Reported 1 day ago
Xpeng, the Chinese electric vehicle manufacturer, is anticipated to achieve profitability by the end of 2025, according to President Brian Gu. He cited strong demand for new models and expansion into international markets as key factors. This milestone, if reached, would make Xpeng the first Chinese automaker to profit primarily from electric vehicle sales, with plans for new model launches and increased R&D investments in AI and smart driving systems to bolster growth.
Source: YAHOO
Reported 1 day ago
Chinese stock markets are seeing a surge in speculative investments, attracting both local and some global funds. Following recent economic stimulus from the Chinese government, stocks in mainland China have reached new heights, although foreign investors are pulling back. Retail investors are particularly active, with significant capital flowing into tech stocks as they anticipate a recovery. Despite concerns over U.S.-China trade tensions, there's optimism about future government support and market growth.
Source: YAHOO
Reported 1 day ago
French fuel distributor Rubis SCA is reportedly considering a sale following a significant drop in its share value over the past six years. The company is in talks with advisers and potential buyers, although it has not made any final decisions. Rubis, which distributes fuel products across Europe, Africa, and the Caribbean, faces pressure from activist investors to change its governance and strategy after experiencing a steep decline in stock prices.
Source: YAHOO
Reported 1 day ago
Greek public and private sector workers participated in a nationwide general strike on November 20, 2024, to protest against the high cost of living and to demand collective wage agreements. The strike disrupted services across the country, including public transport and ferry services, with medical staff and teachers also joining the protests. Labor unions criticized the government for failing to address inflation and housing issues that have negatively affected workers' living standards, stemming from a decade-long financial crisis.
Source: YAHOO
Reported 1 day ago
UK inflation has risen to 2.3% in October, surpassing the Bank of England's 2% target, driven primarily by increased energy bills after a price cap increase. The Office for National Statistics reported that consumer prices index rose from 1.7% in September. The average household energy bill saw a £149 increase, along with a notable surge in airfares. Analysts predict that this rise in inflation might hinder future interest rate cuts by the Bank of England as economic conditions remain challenging for families.
Source: YAHOO
Reported 1 day ago
Bridgewater Associates' Bob Prince stated that President-elect Donald Trump's economic policies could lead to higher inflation, prompting Trump to consider a Federal Reserve chairman who would accommodate this new environment. As inflation could potentially rise towards 3%, Trump may seek flexibility in interest rates to support fiscal stimulation, tariffs, and immigration policies. Investment experts warn that inflation is likely to persist, influencing market dynamics and possible growth in equity sectors.
Source: YAHOO
Reported 1 day ago
STMicroelectronics has announced a delay in its long-term financial targets to 2030, aiming for $20 billion in annual revenue and over 30% operating margin, following three guidance cuts this year due to struggles in the industrial and automotive chip markets. Analysts view this as a positive adjustment, indicative of cyclical rather than structural challenges, while the company aims to achieve intermediate targets of $18 billion and a 22-24% operating margin for 2027-2028.
Source: YAHOO
Reported 1 day ago
UK inflation surged to a six-month high of 2.3% in October, driven by higher domestic energy bills and persistently high inflation in the services sector. This upturn exceeds the Bank of England's target rate of 2%, leading to expectations that borrowing rates will remain steady despite recent increases. With the government announcing significant extra spending, economists foresee potential for continued inflationary pressures in the near future.
Source: YAHOO
Reported 1 day ago
Russian gas exports to Europe via Ukraine continued to flow steadily, despite Gazprom's recent halt in supply to Austria's OMV due to a contractual disagreement. Data indicated consistent gas volumes, with some adjustments in nominations for flows to Austria and the Czech Republic. The Slovak state-owned firm SPP confirmed ongoing gas receipt from Russia, suggesting continued European interest in Russian gas.
Source: YAHOO
Reported 1 day ago
UK software company Sage Group announced a 21% rise in full-year operating profit to £529 million, driven by an increase in margins and a 9% growth in revenue. The firm plans to continue this momentum with expectations of further margin improvement and projects organic revenue growth of 9% or more for the upcoming year. Additionally, Sage has increased its dividend and launched a £400 million share buyback, underscoring its strong cash generation.
Source: YAHOO
Reported 1 day ago
Japanese Prime Minister Shigeru Ishiba reached an agreement with a key opposition party to include tax reform discussions, particularly on raising the tax-free income ceiling and cutting gasoline taxes, in his economic stimulus package. The deal allows him to finalize the stimulus, which aims to regain public support after his party lost its majority in the recent election. The opposition's Democratic Party for the People plans to expedite tax reform discussions by year-end, and the stimulus is expected to benefit low-income households and support sectors like semiconductors and artificial intelligence.
Source: YAHOO
Reported 1 day ago
SMIC's shares have surged 120% in recent months, surpassing major competitors like Nvidia, fueled by China's self-reliance in semiconductor manufacturing. However, analysts warn of potential overvaluation as geopolitical tensions and competition from global chipmakers like TSMC could impact SMIC's profitability. Despite strengths in domestic demand and recent government support, concerns remain over China's capabilities in advanced chip production due to US restrictions.
Source: YAHOO
Reported 1 day ago
Ukraine has made significant strides in developing clean energy sources that are more resilient to destruction from Russian military strikes. Despite ongoing attacks targeting traditional energy infrastructure, the decentralized nature of wind and solar power allows for quicker recovery and restoration of electricity. Leaders like Maxim Timchenko of DTEK highlight the effectiveness of renewable energy in maintaining power supply, even in a war-torn environment, showcasing a shift towards sustainable energy solutions in the face of adversity.
Source: YAHOO
Reported 1 day ago
Iraq has initiated its first nationwide population census in almost four decades, aiming to improve data collection and planning in a country affected by decades of conflict. This census, which will employ advanced technology, is expected to influence resource distribution, budget allocations, and development planning while addressing concerns from minority groups about their political representation. Conducted under a national curfew with international oversight, the counting method will include internally displaced persons based on their current residences, excluding those living abroad. The last national census was conducted in 1987, making this a significant event for Iraq’s future.
Source: YAHOO
Reported 1 day ago
On November 20, 2024, the Tokyo stock market experienced sharp rallies for certain companies, including Seven & i Holdings and Tokyo Gas, amid overall losses for the benchmark Topix index. This surge was fueled by reports of buyout proposals and increased stakes from activist investors, highlighting a growing trend in individual stock movements in Japan's market. Notably, Seven & i's shares jumped 11% as talks of a potential takeover by its founding family emerged, while Tokyo Gas saw a 15% rise following Elliott Investment Management's acquisition of a significant stake. These developments reflect a shift in investor focus towards opportunistic buying in response to activism.
Source: YAHOO
Reported 1 day ago
UBS Group AG has joined Goldman Sachs in forecasting an extended rally for gold, projecting prices to reach $2,900 per ounce by the end of next year due to increased central bank holdings. Despite anticipated consolidation from a stronger dollar and concerns over U.S. fiscal policy, analysts expect that continued demand from central banks and geopolitical uncertainties will drive gold prices higher, potentially reaching $2,950 per ounce by the end of 2026.
Source: YAHOO
Reported 1 day ago
In the first half of November, Russia's refined fuel exports surged to a nine-month high as refineries increased production following seasonal maintenance. Shipments averaged 2.33 million barrels per day, marking a 21% increase compared to October. Diesel and naphtha shipments led the rise, with diesel exports up 23% and naphtha up 50%, targeting mainly Turkey and Asia. Meanwhile, crude exports dropped to their lowest since September and the energy ministry plans to lift the gasoline export ban in December.
Source: YAHOO
Reported 1 day ago
Volkswagen is grappling with escalating labour costs that exceed those of major competitors as it prepares for new wage negotiations in Germany. An internal memo indicates that VW allocates more of its revenue to labour compared to BMW, Mercedes-Benz, and Stellantis, despite a drop in its global labour cost percentage. With unions demanding a 7% pay rise and management proposing a 10% cut, the company is under pressure to reduce fixed costs amid tightening margins from competition, particularly from lower-cost models from China. Labour costs in Germany are currently the highest globally for the passenger car industry, prompting discussions about competitive strategies as the company adjusts to evolving market conditions.
Source: YAHOO
Reported 1 day ago
President-elect Donald Trump is intensifying his search for a Treasury secretary, holding interviews on Wednesday with former Federal Reserve Governor Kevin Warsh and Apollo Global Management's Marc Rowan. This comes after significant discussions and internal competition for the pivotal economic role, with other contenders like Scott Bessent also in the running. The transition team has not commented on the status of the search, but Trump's recent cabinet selections indicate he is nearing a decision.
Source: YAHOO
Reported 1 day ago
Oil prices saw a slight increase due to the intensifying conflict in Ukraine and signs of recovering Chinese crude imports, even as rising U.S. crude stock levels tempered overall gains. Brent crude futures rose to $73.40 per barrel, while U.S. West Texas Intermediate increased to $69.53 per barrel. The ongoing war, marked by Ukraine's recent missile strikes on Russian territory, raises concerns about potential supply disruptions, while improved import data from China supports bullish sentiment in the market.
Source: YAHOO
Reported 1 day ago
Asian shares exhibited caution as investors awaited the earnings report from Nvidia, a key player in the AI sector, amid concerns of potential disappointment. While the dollar dipped slightly from recent gains, Asian indices remained mixed with the MSCI Asia-Pacific index flat and Tokyo’s Nikkei down 0.3%. Investors were also influenced by geopolitical tensions and the selection of Trump's Treasury Secretary. Notably, Nvidia's shares rose 4.9% ahead of the results, with significant market volatility expected.
Source: YAHOO
Reported 1 day ago
China has decided to keep its benchmark lending rates, the one-year LPR at 3.1% and the five-year LPR at 3.6%, unchanged as anticipated, following significant rate cuts made last month to stimulate the economy. These decisions come in the context of rising pressure on the yuan and concerns over economic growth with the impending return of Donald Trump to the White House, which could influence China's monetary policy going forward.
Source: YAHOO
Reported 1 day ago
Japan has recorded a trade deficit for the fourth consecutive month in October, reaching 461 billion yen ($3 billion), primarily due to a weak yen and rising energy prices. While exports increased by 3.1% compared to the previous year, imports rose by 0.4%, leading to the deficit. Concerns over potential U.S. tariff hikes following Donald Trump's reelection add to the uncertainties in trade, as Japan's economy, heavily reliant on exports, faces challenges from inflation and slowing global demand.
Source: YAHOO
Reported 1 day ago
A government report indicates that Australia's gender pay gap has decreased by 0.6 percentage points to 21.8%, with women earning an average of A$28,425 less than men annually. The report highlights that over half of employers have taken steps to address the pay disparity, driven largely by wage increases in sectors like aged care, where women constitute 80% of the workforce. Despite these improvements, female CEOs still earn A$158,632 less on average than their male counterparts. The Labor government plans to introduce legislation requiring large firms to set measurable gender equality targets.
Source: YAHOO
Reported 1 day ago
Major Australian banks have teamed up with Israeli startup BioCatch to launch a pilot program aimed at reducing banking fraud and scams. The BioCatch Trust™ Australia initiative will create an inter-bank network for sharing intelligence on customer behavior to identify potential fraud. This move comes as scams in Australia have surged, costing citizens A$2.7 billion ($1.76 billion) in losses in 2023. The Australian Competition and Consumer Commission is also pushing for stricter regulations to combat online scams.
Source: YAHOO