Oil turbulence could last five years, ExxonMobil boss warns

Consumers must be prepared to endure up to five years of turbulent oil markets, the head of ExxonMobil said Tuesday, citing under-investment and the coronavirus pandemic. Energy markets have been roiled by the Ukraine war as Russia has reduced some exports and faced sanctions while Europe has announced plans to wean itself off dependency on […]

Qatar Airways posts ‘record’ $1.54B profit despite pandemic

Qatar Airways on Thursday posted a record net profit of $1.54 billion for the 2021-2022 financial year, a result it attributed to a “successful strategy” during the coronavirus pandemic. The state-owned airline said the profit result was “200 percent above its highest annual historical profit” and achieved on the back of $14.4 billion in overall […]

Shenzhen eases lockdown as pandemic gnaws at China economy

China’s southern tech powerhouse Shenzhen has partially eased lockdown measures, after President Xi Jinping stressed the need to “minimise the impact” of the coronavirus pandemic on the nation’s economy. The city of 17.5 million, under full lockdown since Sunday, resumed work, factory operations and public transport in four districts and a special economic zone, Shenzhen’s […]

HSBC announces $1B share buyback as annual profits double

HSBC on Tuesday announced bumper 2021 profits and plans to repurchase shares worth up to $1.0 billion as the Asia-focused bank continues its recovery from the coronavirus pandemic and major restructuring. The lender endured a tumultuous 2020 like the rest of the banking sector as the virus outbreak rocked the economy just as it embarked […]

ING profits rocket on global economic recovery

Dutch banking giant ING on Thursday reported nearly doubling its profit for last year, saying results were buoyed by a recovering world economy learning to live with the coronavirus pandemic. Amsterdam-based ING posted 4.7 billion euros ($4.2 billion) in profit for 2021, up 92 percent from the year before. In 2020 profit slumped to 2.5 […]

LVMH blows past pandemic with record sales and profit

LVMH, the world’s leading luxury group, more than recovered from the coronavirus pandemic, posting Thursday record sales and net profit for 2021. The group which includes the Louis Vuitton, Dior and Celine fashion brands as well as Moet & Chandon champagne, took in a record 64.2 billion euros ($71.5 billion) in 2021. An increase of […]

Prada records ‘robust’ growth despite Covid

Italian luxury label Prada on Tuesday reported “robust” growth last year, driven by strong sales despite the continuing disruption of the coronavirus pandemic. Group revenues for 2021 reached 3.36 billion euros ($3.8 billion), up 41 percent on 2020 and up eight percent on 2019, according to initial figures adjusted for exchange rate changes. The second […]

World’s 10 richest men doubled wealth during Covid: report

The world’s 10 wealthiest men doubled their fortunes during the first two years of the coronavirus pandemic as poverty and inequality soared, a report said on Monday. Oxfam said the men’s wealth jumped from $700 billion to $1.5 trillion, at an average rate of $1.3 billion per day, in a briefing published before a virtual […]

Isolation and innovation: two years of the Covid-19 pandemic

  by Paul RICARD Two years ago, a previously unknown virus plunged humanity into an unprecedented global crisis that has transformed our daily lives — and significantly expanded scientific knowledge. – In the air – In the early months of the pandemic, the prevailing scientific advice was that frequent handwashing would help stop the spread […]

Macau bans international passenger flights for two weeks

Macau has announced a two-week ban on any inbound passenger flights from outside of China after three coronavirus cases were found in passengers arriving from overseas. The move came the same day Hong Kong banned flights from eight nations and ramped up social distancing measures, leaving the two neighbouring Chinese territories even more cut off […]