Baidu Q3 Adj. Net Income Declines; AI Cloud Revenue Up 73%

Baidu, Inc. (BIDU) reported third quarter non-GAAP net income of RMB 5.09 billion, a decline of 27% from a year ago. Non-GAAP earnings per ADS was RMB 14.66 compared to RMB 20.35, prior year. Baidu Core recorded third quarter non-GAAP net income of RMB 5.85 billion, a decline of 22%.

Net loss attributable to Baidu was RMB 16.6 billion and a loss per ADS of RMB 48.18, for the third quarter.

Total revenues were RMB 31.9 billion, an increase of 13% year over year. Revenue from Baidu Core was RMB 24.7 billion, up 15% from last year. AI cloud revenue increased 73% year over year.

For the fourth quarter of 2021, Baidu expects revenues to be between RMB 31.0 billion and RMB 34.0 billion, a growth rate of 2% to 12% year over year, which assumes that Baidu Core revenue will grow between 5% and 16% year over year.

Rong Luo, CFO of Baidu, said: “With a diversified AI portfolio, including cloud services, smart transportation, smart devices, self-driving, smart EV and robotaxi, we are well positioned for long-term growth.”

Dubai's Al Habtoor plans share offering in Q3 2022 – Al Arabiya TV

DUBAI (Reuters) – Al Habtoor Group plans to list up to 35% of its shares in an offering planned for the third quarter of 2022, the chairman of the Dubai-based family-owned conglomerate said in an interview with al-Arabiya TV on Wednesday.

Occupancy at hotels operated by the group exceeds 90%, he said, and the current situation makes it favorable to list on the Dubai financial market.

Russia's Rosneft acquires Shell's 37.5% stake in German refinery PCK Schwedt

MOSCOW (Reuters) – Russian oil giant Rosneft has acquired Shell’s 37.5% stake in German refinery PCK Schwedt, it said on Wednesday, exercising an option to buy and taking its shareholding to 91.67%.

Italy’s Eni holds a 8.33% stake in the refinery.

Turkey's Erdogan says continuing his battle against interest rates

Turkish President Tayyip Erdogan said on Wednesday he will not let interest rates crush people and will continue his battle against them "to the end," a day before a key central bank policy meeting at which rates could be cut further.

In the comments that sent the lira currency lower into record territory, Erdogan told members of his ruling AK Party that he will lift the interest rate burden from people and urged business owners to invest, hire and raise exports.

Rupee gains 9 paise to end at 74.28 against U.S. dollar

Dollar index was trading higher by 0.03% at 95.94

The rupee pared initial losses to settle 9 paise higher at 74.28 (provisional) against the U.S. dollar on Wednesday, despite a muted trend in domestic equities.

At the interbank forex market, the local unit opened on a weak note at 74.51 against the greenback and later settled at 74.28, higher by 9 paise over its previous close of 74.37.

The local unit moved in a range of 74.25 to 74.51 in the day trade.

According to Emkay Global Financial Services, there are no fresh triggers in the forex market and the USDINR spot is stuck with in a tight range of 74.20-74.55.

"It is a truncated week, with inflation playing a major hindrance to the risk appetite. So, the only focus remains on whether Fed members’ express their worry over inflation, supporting the uptrend in DXY. But overall we expect the spot to continue trading in between 74-74.65," it said.

Brent crude futures, the global oil benchmark, fell 0.87% to $81.71 per barrel.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading higher by 0.03% at 95.94.

Foreign institutional investors were net sellers in the capital market on Tuesday as they offloaded shares worth ₹560.67 crore, according to exchange data.

Lowe’s Cos. Q3 adjusted earnings

Lowe’s Cos. (LOW) reported a profit for its third quarter that rose from last year.

The company’s profit totaled $1.90 billion, or $2.73 per share. This compares with $0.69 billion, or $0.91 per share, in last year’s third quarter.

Analysts had expected the company to earn $2.36 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 2.7% to $22.92 billion from $22.31 billion last year.

Lowe’s Cos. earnings at a glance:

-Analysts Estimate: $2.36
-Revenue (Q3): $22.92 Bln vs. $22.31 Bln last year.

-Guidance:
Full year revenue guidance: $95 Bln

Gold declines ₹402; silver tumbles ₹528

In the international market, gold trading higher at $1,857 per ounce and silver marginally up at $25.03 per ounce

Gold in the national capital on November 17 declined by ₹402 to ₹48,116 per 10 gram, according to HDFC Securities.

In the previous trade, the precious metal had settled at ₹48,518 per 10 gram.

Silver also dipped ₹528 to ₹65,218 per kilogram from ₹65,746 per kilogram in the previous trade.

In the international market, gold trading higher at $1,857 per ounce and silver marginally up at $25.03 per ounce.

“Gold prices traded firm with spot gold prices at COMEX were trading 0.37% up at $1,857 per ounce on Wednesday,” according to HDFC Securities, senior analyst (commodities), Tapan Patel.

Sensex sheds 314 points, Nifty ends below 17,900

Axis Bank was the top loser in the Sensex pack, followed by Reliance Industries, Kotak Bank, Bharti Airtel, Titan, Dr Reddy’s and M&M

Equity benchmark Sensex dropped 314 points on Wednesday tracking losses in index majors Reliance Industries, HDFC twins and Kotak Bank.

The 30-share index ended 314.04 points or 0.52% lower at 60,008.33, extending losses for the second straight day. Similarly, the Nifty fell by 100.55 points or 0.56% to 17,898.65.

Axis Bank was the top loser in the Sensex pack, shedding around 2%, followed by Reliance Industries, Kotak Bank, Bharti Airtel, Titan, Dr Reddy’s and M&M.

On the other hand, Maruti, Asian Paints, PowerGrid and NTPC were among the gainers.

Elsewhere in Asia, bourses in Hong Kong, Tokyo and Seoul ended with losses, while Shanghai was positive.

Stock exchanges in Europe were largely trading with gains in mid-session deals.

Meanwhile, international oil benchmark Brent crude fell 0.90% to $81.69 per barrel.