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
Reported about 1 month ago
Electrolux's shares fell over 15% following a disappointing Q3, marked by continuous losses in North America and tough competition from Chinese manufacturers. The company's North American operations reported a loss for the tenth consecutive quarter, heavily impacting overall earnings. Despite improvements in European performance, the outlook remains grim due to high costs and market challenges, prompting plans to refocus U.S. operations toward premium products and increased sourcing from Asia.
Source: YAHOO
Reported about 1 month ago
Latvian central bank governor Martins Kazaks stated that the European Central Bank (ECB) does not need to consider lowering rates below neutral levels at this time, despite the possibility of needing to ease policy faster than previously anticipated. Kazaks emphasized that for rates to fall below neutral, there would need to be a significantly weaker economic baseline and a clear risk of a sustained undershoot of the inflation target, which he does not see at the moment. While inflation may decline faster than expected, Kazaks believes this does not fundamentally alter the economic outlook, and that the ECB should remain cautious with its policy decisions.
Source: YAHOO
Reported about 1 month ago
Morgan Stanley analysts have corrected their earlier assessment of SK Hynix, raising the company's price target by 8% to 130,000 won, just weeks after a downgrade influenced by regulatory scrutiny. Despite strong quarterly results and positive growth expectations for 2024, they maintain an underweight rating due to potential revenue risks, while other firms have also increased their targets in light of the company's robust performance in the memory chip market.
Source: YAHOO
Reported about 1 month ago
A coalition of Japanese companies is urging that discussions around cryptocurrency exchange-traded funds (ETFs) prioritize major tokens like Bitcoin and Ether. They argue that these cryptocurrencies, noted for their substantial market value and stable performance, are suitable for long-term investment. This proposal comes as Japan considers aligning its regulatory stance with international practices, with the Financial Services Agency indicating a potential review of crypto regulations, including tax structures. The group includes notable financial institutions and exchanges, seeking to create a more favorable environment for digital assets.
Source: YAHOO
Reported about 1 month ago
WiseTech Global Ltd.'s shares rose by 13% following CEO Richard White's transition to a new role amidst allegations regarding his conduct with women. This change aims to alleviate the company's recent market slump, with White moving to focus on product and business development while retaining his role as an important asset to the firm. Major investors, including AustralianSuper, expressed support for this decision, considering it a step towards addressing uncertainties surrounding the firm's leadership.
Source: YAHOO
Reported about 1 month ago
Investors in catastrophe bonds remain largely unaffected by Hurricane Milton, which struck Florida as a Category 3 storm. Initial projections suggested potential losses of 15%, but actual losses are anticipated to be around 1%. This positive outcome allows investors to expect returns of up to 12%, with the Swiss Re global cat-bond index increasing over 13% this year. Despite concerns about an active hurricane season, Milton's damage was mitigated by its speed and smaller wind field, leading to a favorable outlook for catastrophe bond funds.
Source: YAHOO
Reported about 1 month ago
Millennium Management and Athos Capital are among hedge funds facing significant losses following the unexpected collapse of a deal involving China Traditional Chinese Medicine Holdings Co., which had seen a sharp decline in stock prices after regulators rejected a privatization bid from China National Pharmaceutical Group. The firms, which had substantial stakes in the company, have since trimmed their holdings as the failed deal affected their portfolios, highlighting the challenges faced by hedge funds specializing in event-driven trading during a volatile market.
Source: YAHOO
Reported about 1 month ago
Holcim reported a third-quarter operating profit of 1.67 billion Swiss francs, surpassing analyst forecasts due to improved profit margins despite a 3% decline in sales to 7.12 billion francs. The company's profitability was bolstered by the sale of more profitable low carbon products and strategic acquisitions, as it continues to plan a spin-off of its North American business. Holcim confirmed its guidance for low single-digit sales growth and an increase in recurring operating profit.
Source: YAHOO