July, 2022

• 28 July

  General Electric tops estimates after aviation sales surge

  

    Bloomberg General Electric (GE) Co beat Wall Street’s expectations for second-quarter profit and reported surprise positive cash flow as sales at the key jet-engine division soared, buoying the conglomerate despite supply woes that continue to pressure the balance sheet. GE Aerospace’s sales jumped 27% while orders climbed 26% in the period, the company said in a statement, as rebounding ...

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• 28 July

  LVMH falls slightly short of investors’ high hopes

    Bloomberg LVMH fell slightly short of the high bar the world’s biggest luxury company has set for itself, as continued strong sales from the owner of Louis Vuitton bags and Dom Perignon Champagne failed to impress some investors. The French company posted solid results for the second quarter in Europe, the US and Japan but suffered from a poor ...

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• 28 July

  Adidas issues profit warning as sales suffer

    Bloomberg Adidas AG issued a profit warning after its sales were hit by lockdowns and consumer boycotts in China, offsetting strong momentum in its key western markets. The German sneaker company said although its second-quarter results are “somewhat ahead of expectations” with strong growth in Western markets, the recovery in Greater China was slower than expected. Adidas shares fell ...

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• 27 July

  Pelosi’s peers say don’t cave to Beijing over Taiwan stop

  

  Bloomberg House Speaker Nancy Pelosi is getting bipartisan support for a possible trip to Taiwan, with some lawmakers from both parties arguing that it’s important that the top leader in the US Congress show no sign of giving in to pressure from China’s government. “If we can allow the Chinese to dictate who can visit Taiwan and who cannot, then ...

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• 27 July

  Joe Biden to speak with China’s Xi on Thursday as US-China ties worsen

  

  Bloomberg President Joe Biden will speak with Chinese leader Xi Jinping on Thursday amid fresh tensions over Taiwan, according to people familiar with the matter. The first conversation between the two presidents since March will take place at a particularly difficult juncture for US-China ties: House Speaker Nancy Pelosi’s staff and security officials aren’t ruling out plans for her to ...

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• 27 July

  Turkey says Ukraine grain exports could start within a week

  

  Bloomberg Turkey said grain exports from Ukrainian ports could resume within a week and reach 25 million tonnes by the end of the year, after it brokered a deal between Kyiv and Moscow that eased fears of a global food crisis. Exactly when exports halted by Russia’s invasion would begin will be determined by logistical groundwork, Turkish President Recep Tayyip ...

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• 27 July

  North Korea warns of 2nd Korean War on armistice anniversary

  

  Bloomberg North Korea used the anniversary of the armistice that halted fighting on the peninsula 69 years ago to warn of a “second Korean War,” blaming the US and South Korea for inflaming hostilities. “The joint military exercises between the United States and South Korea, which are being carried out with a thick gunpowder smell, are exacerbating the situation on ...

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• 27 July

  Deutsche Bank warns of costs as inflation headwinds build

  

    Bloomberg Deutsche Bank AG scrapped an efficiency target for the year and warned a key profitability goal was getting harder to reach, as the economy weakens and the war in Ukraine, surging inflation and litigation drive up expenses. The muted outlook, published on Wednesday along with second-quarter results, overshadowed a strong performance at the corporate bank, which benefited from ...

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• 27 July

  Credit Suisse sees $1.6b loss in blow to recovery

  

    Bloomberg Credit Suisse Group AG posted its third straight quarterly loss after investment banking revenue declined and clients pulled money, underscoring the Swiss firm’s challenges in exiting its worst slump since the financial crisis. The Zurich-based bank reported a net loss of 1.59 billion Swiss francs ($1.6 billion) in the three months through June, driven by a loss at ...

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• 27 July

  S Korea probes $3.4b of crypto-linked FX deals

  

    Bloomberg South Korea’s Financial Supervisory Service (FSS) is probing $3.4 billion worth of “abnormal” foreign-exchange transactions at two of the country’s largest commercial banks for possible links to illegal crypto-related activities. Unusual transactions totalling 1.6 trillion won ($1.3 billion) took place at five branches of Woori Bank between May 3, 2021 and June 9 this year, the regulator said ...

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