Business

Stock gains power higher Berkshire profit, Buffett presses on with stock buybacks

(Reuters) – Warren Buffett’s Berkshire Hathaway Inc on Saturday said stock market gains fueled a record quarterly profit, while the billionaire signaled investors are undervaluing his company by repurchasing another $9 billion of its stock.FILE PHOTO: Warren Buffett, chairman and CEO of Berkshire Hathaway, takes his seat to speak at the Fortune’s Most Powerful Women’s […]

Business

U.S. bank profits fell 36.5% in 2020 on pandemic concerns – FDIC

WASHINGTON (Reuters) – U.S. bank profits fell 36.5% in 2020 from the prior year as banks set aside massive amounts to guard against potential losses, but the industry showed signs of strengthening in the fourth quarter as the economy begins to recover from the pandemic, a regulator reported on Tuesday.FILE PHOTO: The Federal Deposit Insurance […]

Business

U.S. bank profits fell 36.5% in 2020 on pandemic concerns: FDIC

FILE PHOTO: The Federal Deposit Insurance Corp (FDIC) logo is seen at the FDIC headquarters in Washington, February 23, 2011. REUTERS/Jason Reed/File PhotoWASHINGTON (Reuters) – U.S. bank profits fell 36.5% in 2020 from the year prior as banks set aside massive amounts to guard against potential losses, but the industry showed signs of strengthening in […]

Business

HSBC curbs profit and payout ambitions, targets Asia wealth

HONG KONG/LONDON (Reuters) – HSBC Holdings PLC on Tuesday abandoned its long-term profitability target, and unveiled a revised strategy focused mainly on wealth management in Asia after the COVID-19 shock saw its annual profits drop sharply.FILE PHOTO: HSBC logo is seen on a branch bank in the financial district in New York, U.S., August 7, […]

Business

HSBC lowers ambitions on dividends, returns after pandemic-induced annual profit fall

HONG KONG/LONDON (Reuters) – HSBC Holdings PLC on Tuesday abandoned its long-term profitability target, and unveiled a revised strategy focused mainly on wealth management in Asia after the COVID-19 shock saw its annual profits drop sharply.FILE PHOTO: HSBC logo is seen on a branch bank in the financial district in New York, U.S., August 7, […]

Business

Canadian banks set for earnings decline but investors optimistic about recovery

TORONTO (Reuters) – Canadian banks are set to post their fourth straight year-on-year quarterly profit drop when they report results next week, the longest decline streak since the financial crisis, on margin compression and declining commercial lending, but flattening loan loss provisions signal a turning point, investors said.Slideshow ( 5 images )Banks’ profit margins are […]

Business

Analysts lift profit growth forecast for European firms to 42.7%: Refinitiv

FILE PHOTO: A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. REUTERS/Toby Melville/File PhotoMILAN (Reuters) – Analysts have lifted their first-quarter profit growth forecast for European listed companies to 42.7% from the 41% that was expected last week, according to […]

Business

Pfizer targets at least 2 billion COVID-19 vaccine doses this year, sees $15 billion in 2021 from the shots

(Reuters) – Pfizer Inc said on Tuesday it expects to generate $15 billion, or about a quarter of its total revenue this year, from sales of its COVID-19 vaccine co-developed with German partner BioNTech SE. Sales from the vaccine – on track to be the drugmaker’s top product this year – could top $15 billion […]

Analysis & Comment

Sweden's EQT to buy real estate investment firm Exeter for $1.87 billion

STOCKHOLM (Reuters) – Sweden’s EQT said on Tuesday it had signed a deal to buy global real estate investment manager Exeter Property Group for $1.87 billion as the buyout group reported an almost doubling in net profit for 2020.FILE PHOTO: Swedish private equity group EQT CEO Christian Sinding poses for a picture at the company’s […]

Business

Logitech reports 192% jump in quarterly operating income

FILE PHOTO: Logitech keyboards are seen in the computer shop in Zenica, Bosnia and Herzegovina October 20, 2020. REUTERS/Dado Ruvic(Reuters) – Logitech International increased its non-GAAP operating income by 192% in the third quarter, the computer peripherals maker said on Tuesday, as the COVID-19 pandemic boosted demand for its home-working products and gaming accessories. Excluding […]