Hyundai Motor Q2 net profit soars, beats estimates

SEOUL (July 22): South Korea’s Hyundai Motor Co turned in its best quarterly profit in about six years on Thursday, helped by solid demand for its high-margin sports-utility vehicles and its premium Genesis cars. Hyundai, which together with affiliate Kia Corp is among the world’s top 10 automakers by sales, reported a net profit of 1.8 trillion Korean won ($1.57 billion) for …

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IMF urges countries to shift from economic rescue to reforms

WASHINGTON (July 20): The International Monetary Fund’s No. 2 official on Tuesday called on countries to pivot from saving their economies from collapse to reviving growth-oriented policy reforms to boost their recovery prospects and make them more sustainable. IMF First Deputy Managing Director Geoffrey Okamoto said in a blog posting on the IMF website that the Covid-19 pandemic delayed and …

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Asian FX, stocks slide as virus woes hurt risk sentiment

BENGALURU (July 20): Equities in South Korea, India, and Thailand declined on Tuesday, while most Asian currencies traded flat to lower, as the rapid spread of novel coronavirus at home and abroad intensified fears about a slowdown in global economic growth. In holiday-thinned trade where Philippines, Indonesia, Malaysia and Singapore bourses were shut, Seoul, Thailand and Taiwan’s stocks dropped between …

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Pandemic recovery to push emissions to all-time high — IEA

LONDON (July 20): The global rebound from the Covid-19 pandemic is set to drive emissions of greenhouse gases that stoke climate change to all-time highs, the Paris-based International Energy Agency said in a report on Tuesday. “We estimate that full and timely implementation of the economic recovery measures announced to date would result in CO2 emissions climbing to record levels in …

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UBS books 63% profit surge for 2Q amid wealth management boom

ZURICH (July 20): UBS on Tuesday posted a 63% jump in second-quarter net profit, easily beating expectations as buoyant markets continued to help the world’s largest wealth manager generate higher earnings from managing money for the rich. The Swiss bank’s net profit of US$2.01 billion far outpaced expectations for US$1.34 billion in a poll of 20 analysts compiled by the …

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Wall St rises after steep selloff, strong results boost IBM

BENGALURU (July 20): Wall Street’s main indexes rose on Tuesday, as economically sensitive stocks rebounded after a sharp selloff in the previous session, while International Business Machines (IBM) jumped on strong second-quarter results. Shares of the blue-chip technology firm climbed 3.7% as brokerages raised their price targets on the stock following robust growth in the company’s cloud and consulting businesses. …

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