Reported about 1 month ago
Chancellor Rachel Reeves plans a significant fiscal overhaul allowing the UK to borrow an additional £70 billion over five years, amidst discussions of potential tax hikes on investors. Reeves aims to change how debt is measured to enable increased public investment while ensuring that those with more wealth contribute fairly to the economy. The Labour government seeks to stimulate growth and improve public infrastructure without exacerbating existing economic disparities, but concerns persist that proposed tax changes may drive wealthy individuals out of the UK.
Source: YAHOO
Reported about 1 month ago
Air France-KLM is exploring participation in the privatisation of Portugal's TAP airline and is flexible regarding options, including acquiring a minority stake. The Portuguese government is seeking opinions from potential buyers, including Lufthansa and IAG, while discussions on the privatisation plan are ongoing. Notably, the Prime Minister has suggested that a partial sale may be considered, and the process will require parliamentary approval amidst opposition from the socialists.
Source: YAHOO
Reported about 1 month ago
As companies evaluate potential mergers, uncertainty looms over antitrust enforcement with the presidential election approaching. Major firms like Qualcomm and ConocoPhillips are hesitating to finalize deals amidst differing expectations on regulatory approaches from candidates Kamala Harris and Donald Trump. Both candidates might adopt strict stances on mergers, with Harris likely continuing Biden's policies and Trump having a mixed history of antitrust enforcement. This political climate leaves businesses in a difficult position, unsure of future regulations that could impact their merger and acquisition activities.
Source: YAHOO
Reported about 1 month ago
China's top legislative body will convene from November 4-8, coinciding with the US presidential election, to review financial reports and proposed laws, while investors anticipate potential fiscal stimulus to rejuvenate the slowing economy. The session's agenda includes measures to refinance local government debt and possibly issue new bonds to bolster bank capital. However, analysts remain divided on whether substantial fiscal support will be announced this year, reflecting varying expectations in the financial markets.
Source: YAHOO
Reported about 1 month ago
South Korean prosecutors have indicted BNP Paribas for allegedly violating short-selling regulations, marking a significant step in the country's crackdown on such practices. The indictment follows earlier penalties imposed on the bank and came in a context where short-selling has been outlawed in Korea since last year. The ongoing investigations have also targeted various other financial institutions as authorities seek to enforce stricter compliance with market laws.
Source: YAHOO
Reported about 1 month ago
Capri Holdings Ltd. saw its shares drop over 50% after a judge blocked its merger with Tapestry Inc., turning previously nearly worthless put options into potentially valuable assets worth over $2 million. Almost 4,500 put options, which allow holders to sell shares at $25, changed hands dramatically, indicating a significant shift in market activity.
Source: YAHOO
Reported about 1 month ago
Holcim's Chief Financial Officer, Steffen Kindler, announced that the company's spin-off of its North American business is progressing extremely well, with plans to update investors shortly. Kindler confirmed that the spin-off is expected to take place in the first half of next year, highlighting successful advancements in both technical and governance aspects.
Source: YAHOO
Reported about 1 month ago
Equity investors are grappling with unpredictable outcomes and fluctuating market signals amidst a tight U.S. election and mixed European earnings. Volatility has risen recently, yet strategists suggest it might indicate a maturing bull market rather than a warning sign. Investors are advised to stay optimistic and well-diversified as impending events, particularly the U.S. elections and earnings reports from major tech firms, could lead to significant market movements.
Source: YAHOO
Reported about 1 month ago
The Reserve Bank of Australia announced a $2.8 billion accounting loss for the year ending June 30, 2024, marking its fourth consecutive year of losses due to the effects of pandemic-related financial interventions. The loss stems from the disparity between the bank's low earnings on acquired bonds and the higher interest paid to commercial depositors, resulting in a negative equity position of A$20.4 billion. Despite these challenges, Governor Michele Bullock reassured that the bank's operations and monetary policy functions remain unaffected as the government seeks to restore its capital.
Source: YAHOO
Reported about 1 month ago
Telegram informed an Indian court that it cannot monitor all accounts for leaked customer data linked to Star Health, which has been facing issues since hackers leaked sensitive information using Telegram chatbots. While Star Health sought judicial intervention to remove the bots, Telegram stated it can only block content that is flagged to it and agreed to delete harmful data if provided with information by the insurer. The case continues in two weeks as Star Health investigates further allegations related to its security officer.
Source: YAHOO
Reported about 1 month ago
Mercedes-Benz is intensifying cost-cutting measures after a significant decline in earnings, attributing the halving of profits in the third quarter to reduced demand and intensifying competition in China. The luxury automaker is resisting engaging in a price war and maintaining its 'value over volume' strategy, despite facing challenges as Chinese consumers pivot towards more affordable electric vehicles. With a notable drop in profitability, Mercedes anticipates slightly lower car sales in 2024 compared to the previous year, whilst addressing concerns over shifting consumer preferences and potential tariffs on Chinese EV imports.
Source: YAHOO
Reported about 1 month ago
Apple's iPhone sales in China fell by 0.3% in the third quarter of 2024, while Huawei experienced a significant 42% increase in smartphone sales. Despite maintaining second place with a 15.6% market share, Apple faced tough competition from Huawei, which saw its market share rise to 15.3%. The launch of the iPhone 16 provided a temporary boost, as initial sales were 20% higher compared to last year's models. However, challenges remain due to restrictions affecting the iPhone's use among government agencies.
Source: YAHOO
Reported about 1 month ago
Mercedes-Benz AG is set to implement cost-cutting measures following disappointing profits affected by stiff competition and declining demand in China. The company's profitability dropped to 4.7% in the third quarter, far below its expected 8%, primarily due to a fall in sales of its high-end models. Despite announcing a focus on increasing efficiency and reducing costs, specifics on where to cut were not disclosed, as the German automaker struggles with high operational costs compared to competitors like Tesla.
Source: YAHOO
Reported about 1 month ago
After two decades at the forefront of chess, Magnus Carlsen is transitioning from seeking titles to promoting the game as a spectator sport. At 33, he expresses a diminished ambition for professional achievements and has launched an app, Take Take Take, to enhance viewer engagement by providing accessible explanations of matches. Despite later stepping down from his world champion title, Carlsen remains committed to being a formidable competitor while leveraging his fame to broaden chess's appeal amid a crowded market.
Source: YAHOO
Reported about 1 month ago
Elon Musk saw a significant increase of $33.5 billion in his wealth as Tesla's shares soared 22%, marking the largest gain in over a decade. This rise followed Tesla's announcement of its biggest quarterly profit since 2023, amidst a forecast for 30% growth in vehicle sales next year. Musk's fortune now stands at $270.3 billion, substantially ahead of Jeff Bezos, with most of his wealth tied to Tesla and other ventures. He is also actively supporting Republican presidential candidate Donald Trump and has outlined plans for future autonomous vehicle developments.
Source: YAHOO
Reported about 1 month ago
Capital One Financial Corp. has announced a profit of $1.78 billion, surpassing Wall Street's expectations thanks to growth in its credit card and auto loan sectors. Adjusted earnings per share reached $4.51, above the $3.77 analysts anticipated. Despite facing regulatory scrutiny over its proposed $35 billion acquisition of Discover Financial Services, Capital One remains optimistic about completing the deal early next year. In the third quarter, credit card loans rose by $2.8 billion and auto loans increased by $1.1 billion. Overall net revenue climbed 5% to $10 billion.
Source: YAHOO
Reported about 1 month ago
Sanofi exceeded market expectations with a 14.4% increase in third-quarter earnings, reaching 4.6 billion euros, thanks to an earlier-than-expected start to vaccination season. Vaccine sales climbed 25.5% to 3.8 billion euros. The company's plans for a significant stake sale in its consumer unit aim to fund next-generation drug trials. Analysts forecast further growth for Sanofi’s shares following these impressive results, aided by strong performance from its top-selling drug Dupixent.
Source: YAHOO
Reported about 1 month ago
Italian energy company Eni plans to raise its share buyback program by 25% to 2 billion euros after reporting a Q3 profit of 1.27 billion euros, exceeding expectations despite a decline from last year's figures. The decision comes amidst efforts to stabilize finances amid lower oil price predictions, while ongoing divestments and cost controls help maintain shareholder returns. Eni also announced a partnership with KKR in its biofuel sector, emphasizing its commitment to energy transition and improved operational performance.
Source: YAHOO
Reported about 1 month ago
Remy Cointreau has reduced its full-year sales expectations, indicating a prolonged recovery period as it grapples with ongoing double-digit sales declines, particularly in the U.S. and China. The company reported a 19.2% drop last year and anticipates more declines ahead, exacerbated by new tariffs on EU brandy imports into China. Despite some optimism for a rebound in the U.S. in the fourth quarter, the firm faces significant challenges and a pressing need to demonstrate improved financial results.
Source: YAHOO
Reported about 1 month ago
According to a state-backed researcher, China's copper demand is projected to peak around 2030, with growth slowing due to an easing economy and a shift towards aluminum. While demand from the renewables sector continues to rise, the growth rate is expected to drop to 1.1% in the next five years, significantly lower than the 3.9% seen previously. The evolving dynamics in the copper market include the falling intensity of renewables investment and potential impacts on manufacturing exports.
Source: YAHOO
Reported about 1 month ago
Source: YAHOO
Reported about 1 month ago
Korea Zinc Co. saw its shares rise 10% to 1,253,000 won on Friday, following a remarkable 30% increase the previous day. This surge comes as investors await the results of a stock buyback initiated by Chairman Choi Yun-beom in response to a $12.5 billion takeover bid from Young Poong Corp., which has increased its stake to over 38%. Choi's buyback offer, which supports Bain Capital and aims to repurchase up to 20% of shares at 890,000 won, is still in question as many shareholders hold out for a higher offer.
Source: YAHOO
Reported about 1 month ago
Mozambique's ruling party candidate Daniel Chapo won the presidential election with 70.67% of the vote amid widespread allegations of electoral fraud, which have ignited protests and heightened tensions in the nation. The opposition candidate, Venâncio Mondlane, who secured 20.32% of the vote, has deemed the election results a sham and called for demonstrations. Observers have noted significant irregularities, raising concerns about the stability of Mozambique's political landscape and the resumption of key energy projects.
Source: YAHOO
Reported about 1 month ago
The European Union and China are set to continue technical negotiations on alternatives to tariffs on Chinese electric vehicles, as the EU plans to impose new tariffs of up to 35.3% next week. During a recent video call, both sides discussed pricing commitments from Chinese manufacturers and investments in Europe as potential solutions. They emphasized the need for a balanced approach that adheres to World Trade Organization rules while remaining open to further talks.
Source: YAHOO
Reported about 1 month ago
China's Commerce Minister Wang Wentao expressed support for Apple's continued and deeper involvement in the Chinese market during a meeting with CEO Tim Cook. This aligns with prior discussions with government officials in Beijing, aiming to stabilize Sino-U.S. economic relations. Wang emphasized China's commitment to improving the business environment for foreign companies while encouraging regular exchanges to foster healthy trade, though he cautioned that emphasizing national security could hinder these interactions.
Source: YAHOO