AB Foods first half profit halves on Primark's Covid hit
Associated British Foods on Tuesday reported a halving in first-half profit, hurt by Covid-19 lockdowns which shuttered its Primark fashion stores.
The group, which also owns major sugar, grocery, agriculture and ingredients businesses, said it made adjusted profit before tax of 319 million pounds ($446 million) for the six months to Feb. 27, down from 636 million pounds reported for the same period of its 2019-20 year.
Group revenue fell 17% to 6.3 billion pounds driven by the loss of retail sales as a consequence of the trading restrictions placed on Primark.
Primark's adjusted operating profit slumped 90% to 43 million pounds. The retailer does not trade online.
China’s Sinopec wins a contract to develop Mansuriya gas field – oil ministry
BAGHDAD (Reuters) – China’s Sinopec has won a deal to develop Iraq’s Mansuriya gas field near the Iranian border, the oil ministry said on Tuesday.
Last year Iraq cancelled a contract signed with a group led by the Turkish Petroleum Corp (TPAO) to develop the Mansuriya field and decided to invite international energy companies to compete to develop it.
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A vaccinated New Zealand airport worker tested positive for COVID-19 one day after the country opened a travel bubble with Australia
- Australia and New Zealand opened a quarantine-free travel bubble on Monday.
- A New Zealand airport worker tested positive for COVID-19 a day after.
- But New Zealand PM Jacinda Ardern said “all signs” suggest the case isn’t connected to new travellers.
- See more stories on Insider’s business page.
A fully vaccinated airport worker in New Zealand has tested positive for the coronavirus a day after the country opened a travel bubble with Australia.
The bubble launched on Monday, allowing people to travel between the two countries without quarantine because both nations have recorded relatively few coronavirus cases.
New Zealand Prime Minister Jacinda Ardern told journalists about the positive case on Tuesday, but said that “all signs point” to the case not being connected to the travellers from Australia.
She said the worker had cleaned planes coming from high-risk countries, according to The Guardian.
Ardern also indicated the case will not prompt any review or pause in the system, and some cases were expected from the new bubble.
People can still test positive after vaccination because no shot is 100% effective against preventing COVID-19, and can take a while to kick in.
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Treasury yields rise as investors eye on corporate earnings
- There are no major economic data releases due out on Tuesday.
- Auctions are set to be held for $34 billion of 52-week bills and $40 billion of 42-day bills.
U.S. Treasury yields rose on Tuesday morning, as investors eye on the latest corporate earnings.
The yield on the benchmark 10-year Treasury note rose to 1.619% at 4 a.m. ET. The yield on the 30-year Treasury bond climbed to 2.315%. Yields move inversely to prices.
Treasury yields fell to 1.53% last week, despite strong economic data.
However, the focus is on corporate earnings this week, as companies including streaming giant Netflix, as well as pharmaceuticals firm Johnson & Johnson and consumer goods firm Procter & Gamble, among those due to report on Tuesday.
There are no major economic data releases due out on Tuesday.
Auctions are set to be held for $34 billion of 52-week bills and $40 billion of 42-day bills.
— CNBC's Maggie Fitzgerald contributed to this report.
New Oriental Education & Technology Group Q3 adjusted earnings Beat Estimates
Below are the earnings highlights for New Oriental Education & Technology Group (EDU):
-Earnings: $151.33 million in Q3 vs. $137.72 million in the same period last year.
-EPS: $0.09 in Q3 vs. $0.09 in the same period last year.
-Excluding items, New Oriental Education & Technology Group reported adjusted earnings of $163.24 million or $0.10 per share for the period.
-Analysts projected $0.07 per share
-Revenue: $1.19 billion in Q3 vs. $0.92 billion in the same period last year.
Restaurants Fought for Covid Survival, With Some Tech Helpers
Being “online” in the pandemic, many chefs learned, meant much more than having an Instagram account.
By Amy Haimerl
Otters test positive for Covid after having runny noses and coughs