Business

Mexico’s FEMSA posts drop in Q3 earnings on increased costs

Mexican bottler and retailer Femsa posted a drop in third-quarter net profit on Friday to 10.75 billion pesos ($534.10 million), down 23.8% from a year ago as operating costs jumped. Quarterly revenue rose 20.5% year-on-year to 171.66 billion pesos ($8.66 billion), driven by increased sales across markets and beating the Refinitiv consensus of 163.17 billion […]

Business

Elon Musk ends Twitter fight but faces other legal headaches

Elon Musk was forced through a months-long court battle to buy Twitter on Thursday, but numerous lawsuits remain against the world’s richest person and electric carmaker Tesla Inc (TSLA.O), where he is chief executive. TWITTER LAWSUITTwitter investors sued Musk in May in San Francisco federal court, claiming he manipulated Twitter’s stock price by failing to […]

Business

Mexico’s Q3 economic activity points to 2.4% annual growth -finance ministry

Mexico’s economic activity indicators in the third quarter point to economic growth in line with forecasts of 2.4% annual growth in 2022, the country’s finance ministry said on Friday. “The Mexican economy continues to grow with solid macroeconomic balances despite a challenging international environment,” the ministry said in a statement. The ministry said dynamic economic […]

Business

U.S. rail watchdog orders top carriers to report service metrics for 6 more months

The U.S. rail regulator has asked the country’s biggest freight carriers to continue reporting crucial service metrics for six more months, following its initial order aimed at fixing congestion, downtime and delays reported earlier this year. The Surface Transportation Board (STB) in April held a public hearing between customers, labor witnesses and railroads including Berkshire […]

Business

‘Golden parachutes’ for fired Twitter executives worth $122 million, research firm says

Three top executives of Twitter Inc fired by new owner Elon Musk stand to receive separation payouts totaling some $122 million, research firm Equilar said on Friday. Musk fired Twitter Chief Executive Parag Agrawal, Chief Financial Officer Ned Segal, and legal affairs and policy chief Vijaya Gadde, according to people familiar with the matter. He […]

Business

Chrysler parent Stellantis offering U.S. salaried buyouts

Chrysler parent company Stellantis NV (STLA.MI) said Friday it has offered voluntary buyouts to some of its 13,000 U.S. salaried employees. Salaried workers age 55 or older who have been with the automaker at least 10 years are eligible. The world’s No.4 carmaker, created early last year from the merger of PSA and Fiat Chrysler, […]

Business

Rise in U.S. consumer spending beats expectations; wage inflation slows

U.S. consumer spending rose more than expected in September while underlying inflation pressures continued to bubble, keeping the Federal Reserve on track to hike interest rates by another three-quarters of a percentage point next week. But there was some encouraging news in the fight against stubbornly high inflation, with other data from the Labor Department […]