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March 27th - According to Tianjin Customs, the Tianjin Lingang Comprehensive Bonded Zone officially commenced operations at 11:00 AM today (March 27th). Following this commencement, enterprises within the zone can legally enjoy preferential tax policies, including tax exemption on imported machinery and equipment and infrastructure materials, bonded entry at the first line, tax refunds at the second line, and selective taxation on domestic sales. As an important open platform serving the coordinated development of the Beijing-Tianjin-Hebei region, the commencement of operations in the Lingang Comprehensive Bonded Zone will further contribute to Tianjins construction of a new high ground for higher-level opening-up.March 27 - The Israel Defense Forces claimed responsibility for a large-scale attack on Iranian regime facilities in Tehran early on March 27 local time. Iran has not yet responded.The Peoples Bank of China (PBOC) announced today that it conducted 146.2 billion yuan of 7-day reverse repurchase operations, with both the bid and winning bids amounting to 146.2 billion yuan. The operating rate was 1.40%, unchanged from the previous rate.On March 27, the Japanese government held a cabinet meeting and formally approved the provisional budget for fiscal year 2026, submitting it to the Diet shortly thereafter. The budget applies to the 11-day period from April 1 to 11, with total general accounting expenditures of 8.5641 trillion yen. The government plans to push for its passage in the Diet on March 30 to avoid a budget vacuum. This provisional budget is reportedly the first such measure in 11 years since Shinzo Abes second term began in 2015. Prime Minister Sanae Takaichi had been striving to pass the formal budget for fiscal year 2026 within this fiscal year (April 2025 to March 2026), but opposition parties demanded sufficient time for deliberation and opposed a hasty vote within the year, leading to disagreements in the budget deliberations. The provisional budget mainly includes social security expenditures and local government tax revenue allocations. As a transitional arrangement, the provisional budget will automatically expire after the formal budget is passed.U.S. House Speaker Boris Johnson: House Democrats voted again this week against funding for the Department of Homeland Security. This is the third time they have opposed funding for law enforcement agencies responsible for protecting Americans. The Democrats have endangered American lives, seemingly unconcerned about injuries and deaths resulting from ignoring the Department of Homeland Securitys shutdown.

Oracle Sales And Earnings Exceed Forecasts Amid Cloud Surge

Aria Thomas

Jun 14, 2022 11:50

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Oracle Corp surpassed Wall Street projections for quarterly profit and sales on Monday, as demand for its cloud products surged in tandem with the industry-wide transition to cloud-based systems.


In extended trading, shares of the Austin, Texas-based corporation whose fourth-quarter sales increased by 5 percent soared by almost 12 percent.


Safra Catz, chief executive officer of Oracle (NYSE:ORCL), stated in a statement, "We think this revenue growth increase signals that our infrastructure business has entered a hyper-growth period."


Oracle, which projected a currency headwind of 5% in the fourth quarter, up from 2% to 3% in the third quarter, forecasts significant revenue growth in its cloud business despite growing inflation and a higher dollar.


Microsoft (NASDAQ:MSFT) in April and Salesforce (NYSE:CRM) Inc in May signaled a solid future for the cloud industry as corporations raise expenditure, but Microsoft reduced its fourth-quarter profit and sales prediction earlier this month owing to unfavorable currency exchange rates.


Oracle predicted a quarterly loss of $100 million in fiscal year 2023 due to the suspension of services in Russia.


However, the business anticipates first-quarter sales growth between 17 and 18 percent, thanks to its $28 billion purchase of healthcare IT provider Cerner Corp. (NASDAQ:CERN).


Oracle's prediction was released on a day when U.S. stock markets plummeted, with the S&P 500 confirming it was in a bear market, as investors feared that aggressive interest rate rises by the Federal Reserve may drive the country into recession.


The business anticipates adjusted first-quarter EPS between $1.04 and $1.08, compared to the average analyst expectation of $1.13.


According to IBES statistics from Refinitiv, revenue for the fourth quarter ended May 31 increased to $11.84 billion, above analysts' average forecast of $11.66 billion.


Excluding adjustments, the company's earnings per share were $1.54, above analysts' predictions of $1.37.


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