Renault SA said Friday that revenue fell in the first quarter as the market environment was severely disrupted by the semiconductor shortage, inflation and the war in Ukraine.
The French auto maker said revenue fell to 9.75 billion euros ($10.59 billion) in the quarter from EUR10.02 billion in the previous-year period.
UK Retail Sales Fell More Sharply in March, Missing Expectations
U.K. retail sales fell more sharply in March as looser Covid-19 restrictions led to a decline in online shopping while a surge in petrol and diesel prices reduced automotive fuel sales.
Retail sales volumes last month weakened by 1.4% from February, the Office for National Statistics said Friday. Economists polled by The Wall Street Journal had forecast retail sales would fall by 0.2%.
U.K. Consumer Confidence Falls to Lowest Level Since 2008 Financial Crisis
Confidence among British consumers deteriorated for a fifth straight month in April, dropping to the lowest level since the 2008-09 financial crisis, as the fall of households' real incomes due to high inflation intensifies.
The consumer-confidence barometer compiled by research firm GfK declined to minus 38 in April from minus 31 in March, a touch off the series record low of minus 39 registered in July 2008 during the global financial crisis.
Holcim Shares Climb on Upgraded Outlook
Holcim Ltd. shares were up Friday after it raised its 2022 sales outlook on the back of higher-than-expected first-quarter sales and earnings.
Shares at 0831 GMT were up 5.4% to CHF48.34.
AB InBev to Book $1.1 Bln Impairment From Decision to Sell Russian JV Interest
Anheuser-Busch InBev SA said Friday that it is in discussions to sell its Russian joint venture interest to Turkish brewer Anadolu Efes, and that it will recognize a $1.1 billion impairment resulting from the transaction.
The world's largest brewer--which houses the Stella Artois and Budweiser brands among its portfolio--said it will sell the noncontrolling interest in the AB InBev Efes joint venture and is in discussions with its partner, Anadolu Efes.
EssilorLuxottica 1Q Rev EUR5.61B
EssilorLuxottica SA said Friday that its first-quarter revenue rose strongly, driven by growth in all regions.
The French-Italian optical company said revenue for the quarter came in at 5.61 billion euros ($6.08 billion). The result was up 38% from the prior-year period, when EssilorLuxottica wasn't yet including the results of GrandVision, the Dutch optical retailer it recently acquired, in its accounts.
Economic Impacts, Global Politics Limit Potential Actions Against Russia, Yellen Says
WASHINGTON-The U.S. and its allies are constrained in their efforts to reduce Russian energy revenue because of the risks posed to the global economy, while a push to remove Russia from international organizations like the Group of 20 major economies lacks international consensus, Treasury Secretary Janet Yellen said.
Ms. Yellen committed to providing an additional $500 million to help Ukraine pay general government expenses, adding to the roughly $500 million the U.S. already provided in nonmilitary aid to Ukraine. Ms. Yellen said the Biden administration soon would request more funds from Congress for the aid. President Biden outlined additional military aid on Thursday.
Russia's War Machine Hurt by U.S. Export Ban, Commerce Secretary Says
WASHINGTON-Export controls implemented by the U.S. and its allies have cut Russia's imports of high-tech goods by more than half-and more export restrictions are being readied, U.S. Commerce Secretary Gina Raimondo said.
The blacklist-which covers products such as semiconductors, telecommunications equipment, lasers, avionics and maritime technologies-has left the Russian military struggling to find parts for tanks, satellites and rocket launching systems, the commerce secretary said. Russia is also short of semiconductors it needs for night-vision goggles and avionics, she said.
Russia Says It Controls Mariupol, but Ukrainian Troops Hold Out in Steel Plant
KYIV, Ukraine-Russia said Thursday it had taken control of Mariupol, presenting it as one of its first victories in the conflict after weeks of setbacks, though Ukrainian forces were still blockaded inside a vast steel plant in the city and said they were continuing to launch attacks on Russian positions.
Defense Minister Sergei Shoigu said in a meeting at the Kremlin with President Vladimir Putin that Russian troops were in control of the strategic port city and that the Azovstal plant in the south where Ukrainian forces were holed up had been blocked off.
France Issues International Arrest Warrant for Carlos Ghosn
PARIS-French prosecutors issued international arrest warrants for Carlos Ghosn as well as four individuals they say are linked to an auto dealer in Oman, alleging they helped the fallen auto titan funnel millions of euros from Renault SA, according to people familiar with the matter.
An investigating magistrate issued five international arrest warrants against Mr. Ghosn, the former chief of Nissan Motor Co. and Renault, and the current owners or former directors of the Omani company Suhail Bahwan Automobiles, a vehicle distributor in Oman, the prosecutor's office in the Paris suburb of Nanterre said to The Wall Street Journal. They allege Mr. Ghosn funneled millions of dollars of Renault funds through the Omani car distributor for his personal use, including for the purchase of a 120-foot yacht.
Israeli-Palestinian Clashes Intensify as More Jews Visit Jerusalem's Contested Holy Site
A wave of clashes between Israeli authorities and Palestinians in Jerusalem has brought renewed attention to the growth in religious Jewish visitors to the city's holiest site and escalating fears among Muslims that they are losing control of sacred ground.
After a week of near-daily violence on the site known to Jews as the Temple Mount and Muslims as the Noble Sanctuary, Israeli police said there were more skirmishes with Palestinians around the Al Aqsa mosque Thursday morning, as dozens of masked men tried to prevent Jewish visitors from visiting the area by throwing stones and shooting fireworks. The Palestinian Red Crescent said 20 Palestinians were injured during the clashes.
GLOBAL NEWS
Inflation in Japan Is Finally Rising, but the BOJ Will Take It Easy With Monetary Policy
TOKYO-In Japan, where prices have been roughly flat for decades, inflation is finally taking off. But unlike the Federal Reserve in the U.S., the Bank of Japan has resolved to keep interest rates low, helping drive a fall in the yen.
On Thursday, the Japanese central bank resumed another bond-buying move aimed at keeping a lid on rates. It promised to purchase unlimited quantities of government bonds to cap the yield at 0.25%-less than one-tenth the return on the equivalent U.S. Treasury bonds. The notice of intent, which lasts until Tuesday, was enough to push the yield below the cap without any actual purchases Thursday.
Crypto Thieves Get Bolder by the Heist, Stealing Record Amounts
Cryptocurrency hacks are getting bigger.
On Sunday, a hacker exploited a new algorithmic stablecoin project called Beanstalk and drained it of $182 million worth of digital assets.
Fed's Powell Seals Expectations of Half-Point Rate Rise in May
Federal Reserve Chairman Jerome Powell signaled the central bank was likely to raise interest rates by a half percentage point at its meeting next month and indicated similar rate rises could be warranted after that to lower inflation.
A rate increase in May, following the Fed's decision to lift rates from near zero by a quarter percentage point last month, would mark the first time since 2006 that the central bank increased its policy rate at back-to-back meetings. A half-point increase would be the first such move since 2000.
Oil Trade Group Drafts Carbon-Tax Proposal That Could Raise Prices at the Pump
WASHINGTON-The nation's biggest oil industry trade group has drafted a proposal urging Congress to adopt a carbon tax, which would put a surcharge on gasoline and other fossil fuels to discourage greenhouse-gas emissions.
The draft proposal was approved by the American Petroleum Institute's climate committee last month, according to a document reviewed by The Wall Street Journal. The measure must still be approved by the group's executive committee.
Kim Jong Un Pauses Hostilities to Offer Warm Farewell to South Korean Leader
SEOUL-Kim Jong Un took a break from his regime's string of missile tests and threats to wish South Korea's outgoing president a warm goodbye.
Mr. Kim, North Korea's third-generation dictator, exchanged personal letters this week with South Korean President Moon Jae-in, whose five-year term ends next month. The left-leaning, pro-engagement Mr. Moon will be replaced by a conservative who backs a tougher stance against the Kim regime's provocations and human-rights violations.
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(END) Dow Jones Newswires
04-22-22 0557ET
