VW Pledges to Double Down On EVs in China, Urges Extension of NEV Tax Breaks
A senior Volkswagen AG (OTC:VWAGY) China executive reiterated on Saturday the German automaker’s commitment to quickening the pace of electrification in the world’s second largest economy despite issues such as intensified competition and weak demand. VW plans to increase the number of charging posts...
Asian Stocks Skittish After The Fed, Chinese Markets Reopen Stronger
Most Asian stock markets kept to a tight range on Thursday as investors mulled over rising interest rates and a worsening economic outlook, although strong holiday spending figures from China supported local shares. China’s Shanghai Composite index rose 0.6%, while losses in the Shanghai...
Gold Prices Dip Amid Rate Hike Uncertainty, Copper Retreats
Gold prices fell slightly on Monday amid uncertainty over whether the Federal Reserve will hold interest rates steady later this month, while concerns over weakening economic growth pulled copper prices down. The yellow metal fell on Friday after U.S. nonfarm payrolls data read much...
Russia’s War On Ukraine Latest: Ukraine Retakes Land Around Bathmat
Moscow acknowledged on Friday that its forces had fallen back north of Ukraine’s battlefield city of Bakhmut after a new offensive, in a retreat that the head of Russia’s Wagner private army called a rout.
CONFLICT
Russian-installed officials on Friday said missiles fired by Ukrainian forces...
HSBC Logs Sharp Jump In Q4 Profit, Flags Special Dividend
HSBC Holdings PLC (LON:HSBA) logged a sharp jump in its fourth-quarter profit on Tuesday as rising interest rates greatly boosted its net interest income, while the bank also flagged a special dividend on the sale of its Canadian business. HSBC’s profit before tax for...
Telekom Reports Q4 Growth, Forecasts Slightly Higher Earnings in 2023
Deutsche Telekom reported better-than-expected-fourth-quarter earnings on Thursday, citing customer growth in Germany and strong performance from T-Mobile US (NASDAQ:TMUS), and forecast a slight rise in profits this year. Adjusted earnings before interest, tax, depreciation and amortisation after leases (EBITDA AL) of 9.96 billion euros...
Hyundai Motor Finalises $5 Billion US Battery Venture, Doubles Q1 Profit
South Korea’s Hyundai Motor Co said on Tuesday it had finalized a $5 billion electric vehicle (EV) battery joint venture in the U.S., as it reported first-quarter net profit had more than doubled, exceeding expectations. Hyundai and partner SK On, a battery unit of...
Fashion Retailer H&M’s Profit Tumbles As Costs Bite
Sweden's H&M reported on Friday a much larger than expected drop in September-November profit, hit by weak consumer confidence and soaring costs that it did not fully pass on to price tags, sending its shares down 7% in early trade. Operating profit in the...
Gold Extends Gains, Set For Bumper Week Amid Softer Inflation
Gold prices rose for a fourth straight session on Friday following more signs that U.S. inflation was easing, while persistent fears of a 2023 recession also underpinned safe haven demand for the yellow metal. Data on Thursday showed that U.S. producer price index inflation...
Asian Stocks Fall As Rate Hike Jitters Mount, China Leads Losses
Most Asian stock markets retreated on Thursday, tracking a weak lead-in from Wall Street as fears of rising interest rates and slowing economic growth kept traders wary of risk-driven assets. China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes were among the worst performers...