Reported 29 days ago
Crypto.com has significantly increased its trading volume in North America, reaching $134 billion in September, up from $34 billion in July, surpassing Coinbase's $46 billion during the same period. Factors contributing to this growth include a broad range of available tokens and the impact of successful crypto ETFs. Despite facing legal challenges with the SEC, Crypto.com remains the leading cryptocurrency exchange in the region.
Source: YAHOO
Reported 29 days ago
Treasury Secretary Janet Yellen has introduced an initiative aiming to increase bank account ownership among Americans, as part of a broader strategy to enhance financial inclusion. This plan, motivated by the need to create a more equitable economy, seeks to address the barriers faced by underserved communities, with a goal of providing better access to banking services, affordable credit, and financial education. Key measures include collaboration between federal and local governments to encourage account openings, improve credit access using alternative data, and enhance retirement savings opportunities.
Source: YAHOO
Reported 29 days ago
Source: WSJ
Reported 29 days ago
Amid concerns about tech dominance in the stock market, CEOs are increasingly indicating that the third quarter may mark a low point for earnings in cyclical sectors, suggesting improvement could be on the horizon. Despite challenges such as weak demand and elevated inventories due to high interest rates, positive signs are emerging, with companies like 3M and Alcoa exceeding expectations. Analysts believe that as the economy stabilizes, manufacturing and goods sectors may soon experience recovery, providing hope for broader market growth.
Source: YAHOO
Reported 29 days ago
Adidas experienced significant sales growth in Greater China during the third quarter, with a 9% increase to 946 million euros, marking its best performance since early 2022. The company's strong results contrast with competitors struggling with weak demand. Adidas attributes this success to opening over 200 stores in smaller cities, designing products for the Chinese market, and capitalizing on trends like retro 'terrace' shoes. Despite a drop in North American sales, Adidas remains optimistic about continued growth.
Source: YAHOO
Reported 29 days ago
Lufthansa reported a 9% decline in its third-quarter operating profit, falling to 1.3 billion euros, as the airline faces stiff competition and rising costs. The CEO highlighted issues such as delayed aircraft deliveries and a sluggish recovery in corporate travel impacting the core brand. Despite targeted profitability improvements and restructuring plans, analysts express skepticism about achieving long-term profit margin goals amid ongoing challenges in the aviation industry.
Source: YAHOO
Reported 29 days ago
Santander's net profit for the third quarter reached a record €3.25 billion, up 12% year-on-year, fueled by a rise in retail banking profits and a decrease in loan loss provisions, despite a decline in lending income due to lower eurozone interest rates. The bank's lending income remained flat at €11.225 billion, falling short of analyst expectations, as competition in the mortgage market increased. Additionally, Santander's UK unit postponed earnings release following a court ruling on motor finance brokers that may impact future earnings.
Source: YAHOO
Reported 29 days ago
Russian tech giant Yandex has announced a 36% increase in Q3 revenue, reaching 276.8 billion roubles ($2.85 billion), fueled by e-commerce and its search services. Adjusted net profit surged by 118% to 25.1 billion roubles, as the company completes a significant acquisition of its Russia-based assets amidst recent market shifts.
Source: YAHOO
Reported 29 days ago
Boeing Co. has successfully raised $21.1 billion through a significant share sale, aimed at bolstering its balance sheet and avoiding a potential credit downgrade. This funding is critical as the company faces financial challenges, including ongoing cash burn due to production halts, a labor strike, and previous setbacks linked to the 737 Max model. The capital injection will help maintain Boeing's investment-grade rating and support its production ramp-up once operations resume.
Source: YAHOO
Reported 29 days ago
TDK, an Apple supplier and leading smartphone battery manufacturer, has teamed up with McLaren Racing to enter the electric vehicle (EV) sector through Formula E racing. The partnership aims to enhance TDK's presence in the EV supply chain by providing components like inverters and sensors, leveraging cutting-edge technology from the racing series. As the demand for electric vehicles grows, TDK's automotive segment, which includes passive components like ceramic capacitors, plays a crucial role, reflected in their significant stock performance this year.
Source: YAHOO
Reported 29 days ago
Zhang Yiming, the founder of ByteDance, has become the richest person in China with a net worth of $49.3 billion, according to the latest Hurun China Rich List. He surpassed Zhong Shanshan, whose wealth fell to $47.9 billion, while the total number of billionaires in China dropped significantly this year. ByteDance's revenue growth, despite legal challenges in the U.S., contributed to Zhang's rise in wealth, highlighting a shift in fortunes within China's economy, particularly impacting the real estate and renewable energy sectors.
Source: YAHOO
Reported 29 days ago
As European and global markets brace for a busy earnings week, major tech companies including Alphabet, Meta, Microsoft, Amazon, and Apple are set to disclose their financial results. Meanwhile, investors are closely watching the banking sector, highlighted by HSBC's substantial profit increase and share buyback announcement. With upcoming data on job openings and payrolls from the U.S., alongside looming uncertainty from the presidential elections, market participants are seeking reassurance on long-term earnings stability.
Source: YAHOO
Reported 29 days ago
Hedge fund Vantage Point Asset Management is increasing its investments in Japanese stocks and the dollar, anticipating a significant win for Donald Trump in the upcoming US presidential election. The firm believes that a second term for Trump would stimulate global growth and maintain high inflation, subsequently benefiting the dollar and weakening the yen. With substantial assets under management, Vantage Point's strategy focuses on capitalizing on potential economic growth linked to Trump's presidency.
Source: YAHOO
Reported 29 days ago
The Washington Post and Los Angeles Times have faced backlash from readers due to their recent decision not to endorse any presidential candidates, a move seen as avoiding political bias but resulting in significant subscriber cancellations. Owner Jeff Bezos defended the non-endorsement as a principled stance, yet many employees and readers expressed outrage, leading to resignations and increased scrutiny of the newspapers' editorial decisions during a crucial electoral period.
Source: YAHOO
Reported 29 days ago
Bitcoin price spiked above $70,000 on Monday, driven by expectations surrounding the November elections and MicroStrategy's earnings report—the largest corporate holder of Bitcoin. Stocks linked to cryptocurrencies, such as MicroStrategy and Coinbase, experienced significant gains, with Coinbase rising over 5% and MicroStrategy nearly 9%. Market analysts are optimistic that Bitcoin may exceed its all-time high of $73,797 due to potential changes in crypto policy after the elections. This optimism was further fueled by former President Trump's recent endorsement of Bitcoin, as the crypto industry invests heavily in influencing election outcomes and regulatory frameworks.
Source: YAHOO
Reported 29 days ago
Goldman Sachs has officially opened a new office in Riyadh's King Abdullah Financial District, marking a significant expansion in the largest economy in the Middle East. This move comes as Saudi Arabia intensifies efforts to attract foreign firms, with Goldman previously becoming the first major international bank to secure a regional headquarters license. The financial district is experiencing a resurgence, attracting various leading global institutions and positioning itself as a competitor to hubs like Abu Dhabi and Dubai.
Source: YAHOO
Reported 29 days ago
Iron ore prices have fallen after reaching a two-week high, driven by increasing inventories at Chinese ports, which are at nearly seasonal peak levels. As supplies rose to 147.7 million tons, traders remain cautious about the effectiveness of recent Chinese monetary stimulus aimed at boosting economic confidence. In Singapore, iron ore prices decreased by 0.9% to $102.45 per ton, reflecting market skepticism about demand stimulation from government interventions.
Source: YAHOO
Reported 29 days ago
Akira Amari, a prominent advocate for Japan's semiconductor industry and former economy minister, lost his parliamentary seat in the recent general election, raising concerns over the future of public funding in the chip sector. His defeat to Sayuri Otsuka of the Constitutional Democratic Party comes as the government explores new support frameworks for semiconductors amid a significant investment push, including a ¥4 trillion subsidy allocation and a crucial pledge to startup Rapidus Corp. The Liberal Democratic Party's failure to secure a majority complicates future policy decisions.
Source: YAHOO
Reported 29 days ago
HSBC Holdings announced a 10% increase in third-quarter profits, reaching $8.5 billion, surpassing expectations amid rising wealth and wholesale banking revenues. The bank’s CEO hinted at a significant restructure but withheld details on potential cost savings, promising more information in February. Alongside strong earnings, HSBC initiated a $3 billion share buyback, signaling robust performance despite changes in interest rates and ongoing market volatility.
Source: YAHOO
Reported 29 days ago
US job openings decreased in September, reaching the lowest level in three and a half years, according to the latest financial news.
Source: YAHOO
Reported 29 days ago
U.S. job openings fell significantly last month, marking the lowest point since January 2021, indicating a slowdown in the labor market.
Source: YAHOO
Reported 29 days ago
HSBC Holdings Plc revealed a $3 billion stock buyback after reporting a 9.9% increase in pretax profit to $8.48 billion, exceeding expectations. This move comes shortly after the bank disclosed a significant restructuring plan, including merging its global commercial and investment banking units, and focuses on becoming a premier wealth bank in Asia. CEO Georges Elhedery emphasized cost-control measures while signaling potential job cuts among senior roles as part of the ongoing restructuring efforts.
Source: YAHOO
Reported 29 days ago
A new solar factory in Pataskala, Ohio, owned by Illuminate USA, a joint venture between American company Invenergy and Chinese giant Longi Green Energy, is benefiting from substantial U.S. tax incentives while raising concerns among American manufacturers about unfair competition. The factory employs both American and over 100 Chinese workers with the latter providing crucial expertise in solar panel production. This collaboration reflects broader trends of Chinese companies leveraging U.S. incentives to expand their operations while American critics argue it undermines local manufacturing efforts, creating a contentious dialogue around foreign investment in key sectors.
Source: YAHOO
Reported 29 days ago
United Record Pressing in Nashville, the oldest vinyl record manufacturer in the U.S., has adapted and thrived through decades of change, from 8-tracks to digital streaming. Now producing around 80,000 records daily, the 75-year-old company has experienced a significant revival in vinyl's popularity, with 2023 revenues reaching $1.4 billion, marking the 17th consecutive year of growth. Despite initial declines, the resurgence of vinyl, driven by independent artists and consumer interest in tangible music experiences, has transformed the plant into a modernized facility that blends vintage charm with new technologies.
Source: YAHOO
Reported 29 days ago
On Tuesday, rising tech stocks led to a record high for the Nasdaq composite, despite mixed trading on Wall Street as other sectors struggled. The S&P 500 edged up towards its all-time high, helped by gains in major tech companies, while Ford and homebuilders faced declines following disappointing earnings reports. Economic indicators showed unexpected consumer confidence, prompting speculation about the Federal Reserve's interest rate decisions amidst fluctuating Treasury yields.
Source: YAHOO