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Hong Kong sees 3.1% growth in second quarter
Hong Kong's economy grew by 3.1 percent in the second quarter, according to government estimates released Thursday, beating expectations, with strong exports buoyed by businesses racing to take advantage of US tariff easing. - Thursday's estimates showed private consumption, which had declined for four consecutive quarters, increased 1.9 percent, while exports of services saw 7.5 percent growth.
Stocks, dollar mixed tracking Fed, tariffs, results
Major stock markets and the dollar traded mixed Thursday as traders weighed a cautious Federal Reserve, strong tech earnings and new US tariffs. "US markets are expected to enjoy a buoyant open thanks in no small part to the bumper earnings seen from Meta and Microsoft," noted Joshua Mahony, chief market analyst at trading group Rostro.
BMW says can weather tariff storm despite profit plunge
German carmaker BMW stuck to its 2025 targets Thursday despite quarterly profits tumbling a third due partly to US tariffs, insisting its large American operations meant it could weather the storm. "The large plant in (the United States) and the SUVs produced there have helped to make the slump more manageable and BMW was able to sell more cars in the United States despite the tariffs," he said.
Renault profits slump as competition intensifies
French automaker Renault said Thursday that the tough retail and commercial van market in Europe had squeezed profits although it was able to maintain profitability better than most rivals. Rival Stellantis -- which includes the French brands Citroen and Peugeot -- saw its margin squeezed to just 0.7 percent in the first half of this year.
Taiwan's economy accelerates in second quarter
Taiwan's economy grew at a forecast-busting pace in the second quarter, official data showed Thursday, fuelled by demand for AI technology and firms placing orders before threatened US tariffs hit. And it was the fastest quarterly growth since the second quarter of 2021 when the economy grew by 8.28 percent, government data show.
Shell net profit retreats on lower energy prices
British energy giant Shell on Thursday said its net profit slid 23 percent in the first six months of the year, hit by lower oil and gas prices. Earlier this year, Shell's British rival BP launched a major pivot back to its oil and gas business, shelving its once industry-leading ambitious renewable energy strategy.
Unilever profit slides ahead of ice cream demerger
British consumer goods giant Unilever on Thursday said net profit fell five percent in the first six months of the year, as it prepares to demerge its ice cream business.
China summons chip giant Nvidia over alleged security risks
Chinese authorities summoned Nvidia representatives on Thursday to discuss "serious security issues" over some of its artificial intelligence chips, as the US tech giant finds itself entangled in trade tensions between Beijing and Washington.
US tariffs corrode steelmaker ArcelorMittal's profitability
The world's number two steelmaker, ArcelorMittal, said on Thursday its half-year net profit jumped on exceptional items but US tariffs began to eat into its margin. Net profit for the period from January through June rose 39 percent from the same period in 2024 to hit $2.6 billion, thanks to a $1.7 billion exceptional gain from acquiring a stake in a US unit ceded by Nippon Steel.
AFP
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