October 2024
Oct 31
Stellantis, maker of Jeep, Ram, Fiat, and a dozen other vehicle brands, shipped 1.15 million units in the third quarter, down from 1.43 million a year earlier. Deliveries in Europe were down 17 percent and fell 36 percent in the U.S. because dealers there already were overstocked.
American dealers have long complained that Stellantis brands are overpriced, costing them sales.
The world’s debt burden, already high and still growing, Kristalina Georgieva, the IMF’s managing director, said in a 17 Oct CNBC interview. “Our forecasts point to an unforgiving combination of low growth and high debt—a difficult future,” she warned.
Worldwide public debt will exceed $100 trillion before this year is over, rising to 93 percent of the globe's total economic output, according to a new study by the International Monetary Fund (IMF).
Central banks held interest rates low, which encouraged governments to borrow for infrastructure, social programs, and other uses.
VW’s Ills Emblematic of Germany’s Crisis. In the third quarter, VW delivered 7.1% fewer vehicles, citing falling sales in China, where buyers are gravitating toward native brands & Chinese electric vehicles are higher in quality and lower in price than those from Western makers.
Germany’s has contract 0.2 percent this year, officials now say, revising their earlier forecast of 0.3 percent overall growth.
The economy shrank 0.3 percent in 2023. The GDP will expand by 1.1 percent next year and 1.6 percent in 2026, according to the new projections.
U.S. Federal Reserve is lowering its benchmark interest rates, credit card holders might not see much relief, the WSJ reported.
The Fed imposed $8 limit on late fees has some banks boosting their rates even more to make up what they think they might lose under the new limit.
In the past 12 months, 11,049 Australian businesses have filed for bankruptcy.
The number rocketed up 39 percent compared to the same period across 2022 and 2023, according to the Australian Securities and Investments Commission.
The number is the highest since 2011 and a period spanning 2012 and 2013, the agency said.
After registering 2.2% in August, inflation among the 20 countries that share the Eurozone currency fell to 1.8% in September, below the European Central Bank’s (ECB’s) 2% target.
September marked the first time in three years that inflation had been at or below 2%
Swedish vehicle maker Volvo has delayed building a new battery plant in its home country to power its heavy-duty electric trucks.
Volvo was an early leader in offering electric trucks as the European Union imposed cuts to allowable levels of carbon emissions from large vehicles, setting them to begin in 2025 and tighten in 2030.
Despite having a 56.9-percent share of Europe’s market for heavy trucks, Volvo has seen orders decline for five consecutive quarters. Sales will not improve until the infrastructure for recharging expands and government incentives are offered, it said.
Moody’s Ratings has downgraded Israel’s creditworthiness for a second time this year, dropping it from A2 to Baa1 due to the conflict.
The new rating is three steps away from junk status and Israel’s credit outlook remains negative, Moody’s said.
On 20 September, gold surpassed $2,600 for the first time after the U.S. Federal Reserve reduced its interest rates by 50 basis points two days earlier.
Gold prices have soared 30% this year, it is the biggest annual jump since 2010 - 2010 was the depths of the Great Recession.
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World’s growth shifting toward BRICS nations, IMF says. China will account for 22 percent of global economic growth over the next five years and India 15 percent, according to the International Monetary Fund’s (IMF’s) new economic outlook report.
Companies that have borrowed from private credit funds now face a financial squeeze are using a tactic called “payment in kind” to skip their payments & conserve their cash. With the lender’s permission, a borrower can defer payments and add the amounts due to the loan’s principal.
The privilege incurs a higher interest rate than the original loan carried.
On 16 October. Dutch tech firm ASML, which makes machines that make computer chips, warned of a slow year ahead in the semiconductor industry, outside of sales related AI.
ASML reported third-quarter orders from chip makers totalled €2.6b, barely half of the €5b expected.
China’s economic struggle, China’s stock market rally bogs down. China’s roaring rally in equity markets seems to be running out of energy.
After the People’s Bank of China created a fund to make cheap loans that people and businesses could use to buy stocks, markets soared.
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Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo are expected to report collective net interest income of less than $62 billion in this year’s third quarter, analysts told the Financial Times.
The number is 5 percent below the amount in the same period a year ago and the least since the final quarter of 2022, the FT said.
Fossil fuels giant BP, one of the earliest oil companies to explore alternative fuels, has abandoned its goal of reducing oil and gas output by 40 percent by 2030, Reuters reported.
The reversal came after investors showed a loss of confidence in the company’s financial performance, people familiar told Reuters.
The 20-country Eurozone saw factory activity decrease last month, according to the Hamburg Commerce Bank’s purchasing managers index (PMI).
The index slipped back to 49.6 in September from 50.1 in August, sliding just below the 50 mark that separates expansion and contraction.
It was the first contraction since February.
In Germany, the highly-regarded ZEW Indicator of Economic Sentiment plunged from 19.2 in August to 3.6 in September.
Analysts had expected a reading of 15.5. Each month, the indicator polls up to 300 executives in banking, insurance, and corporate finance.
The latest reading indicates that respondents are now evenly balanced between optimism and pessimism about the country’s economic performance over the next six months. A separate index measuring views of Germany’s current economic conditions also deteriorated.
In September http://boomfii.com made new business partnerships expanding our services to a much higher and professional level.
We are now next to four new platforms for PPP and other high level business and market service providers.
This year through September, $2.3 trillion worth of mergers and acquisitions were announced, growing the value of this year’s deals 17 percent above that of the same period in 2023, data service LSEG reported.
Mars paid $36 billion to buy Kellanova, which owns Kellogg’s brand breakfast cereals. Verizon bought Frontier Communications for $20 billion. A variety of other 11-figure deals have been completed.
