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The Latest Breaking News from Refinitiv

Ukrainian Grain Shipments Drop as Ship Backups Grow

The amount of grain leaving Ukraine has dropped even as a UN-brokered deal works to keep food flowing to developing nations, with inspections of ships falling to half what they were four months ago and a backlog of vessels growing as Russia's invasion nears the one-year mark. Ukrainian and some…

Asharq Al-Awsat

Ukrainian grain shipments drop as ship backups grow

The amount of grain leaving Ukraine has dropped even as a U.N.-brokered deal works to keep food flowing to developing nations nearly a year into Russia's invasion

The Independent UK

China's Lenovo Q3 Revenue Tumbles 24% as PC Demand Slumps

China’s Lenovo Group reported a 24% revenue decline for the third quarter, its second consecutive decline as global demand for computers and smartphones continued to slump. The world’s largest maker of personal computers (PC) said on Friday that total revenue during the October-December quarter was $15.3 billion, down 23% from…

Asharq Al-Awsat

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Fashion Retailer H&M's Sept-Nov Operating Profit Tumbles More than Expected

H&M, the world's second-biggest fashion retailer, reported on Friday a much larger dive than expected in September-November operating profit, slammed by soaring costs and weakening consumer confidence. Operating profit in the period, the Swedish group's fiscal fourth quarter, was 821 million Swedish crowns ($79.7 million) against 6.26 billion a year…

Asharq Al-Awsat

China's open borders and push to stoke economy may revive dealmaking, advisers say

China's reopened borders and renewed focus on boosting the sagging economy have brightened the deals outlook, with bankers starting to field interest for mergers, acquisitions and fundraising involving the world's second-largest economy.

Reuters

Egypt's Pound Weakens to New Low of 30/USD

Egypt's pound weakened on Wednesday to a new low of 30 against the US dollar after fluctuating in morning trading, Refinitiv data showed. Egypt committed to a flexible currency, a greater role for the private sector and a range of monetary and fiscal reforms when it agreed to a $3…

Asharq Al-Awsat

Eurozone inflation down more than expected but further interest rate rises ahead

Rising core inflation has intensified the challenge facing the European Central Bank

Evening Standard

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Report: Syria Used US-Sanctioned Ships to Import Wheat from Crimea

Using a low-profile fleet of ships under US sanctions, Syria has this year sharply increased wheat imports from the Black Sea peninsula of Crimea that Russia annexed from Ukraine, Reuters reported. Wheat sent to Syria from the Black Sea port of Sevastopol in Crimea increased 17-fold this year to just…

Asharq Al-Awsat

Exclusive-Russian-annexed Crimea showers Syria with wheat, Ukraine cries foul

Using a low-profile fleet of ships under U.S. sanctions, Syria has this year sharply increased wheat imports from the Black Sea peninsula of Crimea that Russia annexed from Ukraine, a sign of tightening economic ties between two allies shunned by the West.

Reuters

Fashion Retailer H&M’s Sept-Nov Sales Beat Forecast

H&M, the world's second-biggest fashion retailer, reported on Thursday a 10% increase year-on-year in September-November net sales, slightly exceeding market expectations of a 9.5% rise. Net sales for September-November, H&M's fiscal fourth quarter, stood at 62.5 billion Swedish crowns ($6.13 billion), up from 56.8 billion crowns a year ago, while…

Asharq Al-Awsat

The lights are on so far, but letting gas supplies dwindle was a risky bet

Successive governments’ energy plans hinged on a delusion the market would always provide gas at reasonable prices

The Guardian - UK

Microsoft to buy 4% of London Stock Exchange Group on cloud deal

Microsoft Corp agreed to buy a 4% stake in London Stock Exchange Group Plc as part of a $2.8 billion cloud-computing deal that pushes big tech further into financial markets.

Bangkok Post

Microsoft Stock Higher After Taking 4% Stake In London Stock Exchange Group

"We believe our partnership with Microsoft will transform the way our customers discover, analyze, and trade securities around the world," said LSE Group CEO David Schwimmer.

The Street

Gap Shrinks between Egypt's Official, Black Market Dollar Prices

The gap between the official and black market price of dollars in Egypt has narrowed significantly since the central bank announced a flexible exchange rate policy. On Thursday, Cairo announced a $3 billion International Monetary Fund deal with a commitment to a “durably flexible exchange rate regime.” The central bank…

Asharq Al-Awsat

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Asharq Al-Awsat

Egypt's Pound Sinks Further Against Dollar After Flexibility Pledge

Egypt's pound fell about 3% to 23.8 against the dollar as trading resumed on Sunday, Refinitiv data showed, after authorities committed to a flexible exchange rate under an International Monetary Fund support deal. The pound slid about 14.5% to 23.1 against the dollar on Thursday after they pledged a "durably…

Al Jazeera

Amazon warns costs may eviscerate profits, shares crash

Amazon’s efforts to boost revenues may not pay off as inflation and receding consumer demand bite into profits.

Investors Business Daily

Earnings Growth Expected To Decline For Stocks, Except For The Energy Sector

Earnings growth is expected to decline in the third quarter, with the exception of energy stocks.

Reuters

Analysis-Russian gas supply gap casts chill in Europe as winter nears

Europe needs to pay up to import liquefied natural gas, pray for a mild winter and cut energy demand as any sabotage of infrastructure or even deeper cuts to Russian supply would make power rationing or blackouts all but inevitable.

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Axios

Global M&A just suffered its worst Q3 in a decade

The down arrows didn't discriminate by industry or geography.

Asharq Al-Awsat

H&M Sales Miss as Retailer Struggles to Compete with Zara

H&M reported on Thursday lower-than-expected quarterly sales as shoppers tighten their belts with energy and food bills soaring and the world's second-biggest fashion retailer struggles to compete with rival Zara. Third-quarter net sales at the Swedish group were up 3% from a year earlier at 57.5 billion crowns ($5.4 billion),…

The Guardian - UK

Pound heads for worst month since 2016 against US dollar; eurozone inflation hits record high – as it happened

Pound and UK government bonds have suffered a torrid month, as Rishi Sunak warns of risk that markets lose faith in UK economy

Asharq Al-Awsat

Türkiye Doubles Russian Oil Imports, Filling EU Void

Türkiye doubled its imports of Russian oil this year, Refinitiv Eikon data showed on Monday, as the two countries are set for broader cooperation in business and especially energy trade in the face of western sanctions against Moscow. Trade between Türkiye and Russia has been booming since spring as Turkish…

The Street

Target Stock Slides As Discounts Clip Margins, Sharply Trim Q2 Earnings

"While these inventory actions put significant pressure on our near-term profitability, we're confident this was the right long-term decision," said CEO Brian Cornell.

Reuters

Chinese military survey ship docks at Sri Lanka port

The Chinese survey vessel Yuan Wang 5 docked on Tuesday at Sri Lanka's Chinese-built port of Hambantota, a port official said, a move likely to stoke concern in neighbouring India about the growing influence of its bigger and more powerful rival.

Reuters

First Ukraine grain deal ship docks in Turkey after Lebanese buyer refused delivery

The first grain ship to depart from Ukraine under a U.N.-brokered deal docked in Turkey on Thursday after 11 days at sea, Refinitiv data showed, and the ship's agent in Turkey said it would continue to Egypt after unloading part of its cargo.

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