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Two sources said that Tornquist, founder of oil trader Gunvor Group, has lent more than $4 billion to employees for a management buyout.Two sources said the oil trader Gunvor Group is valued at approximately $5 billion.February 19th - According to the Ministry of Transport, the total number of cross-regional passenger trips today is expected to exceed 339 million, a year-on-year increase of 11.5%, setting a new single-day record since the start of this years Spring Festival travel rush. On the third day of the Lunar New Year, Jiangxis Jian launched its first "customized high-speed rail" after the holiday, carrying 415 skilled workers to Suzhou. The flow of migrant workers to Chengdu, Fuyang, and other places started early, with stations adding temporary trains to Beijing, Shanghai, and Shenzhen. The national railway is expected to transport 13.4 million passengers today, with 747 additional passenger trains planned. The traffic volume on national highways is expected to exceed 60 million vehicles today, with heavy traffic on the Hunan section of the Xu-Guang Expressway, the Jiangsu section of the Beijing-Shanghai Expressway, and the Sichuan section of the Chengdu-Bazhong Expressway. Commuter buses connecting stations, airports, and tourist attractions are operating at increased frequency to facilitate passenger transfers. The national civil aviation is expected to transport 2.55 million passengers today, a year-on-year increase of 9.1%, with 19,237 flights operated.A German government spokesperson stated regarding future F-35 fighter jet procurement: "There are currently no plans for such procurement, and no decisions have been made."European Commission President Ursula von der Leyen will visit the Arctic region and Greenland in March.

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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