Huawei reported net profit for 2022 of 35.6 billion yuan ($5.18 billion), down 69% year-on-year. That’s the biggest annual drop since 2011, according to CNBC’s calculations. Huawei blamed rising commodity prices, tight pandemic controls in China last year and a one-time gain from the sale of Honor last year as reasons for the profit slump. … Read more
The main reason for the 1.6 percentage point decline was lower energy costs. These figures are not enough proof that the European Central Bank could consider pausing its rate hike cycle, which began in July. The ECB raised rates by 50 basis points in March, bringing its main benchmark rate to 3%. However, he gave … Read more
Virgin Orbit is ceasing operations “for the foreseeable future” after failing to secure a funding lifeline, CEO Dan Hart told employees at a town hall meeting on Thursday. The company will lay off all but 100 employees, according to audio of the 5 p.m. ET meeting obtained by CNBC. Shareholders unloaded the stock in extended … Read more
WASHINGTON—Treasury Secretary Janet Yellen said regulators may need to tighten banking rules after the collapse of Silicon Valley Bank and Signature Bank, arguing that the recent turmoil is a sign that efforts to strengthen the financial system are incomplete. Speaking at an economic conference on Thursday, Ms Yellen questioned whether the regulatory system she helped … Read more
Wall Street’s average bonus fell 26% last year, the biggest percentage drop since the financial crisis, as a trading slump slashed bankers’ pay. Financial employees received average bonus checks of $176,000 last year, up from a record high of $240,000 a year earlier, the New York state comptroller’s office said in a report Thursday. The … Read more
A For Sale sign is displayed in front of a home for sale on February 20, 2023 in San Francisco, California. Justin Sullivan | Getty Images Now may seem like the perfect time to put your home up for sale. Buyers are returning to the market, mortgage rates have fallen from recent highs and there … Read more
Lawmakers continue to hammer banking regulators over SVB’s collapse. Russia detains an American journalist from the Wall Street Journal. It’s the opening day of Major League Baseball. The pressure is on Steve Cohen’s Mets. Traders work on the floor of the New York Stock Exchange (NYSE) in New York, United States, March 29, 2023. Brendan … Read more
“We believe this will enable all of our businesses to become more agile, improve their business decision-making, and respond more quickly to market changes,” CEO Daniel Zhang told investors. Hong Kong-listed shares of Alibaba rose nearly 3% at market open about an hour after the call ended. China’s regulatory crackdown on its tech companies, which … Read more
This photograph taken on February 23, 2023, in Paris, shows the anti-diabetic drug “Ozempic” (semaglutide) manufactured by the Danish pharmaceutical company “Novo Nordisk”. Joel Saget | AFP | Getty Images Patients taking the blockbuster anti-obesity drugs Ozempic or Wegovy will regain weight after stopping the drugs. “I think that’s what we see when people follow … Read more
Alibaba’s major reorganization is seen as a sign that the Chinese government may ease its scrutiny of the domestic tech sector. Alibaba founder Jack Ma returned to public engagements, in another welcome sign for investors. China is looking to achieve 5% growth this year, after two years in which its economy has been battered by … Read more
