Rolls-Royce shares jump 8% after 2023 profits more than double

An Airbus A340-313, operated by Universal Sky Carrier is landing at night in Barcelona, Spain. Nurphoto | Nurphoto | Getty Images LONDON — Rolls-Royce shares jumped more than 8% on Thursday after the British aerospace group more than doubled its annual profits in 2023 and forecast further momentum this year. Rolls-Royce, which manufactures jet engines … Read more

Google Lays Off Thousands More Employees Despite Record Profits One Year After Laying off 12,000 Employees As Workers Begin Worrying AI is Slowly Replacing Them

Google has initiated significant layoffs across its various teams, including the Voice Assistant, hardware, engineering and ad sales teams, marking a continuation of the tech industry’s trend towards reducing workforce expenses. The layoffs have affected hundreds of employees within the Voice Assistant unit; hardware teams responsible for Pixel, Nest and Fitbit products; and a considerable … Read more

Magnificent 7 profits now exceed almost every country in the world. Should we be worried?

Traders work on the floor of the New York Stock Exchange during morning trading on January 31, 2024 in New York City. Michael M. Santiago | Getty Images The so-called “Magnificent 7” now wields greater financial might than almost every other major country in the world, according to new Deutsche Bank research. The meteoric rise … Read more

Adidas sees profits doubling as Kanye crisis fades

STORY: Adidas is getting over its breakup with Kanye West. The German sportswear giant parted ways with the rapper after he made antisemitic comments. That cost it big sales of his Yeezy line of sneakers. But on Wednesday the firm said its earnings were on the mend. It forecast a near-doubling in operating profit to … Read more

World’s largest hedge funds record bumper year of profits

Signage for Citadel Investment Group LLC hangs outside their office in Chicago, Illinois, U.S. Bloomberg | Getty Images The world’s top hedge funds raked in record profits last year amid a resurgence in stock markets, new analysis showed. The 20 leading funds made $67 billion in investor profits in 2023, up from the $65 billion … Read more

‘Excess profits’ of big firms have driven up inflation, report claims

LONDON — Major companies in the energy and food sectors amplified inflation in 2022 by passing on greater cost increases than needed to protect margins, according to a new report. British think tanks the Institute For Public Policy Research and Common Wealth said in a report Thursday that big firms made inflation “peak higher and … Read more

U.S. bank profits slow on lower noninterest income, higher realized losses

By Pete Schroeder WASHINGTON (Reuters) – U.S. banks reported Wednesday a slowdown in profits in the third quarter of the year, as lower noninterest income and higher realized losses on bank investments took a toll. The U.S. Federal Deposit Insurance Corporation reported bank profits at $68.4 billion in the most recent quarter, down 3.4% from … Read more

Why Europe Must Not Let AI Firms Put Profits Before People

The soap opera-like ousting and swift return of OpenAI CEO Sam Altman produced plenty of fodder for ironic quips online but it also exposed some serious fault lines. One such critique I enjoyed was: “How are we supposed to solve the AI alignment problem if aligning just a few board members presents an insurmountable challenge?” … Read more

Oil major BP misses estimates for third quarter as profits plummet

The BP logo is displayed outside a petrol station near Warmister, on August 15, 2022 in Wiltshire, England. Matt Cardy | Getty Images News | Getty Images LONDON — Oil major BP on Tuesday reported a steep year-on-year fall in profits, missing analyst estimates. The British energy giant logged underlying replacement cost profit, used as a … Read more

Big banks’ big profits aren’t likely to last

The JPMorgan Chase & Co. headquarters in New York, US, on Friday, July 7, 2023. Michael Nagle | Bloomberg | Getty Images This report is from today’s CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like … Read more