Bank of America posts drop in quarterly profit as dealmaking slumps
Bank of America Corp (BAC.N) posted a nearly 34% drop in second-quarter profit on Monday, hit by a slump in investment banking revenue as dealmaking activity was at a fraction of last year’s record levels.
U.S. chip industry split over CHIPS act benefits to Intel
Several U.S. semiconductor firms are deliberating whether to oppose a package of chip industry subsidies if the final language of the legislation awaiting a vote in the Senate disproportionately benefits manufacturers like Intel Corp (INTC.O), sources familiar with the matter told Reuters.
Big U.S. banks see loan growth slowing as outlook for demand, economy darkens
U.S. bank executives said they’re optimistic on loan growth as demand for borrowing from retail and business customers bounced back in the second quarter from the lows of the pandemic, but warned demand could weaken later this year if the worsening economic outlook starts to hurt consumer confidence.
TomTom sticks with revenue and cashflow guidance, giving shares a boost
Dutch digital mapping group TomTom (TOM2.AS) on Friday confirmed its revenue and cashflow guidance for 2022 and 2023, boosting its shares, after reporting a bigger-than-expected second-quarter loss, citing high inflation and strained supply chains.
Global equity funds post third weekly outflow on slowdown fears
Global equity funds faced a third straight week of outflows in the week to July 12 on concerns over the prospect of further central bank interest rate hikes and the health of economies worldwide.
BlackRock misses profit estimates as market turbulence spooks investors
BlackRock Inc (BLK.N) posted a bigger-than-expected fall in quarterly profit on Friday as the turmoil in the global markets shrank the world’s largest asset manager’s fee income.
Stocks make recovery bid, hemmed in by weakening world economy
World stocks attempted a move higher on Friday after four days of losses caused by mounting fears of economic downturn, even though the growth concerns were fanned further by data showing a sharp slowdown in China.
EXCLUSIVE Alibaba cuts a third of deals team staff after regulatory crackdown-sources
Alibaba Group (9988.HK) is cutting over a third of staff in its in-house deals team, four people with knowledge of the matter said, after Beijing’s sweeping regulatory crackdown sharply slowed the Chinese e-commerce behemoth’s dealmaking pace.
TSMC sees resilient chip sales boosting Q3; electronics demand cooling
Taiwan’s TSMC (2330.TW) forecast revenue growth that could be the highest in 10 quarters, saying it was “highly confident” about its long-term prospects and touted demand for high-tech chips used in data centres and electric vehicles.
EXCLUSIVE Barclays seeks entry into China’s $4.3 tln asset management market -sources
Barclays (BARC.L) is seeking a Chinese banking partner to set up an asset management joint venture in the country, two people with knowledge of the matter said, as part of British lender’s plans to expand its footprint in the world’s second-largest economy.
