Benefitting from soaring demand for online ads, Google's parent company Alphabet reported nearly $19 billion in profits between July and September, up 68 percent from the same period last year. Microsoft's earnings also beat expectations, while French consumers are gearing up for some price hikes at the bakery.
Facebook reported an annual 17 per cent jump in third-quarter net profit, driven by an increase in daily active users and strong advertising sales despite the platform facing multiple controversies that have led to calls for tighter regulation.
In a bid to tackle soaring energy prices, Spain's government is to cut taxes on electricity and claw back billions of euros in what the prime minister has described as "excess profits". The cost to Spanish consumers has risen by 35 percent in the past year, as wholesale price rises have been passed on to households. Also today, we look at the situation of European economies ahead of the State of the Union address by Commission President Ursula von der Leyen.
A report by three US activist groups claims Amazon, Facebook, Google, Microsoft and Twitter made billions from US government contracts since 2004.
17 Jun 2020
The economic fallouts of the coronavirus, especially dwindling profits, are forcing companies to tighten the purse strings, a UN report says. Developing economies are expected to be among the worst hit.