Business

Dell’s quarterly results beat estimates on remote work boost

Dell Technologies Inc (DELL.N) on Thursday posted a smaller-than-expected drop in quarterly revenue and beat profit estimates on robust demand for its notebooks and software products for remote work and online learning. Shares of the company were up 2% in trading after the bell. The COVID-19 pandemic has led to a rapid shift to cloud, […]

Business

Workday promotes Chano Fernandez as co-CEO, raises 2021 subscription forecast

Workday Inc on Thursday appointed Chano Fernandez as co-chief executive officer and raised its annual subscription forecast, sending the business software provider’s shares up nearly 12% in extended trading. The company, which has become the latest to opt for the co-CEO model after Netflix Inc, promoted co-president Fernandez to serve alongside CEO and co-founder Aneel […]

Business

Shares, dollar climb as Fed lays out new inflation strategy

A gauge of world equity markets and the dollar rose on Thursday after the U.S. Federal Reserve said it would roll out an aggressive new strategy that aims to boost employment and allow inflation to run a bit faster for longer than in the past. Yields gained on longer-dated government bonds as Fed Chair Jerome […]

Business

U.S. inflation seen rising but still below target after speech by Fed’s Powell

Investors raised their bets on higher U.S. inflation after Federal Reserve Chair Jerome Powell introduced a new strategy to allow the rate to rise above the 2% target, but market players still saw inflation remaining stubbornly below that level. The Fed will seek to achieve inflation averaging 2% over time, offsetting below-2% periods with higher […]

Business

In landmark shift, Fed rewrites approach to inflation, labor market

The Federal Reserve on Thursday rolled out a sweeping rewrite of its approach to its dual role of achieving maximum employment and stable prices, putting new weight on bolstering the U.S. labor market and less on worries about too-high inflation. The Fed’s new monetary policy strategy, unveiled at the start of an annual central banking […]

Business

Oil prices slip as Hurricane Laura’s blow unlikely to have sustained impact

Oil prices eased on Thursday as the market expected a quick recovery for production platforms shuttered ahead of a hurricane that churned through the Gulf of Mexico and slammed Louisiana. Brent crude LCOc1 futures for October, which expire on Friday, fell 55 cents, or 1.2%, to settle at $45.09 a barrel. U.S. West Texas Intermediate […]

Business

Lebanese banks that can’t raise capital must leave market, central bank governor says

Lebanese banks that cannot increase their capital by 20% by the end of February 2021 will have to get out of the market, Central Bank Governor Riad Salameh said. Those leaving would do so by giving their shares to the central bank, Salameh added. He said he could not speculate how many of Lebanon’s nearly […]