Economy
US private sector job growth higher than expected: ADP
Hiring in the US private sector cooled in April but job growth was still higher than anticipated, boosted by the services sector, payroll firm ADP said Wednesday. Other sectors adding jobs included trade, transport and utilities, as well as education and health services, said ADP. But analysts caution that private payroll numbers can be revised significantly.
Pfizer profits drop on lower Covid-19 product sales
Pfizer reported a drop in profits on lower sales of Covid-19 related profits Wednesday as it steers investments to other pharmaceutical areas and implements previously announced cost cuts. Much lower sales of Covid-19 vaccine Comirnaty and therapeutic Paxlovid accounted for a 20 percent drop in first-quarter revenues to $14.9 billion compared with the year-ago period.
Hong Kong faces uphill battle to lure back Chinese tourists
The Lo Wu arrival hall on Hong Kong's border used to throng with visitors during mainland China's "Golden Week", but as the five-day tourism bonanza kicked off on Wednesday, the queues there were modest.
GSK profit drops in first quarter on higher costs
British drugmaker GlaxoSmithKline on Wednesday said its net profit fell 23 percent in the first quarter as the company faced higher exceptional costs compared with a year earlier. Following the update, the group's share price edged up 0.1 percent in early trading on London's top-tier FTSE 100 index, as the group also upgraded its full-year outlook for sales.
US Fed likely to keep rates steady as hopes of early cuts fade
The US Federal Reserve is expected to hold interest rates steady for a sixth straight meeting Wednesday, with a summer start to cuts looking less likely owing to stubborn inflation. Analysts broadly expect an announcement on runoff to come this week or at the next interest rate meeting in June. bys/sst/dan
Weak yen boosts tourist wallets in Japan
Foreign tourists are flocking to Japan in record numbers and thanks to a sliding yen many are living like kings, splashing out on everything from kimonos to knives and slap-up meals. "Thanks to the weak yen, foreign customers are buying a lot of handmade knives, even as prices rise," said Yuki Suzuki, 21, who works in a shop selling knives, another tourist favourite.
Asian markets track Wall St down ahead of Fed decision
Asian stocks sank in holiday-thinned trade Wednesday, tracking a sharp sell-off on Wall Street after fresh US data dealt another blow to hopes the Federal Reserve will cut interest rates this year. That provided another hammer blow to hopes the Fed will cut rates this year, with bets already reduced to just one by January -- compared with an expected six at the start of 2024.
Starbucks points to weaker consumer as profit falls
Starbucks reported lower profits on falling sales on Tuesday as the coffee giant pointed to weakening consumer sentiment and lackluster conditions in China as factors behind an earnings miss. Starbucks has taken note of a large number of cases where consumers begin digital orders and do not follow through with a transaction.
US lawmakers accuses oil giants of climate 'doublespeak'
The oil industry's public relations strategy has evolved from climate science denial to "disinformation and doublespeak" to counter meaningful environmental policies, US congressional Democrats said in a report Tuesday.
Economy
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