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From Chasing Deals to Turning Off Screens: Cineworld on the Brink
Date: August 22, 2022
(Reuters) – Britain’s Cineworld said on Monday it was considering options including a possible bankruptcy filing in the United States as the world’s second-largest cinema chain operator by number of screens struggles with near term liquidity. Here is a timeline of the company, which operates under the Cinema City, Picturehouse, Regal and Yes Planet brands,...
Biotech Stocks Pin Bounce Back Hopes on M&A Boost
Date: August 12, 2022
By Amruta Khandekar and Leroy Leo (Reuters) – Plunging valuations have made biotech companies tempting acquisition targets for cash-rich Big Pharma and a flurry of deals is just what the battered sector needs to turn a corner. Pfizer’s $5.4 billion acquisition of Global Blood Therapeutics, which was announced on Monday, is the fourth deal in...
Opec, in Contrast to Iea, Sees Lower 2022 Oil Demand Growth
Date: August 11, 2022
By Alex Lawler LONDON (Reuters) -OPEC on Thursday cut its 2022 forecast for growth in world oil demand for a third time since April, citing the economic impact of Russia’s invasion of Ukraine, high inflation and efforts to contain the coronavirus pandemic. The view from the Organization of the Petroleum Exporting Countries contrasts with that...
Prudential Says First-Half Profit up 8%; Warns of Persistent Covid Woes
Date: August 10, 2022
By Selena Li HONG KONG (Reuters) -Prudential Plc posted on Wednesday a rise of 8% in its first-half operating profit, but the Asia-focused insurer warned of challenging conditions for the rest of the year as COVID curbs persist in some markets. Adjusted operating profit from continuing operations of the London and Hong Kong dual-listed company...
Micron’s Warning of Weak Demand Rattles Chip Stocks
Date: August 9, 2022
By Chavi Mehta (Reuters) – Micron Technology cut its current-quarter revenue forecast on Tuesday and warned of a negative free cash flow in the coming three months as customer inventories pile up amid waning demand for chips used in PCs and smartphones. The dismal forecast comes a day after Nvidia warned of weakness in its...
Ralph Lauren, Capri Ride Wave of Inflation-Resistant Luxury Demand
Date: August 9, 2022
By Uday Sampath Kumar and Ananya Mariam Rajesh (Reuters) -Ralph Lauren Corp and Michael Kors-owner Capri Holdings blew past earnings estimates, underscoring an unwavering demand for luxury apparel and handbags from wealthy consumers who remain largely unscathed by red-hot inflation. Surging prices have had little impact on middle- and high-income households who have been happily...