Reported 20 days ago
French IT firm Atos has announced the sale of its Worldgrid business unit to Alten for €270 million, expecting the deal to close by the end of 2024. The sale marks a strategic move amid efforts to support Atos, a key player in Europe's software sector, as the company continues to face challenges. The Worldgrid unit, which employs 1,100 people, generated €170 million in revenue last year.
Source: YAHOO
Reported 20 days ago
A vocational school student in China garnered attention for her impressive performance in the Alibaba math contest, finishing 12th in the preliminary round. However, organizers revealed that her teacher had assisted her in violation of competition rules, sparking controversy and suspicions online. The teacher faced reprimands, but no punishment was issued for the student, leading her school to call for public understanding towards young competitors.
Source: YAHOO
Reported 20 days ago
The ongoing electric vehicle (EV) trade dispute between China and Europe is maintaining a delicate diplomatic balance despite escalating tariffs and retaliations. New EU tariffs up to 45.3% on Chinese EV imports have sparked a series of retaliatory measures from Beijing, but both sides seem motivated to avoid a full-blown trade war. European nations are seeking to strengthen bilateral ties with China, while evaluating the broader implications of their trade relationships. Despite ongoing conflicts, there is cautious optimism for possible resolutions to the standoff, as both regions aim to protect critical trade interests amid external pressures.
Source: YAHOO
Reported 20 days ago
Boeing factory workers have voted in favor of a contract proposal, bringing an end to their strike that lasted over seven weeks.
Source: YAHOO
Reported 20 days ago
The machinists' strike at Boeing has concluded, yet the aerospace company continues to grapple with numerous challenges ahead.
Source: YAHOO
Reported 20 days ago
Sensata Technologies (NYSE:ST) met Wall Street's revenue expectations for Q3 2024, reporting $982.8 million, though this reflected a 1.8% year-on-year decline. Despite a non-GAAP profit of $0.86 per share matching analyst estimates, the company's revenue guidance for Q4 of $885 million underperformed expectations by 8.1%, leading to concerns about future demand and a subsequent drop in stock price.
Source: YAHOO
Reported 20 days ago
Boeing factory workers have voted to accept a new contract after a more than seven-week strike, allowing the company to resume production amid its ongoing financial troubles. The contract includes a 38% wage increase over four years but highlights the challenges Boeing faces in restoring profitability and rebuilding its reputation amid quality and supply chain issues. While some workers celebrate the agreement, others express disappointment over unresolved demands. The contract's acceptance is deemed crucial for the company's future in the aerospace sector.
Source: YAHOO
Reported 20 days ago
Boeing workers have approved a new contract proposal, concluding a seven-week strike. The latest offer, endorsed by 59% of union members, includes a 38% wage increase, a $12,000 signing bonus, and the restoration of an annual performance bonus. This contract also guarantees a 100% match on employee contributions to the Boeing 401(k) retirement plan and a commitment to manufacture the next commercial jet in the Seattle area, provided the program secures approval within four years.
Source: YAHOO
Reported 20 days ago
DigitalOcean (DOCN) experienced a significant drop of 16.1% in its stock price following the release of its third-quarter earnings, which fell short of expectations with an uninspiring sales outlook and a missed EPS forecast. While the company did introduce its first GenAI Platform, market anticipation was high going into the earnings report. Despite displaying some resilience, including stable customer revenue retention, investors are left questioning the stock's performance given its current trading position, which remains below its 52-week high.
Source: YAHOO
Reported 20 days ago
Boeing factory workers have voted to accept a new contract, bringing an end to their 53-day-long strike.
Source: YAHOO
Reported 20 days ago
Burberry's newly appointed CEO Joshua Schulman faces significant challenges in reviving the luxury brand amidst a sharp sales decline and a 40% drop in share price this year. While the luxury market suffers from high interest rates and inflation, Burberry has underperformed against peers, raising concerns about its future as a potential takeover target. Schulman, the company's fourth CEO in a decade, is set to present a new strategy on November 14, with a focus on the brand's outlet stores that currently account for a substantial portion of sales and profitability, yet may undermine its efforts to elevate its luxury status.
Source: YAHOO
Reported 20 days ago
Despite international sanctions post-Ukraine invasion, Russia has sustained its oil trade to India via tankers like the Vernadsky Prospect. Floating armories, such as the Genesis, provide armed guards and military-grade weapons to secure these shipments in perilous waters, enabling Russia to profit from oil sales while navigating regulatory loopholes. The maritime security industry, evolving since increased piracy, is now pivotal for Russian oil logistics, despite regulatory challenges and controversies surrounding licensed arms management in the UK.
Source: YAHOO
Reported 20 days ago
As the US election approaches a photo finish, hedge funds are shifting their strategies, opting for currency options that could profit from a weaker dollar if Kamala Harris wins the presidency. Polls indicating a tight race caused some funds to unwind bets on a stronger dollar, leading to increased interest in euro and Australian dollar options. The market anticipates significant volatility based on the election outcome, with estimates suggesting the dollar could rise by 3% if Trump secures a victory, while a Harris win could lead to a 2% decline.
Source: YAHOO
Reported 20 days ago
Chinese regulations are causing significant delays and complications for companies trying to complete mergers and acquisitions, resulting in billions of dollars worth of deals left unexecuted. Despite recent economic stimulus efforts, the current year is on track to become one of the worst for M&A activities in over a decade, with stricter approval processes exacerbating the situation. High-profile companies continue to struggle to navigate these regulatory hurdles, leading to uncertainty and a decrease in capital flow, while comparison with markets like India and Japan highlights a stark contrast in deal-making activity.
Source: YAHOO
Reported 20 days ago
A recent private survey revealed that China's service activity has expanded at its fastest rate since July, driven by stimulus measures aimed at boosting economic growth. The Caixin services purchasing managers' index rose significantly from 50.3 to 52 in October, surpassing economist forecasts. Optimism in the sector indicates a potential recovery in consumer demand, supported by Beijing's initiatives, including interest-rate cuts and a major subsidy program. Policymakers express confidence in achieving economic stability, with markets reacting positively to the latest developments.
Source: YAHOO
Reported 20 days ago
A win for Kamala Harris in the US elections could strengthen the yen and stabilize Japan’s currency, whereas a victory for Donald Trump may risk a deeper slump for the yen and boost the Tokyo stock market. Analysts predict volatility in Japanese markets as results unfold, with the dollar-yen exchange rate potentially fluctuating between 140 and 160. The outcome will heavily influence Japanese assets, depending on fiscal policies and market reactions to potential tariffs.
Source: YAHOO
Reported 20 days ago
A breach of Singapore Telecommunications Ltd. (Singtel) by a Chinese state-sponsored hacking group, Volt Typhoon, was revealed to have occurred over the summer as part of a larger campaign targeting telecommunications firms globally. Discovered in June, the infiltration raised concerns among international intelligence agencies about potential military conflicts, as it reportedly allowed China to plan for disruptive cyberattacks. Despite the breach, Singtel asserted no data was compromised and continued to enhance its cybersecurity measures.
Source: YAHOO
Reported 20 days ago
Australia's central bank, the Reserve Bank of Australia (RBA), has decided to keep interest rates steady at 4.35%, emphasizing the need for a restrictive policy as underlying inflation remains high despite a decline in headline inflation. With a cautious outlook and a strong labor market, the RBA indicates that borrowers should not expect rate cuts this year, in contrast to many other central banks that have started easing policies.
Source: YAHOO
Reported 20 days ago
Chinese Premier Li Qiang expressed strong optimism about the country's economic recovery at the China International Import Expo, asserting that the government has significant policy tools to meet a growth target of around 5%. While praising the potential for domestic growth spurred by recent stimulus measures, Li also criticized the US and EU trade policies. Recent indicators of consumer activity show signs of improvement, and there’s anticipation for more fiscal support from the government, despite ongoing challenges like weak consumer sentiment and deflationary pressures.
Source: YAHOO
Reported 20 days ago
The Reserve Bank of Australia has revised its outlook for employment gains upward while expecting a gradual slowdown in underlying inflation, which is projected to remain above target. The central bank noted that the labor market remains tight, with job growth expected to reach 2.6% by year-end, despite a slight rise in the unemployment rate to 4.3%. Economic growth forecasts have been trimmed amidst cautious consumer spending, with projections of a 1.5% growth by year-end and a longer-term goal of 2.25%.
Source: YAHOO
Reported 20 days ago
India's diesel market is experiencing stagnation due to a slowing economy, with demand remaining flat at 7.64 million tons in October—marking the slowest growth since 2020. Factors contributing to this downturn include reduced consumption in smaller towns, adverse weather impacting agriculture, and a shift towards gasoline as consumer preferences change. Despite remaining a robust economy in the emerging market sector, India’s diesel demand is projected to grow modestly by 2.2% this year.
Source: YAHOO
Reported 20 days ago
Toyota is expected to report its first profit drop in two years, forecasting a 14% decline in operating profit for the July-September quarter to approximately $7.9 billion. This signals a cooling demand following robust earnings bolstered by a shift toward petrol-battery hybrids amid intensified competition, particularly in the U.S. and China. While the company is adapting its strategy to focus more on hybrids, it remains one of the slower legacy automakers to fully embrace electric vehicles.
Source: YAHOO
Reported 20 days ago
Southeast Asia's digital economy is facing its slowest growth on record this year, with online spending projected to rise by only 15% to $263 billion, marking a decline from 17% the previous year. This slowdown is attributed to reduced consumer spending due to high inflation and interest rates, leading to decreased private funding for tech companies. Major players in the region are under pressure to demonstrate profitability, resulting in cost cuts and reduced investments in various sectors, while interest remains strong for data center expansions.
Source: YAHOO
Reported 20 days ago
Palantir's stock soared in after-hours trading after exceeding third-quarter earnings estimates and raising its full-year revenue forecast thanks to strong demand for its AI products. The shares have more than doubled this year, and key price levels to watch include resistance around $45 and projections toward $60, with support anticipated between $41 and $38 during profit-taking periods.
Source: YAHOO
Reported 20 days ago
Shanghai is set to transform its status as the world's busiest port into a hub for sustainable shipping by aiming to boost low-carbon fuel supply to over 1 million tons annually by 2030. This initiative comes as the city prepares for stricter global emissions regulations, intensifying its competition with Singapore. China's push towards hydrogen-based fuels and cleaner technologies is supported by its significant advancements in renewable energy, potentially allowing the country to become a key player in reducing shipping emissions.
Source: YAHOO