(Reuters) — German premium automaker Mercedes-Benz (MBG.DE, MBGAF) on Friday said third-quarter earnings in the core car division plunged by 64%, massively missing analysts’ estimates, as Chinese consumers continued to cut back on luxury goods in a weakening economy. “The Q3 results do not meet our ambitions,” CFO Harald Wilhelm said in a statement, adding that the group will step up cost cuts. The July-September earnings were hit by model revamp costs as well as a tough market, especially for new versions of the G-Class SUV, which will roll out in the next quarter, Mercedes added. It sees annual car…
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BlackRock Inc. called on the Federal Deposit Insurance Corp. to promptly withdraw proposed restrictions on money managers’ stakes in lenders, contending the rule change would upend index funds, make it more costly for banks to raise capital and disrupt the economy. Source link
(Bloomberg) — Treasuries advanced, while major Asian equity markets were mixed and European shares appeared set for a softer open in light of lackluster corporate earnings. Most Read from Bloomberg South Korean and Japanese shares fell, sending MSCI’s Asian index lower. European futures declined amid uncertainty about the path of interest rates on both sides of the Atlantic. Weak company earnings added to the headwinds for Europe’s markets, with Remy Cointreau SA cutting its sales guidance due to slack US sales on Friday. Mainland China and Hong Kong shares rallied, while American equity futures were little changed. Treasury yields fell…
European markets: Here are the opening callsEuropean markets are seen opening mixed on Friday, according to IG data.Germany’s DAX is set to open 33 points lower at 19,416, with France’s CAC 40 down 11 points at 7,497. The U.K.’s FTSE 100 is seen heading for a cautiously brighter start, up 5 points at 8,279, along with Italy’s MIB, seen up 20 points 34,544.— Jenni ReidCNBC Pro: Short Amazon and Apple as they head for all-time highs, say Itau BBA analystsAs corporate giants report their quarterly finances in the coming days, one investment bank has suggested that investors bet against two…
Global biopharma company GSK is investing up to $800 million in Pennsylvania and expanding its facility in Lancaster County. As part of its largest U.S. manufacturing investment, GSK is increasing its research and development and manufacturing footprint, Gov. Josh Shapiro and GSK leadership announced Thursday. Pennsylvania is supporting the expansion with a $21 million investment, the largest commonwealth-supported economic development project in Lancaster County history. The investment is expected to create at least 200 new, high-paying jobs. “Pennsylvania is a leader in life sciences – and GSK’s decision to make its largest single investment ever in manufacturing in the United States right here in…
What you need to knowBitcoin has enjoyed something of a rally over the past year, reaching a new all-time high of $73,000 back in the spring, making it the best-performing asset of its type for 2024.Improved guidelines at a state level has driven increased confidence in the cryptocurrency, which has even Microsoft seemingly interested in jumping on the crypto train.On December 10, 2024, Microsoft plans to let shareholders vote on whether or not to invest in the currency.Bitcoin has had a pretty good year so far, so good in fact that Microsoft itself is now considering investing in the cryptocurrency.For…
Carbon markets are essentially “about countries collaborating with each other to unlock emissions reduction opportunities that would not have occurred otherwise,” said Benedict Chia, director-general of climate change at the republic’s National Climate Change Secretariat (NCCS) on Thursday.He was speaking on a panel at Asia Carbon Summit, under the city-state’s flagship energy event Singapore International Energy Week.“If a country doesn’t have a good understanding of how much it’s emitting to a level of certainty, then the foundation on which you’re building this collaboration is going to be flimsy,” said Chia. “The other important aspect is the country needs to have a…
By Summer Zhen HONG KONG (Reuters) – Global hedge funds dumped China and broader emerging markets shares while buying U.S. equities in a sharp rotation in October ahead of the U.S. election, Goldman Sachs said. China, where stock markets surged 20% last month boosted by a raft of stimulus policies, has now seen heavy outflows this month, according to Goldman’s prime brokerage team. China no longer publishes timely data on foreign flows into the mainland market. Goldman Sachs estimates that hedge funds have clawed back nearly 80% of the peak cumulative buying in Chinese equities as of Oct.23, the prime…
Coursera Inc (NYSE:) shares tumbled 15% in after-hours trading Wednesday as the online education platform’s fourth-quarter revenue guidance fell short of analyst expectations, overshadowing better-than-expected third-quarter results. The company reported third-quarter adjusted earnings per share of $0.10, surpassing the analyst estimate of $0.02. Revenue for the quarter came in at $176.1 million, up 6% YoY and above the consensus estimate of $173.98 million. Coursera’s fourth-quarter revenue forecast of $174-178 million fell significantly below the analyst consensus of $186.6 million, sparking concerns about slowing growth. “Our strong bottom-line performance continues to demonstrate our commitment to driving sustainable growth while expanding profitability,…
The company said the project will add 200,000 square feet to its Chennai facility, doubling its current manufacturing footprint at the site. Chennai is a coastal city in the southeastern part of India. Source link