BUSINESS - Page 17

On Friday, the CEO of Tod’s, the renowned Italian luxury group celebrated for its leather-driving loafers, declared that his family has no intentions of selling the company. This statement comes in the wake of an unsuccessful endeavor to delist the company from the Milan Stock Exchange in 2022. Diego Della Valle, the son of founder Dorino and grandson of founder Filippo, emphasized his commitment to safeguarding the familial essence and heritage of the business. Della Valle was speaking on the

Two leading consumer goods companies, Danone and Nestle, announced on Thursday that they plan to reduce the pace of price increases in 2024. This decision comes after two years of continuous hikes that have led consumers to explore more affordable options for essential products such as yogurt and coffee. The announcement is likely to spark a discussion on whether companies have elevated prices to a level that may deter customers, potentially allowing retailer label brands to gain a larger market

During the Singapore Airshow, China’s state-owned aircraft manufacturer COMAC took the spotlight, surpassing industry giants Airbus (AIR.PA) and Boeing (BA.N). At the event, COMAC showcased its independently developed C919 and ARJ21 jets, signaling its ambition to obtain international certifications and secure orders from foreign markets. These aircraft, positioned to rival the Airbus A320 and Boeing 737 narrowbody passenger jets, made their debut outside China this year, attracting considerable attention from aviation and business professionals throughout Asia. The C919, which made

The worst may be over for China’s shaky commercial real estate market. However, that didn’t stop HSBC’s (HSBA.L) shares from tumbling as the bank’s third-quarter profits dipped below forecasts due to the country’s weak property sector and increased cost forecasts. The world’s largest lender also announced a new $3 billion share buyback, but investors were disappointed by the news and its latest China impairment charge. HSBC, which has a reputation as one of the leading financial bridges between the West

FuboTV, a streaming service with a focus on sports, has initiated an antitrust lawsuit against Walt Disney, Fox, and Warner Bros Discovery concerning their proposed sports streaming platform. FuboTV alleges that the collaboration’s launch, integrating a wide range of professional and collegiate sports rights from the media companies, will eliminate competition in the direct-to-consumer streaming sports apps market. FuboTV further contends that this joint venture will impose exorbitant and unjust prices on consumers. The legal action was announced by FuboTV

The startup’s founder, Elon Musk, said late Monday that the first human patient implanted with a brain chip from Neuralink appears to have fully recovered and can control a computer mouse through their thoughts. “Progress is good, and the patient seems to have made a full recovery, with neural effects that we are aware of,” he said in a Spaces event on social media platform X. He said the company is trying to get as many mouse button clicks as

China’s electric vehicle leader, BYD, unveiled a more affordable version of its Qin Plus DM-i plug-in hybrid sedan on Monday. This move intensifies their strategy of aggressive pricing to maintain dominance in the world’s largest auto market. The new model directly takes aim at popular gasoline sedans like Nissan’s Sylphy and Volkswagen’s Passat TDI. With a starting price of 79,800 yuan ($11,090) for the front-wheel drive version and 107,900 yuan ($16,340) for the all-wheel drive option, BYD undercuts its competitors

SoftBank Group Corp CEO Masayoshi Son is seeking about $100 billion to bankroll a chip venture that will rival Nvidia Corp and supply semiconductors essential for artificial intelligence (AI), Bloomberg News reported on Friday, citing people with knowledge of the matter. The project, code-named Izanagi, is a critical component of the visionary tech investor’s plans to make the world the “AI era,” the report said. The announcement of the massive funding reflects investors’ growing enthusiasm for AI, which is being

Volkswagen’s January deliveries rose 13.3% as demand in China boosted demand in Europe, the world’s largest market. The German automaker, which sells vehicles under its VW, Audi, and Porsche brands in China, saw sales in the country climb 43% compared with the same month last year, the highest growth in any significant individual market. The results helped Volkswagen offset a sharp decline in its “Asia-Pacific Rest” region, including all markets outside China. Sales in the region fell by 12.5%, including

Renault shares rallied as investors cheered a colossal dividend increase and substantial margin gains, the latest sign the French carmaker’s turnaround under chief executive Luca de Meo is bearing fruit. The company, whose stable includes the low-cost Dacia and sporty Alpine brands, posted a full-year 2023 net profit slightly below forecasts but reported margin and revenue gains and offered more cash to investors with a considerable dividend increase. “This was an imposing set of results and, in the wake of