The German healthcare and technology company posted after-tax profit of 926 million euros ($927.3 million) for the period, up from EUR764 million the year prior. Adjusted earnings before interest, taxes, depreciation, and amortization--a closely-watched metric that strips off some one-off items and which the company refers to as Ebitda pre--was EUR1.81 billion, up from EUR1.55 billion in the previous year.
Zurich Insurance Nine-Month Gross Written Premiums Rose
Zurich Insurance Group AG said Thursday that property and casualty gross written premiums rose in the first nine months of the year, boosted by higher premiums within commercial insurance.
The Swiss insurer said gross written premiums at its property and casualty division came in at $33.5 billion, up 13% from a year earlier on a like-for-like basis.
Italy Is Buried in Debt. Avoid Most of Its Stocks.
Italy's new government has its work cut out for it. Prime Minister Giorgia Meloni and her team are facing an economic downturn that could determine just how deep a recession Europe falls into.
Europe's third-largest economy isn't alone in battling soaring inflation, an energy crisis, and the region's highest benchmark interest rate since 2009. However, its huge debt burden poses problems for the newly elected government and for the wider economic stability of Europe. Italy's debt rose to 150.8% of gross domestic product in 2021, second only to Greece among euro zone countries and one of the largest in the world.
U.S. Refuses Advanced Drones for Ukraine to Avoid Escalation With Russia
WASHINGTON-The Biden administration won't give Ukraine advanced drones despite pleas from Kyiv and a bipartisan group of members of Congress, a reflection of the limit of the kinds of weaponry Washington is willing to provide for Ukraine's defense.
The decision deprives Ukraine of the kind of advanced weaponry Kyiv has been requesting for months. The Pentagon declined the request based on concerns that providing the Gray Eagle MQ-1C drones could escalate the conflict and signal to Moscow that the U.S. was providing weapons that could target positions inside Russia, U.S. officials and other people familiar with the decision said
GLOBAL NEWS
U.S. inflation likely to post another sharp increase in October, CPI to show
Inflation in the U.S. likely rose sharply again in October, but the latest look at the cost of living might also show a few signs of easing price pressures.
Here's what to watch in the consumer price index on Thursday morning.
Binance Walks Away From Deal to Rescue FTX
Crypto exchange Binance reversed course on a rescue offer for FTX Wednesday, leaving the prominent digital firm with an uncertain future as it faces a shortfall of up to $8 billion, according to people familiar with the matter.
Binance chose not to go ahead with the nonbinding offer following a review of the company's finances, the exchange said. "In the beginning, our hope was to be able to support FTX's customers to provide liquidity, but the issues are beyond our control or ability to help," Binance said in a statement.
Biden Plans to Meet China's Xi and Discuss How to Avoid Conflict
President Biden said he plans to discuss how the U.S. and China can avoid conflict when he meets with Chinese leader Xi Jinping during his coming Asia trip, but won't make concessions on critical issues.
"What I want to do with him when we talk is lay out what each of our red lines are, understand what he believes to be in the critical national interests of China, what I know to be the critical interests of the United States, and to determine whether or not they conflict with one another," Mr. Biden told reporters in Washington. "And if they do, how to resolve it and how to work it out."
Wins in New York State Ease Republicans' Path to House Majority
Republicans netted at least two U.S. House seats in New York after wins that included defeating a member of the Democratic leadership, putting the state at the center of its push to pick up enough districts nationwide to regain the majority.
Republicans will succeed retiring Democrats in two Long Island districts, cementing GOP representation over New York City's eastern suburbs. In the Hudson Valley, Republican candidates won two elections that were considered tossups, including Republican Mike Lawler's defeat of Rep. Sean Patrick Maloney, the Democrats' House campaign chief. Other races are too close to call.
Frustrated Republicans Try to Explain Lack of Midterm 'Red Wave'
WASHINGTON-Weaker-than-expected results in the midterm elections for Republicans set off a wave of second-guessing of the party's approach in a campaign seen as a prime opportunity to pick off dozens of seats from weakened Democrats.
The GOP still appeared on track to win the majority in the House, though with a much smaller margin than many election analysts and party officials had predicted, amid concerns over inflation and crime under Democratic control of Washington. In the Senate, the margin will likely be tight, and could once again come down to a Georgia runoff as it did in 2020, puncturing party hopes of winning a comfortable majority.
Democrats Hold Off Steep Losses by Driving Turnout and Winning Independent Voters
Voters this fall were in the kind of sour mood that usually signals they are ready for change in Washington and state capitals. But in many cases, they weren't looking for the change that Republican candidates were offering.
Control of the Senate remained undecided Wednesday afternoon, and Republicans were on track, in preliminary results, to take control of the House of Representatives by a smaller margin than many party leaders and nonpartisan analysts expected.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
11-10-22 0512ET
