Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Stock Markets

12 May 2022

Rolls Royce Soars over Recovering Demand in Defense and Aviation

The Index Today

Rolls Royce on Thursday revealed that they had met first quarter expectations for the year, supported by the progressing return to flying and an increased number of government investments in defense.

According to Reuters, the luxury carmaker recapitulated its fiscal forecasts and determined medium-term expectations for its domestic aviation sector, stating that its fundamental earnings are projected to increase at a low double-digit percentage compound average growth rate from 2021, with the operating margin percentage figures to be in the high single digits’ range.

This comes amid an increased demand in flying with the company’s flying hours edging higher by 42% from the previous year in its large engine long-term service agreement, as it recovers from its pandemic-induced slump marked by the COVID-19 travel restrictions, reported Reuters.

Rolls Royce stated, "Our long-term sourcing agreements and hedging policies designed to limit volatility in raw material inflation, give some near-term protection and we have increased inventory levels to help mitigate the impact."

Clay pottery with table linens