November 2024
Nov 17
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Nov 13
A growing number of upper-income Americans are dropping out of the new-car market, according to a report by Bloomberg.
The average sticker price of a new car has reached $48,205, 21 percent more than in 2019, research service Cox Automotive reported.
For the first time in six months, China’s factory activity increased in October, reflecting the results of Beijing’s new stimulus initiative that included cutting interest rates and funneling money into the stock market.
AP Moller-Maersk, which operates the world’s second-largest fleet of cargo ships, reported third-quarter profits shot from $521 million a year ago to $3.05 billion this year on the strength of continued conflict in the Red Sea. Revenue grew from $12.13 billion a year earlier to $15.76 billion.
Volkswagen plans to shut down at least three of its assembly plants in Germany, downsize its other plants in the country, and lay off tens of thousands of workers, Daniela Cavallo, chief of the company’s works council, told Reuters.
The company also is mulling a two-year pay freeze followed by an 18-percent pay cut, she warned.
On 16 Oct, LVMH, the world’s largest luxury conglomerate, reported third-quarter sales fell 3% below last year’s during the same period, landing at €19.08 b.
The news sucked 4% out of its share price. The figure was a wide miss from analysts’ average expectation of 0.9% growth.
Post
On 31 Oct, the share price of cosmetics giant Estée Lauder plunged 21% after the company reported revenue fell 4% in its most recent quarter, year over year, due largely to poor sales in China. Sales overall will be off by 6 to 8 percent in the current quarter, it warned.
On 30 October, Europe’s tariffs on electric vehicles (EVs) made in China took effect. The cars carry retail prices well below those of EVs made in Europe. The tariffs are intended to create a “level playing field” in prices, leaving makers to compete on other qualities.
The tariffs resulted from a European Commission investigation into the Chinese government’s practice of subsidizing EV manufacture for export.
Major tech firms will spend more than $200 billion this year on capital projects and even more in 2025 to build infrastructure for artificial intelligence (AI), according to their announced plans.
Microsoft has spent about $53 billion in capital outlays this year, equal to roughly 28 percent of its revenue. The percentage averaged half that from 2014 through 2023, The Wall Street Journal said.
China will account for 22 % of global economic growth over the next 5 years and India 15 %, according to the International Monetary Fund’s (IMF’s) new economic outlook report. During the period, China’s economy will grow more than that of all G7 nations combined, the report said.
