Several U.S. airlines may experience extended downtime for some of their planes and increased disruption to air travel due to a problem with jet engines manufactured by Raytheon Technologies Corp. The issue, which affects hundreds of planes, has implications beyond the operational challenges during the busy summer travel season. Raytheon RTX recently announced that it has … [Read more...] about U.S. Airlines Facing Disruption Due to Jet Engine Issue
Forex News
SK Hynix Posts Third Consecutive Quarterly Loss
SK Hynix, a South Korean memory-chip maker, has reported its third consecutive quarterly loss due to a slow recovery in the chip industry. The company also announced a further reduction in production. In the second quarter, SK Hynix incurred a net loss of KRW2.988 trillion ($2.34 billion), following a loss of KRW2.585 trillion in the previous quarter and a profit of KRW2.881 … [Read more...] about SK Hynix Posts Third Consecutive Quarterly Loss
UniCredit Raises 2023 Guidance on Strong Q2 Results
UniCredit, the Italian bank, announced on Wednesday that it has raised its 2023 guidance, driven by impressive second-quarter profit and revenue. The bank's net profit for the quarter reached €2.31 billion ($2.55 billion), surpassing the €2.01 billion recorded in the same period last year. The strong performance was attributed to a 25% increase in revenue, which totaled €5.97 … [Read more...] about UniCredit Raises 2023 Guidance on Strong Q2 Results
Otis Worldwide Reports Higher Sales and Earnings
By Will Feuer Otis Worldwide, a Farmington-based elevator-and-escalator maker, has announced an increase in sales and earnings for the second quarter. The company has also introduced a cost-savings program to enhance its operations. Financial Performance During this period, Otis recorded a profit of $376 million, or 90 cents a share, compared to $321 million, or 76 cents a … [Read more...] about Otis Worldwide Reports Higher Sales and Earnings
MaxLinear’s Acquisition of Silicon Motion Technology: A Surprising Turn of Events
In a surprising turn of events, chip company MaxLinear announced its successful acquisition of Silicon Motion Technology after more than 14 months of uncertainty. The deal, valued at $3.8 billion, had faced skepticism from investors who believed it would never come to fruition. Under the terms of the agreement, MaxLinear (MXL) committed to paying $93.54 in cash and 0.388 shares … [Read more...] about MaxLinear’s Acquisition of Silicon Motion Technology: A Surprising Turn of Events
