Business

Russia-made goods replacing imports on the country’s shelves, Nielsen says

Russia-made products accounted for 83% of the country’s market for common consumer goods in the first half of 2022, up 4% on a year before, according to a report published by NielsenIQ on Tuesday. Domestic production of so-called fast-moving consumer goods is filling shelves as imports slump amid Western sanctions against Russia. The sanctions, imposed […]

Business

Fed lacks systems to thwart Chinese information gathering

The Federal Reserve lacks adequate systems to counter a “malign” effort by China to gather inside information on the U.S. economy and monetary policy, according to a report that was prepared by Republican staff of the Senate Homeland Security Committee. Fed Chair Jerome Powell promptly rejected the report, which was released on Tuesday, in a […]

Business

U.S. solar industry jobs rose 9% in 2021, mainly in installation

The number of jobs in the U.S. solar energy industry rose 9% last year to more than 255,000, with most workers employed in installation and project development, according to a report published on Tuesday. The rise marked a return to growth in sector employment following a contraction in 2020 due to pandemic-related work disruptions, the […]

Business

Return of coal a threat to European companies’ ESG ratings

European companies turning to coal as an alternative to Russian gas face a hit to their environmental, social and governance ratings, leaving them scrambling to impress investors still vocal on sustainability. Despite an energy crisis following sanctions on Russia, major European investors say they will not relax their investment principles of reaching net zero targets […]

Business

U.S. watchdogs scrutinise UBS over staff messaging

U.S. regulators are looking into whether UBS Group (UBSG.S) properly documented communications among staff as part of a wider probe of the sector, the Swiss bank said in notes to its second-quarter results on Tuesday. Last year, Reuters reported that the U.S. Securities and Exchange Commission (SEC) was looking into whether Wall Street banks have […]

Business

Earnings to the rescue?

The European corporate earnings season picks up pace on Tuesday and the evidence so far is that rising costs and slowing demand are beginning to bite. A few weeks back the big concern for traders was that the next leg lower for stock markets would be triggered by the rewriting of lofty earnings expectations. While […]

Business

Lindt & Spruengli raises guidance, unveils new buyback

Swiss chocolate maker Lindt & Spruengli (LISN.S) on Tuesday raised its sales guidance and unveiled a 1 billion Swiss franc ($1.04 billion) share buyback programme after first-half net profit jumped 36% to 138.4 million francs. It said it now expected 2022 organic sales growth of 8-10% with an operating margin of around 15%. It had […]