By David French NEW YORK, July 29 (Reuters) – Shell and Phillips 66 are working on a potential sale of their stakes in the company which owns the Explorer refined products pipeline, in a deal that could value the major piece of U.S. energy infrastructure at around $3.5 billion, people familiar with
By Dominique Patton PARIS, July 29 (Reuters) – The world’s largest cosmetics company L’Oreal reported better-than-expected quarterly sales on Wednesday, boosted by strong demand for new hair products and mascaras. The Paris-based maker of CeraVe skincare, Maybelline make-up and Valentino perfume sai
By Gilles Guillaume PARIS, July 29 (Reuters) – Renault posted a 9.4% rise in first-half revenue on Wednesday and swung back to profit thanks to strong electric vehicle sales, as it withstood growing pressure from incumbent rivals and Chinese newcomers on car prices across Europe. “Our first-half res
July 29 (Reuters) – Aon reported a jump in second-quarter profit on Wednesday, as the insurance broker giant benefited from robust demand for its commercial risk management offerings. The construction business has benefited from strong data center spending by Big Tech firms, boosting demand for insu
By Tom Sims, Ariane Luthi and Tommy Reggiori Wilkes FRANKFURT/ZURICH/LONDON, July 29 (Reuters) – Deutsche Bank and UBS beat forecasts again with second-quarter earnings on Wednesday, buoyed by a surge in trading activity and strong retail business as Europe’s lenders extend a more than two-year-long
SADIRAC, France (AP) — From his vineyards in Bordeaux wine country, Edouard le Grix de la Salle can sometimes smell the burning forests far away. The smoke brings a whiff of hardship for the region’s economic fortunes. Wildfires that have burned an area four times the size of Paris and driven 220,00
By Gabriel Araujo and Michael Susin SAO PAULO, July 29 (Reuters) – Banco Santander Brasil on Wednesday reported its weakest quarterly profit and profitability since late 2023, missing market expectations as tighter lending spreads and higher provisions for bad loans weighed on earnings. Shares in th
Pavel Durov, the billionaire founder and CEO of the Telegram messaging app, has repeatedly run into trouble with both the Kremlin and Western officials as he cast himself as a champion of free speech. On Wednesday, Russia’s Federal Security Service, or FSB, accused him of aiding what it called terro
By Dietrich Knauth NEW YORK, July 29 (Reuters) – After years of failed attempts to resolve thousands of lawsuits alleging that its talc products caused cancer, Johnson & Johnson says it has reached a settlement, worth at least $5.5 billion, that could finally help bring an end to litigation that has
July 29 (Reuters) – Lufthansa and Air France-KLM submitted binding offers for a minority stake in Portugal’s TAP, Bloomberg News reported on Wednesday, citing people familiar with the matter. Reuters could not independently verify the report. (Reporting by Anna Peverieri in Barcelona;) Brought to y
By Aida Pelaez-Fernandez MEXICO CITY, July 29 (Reuters) – South Korea’s Kia will produce and sell fully electric vehicles in Mexico, managing director for the company Horacio Chavez said on Wednesday. The car manufacturer will invest $649 million in Mexico, Chavez added during President Claudia Shei
PARIS, July 29 (Reuters) – Airbus maintained financial and industrial forecasts as it unveiled stronger-than-expected second-quarter revenues and core profits on Wednesday, lifted by higher jetliner deliveries and gains in defence. The world’s largest planemaker said its quarterly adjusted operating
By Ann Saphir July 29 (Reuters) – As the clock ticked toward the U.S. Federal Reserve’s interest rate decision announcement on Wednesday afternoon, financial markets held their collective, metaphorical breath: Will they, or won’t they? Typically, well before the morning of a Fed rate decision day, p
The Federal Reserve is expected to keep rates unchanged for now despite high prices WASHINGTON (AP) — Federal Reserve policymakers are losing patience with inflation, which has been stuck above their 2% target for more than five years. But they may not be ready to turn their frustration into action
July 29 (Reuters) – U.S. mortgage interest rates climbed to their highest in about a year last week on an array of home loan products after a resumption of U.S.-Iran fighting drove up both oil prices and the inflation-sensitive Treasury yields that underpin residential borrowing costs. The contract
July 29 (Reuters) – Ferrari has hit its annual sales target for its controversial first electric vehicle model on the back of strong demand from China, the Financial Times reported on Wednesday, citing people familiar with the matter. The luxury sports car maker had aimed to sell just under 500 unit
By Patturaja Murugaboopathy July 29 (Reuters) – Major U.S. technology companies are borrowing heavily as they ramp up spending on their artificial intelligence buildout, and at steadily higher yields as investors become more selective about absorbing the growing supply. Amazon, Alphabet, Meta Platfo
Size, space and utility have made the three-row SUV a mainstay of American family life. But with more than dozen mainstream models on the market, choosing one can feel daunting. Thankfully, Edmunds has tested them all and identified the five best midsize three-row SUVs. From the top-ranked Hyundai P
July 29 (Reuters) – Low-cost carrier Frontier forecast third-quarter earnings above Wall Street estimates on Wednesday betting on higher airfares and strong demand following its rival Spirit’s exit, even as the Middle East conflict keeps jet fuel costs elevated. The company’s shares were up 2.4% in
July 29 (Reuters) – Grant Thornton Advisors will buy professional services firm CBIZ for $5 billion in cash, the companies said on Wednesday, in a deal that would create one of the biggest accounting services providers in the United States. CBIZ shares jumped 17.5% in premarket trading. The deal wou
By Marc Jones LONDON, July 29 (Reuters) – El Niño is unlikely on its own to lead to sovereign rating downgrades unless the weather phenomenon proves significantly more severe than expected or governments respond with costly support measures, one of S&P Global’s top analysts has said. Joydeep Mukherj
By Karl Plume and Katha Kalia July 29 (Reuters) – U.S. agribusiness Bunge Global raised its full-year adjusted profit forecast on Wednesday as it beat Wall Street estimates for second-quarter earnings on robust processing margins for soybeans and other oilseeds and strong demand. Soaring crude oil p
By Manya Saini July 29 (Reuters) – Fintech SoFi raised its 2026 revenue growth forecast above Wall Street expectations on Wednesday after posting a market-beating second quarter, driven by record member growth and loan originations. Despite an uncertain macroeconomic environment, elevated interest r
By Juveria Tabassum and Alexander Marrow July 29 (Reuters) – Procter & Gamble forecast slower revenue and profit growth in fiscal 2027 on Wednesday after quarterly sales missed estimates due to uneven demand in categories such as grooming and oral care from a “very challenging geopolitical and econo
By Amanda Cooper July 29 (Reuters) – Shares in companies driving the AI boom have been under pressure for weeks. Now their bonds are coming under strain too, pushing up the cost of insuring debt issued by companies such as Oracle, Nvidia and Apple against default. The move reflects growing concern a
BERLIN, July 29 (Reuters) – German defence contractor Rheinmetall reported a stronger-than-expected second-quarter operating profit on Wednesday as booming demand for military equipment helped drive a sharp increase in revenue across all business segments. Operating profit climbed to €562 million ($
By Laura Matthews NEW YORK, July 29 (Reuters) – Options traders expect a roughly $190 billion swing in Microsoft’s market value after it reports earnings on Wednesday, an unusually large move that underscores investors’ growing eagerness to see if billions of dollars in AI spending are beginning to
By Mircely Guanipa , Tibisay Romero and Deisy Buitrago PUNTO FIJO/EL PALITO, Venezuela, July 29 (Reuters) – The Paraguana Refining Center in Western Venezuela once symbolized the country’s oil wealth and its ambition to turn vast crude reserves into fuels and export revenue. Today, the 955,000-barre
By Sumit Saha July 28 (Reuters) – U.S. Midwest utility DTE Energy beat Wall Street estimates for second-quarter profit on Tuesday, as stronger earnings from its energy trading business helped offset weaker results at its electric and gas operations. DTE’s shares rose 2% in the morning trade. The com
By Rachel More BERLIN, July 29 (Reuters) – Porsche’s restructuring measures have enabled the luxury carmaker to confirm 2026 guidance despite multiple challenges, it said after reporting half-year results on Wednesday. CEO Michael Leiters said the company, majority owned by Volkswagen, had worked in
