Reported 3 days ago
Rheinmetall aims to achieve €20 billion ($21.08 billion) in sales by 2027, driven by increased defense spending in response to the Ukraine war, according to their recent Capital Markets Day presentation. The German defense company anticipates reaching annual sales of about €10 billion in 2024, bolstered by a significant rise in sales and strategic expansions in the U.S. and through a joint venture with Italian defense firm Leonardo. Shares in Rheinmetall rose by 1.75% following this announcement.
Source: YAHOO
Reported 3 days ago
The Indian news agency ANI has filed a lawsuit against OpenAI in a New Delhi court, alleging the unauthorized use of its content to train the AI chatbot ChatGPT. ANI claims that OpenAI has not obtained permission for using its published works and accuses it of attributing false news to the agency. This lawsuit adds to a series of legal challenges faced by OpenAI from various media organizations around the world. The first hearing was held recently, with a follow-up scheduled for January 28, 2025.
Source: YAHOO
Reported 3 days ago
Safe-haven assets experienced a significant uptick as investors reacted to Russia's updated nuclear doctrine, which outlines potential retaliation against any threats. Following the Kremlin's announcement, government bonds, the Japanese yen, and gold saw increased investment, with gold prices reaching a session high around $2,626 an ounce while the dollar weakened against the yen.
Source: YAHOO
Reported 3 days ago
Source: YAHOO
Reported 3 days ago
In Q3, Warren Buffett has notably minimized his stock purchases, raising Berkshire Hathaway's cash reserves to a historic $325 billion while slightly increasing its stake in the lesser-known aerospace component supplier, Heico. Although Heico has shown impressive growth and profitability over time, its current high price-to-earnings ratio suggests it may not be the best buy at the moment. Investors are encouraged to stay cautious and consider awaiting more favorable pricing opportunities as Buffett seems selective in his investment choices.
Source: YAHOO
Reported 3 days ago
Korea Zinc's chairman, Yun B. Choi, is seeking to rebuild trust with shareholders after a $1.8 billion share sale was scrapped due to a tactical error amidst a control dispute with the company’s top shareholder. Choi acknowledged his mistake and outlined measures to improve governance, such as enhancing the board with independent members and focusing on shareholder engagement. Even as the company navigates tensions regarding its strategic direction, Choi remains committed to protecting Korea Zinc's interests and is open to dialogue with rival factions on its future.
Source: YAHOO
Reported 3 days ago
Super Micro Computer Inc. saw its shares soar by up to 42% in premarket trading after announcing the hiring of a new auditor, BDO USA, and filing a compliance plan with Nasdaq to address delayed financial reports. The company aims to submit its annual report for the year ending June 30, 2024, and become current with its filings. This comes after a difficult period marked by a significant drop in stock prices, governance concerns, and a DOJ probe, as well as a history of delisting and relisting from Nasdaq.
Source: YAHOO
Reported 3 days ago
Super Micro Computer Inc's shares surged by 36% to $29.30 following the appointment of BDO USA as its new auditor and an announcement that it seeks more time from Nasdaq to comply with listing regulations. The company, previously under scrutiny after its former auditor Ernst & Young resigned, expressed confidence in completing its financial reporting soon.
Source: YAHOO
Reported 3 days ago
Invesco's Martin Walker sees opportunity in UK blue chip stocks like BP, Prudential, and Centrica, despite their poor performance this year. The companies feature prominently in the Invesco UK Opportunities Fund, which has outperformed many peers. According to Walker, their current low valuations present a lucrative investment opportunity, particularly as these stocks are trading significantly cheaper than overall market valuations. While some have struggled due to market weaknesses, Walker remains committed to value investing, focusing on potential returns rather than emotional attachment to specific holdings.
Source: YAHOO
Reported 3 days ago
Billionaire investor Stanley Druckenmiller has sold all of his shares in Nvidia, citing high valuations, despite expressing long-term confidence in the company. Instead, he has invested $41 million in Broadcom, a rapidly growing AI company that has seen substantial growth and recently split its stock. As demand for AI products surges, Broadcom is positioned for significant expansion, suggesting it may be a profitable investment choice.
Source: YAHOO
Reported 3 days ago
Meta Platforms announced its intention to legally contest an order from India's competition regulator that prohibits data-sharing between WhatsApp and its other applications. The Competition Commission of India imposed a five-year ban on sharing user data for advertising purposes and fined Meta $25.4 million over antitrust concerns related to WhatsApp's 2021 privacy policy. Meta insists that the policy update did not compromise users' privacy or service access.
Source: YAHOO
Reported 3 days ago
Norinchukin Bank, a major Japanese lender, has reported an expected annual loss of over ¥1.5 trillion ($9.7 billion) as it aggressively sells off unprofitable foreign bonds due to rising global interest rates. The bank aims to offload more than ¥10 trillion in US and European sovereign bonds this fiscal year, following significant losses from its international investments. With net losses reaching ¥893.9 billion in the first half of the fiscal year, Norinchukin is under scrutiny as it seeks to realign its $304 billion investment portfolio amidst concerns over potential inflation and interest rate changes under a future Donald Trump presidency.
Source: YAHOO
Reported 3 days ago
Apple Inc. has dramatically increased its investment proposal to nearly $100 million to persuade the Indonesian government to lift a ban on selling the iPhone 16, which was imposed due to the company's failure to meet local content requirements. The Indonesian Ministry of Industry is now requesting that Apple adjust its plans to focus more on research and development in the country. This situation highlights Indonesia's strategy to pressure foreign companies to enhance local manufacturing while raising concerns about deterring investment from other firms.
Source: YAHOO
Reported 3 days ago
Xiaomi has increased its electric vehicle (EV) delivery target for the third time this year, now aiming for 130,000 units by the end of 2024, following a notable 30.5% rise in Q3 revenue. The company's first EV, the SU7 sedan, surpassed its original goal of 76,000 units, with total deliveries reaching 67,157 by September 30. The demand for EVs continues to grow in China, prompting Xiaomi to enhance production capabilities and expand its sales network, which now includes 127 smart EV centers across 38 cities.
Source: YAHOO
Reported 3 days ago
Palantir Technologies' stock has skyrocketed by over 250% in 2024, driven by strong demand for its AI platform and the company’s impending move from the New York Stock Exchange to the Nasdaq. As it aims for inclusion in the Nasdaq-100 index, historical trends suggest that stocks typically see an 11% to 17% increase in value after being added to the index. Despite the hype, investors are advised to focus on the company's financial health rather than speculative trading, as Palantir's high valuation may pose a risk.
Source: YAHOO
Reported 3 days ago
Bayer has secured a partnership with Cytokinetics to obtain rights for an experimental heart medication in Japan, further enhancing its cardiovascular business. The agreement includes an upfront payment of 50 million euros and potential contingent payments totaling up to 490 million euros based on development and sales milestones. This move comes as Bayer aims to strengthen its drug development pipeline amid various financial pressures.
Source: YAHOO
Reported 3 days ago
MicroStrategy has significantly boosted its Bitcoin holdings by acquiring 51,780 BTC for approximately $4.6 billion, bringing its total to 331,200 BTC. The company plans to raise $1.75 billion through zero-interest convertible notes to continue expanding its Bitcoin investments, with a long-term goal of raising $42 billion as part of its '21/21' initiative. MicroStrategy has invested a total of $16.5 billion in Bitcoin since 2020, and currently holds over 1% of the total Bitcoin supply, with its market valuation around $69 billion.
Source: YAHOO
Reported 3 days ago
Jupiter Fund Management Plc is strengthening its European equities division by hiring three fund managers from Swiss firm GAM Holding AG. Niall Gallagher, Chris Sellers, and Chris Legg, who manage over £1.4 billion in European equity strategies at GAM, are expected to join Jupiter by next year. This move aims to counteract significant client outflows and diversify Jupiter's investment offerings amid ongoing challenges in the asset management industry.
Source: YAHOO
Reported 3 days ago
Source: WSJ
Reported 3 days ago
Nestle, under new CEO Laurent Freixe, aims to cut costs by at least $2.8 billion by 2027 while significantly boosting its advertising and marketing budget. Following disappointing sales growth during the previous leadership, the company plans to carve out its water and premium drinks businesses, and will invest up to 9% of total sales in marketing by 2025 to enhance revenue. The strategy focuses on improving efficiency and supporting core brands like Nescafe and Maggi.
Source: YAHOO
Reported 3 days ago
Major Taiwanese banks, including Mega Financial Holding Co., are suspending their advertisements on Facebook due to rising concerns over financial scams on the platform. With reports indicating that the bulk of online investment scams target victims through fraudulent Facebook ads, these banks are withdrawing their spending to pressure Meta Platforms Inc. for better regulation. This decision is a response to the alarming increase in scams, especially impacting the elderly population in Taiwan.
Source: YAHOO
Reported 3 days ago
Aluminum prices are climbing due to fears of tighter global supplies after China eliminated its export tax rebate, contributing to trade tensions. The weaker dollar has also made commodities cheaper for buyers, with aluminum increasing 0.7% to $2,626.50 per ton on the London Metal Exchange. This surge is a result of the substantial impact on Chinese aluminum exports, while other metals like copper, nickel, and zinc have also shown gains.
Source: YAHOO
Reported 3 days ago
The Thai government's second phase of the digital wallet initiative is set to support 4 million individuals, with a budget of 40 billion baht ($1.16 billion), according to Finance Minister Pichai Chunhavajira. This follows the first phase, which provided assistance to about 14.5 million people, with the aim of ultimately reaching around 45 million residents.
Source: YAHOO
Reported 3 days ago
Swiss prosecutors accuse Trafigura Group of orchestrating bribe payments to an Angolan official, Paulo Gouveia Junior, through a network of former employees, including a key figure dubbed 'Mr. Non-Compliant.' The impending court case, which starts on December 2, implicates high-ranking officers, including the company's late founder, Claude Dauphin. If convicted, Trafigura could face substantial fines and reputation damage as it contends with a history of corruption cases in the commodity trading sector.
Source: YAHOO
Reported 3 days ago
Colombia is urgently seeking a deal with the US to access funding for a $40 billion climate investment plan before Donald Trump assumes office, with China as a potential backup if talks fail. Colombian climate minister Susana Muhamad plans to visit Washington soon to secure funding, aiming to transition the economy from fossil fuels to green investments. With Colombian elections approaching in 2026, the urgency is heightened as the nation seeks to replace declining fossil fuel revenues after halting new oil and gas exploration two years ago.
Source: YAHOO