BUSINESS - Page 5

U.S. Election Boosts Elon Musk’s Wealth to Over $300 Billion

Tesla Inc. co-founder Elon Musk’s net worth has surpassed $300 billion for the first time in nearly three years, driven by soaring company shares as investors speculate that his close relationship with President-elect Donald Trump could benefit Tesla. As of Friday, the 53-year-old’s wealth now exceeds the annual GDP of countries like Finland and Chile and surpasses the market value of corporations such as PayPal and Netflix. Following Trump’s election, Musk has seen the greatest surge in wealth of anyone

EV Manufacturer Rivian May Face First Quarterly Revenue Fall Post-IPO

When Rivian reports on Thursday, it is expected to announce its first quarterly revenue decline since its IPO three years ago. The company, which is focused on ramping up production of its R1 SUV and pickup while also introducing a more affordable R2 model, faces growing pressure to meet its goal of profitable growth. This challenge is intensified by a broader slowdown in electric vehicle demand, driven by higher interest rates and weak consumer sentiment. These factors have created a

Lockheed Martin’s Military Satellite Deal with Australia Called Off

Australia has terminated a multibillion-dollar military satellite project with Lockheed Martin. On Monday, the Department of Defence released a statement announcing that the military would redirect its efforts toward a multi-orbit satellite system. This decision follows years of planning for the Geostationary Earth Orbit (GEO) satellite communications system. According to the Defence Department, the cancellation of JP 9102 reflects a reassessment indicating that the project no longer aligns with current strategic priorities. The original project, JP 9102 Phase 1, was

Volkswagen’s Labor Leader Raises Concerns Over Large-Scale Job Cuts

Amid a slump in sales, Germany’s most extensive carmaker plans to shut at least three factories in the country and lay off tens of thousands of staff, shrinking its remaining plants in Europe’s biggest economy as it plots a deeper-than-expected overhaul. On Monday, the company’s works council head said that management considers “at least one vehicle plant and two-component plants” in Germany dispensable, although it did not specify which locations. The powerful body, which represents workers and has half of

Resilient Demand Prompts Colgate-Palmolive to Boost 2024 Revenue Forecast

Colgate-Palmolive, the well-known toothpaste maker, has raised the lower end of its annual sales and profit forecasts, showcasing its strength amid intensifying competition. The company’s third-quarter results exceeded expectations, fueled by strong demand for its premium products. Organic sales in Latin America—a key revenue region—rose impressively by 18.8%, up from 16% the previous year. This growth was supported by increased advertising investment, which successfully mitigated the pressure from lower-priced private-label competitors. Sales in the region also benefited from continued vital

Tesla’s Promising EV Growth Forecast Calms Investor Worries, Driving Stock Up 12%

Shares in electric vehicle maker Tesla opened a new tab that jumped nearly 12% before the bell on Thursday after it forecasted surging car sales growth and reassured investors that CEO Elon Musk was still looking to expand the core business of selling electric vehicles. The gains set the world’s most valuable automaker on course to add around $81 billion to its market capitalization if they hold when trading resumes. That would more than wipe out almost all of the

Robotaxi Gamble in Focus as Elon Musk Prepares for Tesla Results

On Wednesday, investors and analysts will have the opportunity to question CEO Elon Musk about his robotaxi ambitions as Tesla announces its quarterly results. The automaker is expected to report a decline in third-quarter profits, impacted by significant incentives aimed at attracting electric vehicle buyers. However, much of the focus will likely be on Tesla’s long-term prospects, including the long-awaited robotaxi initiative and the company’s emerging AI ventures, such as the newly established X division. The unveiling of a self-driving

Nokia Exceeds Expectations with Q3 Operating Profit

On Thursday, Finnish telecom equipment supplier Nokia reported a 9% rise in third-quarter operating profit, beating forecasts, as it continued to cut costs and benefited from 5G rollouts. The company said many parts of its business are turning the corner, although some continue to experience market weakness. Net sales slid 7% to 5.4 billion euros, but Nokia kept its full-year comparable operating profit guidance at the lower end of a previously disclosed range. Chief Executive Pekka Lundmark said demand is

Carlos Tavares Stands Firm in Paris, Addressing Stellantis’ US Struggles

Despite the carmaker’s dire problems in the United States, CEO Carlos Tavares alternated between defiance and contrition about his turnaround plans on Monday in a packed schedule of public events at the Paris auto show. Tavares, who inherited the company after its 2021 merger of France’s PSA Peugeot Citroen and Italy’s Fiat Chrysler Automobiles, needs clarification about whether he has the right skills to manage a global automaker with many brands and diverse operations. On a plant visit, Tavares told

BNY Mellon Achieves Impressive Q3 Profit Boost with AUM Reaching New Peaks

BNY Mellon, a leading global investment manager and bank, announced a significant increase in its third-quarter profit, driven by robust assets under custody and administration growth. The company’s total assets under custody and administration surpassed a remarkable $50 trillion, reflecting its strong position in the investment management industry. The surge in assets under management was primarily attributed to favorable market conditions and continued client inflows. BNY Mellon’s diversified investment strategies and comprehensive range of services have positioned it as a

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