The Washington Post

United Parcel Service

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stock fell the most in seven months after the courier forecast profit margins that fell shy of expectatio­ns. U.S. domestic adjusted operating margins will be 10.5 to 12 percent in 2023, the company said Wednesday as it outlined its three-year financial plan. Investors had been expecting about 13 percent, according to analysts who surveyed shareholde­rs before the presentati­on. UPS didn’t provide an earnings forecast or offer a cost-cutting plan, which also weighed on the stock. The stock closed down 4.2 percent, or $201 a share, after hitting a low of $197 a share in the late morning.

Luxury carmaker Ferrari has tapped Benedetto Vigna, an

Italian executive at Europe’s largest semiconduc­tor chipmaker, as its new chief executive, the company announced Wednesday. Vigna, 52, will join Ferrari in September from Geneva-based Stmicroele­ctronics, where he has worked for 26 years, most recently running the most profitable operating business, its analog, micro-electromec­hanical systems and sensors group. Ferrari has announced that its first fully electric supercar will be launched in 2025.

El Salvador’s Legislativ­e Assembly has approved legislatio­n making the cryptocurr­ency bitcoin legal tender in the country, the first country to do so, just days after President Nayib Bukele made the proposal at a bitcoin conference. The digital currency can be used in any transactio­n, and any business will have to accept payment in bitcoin, with the exception of those lacking the technology to do so. The U.S. dollar will also continue to be El Salvador’s currency, and no one will be forced to pay in bitcoin, according to the legislatio­n approved late Tuesday. The exchange rate between the two currencies will be establishe­d by the market.

 ?? IGNACIO IZQUIERDO/EPA-EFE/SHUTTERSTO­CK ?? Shorn sheep line a wall Wednesday at a farm in Guadalajar­a in central Spain. A team of seven Ukrainian shearers was hired to harvest the wool from more than 2,000 sheep in Guadalajar­a during a two-month visit to Spain that will cover more than 1,800 miles. Native shearers are in short supply.
IGNACIO IZQUIERDO/EPA-EFE/SHUTTERSTO­CK Shorn sheep line a wall Wednesday at a farm in Guadalajar­a in central Spain. A team of seven Ukrainian shearers was hired to harvest the wool from more than 2,000 sheep in Guadalajar­a during a two-month visit to Spain that will cover more than 1,800 miles. Native shearers are in short supply.

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