Volkswagen issued a warning that it may have to close the Brussels site of its luxury brand Audi due to a significant decrease in demand for high-end electric cars. This drop in demand has particularly affected Europe’s top carmaker, leading to a revision of the margin target for the current year. The last time Volkswagen
Wall Street
Australia’s commitment to boosting investment in Pacific Island countries in support of their financial systems comes at a crucial time. The banking sector in the region is experiencing a significant withdrawal of correspondent banking services, particularly in U.S. dollar-denominated transactions. This has raised concerns about the ability of Pacific nations to engage with the global
Asian stocks experienced a decline on Monday, with Chinese markets leading the losses due to persistent concerns over a trade war with the West. The negative sentiment towards China was fueled by the European Union imposing steep tariffs on the import of Chinese electric vehicles, despite objections from Beijing. This further raised the possibility of
Recent reports have revealed that the CEO of British fintech company Revolut, Nikolay Storonsky, is looking to cash in on a portion of his multibillion dollar stake in the company. This decision comes as part of a $500 million share sale, signaling a significant financial shift within the organization. The Financial Times had previously hinted
President Joe Biden finds himself in a precarious position, facing a crisis of confidence among allies, donors, and party members. His recent debate performance has sparked concerns about his fitness for office and leadership capabilities. Despite his acknowledgment of physical and oratorical decline, doubts continue to grow as strategic missteps and a retreat from public
The recent anti-dumping probe launched by China into Europe’s cognac industry has raised concerns among industry experts. The finance chief at Hennessy cognac owner LVMH believes that this probe is a retaliatory measure in response to the European Union’s tariffs on Chinese electric vehicles. This tit-for-tat situation has created a tense atmosphere between the two
Hurricane Storm Beryl is on its way to the south Texas coast with the potential to intensify, bringing with it a barrage of destructive elements such as damaging winds, life-threatening storm surge, and perilous flooding. This looming storm is poised to be the inaugural one to reach US landfall for the 2024 Atlantic season. Earlier
Recent movements in U.S. Treasury yields have sparked speculation about the potential impact of the upcoming presidential election. Following the debate between President Joe Biden and Republican challenger Donald Trump, analysts at Yardeni Research noted a significant increase in the benchmark U.S. 10-year Treasury yield. Despite expectations of a decrease in inflation, the yield climbed
Canada has recently made a significant announcement regarding the mining industry, specifically targeting deals involving the country’s critical minerals producers. Industry Minister Francois-Philippe Champagne has emphasized that any major deals in this sector would only be approved under the most exceptional circumstances. This decision comes following the approval of Glencore’s acquisition of Teck Resources’ steelmaking
Samsung Electronics has estimated a remarkable more than 15-fold increase in its second-quarter operating profit, indicating a significant rebound in its financial performance. This surge in profit can be attributed to the rise in semiconductor prices, driven by the artificial intelligence boom, which has substantially boosted earnings compared to a low base in the previous
The recent $2.65 billion deal between Saks Fifth Avenue parent HBC and department store chain Neiman Marcus is a strategic move to boost their negotiating power with vendors and enhance their ability to control costs. In the midst of a luxury retail market grappling with slowing demand due to high interest rates and inflation, this
General Motors has been hit with a significant penalty of $145.8 million following a government investigation that found excess emissions from approximately 5.9 million GM vehicles. This penalty comes as a result of vehicles from the 2012-2018 model years emitting more carbon dioxide than originally reported. The Environmental Protection Agency (EPA) found that these vehicles
The cyber attack on CDK’s Dealer Management Software at the end of June had a significant impact on the new vehicle sales of top U.S. automakers in the second quarter. General Motors reported only a 0.6% increase in new vehicle sales, a stark contrast to the 19% rise in sales they experienced the previous year.
European stock markets experienced a slight decline on Tuesday as investors waited for the latest inflation data from the region. The DAX index in Germany was down by 0.6%, the CAC 40 in France fell by 0.6%, and the FTSE 100 in the U.K. dropped by 0.4%. The upcoming June inflation data release is expected