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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...
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