US consumer inflation eased slightly last month, according to US government data published Wednesday, a positive sign for President Joe Biden ahead of November's election.
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Bubbling profits for AB InBev despite Bud Light boycott
The world's largest brewer AB InBev on Wednesday toasted a jump in profits in the first quarter, despite a drop in beer sales driven by a Bud Light boycott in the United States. AB InBev got caught in the US culture wars in 2023 after it teamed up with a transgender influencer to promote Bud Light, which sparked a boycott by conservative figures.
AstraZeneca withdraws Covid vaccine as demand dives
Anglo-Swedish drugmaker AstraZeneca on Wednesday said it was withdrawing Covid vaccine Vaxzevria, one of the first produced in the deadly pandemic, citing "commercial reasons" following a slump in demand. The company will work with other regulators globally to start market authorisation withdrawals for the Vaxzevria "where no future commercial demand for the vaccine is expected".
Markets mixed as traders weigh rates outlook
Equity markets were mixed Wednesday as the latest global rally ran out of steam due to a lack of major catalysts, while investors contemplated the outlook for monetary policy. "There was limited data on corporate earnings to worry the markets, with no unexpected surprises and a lack of major US economic data in the days ahead," said Kyle Rodda at Capital.com.
Toyota posts record yearly net income, revenue
Toyota said Wednesday that it enjoyed a record net profit of 4.94 trillion yen ($31.9 billion) in the year to March on revenues of 45.1 trillion yen, which was also an all-time high. Toyota's previous record annual net profit was 2.85 trillion yen in 2021-22.
China's Xi in Serbia for talks to boost economic ties
Chinese President Xi Jinping will hold talks with his Serbian counterpart in Belgrade on Wednesday, as Beijing seeks to deepen its political and economic ties with friendlier countries in Europe. In Belgrade, the Chinese leader will meet President Aleksandar Vucic for talks on Wednesday, before heading to Budapest.
Argentina introduces 10,000-peso banknote
Inflation-battered Argentina on Tuesday introduced a 10,000-peso banknote, worth the equivalent of about $11 -- five times the face value of the previous biggest 2,000-peso bill. The issuing of high-domination banknotes is nothing new in Argentina, which had a bill with a face value of 1,000,000 pesos in the 1980s. mry/mlr/sst
Ferrari confirms 2024 guidance after first quarter boost
Italian luxury carmaker Ferrari on Tuesday posted a double digit rise in both profits and sales for the first quarter of 2024, and confirmed its full-year guidance. For the whole of 2024, the group continues to expect revenue growth of more than 7 percent to more than 6.4 billion euros and gross operating income, or EBITDA, to rise by a similar amount 2.45 billion euros.
Major German companies warn against vote for extremism
Germany's biggest companies said Tuesday they have formed an alliance to campaign against extremism ahead of key EU Parliament elections, when the far right is projected to make strong gains. It added that the campaign will continue after the EU elections, with three eastern German states to vote for regional parliaments in September.
Saudi Aramco says Q1 profit down 14.5 percent
Oil giant Saudi Aramco said Tuesday its first-quarter net profit dipped 14.5 percent on year to $27.27 billion as the Gulf kingdom kept production cuts in place. Net income was 102.27 billion riyals ($27.27 billion), down from 119.54 billion riyals ($31.88 billion) for the same period in 2023, Aramco said, adding that "the decrease was primarily a result of lower crude oil volume sold".
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