Sony trims profit forecast after games business falters
Sony Group Corp (6758.T) trimmed its profit forecast on Friday after a weak first quarter for its PlayStation business, which it blamed on waning consumer interest due to a lack of new games and an easing of COVID-19 constraints dampening stay-at-home gaming.
Italy’s Ali Group sees shelter from economic storm in Welbilt deal
Welbilt’s exposure to the U.S. fast-food market will make new Italian owner Ali Group more resilient in a slowing global economy, while the deal will bring $100 million in cost savings, the chief executive of the catering equipment company told Reuters.
Swiss National Bank posts record H1 loss, says no policy impact
The Swiss National Bank (SNBN.S) reported a first-half loss of 95.2 billion Swiss francs ($100.08 billion) on Friday, the biggest six-month loss since the central bank was founded in 1907.
Euro zone inflation hits yet another record high after big jump
Euro zone inflation rose to another record high in July and its peak could still be months away, keeping pressure on the European Central Bank to opt for another big interest rate increase in September.
China’s ‘common prosperity’ drive slashes pay and perks for investment bankers
China’s well-heeled financial dealmakers are getting a crash course in austerity with pay cuts and perks reined in, as their state-owned employers respond to Beijing’s “common prosperity” drive, eight people with knowledge of the matter said.
‘Recession is in the air’: German economy stagnates in 2nd quarter
The German economy stagnated in the second quarter, data showed on Friday, with the war in Ukraine, the pandemic and supply disruptions bringing Europe’s largest economy to the edge of a downturn.
Japan gives Kioxia and Western Digital $680 million to boost memory chip production
Japan’s government on Tuesday said it will provide as much as 92.9 billion yen ($680 million) to Kioxia Holdings and Western Digital Corp (WDC.O) to help them boost production and ensure a stable supply of memory chips in Japan.
Cryptoverse: What crisis? Venture capitalists bet big on crypto
Even as the crypto sector shivers in the bleak winter, venture capitalists are pouring money into digital currency and blockchain startups at a pace that’s set to outstrip last year’s record.
Analysis: U.S. LNG exports to Europe on track to surpass Biden promise
When U.S. President Joe Biden promised European leaders in March that he would help secure new supplies of liquefied natural gas to offset shortages from Russia’s invasion of Ukraine, his pledge was greeted with scepticism.
Russian gas cut to Europe hits economic hopes, Ukraine reports attacks on coastal regions
Russia said it will cut gas supplies to Europe from Wednesday in a blow to countries that have backed Ukraine, while missile attacks in Black Sea coastal regions raised doubts about whether Russia will stick to a deal to let Ukraine export grain.
