Business

GE backs ‘near-term’ jet output plans at Airbus and Boeing -CEO

Jet engine maker General Electric Co (GE.N) is aligned with “near-term” plans of both Airbus (AIR.PA) and Boeing (BA.N) to ramp up production, its Chief Executive Larry Culp said on Tuesday. Culp, however, declined to comment on Airbus’ plan to go beyond an immediate ramp-up and almost double production of its best-selling A320 jets by […]

Business

Campari to raise drinks prices in 2022 to offset surging costs

Italy’s Campari (CPRI.MI) plans bigger than usual increases in drinks prices next year to offset surging costs for logistics and raw materials including glass, alcohol and sugar, its top executive said. On Tuesday the maker of Aperol and Campari bitters reported a 12.8% yearly rise in like-for-like sales in the July-September period as consumers went […]

Business

Industrial giant 3M to hike prices as inflation, logistics woes bite

Industrial giant 3M Co (MMM.N) lowered its full-year earnings outlook on Tuesday and said it would increase product prices to combat inflationary and supply chain pressures plaguing U.S. manufacturers. The company, which makes everything from Post-It notes to industrial sandpaper, said it was facing higher costs related to polypropylene, ethylene, resins and labor. It added […]

Business

IKEA buys former Topshop flagship store in central London for $520 mln

IKEA, the world’s biggest furniture brand, has agreed to buy the iconic former flagship store of British fashion chain Topshop in central London from the administrators of bankrupt owner Arcadia Group, part of its push to open inner-city outlets. Krister Mattsson, head of the investment arm of Ingka Group which owns most IKEA stores, said […]

Business

China’s Modern Land defaults on bond payment; property shares drop

Modern Land (1107.HK) defaulted on a bond payment, the latest Chinese property developer to do so, adding to worries about the wider impact of the debt crisis at behemoth China Evergrande Group (3333.HK), and weighing on shares in the sector. Modern Land (China) Co Ltd said in a filing on Tuesday that it had not […]

Business

France moves to shield its book industry from Amazon

Sophie Fornairon’s independent bookshop has survived the rise of Amazon thanks to a French law that prohibits price discounting on new books, but she says the e-commerce giant’s ability to undercut on shipping still skews the market against stores like hers. Fornairon, who owns the Canal Bookstore in central Paris, now hopes that new legislation […]

Business

UPS profit rises ahead of peak holiday season

United Parcel Service Inc (UPS.N) reported better-than-expected quarterly profit and revenue on Tuesday, bolstered by strong e-commerce demand that has driven the delivery giant to raise shipping rates and cherry-pick more profitable customers. The Atlanta-based company, which is heading into the peak holiday delivery season, raised its forecast for full-year adjusted operating margin to 13% […]