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INSANE: 3 - The Real Truth

Meta posts its first-ever quarterly revenue decline

The company faces competition, regulation and the cost of its metaverse pivot.

Axios

Spotify's Quarterly Revenue Beats Expectations

Spotify reported second-quarter revenue above analysts' estimates on Wednesday, as paying subscribers for its premium service rose 14% and more users listened to its podcasts. The Swedish music streaming company posted a 23% increase in revenue to 2.9 billion euros ($2.94 billion), beating analysts' expectations of 2.8 billion euros, according…

Asharq Al-Awsat

Risks, mined waters slow rush to extract grains from Ukraine

Shipping companies aren't rushing to export millions of tons of trapped grain out of Ukraine, despite a breakthrough deal to provide safe corridors through the Black Sea

The Independent UK

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Twitter blames Musk and ad market headwinds for declining revenue

Twitter’s share price could impact negotiations with Musk, if the two parties decide to settle their dispute out of court.

Axios

Chips Drive Highest Samsung Q2 Profit since 2018, but Demand Cooling Smartphone Demand Weakens

South Korea's Samsung Electronics Co Ltd turned in its best April-June profit since 2018 on Thursday, underpinned by strong sales of memory chips to server customers even as demand from inflation-hit smartphone makers cools. Shares of the world's largest memory-chip and smartphone maker rose 2.5% after preliminary results for the…

Asharq Al-Awsat

Russian Grain Ship Reportedly Leaves Turkish Port

A Russian-flagged cargo ship, the Zhibek Zholy, which was suspected of carrying stolen Ukrainian grain, left the Turkish northwest port of Karasu late on Wednesday, Refinitiv ship tracking data showed. On Sunday, Ukraine's ambassador to Turkey said Turkish authorities had detained the ship.

Asharq Al-Awsat

Fashion Retailer H&M’s Second-Quarter Profit Beats Expectations

Sweden's H&M, the world's second-biggest fashion retailer, on Wednesday reported a 33% growth in quarterly profit which beat expectations, as shoppers flocked to its stores in the aftermath of the pandemic. The company reported a pretax profit of 4.78 billion Swedish crowns ($470.76 million) in the second quarter, up from…

Asharq Al-Awsat

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Russian superyacht arrives in Hawaii after U.S. seizure order

A superyacht seized in Fiji last month at the request of U.S. authorities, who say the $300 million Amadea is owned by sanctioned Russian oligarch Suleiman Kerimov, has arrived in Hawaii, Refinitiv Eikon vessel tracking data showed.

Reuters

Elon Musk’s bankers have a dilemma: do they help him kill the Twitter deal?

Tesla boss has suggested financing is at risk, but so are fat fees

Financial Times

Ukrainian embassy says Russia ships 'stolen' wheat to Syria

Russia has sent its ally Syria an estimated 100,000 tonnes of wheat stolen from Ukraine since invading the country, the Ukrainian embassy in Beirut said, describing the shipments as "criminal activity".

Reuters

Russia Now 4th Largest Oil Supplier To India As Cheap Oil Proves Lucrative, US Share Halves

Russia became the fourth-largest oil exporter to India in April as low prices spur demand from one of the world’s largest oil consumers and importers, according to Refinitiv data.

Benzinga

Beware of These 3 Stocks That Issued Lower Guidance for 2022

Amid various current macroeconomic and geopolitical concerns, including interest rate increases, raging inflation, deepening supply chain constraints, the Russia-Ukraine war, and an economic slowdown, the stock market has been under immense pressure of late. As a result, many hard-hit companies have released lower guidance for 2022. So, considering their bleak…

StockNews.com

Sony’s Q4 Operating Profit More than Doubles, Helped by Gaming

Japan's Sony Group Corp said on Tuesday its fourth-quarter operating profit more than doubled to 138.6 billion yen ($1.06 billion), helped by strong performance at its gaming and network services business. Sony has also benefited from strong demand for its PlayStation 5 games console, which it is using to encourage…

Asharq Al-Awsat

Nokia's Quarterly Profit Beats on 5G Demand

Telecom equipment maker Nokia reported stronger-than-expected quarterly operating profit on Thursday helped by higher demand for 5G gear despite supply chain constraints. First-quarter comparable operating profit rose to 583 million euros ($613 million) from 551 million last year, beating the 513 million euro mean forecast of eleven analysts polled by…

Asharq Al-Awsat

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Axios

Netflix stock plunges on first subscriber loss in a decade

The streaming giant said it lost 200,000 subscribers in the first quarter — its first subscriber loss in a decade.

Asharq Al-Awsat

Tesla Delivers Record Vehicles in Q1

Tesla Inc on Saturday reported record electric vehicle deliveries for the first quarter, driven by a ramp up in production at its Shanghai factory. Tesla delivered 310,048 vehicles in the quarter, while Wall Street had expected deliveries of 308,836 cars, according to Refinitiv data. Tesla said it sold a total…

The Guardian - UK

Inflation pressures hit consumer confidence; Moscow stock market falls back – as it happened

Rolling coverage of the latest economic and financial news

The Independent UK

Superyacht owned by Russian oligarch Dmitry Pumpyansky detained after docking in Gibraltar

The multi-million dollar super-yacht has been held after Dmitry Pumpyansky faced British and EU sanctions in March

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Reuters

Russian billionaire's yacht docks in Gibraltar, detained by authorities

A luxurious super-yacht linked to the owner of Russia's largest steel pipe maker, who is currently under British and European Union sanctions, docked in Gibraltar on Monday and was then detained by the authorities.

Benzinga

Nickel Hits Limit Down Again On London Metal Exchange, Falls 12%: CNBC

The benchmark three-month nickel contract fell 12% on Friday morning to hit a new trading limit, as heavy selling continued on international metal markets, reported CNBC. The price hit $36,915 a metric ton as it opened for trade, stated Refinitiv data. The London Metal Exchange, which still has some open outcry trading, has…

Asharq Al-Awsat

H&M’s December-February Sales Grow 23%, Matching Expectations

Sweden’s H&M, the world’s second-biggest fashion retailer, reported on Tuesday an increase in December through February sales that was in line with expectations. Net sales were up 23% year-on-year, or 18% measured in local currencies, at 49.2 billion crowns ($5.13 billion), Reuters reported. Analysts polled by Refinitiv had on average…

Asharq Al-Awsat

Russian Rouble Drops to Fresh Record Low in Thin Offshore Trade

Russia's rouble tumbled to a fresh record low in thin offshore trade with local markets closed for trading until at least Wednesday. The rouble weakened to 130.9338 to the dollar after closing at 121.037 on Friday, according to Refinitiv data. On the EBS trading platform, the rouble softened to as…

The Guardian - UK

Stock markets and bitcoin fall amid Ukraine worries and US interest rate rise fears – as it happened

Worries over Ukraine tensions and prospect of US interest rate rises hits stocks, wiping out FTSE 100’s early 2022 gains, before a late recovery on Wall Street

Kiplinger

Kiplinger ESG 20: Our Favorite ESG Stock and Fund Picks for Investors

Doing good and making money are no contradiction with these ESG stock and fund picks that ride the trend of socially conscious investing.

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