by Jibran Munaf | October 30, 2024 | Economy
China is weighing a bold fiscal plan involving over 10 trillion yuan ($1.4 trillion) in additional debt to stabilize its economy, according to sources cited by Reuters. This plan, which could see approval next week, aims to strengthen local government finances, boost...
by Jibran Munaf | October 30, 2024 | Automotive
China’s commerce ministry announced its strong opposition to the European Union’s recent tariff hikes on Chinese electric vehicles (EVs), which have been raised to as high as 45.3% as of Wednesday. The new tariffs, aimed at countering alleged subsidies for Chinese...
by Jibran Munaf | October 30, 2024 | Banking, Corporate Finance
Standard Chartered raised its 2024 income guidance on Wednesday after reporting third-quarter profits that exceeded expectations, fueled by strong performance in its wealth management segment. The London-based bank reported pre-tax profits of $1.81 billion, surpassing...
by Jibran Munaf | October 30, 2024 | Automotive, Corporate Finance
Volkswagen, the German automotive giant, announced a 42% decline in third-quarter operating profit on Wednesday, citing high costs and restructuring efforts as key pressures. Operating profit for the quarter dropped to €2.86 billion ($3.1 billion), while sales revenue...
by Jibran Munaf | October 30, 2024 | Banking
Swiss bank UBS reported third-quarter net profit of $1.43 billion on Wednesday, surpassing analysts’ expectations of $667.5 million, according to LSEG’s poll. The strong earnings followed UBS’s initial client migration phase from Credit Suisse after the...
