economic news

Target (TGT) Q1 2022 earnings

Target on Wednesday reported quarterly results well below Wall Street expectations, as the retailer faced high transportation costs, higher markdowns and weaker-than-expected sales of discretionary items, from televisions to bicycles. The shares fell about 22% in premarket trading. Here’s what Target reported for the fiscal first quarter ended April 30, compared to consensus estimates from …

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Shopee, Garena post strong revenue

Shares of Southeast Asian e-commerce and gaming company Sea Group surged after its first-quarter earnings beat analysts’ expectations on Tuesday. Sea’s U.S.-listed shares rose 14% to close at $80.21 after the Singapore-based internet company reported earnings that beat analysts’ expectations in the first quarter of this year. Here’s how the NYSE-listed company fared from January …

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Strong air travel recovery in US, Europe, Latin America but Asia lags

International air transport has seen a strong recovery this year, with the exception of the Asia-Pacific region, which is “significantly behind”, according to the International Air Transport Association (IATA). “Last year, international travel was about 25% of what it was in 2019. In the first quarter of this year around the world, it was up …

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Asia stocks mixed; Japan’s first quarter GDP data released

SINGAPORE — Stocks in Asia Pacific were mixed on Wednesday morning following comments from U.S. Federal Reserve Chairman Jerome Powell, who said he was committed to raising rates until inflation subsides. The Nikkei 225 in Japan rose 0.7% while the Topix index traded up 0.67%. Japan’s economy shrank 1% on an annualized basis in January-March …

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China signals easing of tech crackdown but don’t expect policy U-turn

China has shown signs of easing its crackdown on the tech sector that has wiped billions of dollars of value from its most important companies. But analysts said Beijing’s recent positive rhetoric should not be confused with a policy shift. “I think big tech companies will have a grace period for maybe the next six …

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