Investors largely expected the FOMC to cut rates by a quarter point.The Fedread more
The lack of clarity surrounding the U.S.-China trade war is what's really hitting global growth, says ex- Deputy Treasury Secretary Sarah Bloom Raskin.World Economyread more
China's economy has long relied on factors such high levels of investments and an expanding labor force for growth. Those growth drivers are running out of steam.China Economyread more
India could benefit from the fallout in the U.S.-China trade war, experts told CNBC — but much-needed reforms on land and labor could prove to be a challenge for companies...Asia Economyread more
New crash tests show the Tesla Model 3 and the Audi e-tron, are among the safest models out on the road. The results bolster the theory electric vehicles may be better...Autosread more
U.S. consumers and growth in sectors such as technology have offset declines in other American industries, says Tom Finke, chairman and CEO of investment management firm...US Economyread more
The FAA administrator's comments come on the eve of his visit to Boeing facilities outside Seattle. While there, he's scheduled to meet with Boeing executives and be briefed...Airlinesread more
Last weekend's attacks on oil facilities — and the spike in crude prices that followed — should show that the world needs to stop relying on oil, says Helen Clark.Energyread more
The photo depicts Canadian leader Justin Trudeau wearing a turban and robe, with dark makeup on his hands, face and neck. Liberal Party spokesman confirms the photo is of...Electionsread more
As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread more
CBS, CNN and other major media companies are starting to pull e-cigarette advertising off their airways, as the death toll from a mysterious vaping-related illness continues...Health and Scienceread more
LONDON, July 9 (Reuters) - Britain's Ocado, the online supermarket and technology company, reported a 46% fall in first-half core earnings, reflecting the impact of a fire at a flagship robotic warehouse as well as accounting changes and the cost of share schemes.
Despite the earnings fall Ocado, whose shares have increased 48% so far this year, said on Tuesday it was confident about its outlook.
"We have never had as many opportunities to grow as we do today," said Chief Executive Tim Steiner.
Ocado made adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of 18.7 million pounds ($23.4 million) in the 26 weeks to June 2 versus a restated 34.8 million pounds in the same period last year.
After a fire in February devastated Ocado's robotic warehouse in Andover, southern England, the group warned of a reduction in sales growth until it increased capacity elsewhere.
That extra capacity was secured through a deal with Morrisons, Britain's No. 4 supermarket group, in May, giving Ocado sole use of its newest customer fulfillment center (CFC) in Erith, south east London.
Ocado said retail revenue growth in the half was 9.7%, with the impact of the Andover fire estimated at 2% of sales.
Prior to the blaze the Andover center was providing about 10% of Ocado's UK capacity.
The fire did not stop Ocado making deals. In February it announced a 1.5 billion pound joint venture with Marks & Spencer to provide M&S with a home-delivery service from September 2020 at the latest.
Though Ocado has only a 1.3% share of Britain's grocery market, its 8.3 billion pound stock market valuation has been driven by the technology side of its business - providing international retailers with the infrastructure and software to develop their own online grocery businesses to compete with the likes of Amazon.
In the first half fees from technology partners increased 36% to 122.7 million pounds.
Ocado said its EBITDA performance for the full 2019 year was tracking in line with market expectations, adjusted for the 15 million pound impact of the Andover fire and share incentives worth 10 million pounds. ($1 = 0.7997 pounds) (Reporting by James Davey; editing by Kate Holton)