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Automaker Stellantis has announced the resignation of its CEO, Carlos Tavares, effective immediately. The decision, described by board member Henri de Castries as stemming from “differences in viewpoints” between the executive and the board, leaves the company without a clear successor. Tavares, widely regarded as one of the most respected leaders in the automotive industry, issued a profit warning in September concerning Stellantis’ 2024 financial results, citing declining…
The Russian ruble has experienced a sharp decline in value over the past few days, reaching its weakest level since March 2022, when Russia had just launched its invasion of Ukraine. As of now, one US dollar (around €0.95) is worth approximately 108 rubles. The depreciation is not limited to the dollar. The ruble has also weakened significantly against the euro and the Chinese yuan. Currently, over 113…
British airline EasyJet has announced significant profits, driven by a growing trend among travelers to book complete vacation packages, including flights and accommodations, directly through the airline. This trend reflects a resurgence in travel demand as people are eager to take holidays again. In markets such as Germany, England, and France, EasyJet offers customers the convenience of booking transport and lodging in one place. These package deals contributed…
Donald Trump has announced that, if he is re-elected as President of the United States, he will impose significant import tariffs on China. Canada and Mexico are also expected to face similar measures. On his social media platform, Truth Social, Trump stated that these tariffs are being introduced to combat illegal immigration and drug trafficking. Trump is proposing a 10% import tariff on products exported from China to…
Disney has agreed to a $43 million settlement (€41 million) over allegations that thousands of women were paid less than their male counterparts for years. The settlement still requires court approval. The company maintains that it has always aimed to pay its employees fairly. The settlement covers thousands of women who have worked for Disney as employees since 2015. The case began in 2019 with Ronda Rasmussen, a…
Archegos founder Bill Hwang had previously been found guilty of fraud and market manipulation. He was accused of misleading banks by inflating the value of Archegos’s investments through various deceptive tactics. The imposed prison sentence, however, is less than the 21-year term initially sought by the U.S. Department of Justice. Prosecutors also demanded that Hwang pay over $12 billion in damages to victims. “This is one of those…
Spotify now boasts 640 million users worldwide, marking an 11% increase compared to the third quarter of last year. The number of paying subscribers grew by 12% over the same period, reaching 252 million users. Due to last summer’s price hikes, paying users are now generating more revenue per person for Spotify than last year. The music streaming platform now earns an average of €13.95 per paying user…
The European Union decided on Tuesday to definitively impose import duties on electric cars made in China. In July, the EU already introduced provisional levies that could amount to more than 30 percent. Recently, electric cars from China, such as BYD, SAIC and Lynk & Co, have become very popular in Europe. According to Brussels, Beijing gives its car manufacturers a lot of support, bringing the vehicles to…
It is the worst trade market day for Philips in 26 years. This was because the company reported Monday morning that sales in China were disappointing. This will probably continue to play tricks on Philips for the rest of the year, reducing revenue expectations. Philips last lost more market value in one day in September 1998. Even during the sleep apnea affair of recent years, the Amsterdam-based group…
It would be the first time ever that Volkswagen closes factories in home country Germany. Daniela Cavallo, chair of the works council, speaks of “starvation” by the management. “This means that even more products, shifts and complete production lines will be cut,” Cavallo says according to the Bloomberg news agency. Volkswagen employees were already planning to stop work on Monday. They protest against the plans to close factories.…
The European Commission’s proposal was adopted with 518 out of 635 votes. 56 MEPs voted against, 61 abstained. “A historic moment,” Roberta Metsola said after the vote result. “We are giving a clear message that Russia as an aggressor will have to pay for the destructions in Ukraine.” The support in the European Parliament is broad, as it became clear earlier during the debate on Tuesday. MEPs from…
ASML is already not allowed to sell its latest chip machines in China, while that is the largest market for the Veldhoven company. Stricter export rules now also apply to older machines. In doing so, the government wants to prevent China from using advanced chips for military purposes. “When you look at the geopolitical landscape, I think it’s clear that the United States will continue to put pressure…
Last month, nearly 140,000 all-electric cars were sold, according to figures from the European association of car manufacturers ACEA. There were 127,000 a year earlier. Due to the increase, the market share has also become a lot bigger, because total car sales fell down a bit in September. More electric models have been purchased in Italy, Spain, Germany and the Netherlands, among others. Especially the increase at the…
The fact that China is now the largest customer is mainly because Europe has phased out its dependence on Russian natural gas in a few years. That policy is motivated by the Russian invasion of Ukraine in February 2022. It also plays a role in the fact that China is consuming significantly more gas this year to produce electricity, for example. Chinese households also consume more. It ensures…
Alfen, a leading EV charging station manufacturer, is undergoing a major reorganization that will result in a 15% reduction of its workforce, equating to approximately 150 job losses. This decision comes in light of a downturn in the electric vehicle (EV) market, where Alfen, operating both domestically and internationally, is facing declining sales. The reduction in sales has put significant pressure on the company’s profitability, necessitating cost-cutting measures,…
The Fed monitors this inflation rate closely when setting interest rates. This is the lowest inflation rate since February 2021. This means that US consumer prices were 2.5% higher last month than they were in August 2023. For example, food prices were 2.1% more expensive than a year ago. Both the US Federal Reserve and the European Central Bank (ECB) target an inflation rate of around 2%. In…
Mars, the American confectionery giant known for brands like M&M’s, Snickers, and Skittles, has announced the acquisition of Pringles maker Kellanova for approximately $36 billion (over 32 billion euros). The deal was confirmed by both companies on Wednesday, with Mars agreeing to pay $83.50 per share for Kellanova. This acquisition, one of the largest in the sector’s history, had been the subject of speculation earlier this month. Kellanova…
Workers at the Escondida mine in Chile, the world’s largest copper mine, have gone on strike after wage negotiations with BHP failed to reach an agreement. The union, representing 2,400 miners, demands better wages, shorter working hours, increased bonuses, and additional compensation for long-serving employees. The strike, which began on August 13, 2024, comes after the union rejected BHP’s offer, including a $28,900 bonus per worker. Escondida is…
The price of Arabica coffee beans surged significantly on Monday amid fears of frost in Brazil. Traders are anticipating cold weather in the South American country this week, which could negatively impact the harvest, according to Bloomberg. Prices rose by as much as 7% on the New York futures market, marking the largest increase in weeks. Over the past weekend, some areas in southern Brazil, the world’s largest…
Disney’s recent financial results present a mixed picture of both significant successes and ongoing challenges. The entertainment giant reported a 3.7% increase in revenue for the third quarter of fiscal 2024, reaching $23.16 billion, with a notable swing to profitability, achieving a net income of $2.62 billion compared to a $460 million loss in the same quarter last year. One of the most striking developments for Disney is…
European gas prices have experienced a significant surge, reaching their highest levels since early December 2023. The benchmark on gas futures rose by as much as 5.8% to €38.79 per megawatt-hour on Thursday, reflecting growing concerns over the stability of gas supplies from Russia amid the ongoing conflict with Ukraine. The spike in prices followed reports that Ukrainian forces had seized control of the Sudzha gas transit point,…
Infineon Technologies, a leading German semiconductor manufacturer, has announced plans to cut 1,400 jobs globally due to disappointing financial results and a challenging market environment. This move comes as the company reported a sharp decline in its third-quarter earnings for fiscal year 2024, with revenue falling to €3.7 billion, down approximately 9% from the previous year. Net profits also dropped by more than 50%, reaching €403 million. The…
Caterpillar Inc., the American construction and mining equipment giant, experienced a notable decline in its financial performance in the second quarter, with revenue dropping by 4% compared to the same period last year. The company’s total revenue fell to $16.7 billion, down from $17.4 billion a year earlier. This decline came despite efforts to offset the impact through higher sales prices, which partially cushioned the blow but were…
ExxonMobil has reported robust financial results for the past quarter, exceeding analysts’ expectations, as the company continues to capitalize on its expansive production capabilities in key oil-rich regions. The American oil and gas giant, known for its global reach and influence in the energy sector, achieved a significant boost in profits, largely due to record-breaking production levels in Guyana and the Permian Basin in the United States. This…
McDonald’s has reported its first quarterly sales decline since 2020, with a 1% drop in global sales for the second quarter of 2024. The fast-food giant’s revenue totaled just under $6.5 billion, slightly below the same period last year and missing market expectations. This decline marks a significant shift, as the company had previously managed to increase sales despite rising inflation. In the United States, sales decreased by…
The eurozone’s economy is showing signs of recovery following last year’s contraction. According to a preliminary estimate from the statistical office Eurostat, the economy grew by 0.3 percent in the second quarter. However, there are significant disparities among the member countries. Despite the overall growth figure indicating a recovery for the eurozone, individual countries’ performances vary greatly. This was evident from the economic data released earlier today from…
In the second quarter of 2023, Tesla reported mixed financial results, with key highlights indicating both challenges and areas of robust growth. Tesla’s net income for Q2 stood at nearly $1.5 billion, marking a significant decrease of 45% from the same period last year, although it was an improvement over the $1.1 billion in the first quarter. The decline in net profit was influenced by decreased revenues from…
After nearly seventeen years of consistent losses, Spotify has marked a significant turnaround by reporting profits for the second consecutive quarter. The recent price increases and corporate restructuring efforts appear to be paying off. Spotify now boasts a global user base of 626 million, an increase of 75 million listeners compared to the first quarter of the previous year. The number of premium subscribers, who provide a higher…
The Commitments of Traders (COT) report issued on July 19, 2024, paints a vivid picture of the diverse strategies adopted by key market participants. In an era characterized by economic uncertainty and fluctuating markets, the insights gleaned from the COT report provide invaluable understanding of the underlying forces shaping the trading landscape. The narrative of the gold market is one of pronounced optimism among large speculators. These traders,…
European watchdogs have issued a reprimand to Meta Platforms, the parent company of Facebook, accusing it of misleading consumers about the “free” and paid versions of Facebook and Instagram. These allegations arise amid efforts by Meta to comply with stringent European privacy regulations. Since November of the previous year, users on both platforms have had the option to choose between a free version, which includes personalized advertising, and…
The global commercial aircraft fleet is projected to nearly double by 2043, driven by robust growth in the aviation sector. According to aircraft manufacturer Boeing, the total number of planes in service with airlines will reach 50,170, a significant increase from the 26,750 aircraft in operation last year. Boeing’s latest market outlook, highlighted by Reuters, indicates that aircraft manufacturers will deliver an astounding 43,975 new aircraft to airlines…
Microsoft is experiencing a significant disruption in its Azure cloud services, causing global outages that have affected various sectors including airlines, banks, and emergency services. The disruption has been traced back to CrowdStrike’s security software, which is causing widespread Blue Screen of Death (BSOD) errors on Windows devices. The financial implications for Microsoft are substantial, including potential revenue losses, compensation claims, and damage to its reputation. Businesses relying…
The price of gold has reached a new all-time high, driven by expectations that the U.S. Federal Reserve will lower interest rates. This development is significant as lower interest rates typically lead to higher gold prices. Recently, the price of gold surged to over $2,460 per troy ounce (approximately 31.1 grams), surpassing the previous record set in late May. Gold traders are currently anticipating two rate cuts by…
Japan is poised to approve a $3.3 billion aid package for Ukraine, utilizing interest accrued from frozen Russian assets. This decision, as reported by diplomatic sources to the Japanese news agency Kyodo, underscores Japan’s commitment to supporting Ukraine amid its ongoing conflict with Russia. This contribution forms part of a more extensive $50 billion aid package orchestrated by the G7 nations. Japan’s share, amounting to 6% of the…
China’s economy grew at a slower pace than economists had anticipated in the second quarter of 2024. The world’s second-largest economy continues to grapple with trade tensions with the US and Europe. The United States and the European Union are trying to restrict China’s access to critical technologies to protect their markets from cheap, subsidized Chinese goods. These countries have imposed high import tariffs on China, which is…
Tesla is set to hire nearly 800 new employees, a surprising move given that CEO Elon Musk announced the largest round of layoffs in the company’s history just three months ago. The job openings, analyzed by Bloomberg, span various roles from AI specialists to battery pack installers, across multiple cities in California where Tesla develops and produces batteries. This hiring spree comes despite the company cutting thousands of…
Unilever has announced plans to cut one-third of its office jobs across Europe, significantly impacting its London and Rotterdam offices the most. According to an internal video message reported by the Financial Times, the cuts will result in the loss of approximately 3,200 jobs out of the 10,000 to 11,000 employees currently working in Unilever’s European offices. This drastic move is part of a broader global restructuring effort…
France’s budget deficit is expected to increase significantly in the coming years, prompting the government to tighten its belt, warned the president of the French central bank. François Villeroy de Galhau expressed his concerns in an interview with the French radio station Franceinfo, citing the results of the parliamentary elections as a particular worry. The victorious left-wing alliance is expected to substantially increase public spending. This increased spending…
Competitors of Apple will soon be able to use the technology in iPhones for contactless payments. The European Commission has made legally binding agreements with the tech company to facilitate this change. Previously, Apple Pay was the only ‘mobile wallet’ allowed to use the NFC chip in iPhones. This NFC technology enables contactless payments in stores via smartphones. Apple had not granted access to this NFC chip to…
Inflation in the United States reached 3 percent in June, a notable decrease from May’s rate of 3.3 percent. This indicates a significant slowdown in the rate at which prices are increasing compared to a year earlier. The drop in inflation also includes a reduction in core inflation, which excludes the more volatile prices of energy and food. This core measure is often considered a better indicator of…
The heavy rainfall in France is causing significant issues for the wheat harvest. As Europe’s largest agricultural producer, France is expected to see its soft wheat harvest drop to its lowest level in four years. The relentless rainfall has left French farmers in distress. The adverse weather conditions have increased the risk of diseases, leading to crop rot. The saturated fields make it difficult for machinery to operate,…
Chinese electric vehicle manufacturer BYD has announced plans to open a significant production facility in Turkey, a strategic move aimed at circumventing the recently heightened import tariffs imposed by the European Union on Chinese electric cars. The establishment of this plant marks a major investment of $1 billion (approximately €920 million). The formal agreement for the new factory was signed in a ceremony held in Istanbul, attended by…
In the first half of 2024, Porsche faced a notable decline in global sales, significantly impacted by a substantial drop in the Chinese market. The prestigious German automaker saw its vehicle sales in China fall by nearly one-third, as the country grapples with persistent weak economic conditions. These economic challenges have prompted Chinese consumers to be more cautious about purchasing luxury vehicles, affecting Porsche’s performance in one of…
The number of large oil tankers heading to China has dropped to its lowest in nearly two years, indicating weaker demand for oil in the world’s second-largest economy. According to Bloomberg, only 86 supertankers are currently en route to China over the next three months, a decrease of five from last week. This is the lowest weekly figure since August 2022, based on data compiled by Bloomberg. The…
Nordea Bank, one of Scandinavia’s largest financial institutions with its headquarters in Helsinki, Finland, has been accused by Danish police of laundering approximately 3.5 billion euros for Russian clients. This case is considered one of the largest money laundering investigations in Denmark’s history. According to the Danish authorities, Nordea Bank allegedly ignored multiple warnings about suspicious transactions involving Russian customers between 2012 and 2015. The bank is accused…
Shell is facing a setback of at least €554 million due to the halt in the construction of a biofuel plant in the port of Rotterdam. The costs could potentially escalate to nearly €1 billion. Earlier this week, the oil and gas company announced that the plant, initially slated to be operational this year, is now expected to be completed by 2030. In September 2021, Shell made a…
The European Union is set to enforce high import duties on Chinese electric vehicles starting this Friday, as announced by the European Commission on Thursday. The new tariffs aim to address the issue of unfair competition from China, which heavily subsidizes its domestic manufacturers. The punitive tariffs will see a 17.4 percent duty imposed on cars from BYD, a major sponsor of the European Football Championship. Geely vehicles…
German airline Lufthansa has been granted permission by the European Commission to acquire a significant stake in Italy’s ITA Airways. However, in exchange, Lufthansa must create room for competition on flight routes between Italy and Central Europe. Lufthansa announced its investment in ITA in spring 2023, initially paying €325 million for a 41% stake in the company. Lufthansa has also expressed intentions to fully acquire ITA after 2025,…
Nike has reported a decline in sales over the past three months and is warning of more setbacks to come. Sales of lifestyle items and classic sneakers such as the Air Force 1 have decreased more than anticipated. Additionally, sales in China have significantly dropped. The global revenue for the past three months amounted to over $12.6 billion, compared to $12.8 billion the previous year. Disappointing sales were…
In recent weeks, Exor, the Amsterdam-based investment company of the Italian Agnelli family, has significantly increased its stake in Philips. Exor now holds 17.5% of the shares, making it by far the largest shareholder in the medical technology company. A spokesperson for Exor confirmed the move, describing it as a sign of confidence in Philips’ management and the long-term prospects of the sector in which the Dutch company…
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