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UPS lowers 2023 forecast after Teamsters union agreement
UPS lowered its full-year outlook on Tuesday, citing the volume effects and higher costs of its recent labor negotiation as the shipping company reported a drop in quarterly profits. Profits in the second quarter dipped five percent to $2.1 billion, while revenues dropped 11 percent to $22.1 billion.
Italy bank shares fall on govt's surprise windfall tax
Shares in Italian banks plunged early Tuesday after the country's right-wing cabinet approved a surprise 40 percent windfall tax on "surplus profits" generated by the rise in interest rates. He told reporters in Rome after the cabinet meeting that the tax would be levied on banks' "surplus profits" generated by the European Central Bank's interest rate hikes.
China drafts rules for using facial recognition data
Firms using facial recognition in China will be required to obtain consent or legal permission before collecting personal information, draft regulations released Tuesday said, while stipulating the rules would not apply to some bodies. But, it stipulated, the rules would not apply to those "not required by laws and administrative regulations to obtain personal consent".
'Stigmatised': Sex workers join criticism of UK banks
London-based sex worker Marin Scarlett and right-wing populist Nigel Farage might initially appear unlikely campaigning allies, but when it comes to the pitfalls of banking in Britain they share a common cause. The campaigner for the European Sex Workers' Rights Alliance was told her account would be frozen for six months before an evaluation.
China reports biggest drop in exports since 2020
China last month suffered its biggest drop in exports for more than two years, according to official figures Tuesday, as the world's second-largest economy struggles with sluggish global demand and a domestic slowdown. Meanwhile, imports fell for the ninth month in a row in July, shrinking 12.4 percent in a sign of sluggish domestic demand.
Asian markets struggle as traders fret over another Fed hike
Asian markets stuttered Tuesday on renewed concerns that the Federal Reserve will hike rates again, while ongoing worries about the Chinese economy added to the negativity. In early Asian trade, Hong Kong and Shanghai dropped ahead of the release of Chinese trade data, which is expected to show another sharp drop in exports as the world's number-two economy struggles to recover.
PayPal debuts US dollar-backed stablecoin for payments
PayPal on Monday launched a stablecoin digital currency backed by US dollars to be used for transactions at its global online payments platform. PayPal USD is issued by Paxos Trust Company and backed by dollar deposits and similar cash holdings, the online payments giant said in a release.
Paramount announces sale of Simon & Schuster for $1.62 bn
Paramount Global said Monday it had reached an agreement to sell Simon & Schuster, a top US publisher, to private equity firm KKR for $1.62 billion.
'From Ukrainians without love': Drone fundraiser taunts Moscow
Crouching beside Ukrainian-made attack drones on a runway, TV star Serhiy Prytula appeared keen to taunt Moscow with a crowdfunded fleet that experts have linked with recent strikes inside Russia. Offering a rare glimpse at Ukraine's homegrown explosive drones, Prytula recently shared images of himself with a fleet in an undisclosed location.
AFP
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