Shell 2022 profit more than doubles to record $40 bln

Fourth-quarter profit of $10 billion beats estimates Shell to repurchase $4 billion in shares Shares up 2.5% by 1002 GMT LONDON, Feb 2 (Reuters) – Shell ( SHEL.L ) delivered a record $40 billion profit in 2022, the energy giant said on Thursday, capping a tumultuous year in which a surge in energy prices after … Read more

Adani abandons $2.5 billion share sale in big blow to Indian tycoon

NEW DELHI, Feb 1 (Reuters) – Gautam Adani’s flagship firm called off its $2.5 billion share sale in a dramatic reversal on Wednesday as a rout sparked by a US short-seller’s criticisms wiped billions more off the value of the Indian tycoon’s stocks. The withdrawal of the Adani Enterprises (ADEL.NS) share offering marks a stunning … Read more

Biden moves to slash US credit card fees, app charges

WASHINGTON, Feb 1 (Reuters) – The White House on Wednesday unveiled fresh efforts to slash credit card late fees and drive down the prices that Apple Inc (AAPL.O) and Google parent Alphabet Inc (GOOGL.O) charge on mobile app stores . The move is part of a larger policy drive to promote competition in consumer markets, … Read more

Exclusive: Indian market regulator examining Adani share route, source says

MUMBAI, Feb 1 (Reuters) – India’s market regulator is examining a recent crash in shares of Adani Group and looking into any possible irregularities in a share sale by its flagship company, a source with direct knowledge of the matter told Reuters on Wednesday. The Securities and Exchange Board of India’s (SEBI) examination comes on … Read more

UK’s teachers and civil servants join mass strike on ‘Walkout Wednesday’

Up to 500,000 people expected to join UK strikes Government says big pay rises will fuel inflation Schools shut, most trains not running More strikes involving health workers due next week LONDON, Feb 1 (Reuters) – Up to half a million British teachers, civil servants, and train drivers walked out over pay in the largest … Read more

India ramps up spending in last budget ahead of election

NEW DELHI, Feb 1 (Reuters) – India’s government on Wednesday unveiled a $550 billion budget for the next fiscal year that starts on April 1, with a plan for record capital spending while reining in the fiscal deficit. Prime Minister Narendra Modi’s party, which faces elections in key states this year and a national vote … Read more

Intel slashes employee, exec pay amid PC market downturn

Jan 31 (Reuters) – Intel Corp (INTC.O) said on Tuesday that it had made broad cuts to employee and executive pay, a week after the company issued a lower-than-expected sales forecast driven by a loss of market share to rivals and a PC market downturn. The reductions will range from 5% of base pay for … Read more

US labor cost growth smallest in a year; labor persistently tight

The employment cost index rises 1.0% in the fourth quarter Wages, salaries increase 1.0%; up 5.1% year-on-year Consumer confidence index drops to 107.1 in January House price inflation slows further in November WASHINGTON, Jan 31 (Reuters) – US labor costs increased at their slowest pace in a year in the fourth quarter as wage growth … Read more

Exxon smashes Western oil majors’ profits with $56 billion in 2022

HOUSTON, Jan 31 (Reuters) – Exxon Mobil Corp (XOM.N) posted a $56 billion net profit for 2022, the company said on Tuesday, taking home about $6.3 million per hour last year, and setting not only a company record but a historic high for the Western oil industry. Oil majors are expected to break their own … Read more

France hit by new wave of strikes against Macron’s pension reform

Reform would raise the retirement age to 64 Schools, transport networks, refinery deliveries hit Macron: Reform vital to ensure viability of pension system SAINT-NAZAIRE, France, Jan 31 (Reuters) – Striking workers disrupted French refinery deliveries, public transport and schools on Tuesday in a second day of nationwide protests over President Emmanuel Macron’s plan to make … Read more