Shell said Thursday that its net profit more than halved to $19.4 billion in 2023 on lower energy prices, after rocketing to a record peak the previous year following the Ukraine conflict. "Full year 2023 income... reflected lower realised oil and gas prices, lower volumes, and lower refining margins," Shell added in the earnings release.
The emergence of AI bots like OpenAI's ChatGPT and Google's Bard has fueled a massive rise in share prices of chip-making juggernaut Nvidia, with its skyrocketing stock now making it the world's fourth biggest company by market capitalization.
The first G20 finance ministers' meeting of the year ended Thursday without a joint statement due to deep divisions over the wars in Ukraine and Gaza, officials said. - No 'business as usual' - German Finance Minister Christian Lindner had earlier said his country planned to insist any final statement address Russia's two-year-old war in Ukraine.
French economist Gabriel Zucman brought a $250-billion-a-year idea to top policy makers from the world's biggest economies Thursday: slap an international wealth tax on the super-rich. - What is argument for minimum tax on super-rich?
Oprah Winfrey's announcement that she is leaving the board of WeightWatchers sent the company's shares tumbling Thursday -- the latest sign of trouble for the brand as it struggles to compete with new weight-loss drugs. "Director Oprah Winfrey has decided not to stand for reelection at the company's upcoming annual meeting of shareholders," WeightWatchers said in a statement Thursday.
The speed at which US inflation is easing means it will likely be appropriate for the Federal Reserve to start cutting interest rates over the summer, a senior Fed official said Thursday. Bostic's summer time cut prediction appears to chime with the current views in the financial markets about when the Fed could start reducing rates.
Brazil's finance minister called Thursday for an international plan to ensure the world's super-rich pay their taxes, urging G20 nations to adopt a shared stance on preventing billionaire tax-dodging by July.
The US central bank's favored measure of inflation edged lower on an annual basis in January, government data showed Thursday, but a metric stripping out volatile food and energy prices jumped month-over-month. The closely watched "core inflation" measure, which strips out volatile food and energy costs, also eased, rising by 2.8 percent on an annual basis.
Italy will closely study any investments by Chinese carmakers, a minister said Thursday, after another minister said Wednesday the country was in talks with three Chinese manufacturers. Minister of Economic Development Adolfo Urso said Wednesday he was in talks with three Chinese automobile groups, without naming them.
The European Parliament approved new data-sharing rules Thursday that clamp down on illegal short-term rentals to protect the residents of European cities -- many of whom face shortages of affordable housing.
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