Reported about 1 month ago
French IT firm Atos experienced a 4.4% organic decline in third-quarter revenue due to soft market conditions, with earnings dropping to 2.30 billion euros. Despite this decrease, the company reported improved order entry and anticipates stronger commercial activity in the upcoming months, bolstered by the return of multi-year contracts. Outgoing CEO Jean-Pierre Mustier is set to be replaced by Philippe Salle in February, as Atos aims to recover financially through a restructuring plan approved by the Nanterre Commercial Court.
Source: YAHOO
Reported about 1 month ago
Hyundai Motor Co faced a 7% decrease in third-quarter operating profit, falling short of analysts' expectations, as demand for vehicles slow and competition intensifies. The South Korean automaker reported an operating profit of 3.6 trillion won ($2.6 billion), down from 3.8 trillion won a year earlier. Despite these challenges, Hyundai has maintained its earnings target for 2024. The decline in global retail sales by 5% and warranty costs related to its Santa Fe SUV have further pressured profits, leading to a more than 5% drop in share prices.
Source: YAHOO
Reported about 1 month ago
Danone and Unilever have reported better-than-expected third-quarter sales, benefiting from a slowdown in price increases and increased investment in new products, attracting shoppers back from cheaper brands. Danone recorded a 4.2% rise in like-for-like sales, surpassing analyst forecasts, indicating strong demand, particularly for high-protein products in North America. Both companies maintain their sales growth forecasts for 2024, with Danone celebrating five consecutive quarters of volume growth.
Source: YAHOO
Reported about 1 month ago
Nvidia has announced plans to supply AI processors to Indian companies, including Reliance Industries, as part of its push into the growing Indian market. The launch includes a new Hindi-language AI model developed with Tech Mahindra, aimed at enhancing AI applications across India's diverse languages. During a summit in Mumbai, CEO Jensen Huang highlighted India's potential to become a significant exporter of AI, supported by its vast population and increasing internet access. Despite the nascent state of India's chipmaking industry, Nvidia's commitment signals optimism for future growth.
Source: YAHOO
Reported about 1 month ago
German semiconductor materials supplier Siltronic reported third-quarter revenues of 357.3 million euros, exceeding analysts' expectations and improving its profit margin outlook for 2024, despite ongoing market challenges. The company noted a decline in EBITDA by 9.8% to 89.4 million euros but assured investors that the downturn is nearing an end, with increased demand for AI chips helping to offset weaknesses in other segments.
Source: YAHOO
Reported about 1 month ago
Bitcoin's recent rally is being affected by shifting global market conditions as Donald Trump's prominence in the election race raises concerns over tighter financial conditions. While Bitcoin has seen a significant year-to-date gain, uncertainty about Trump's policies may temper enthusiasm for crypto. Analysts suggest that a potential victory for Trump could lead to higher yields, impacting risk assets negatively, although his favorable stance towards the crypto industry could provide some relief.
Source: YAHOO
Reported about 1 month ago
Nvidia CEO Jensen Huang has partnered with Mukesh Ambani, Asia's wealthiest man, to enhance AI infrastructure in India, aiming to drive the technology's adoption in the country. During Nvidia's AI summit in Mumbai, they announced the construction of a major data center by Reliance Industries that will utilize Nvidia's latest Blackwell chips. This collaboration also includes partnerships with Indian firms such as Infosys and Tata Consultancy Services, as Nvidia aims to empower various sectors in India including agriculture and healthcare, marking the country as a significant player in the global AI landscape.
Source: YAHOO
Reported about 1 month ago
Renault reported a 1.8% rise in Q3 revenues to €10.7 billion, driven by demand for new higher-priced models, despite a 5.6% decline in global sales volumes. The automaker aims for a margin of at least 7.5% in 2024 and has seen strong performance in its electrified vehicle segment, which accounted for 47% of brand sales. This growth comes as the European automotive market struggles with competition and declining sales.
Source: YAHOO
Reported about 1 month ago
BE Semiconductor Industries (Besi) anticipates a surge in hybrid bonding demand by 2025 following missed third-quarter order estimates due to delays in auto and Chinese markets. Despite securing new orders, its stock dropped 26% this year but briefly rose after the announcement. The company expects flat revenue for Q4, citing an unidentified customer's delay in order fulfillment amid ongoing industry challenges. Besi aims to expand its cleanroom facilities in Malaysia to meet future demand.
Source: YAHOO
Reported about 1 month ago
As the ECB's inflation target nears, its officials are split on the path forward for interest rates. Some members advocate for significant cuts to support the economy, while others emphasize caution due to persistent inflation concerns. Recent discussions highlight a variety of perspectives on the need for further rate reductions, with many officials suggesting a more measured approach until clearer economic data is available.
Source: YAHOO
Reported about 1 month ago
Teck Resources reported a profitable third quarter, largely attributed to increased copper production from its Chilean mine and robust copper prices driven by positive Chinese demand. The company noted an 11.7% year-over-year rise in copper prices, averaging $4.21 per pound, and achieved a 60% increase in copper output. However, it has revised its full-year copper production forecast downwards for the second time, anticipating between 420,000 to 455,000 tons due to labor issues and mining delays.
Source: YAHOO
Reported about 1 month ago
Equinor reported weaker-than-expected third-quarter profits and announced plans to lower spending on renewable energy after acquiring a 9.8% stake in Orsted for $2.5 billion. The company is adjusting its capital expenditure forecasts, now projecting a decrease for 2024, while revising its expected growth in renewable energy output down to 50% due to project delays. Investors remain cautious about oil companies expanding further into renewables as Equinor aims to allocate at least half of its capital expenditure to low-carbon solutions by 2030.
Source: YAHOO
Reported about 1 month ago
A judge has stopped the merger of handbag manufacturers Tapestry and Capri, siding with the FTC in an ongoing antitrust case.
Source: YAHOO
Reported about 1 month ago
Hesai Group has announced plans to pursue legal action against the U.S. government after being reinstated on the Pentagon's blacklist of Chinese companies allegedly collaborating with the military. Initially removed from the list, Hesai, which produces lidar technology for autonomous vehicles, argues its products are only for commercial use and has no military ties. The company aims to correct what it claims are errors in its classification.
Source: YAHOO
Reported about 1 month ago
North Carolina lawmakers have approved an additional $600 million for recovery efforts following Hurricane Helene, which caused an estimated $53 billion in damages and resulted in 97 fatalities. The measures include emergency loans for small businesses, repairs for local water systems, and mental health support for affected families. Lawmakers are also expanding early voting locations in storm-impacted areas to accommodate voters during this critical time.
Source: YAHOO
Reported about 1 month ago
Wall Street closed with mixed results as Tesla's stock soared by 21.9%, marking its best day since 2013, following better-than-expected quarterly profits, while IBM faced a 6.2% drop after disappointing revenue figures. The S&P 500 managed a slight increase of 0.2%, breaking a three-day losing streak, but the Dow fell by 0.3%. Concerns over rising Treasury yields and mixed economic data continue to weigh on investor sentiment.
Source: YAHOO
Reported about 1 month ago
The European Central Bank (ECB) is likely to decrease interest rates by 25 basis points in December, according to an interview with ECB policymaker Robert Holzmann reported by Bloomberg News. Holzmann indicated that while a half-point cut is not probable, it remains a possibility, and suggested that the recent rate cut in October might have made a December cut unnecessary.
Source: YAHOO
Reported about 1 month ago
European markets are set to concentrate on preliminary Purchasing Managers' Index (PMI) readings, especially from the euro zone, where investor concerns about economic growth persist. Business activity remains in contraction, pressuring the European Central Bank for a timely rate cut. The euro has declined sharply this month, while the U.S. dollar gains strength amidst political uncertainties. Additionally, strikes at Boeing threaten further market instability.
Source: YAHOO
Reported about 1 month ago
Horizon Robotics saw its shares soar nearly 38% upon debut in Hong Kong, though it closed just 2.8% higher due to profit-taking and a broader slump in tech stocks, with the Hang Seng Tech Index dropping 2.6%. The Chinese autonomous driving tech firm raised $696 million in an IPO that attracted significant interest from notable investors. Despite the volatility, market sentiment for Hong Kong IPOs is improving, with a strong line-up of companies looking to list.
Source: YAHOO
Reported about 1 month ago
Dubai and Abu Dhabi are increasingly vying for the attention of wealth managers, with Abu Dhabi emerging as a serious contender thanks to its vast sovereign wealth funds and efforts to diversify its economy. While Dubai historically held the title of the region's financial hub, Abu Dhabi has made notable strides in attracting investment firms with its favorable regulatory environment and lucrative opportunities. The presence of major hedge funds and financial institutions marks a significant shift in the competitive landscape, with both cities working to enhance their appeal for international finance amid growing interest in the crypto sector.
Source: YAHOO
Reported about 1 month ago
Kamala Harris and Donald Trump are increasingly favoring podcasts over legacy media outlets like NPR and The New York Times to communicate their campaign messages. With legacy media struggling to maintain audience reach, both candidates have opted for more targeted and relaxed podcast formats to engage voters. This shift highlights the changing landscape of political communication, where direct access to specific audience segments via podcasts is becoming more prominent than traditional journalistic interviews.
Source: YAHOO
Reported about 1 month ago
Sanofi's sale of its consumer health business Opella for €16 billion to US firm Clayton Dubilier & Rice has led to a heated public feud, political backlash, and fierce competition with rival PAI Partners. Despite criticisms regarding job security and national interests, Sanofi ultimately opted for CD&R, citing better resources for expansion and growth potential. The intense scrutiny and political implications surrounding this high-stakes transaction reveal the complexities of European deal-making and the challenges posed by national sovereignty concerns.
Source: YAHOO
Reported about 1 month ago
Ocean Leonid Investments, a hedge fund linked to Iranian oil magnate Hossein Shamkhani, operates from London, managing a portfolio worth hundreds of millions derived from oil firms. Though Shamkhani has no official role at Ocean Leonid, sources indicate he plays a significant part in shaping its trading strategies. The fund has faced scrutiny due to its management of sanctioned oil exports, though it denies any wrongdoing. Recent turnover among executives has raised concerns about the firm's future direction amid increased visibility from western regulators.
Source: YAHOO
Reported about 1 month ago
Robert Holzmann, a member of the European Central Bank's Governing Council, indicated that a 25 basis points rate cut is likely in December, despite ongoing inflation risks. He suggested the possibility of a larger cut or a pause but emphasized that reducing rates is necessary as inflation pressures are not fully resolved. Most policymakers are leaning towards lowering rates further after recent cuts and noted that inflation is currently under the ECB's target.
Source: YAHOO
Reported about 1 month ago
Elliott Investment Management and Southwest Airlines are reportedly nearing a settlement that could prevent a proxy battle for control of the airline's board. The deal would likely give Elliott some board seats but not a majority. Negotiations are ongoing, with an announcement possible soon. The outcome could affect CEO Bob Jordan's position, but details remain unclear as discussions continue.
Source: YAHOO