserve to cut interest rates.

Production has yet to begin, but TotalEnergies' controversial East African oil project is already taking a dire environmental toll in Uganda's largest national parks, a leading conservationist group said Friday.

German airline giant Lufthansa slashed its 2024 profit forecast Friday after a weak second quarter and launched a "turnaround" plan for its flagship carrier, which it warned might not break even.

"Weak income growth for people born in the 1990s reflects the poor economic outcomes experienced by younger people following the global financial crisis (GFC)," the report said.