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Eni raises buybacks as profit soars on high energy prices

Bloomberg Eni SpA raised share buybacks after profits surged due to high oil and gas prices. The Italian oil giant will repurchase a further 1.3 billion euros ($1.3 billion) of shares this year, raising the total to 2.4 billion euros, which is close to the top end of the previously specified buyback range. Investors in Big Oil are receiving a ...

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US coal giants see surging sales

  Bloomberg The biggest US coal miners are seeing soaring revenues as global demand for the dirtiest fossil fuel drives prices to record highs. Peabody Energy Corp., the biggest US coal producer, saw second-quarter sales jump 83% to $1.32 billion, the most since 2018, the company said in a statement. Arch Resources Inc. reported revenue of $1.13 billion, more than ...

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Consumer giants are more like Walmart than they feel

  Even as the world braces for recession, the big consumer groups, including Coca-Cola Co, Nestle SA and Unilever Plc, beat expectations and raised their sales guidance this earnings season. It seems many shoppers were prepared to pay more for their products. Yet this optimism flew in the face of an earlier warning about the sector: Walmart Inc, a bellwether ...

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Is advertising a bright spot for Amazon?

For the big internet companies that make their living from selling advertising, these are troubled times. As happens in any kind of economic slowdown, businesses cut ad spending quickly. For Amazon.com Inc, though, whose e-commerce business is getting hammered, advertising is proving to be a bright spot. Well, relatively speaking. Just as it did for Amazon’s rivals in digital advertising, ...

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Ma surrenders on Ant Financial. Smart move

  Jack Ma may be blunt — his harsh criticism of China’s state-dominated banking system cost him a $34 billion blockbuster initial public offering in 2020. But he is not stupid. The billionaire plans to cede control of Ant Group Co, a fintech affiliate of his e-commerce giant Alibaba Group Holding Ltd, the Wall Street Journal reported. He currently controls ...

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Why the Fed needs to keep an open mind

  After the most recent US inflation report again exceeded expectations, with prices surging 9.1% in the year to June, investors have been wondering whether the Federal Reserve would accelerate its monetary tightening for a second time — raising its policy rate not by the previously indicated 75 basis points, but by a full percentage point. Expectations seem to have ...

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Southwest slumps on cost pressures, new jet delays

  Bloomberg Southwest Airlines Co said it’s facing high costs and delays in aircraft deliveries from Boeing Co, tarnishing a quarter in which the carrier topped Wall Street’s profit expectations on rebounding summer travel. The airline will receive 66 jets this year, down sharply from its prior plan for 114 deliveries, Southwest said in a statement. That puts further pressure ...

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JetBlue gets long-sought deal to buy Spirit for $3.8b

  Bloomberg JetBlue Airways Corp is acquiring deep-discounter Spirit Airlines Inc for at least $3.8 billion in cash, clinching a deal less than a day after Spirit called off a planned merger with Frontier Group Holdings Inc. JetBlue will pay $33.50 per share for Spirit, or as much as $34.15 depending on timing, the airlines said in a joint statement. ...

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Demand for Hermes watches, clothes soars, boosting profit

Bloomberg Hermes International’s profitability rose to record levels in the first half as the maker of the $10,000-plus Birkin bag became the luxury industry’s standout performer. The French company’s shares soared as much as 8.5% after it said its recurring operating margin reached a historical high of 42%, up from 41% a year earlier. “This set of results confirms that ...

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