MARKETS - Page 13

Tech giant Xiaomi announced they’ll begin deliveries of their debut electric vehicle, the SU7, in China this very month. This marks their entry into the world’s biggest auto market, which is currently experiencing fierce price competition. The company, known for their smartphones, revealed on Weibo that 29 cities across China will have 59 stores accepting orders. An official launch event is set for March 28th, where the price of the SU7 is expected to be unveiled. The news sent Xiaomi’s

On Wednesday, Toyota Motor, Japan’s largest automaker, reached an agreement to provide its factory workers with their most substantial pay raise in 25 years. This development has heightened anticipations that substantial salary increases across industries will provide the central bank with flexibility to enact a significant policy adjustment next week. Other major players in Japan Inc., including Panasonic, Nippon Steel, and Nissan, have also confirmed meeting union demands for wage hikes during their annual negotiations. Japan’s central bank meets on

German luxury carmaker Porsche anticipates a slight dip in profit margins for 2024. This strategic move prioritizes the launch of four exciting new models: the redesigned Panamera sedan, the electric Taycan variant, a revamped Macan, and a mystery sports car aiming to recapture Porsche’s golden era. These launches come as European carmakers brace for tougher times.  The Volkswagen-owned (VOWG_p.DE) company is now targeting an operating return on sales between 15-17% this year, falling short of analyst expectations (average 17.4%) and

China’s state-owned oil and gas giant CNOOC Ltd (0883. HK) opened a new tab and has discovered a new reserve in the South China Sea that contains over 100 million tons of oil equivalent proved in place, the company said in a statement on Friday. The reserve is located at CNOOC’s deepwater Kaiping South oilfield in the Pearl River Delta near Guangdong province and contains light crude, the statement said. The discovery is the third of its kind made by

On Tuesday, Bitcoin reached a two-year high, surpassing $68,600 and closely approaching its all-time peak as a continuous influx of funds flows into the leading cryptocurrency by market capitalization. During Asian trading hours, the digital asset experienced a nearly 7% increase, achieving a session high of $68,828, just a hair’s breadth away from its record peak of $68,999.99 established in November 2021. The latest surge in interest comes as the Federal Reserve hints it may keep interest rates elevated for

On Monday, British aerospace engineer Senior announced an increase in its dividend following a nearly doubled profit in 2023. The surge in profits was attributed to heightened production rates of civil aircraft and strong demand in land vehicle markets. The Hertfordshire-based company reported a 14% rise in revenue, reaching GBP 963.5 million last year, with a corresponding 26% increase in basic earnings per share. CEO David Squires expressed satisfaction with the company’s diversified position across critical civil and defense aircraft

On Tuesday, there was growing speculation that Shein, the Chinese-founded “fast fashion” giant with a valuation exceeding $50 billion, was contemplating a listing on the London Stock Exchange. Discussions between the British government, including Chancellor of the Exchequer Jeremy Hunt, and Shein’s leadership have taken place regarding this possibility. Opting for London instead of the US could strategically position Shein with perceived advantages for investors, indicating enhanced stock liquidity, heightened corporate transparency, and governance standards. Additionally, such a move could

Alcoa, the U.S. aluminum producer, unveiled a $2.2 billion all-stock acquisition offer for its Australian joint venture collaborator, Alumina, on Monday. This proposed buyout signifies a strategic maneuver for Alcoa, aiming to enhance its upstream exposure and streamline its operations. Acquiring Alumina, a key producer of the raw material for aluminum, is a calculated step by Alcoa to reinforce its position in an industry grappling with supply chain challenges and elevated operational expenses. The deal would value Alumina at around

In response to the rising competition from the Chinese-founded rival Shein, the largest publicly listed fast fashion company globally is expanding its budget-friendly Gen Z-oriented brand, Lefties. Inditex, the parent company of popular brands like Zara, is facing challenges from Shein’s rapid growth in the online marketplace, which operates without physical stores. This has prompted companies like Inditex and Sweden’s H&M to explore strategies to address the competitive pressure posed by Shein’s budget-friendly pricing. Sheins booming business has raised concerns