Economic news

A senior central bank official stated on Friday that China’s decision to halt Ant Group’s planned initial public offering (IPO) was based on careful consideration of safeguarding the interests of financial consumers and investors. The financial services company said that it hoped to raise $37 billion from the market by launching the world’s largest IPO, […]

On Friday, Toyota Motor Corp (7203.T) and Honda Motor Corp (7267.T) announced that they had doubled their operating profit forecasts in light of the recovering car demand in China as it rebounds from the coronavirus outbreak. “If you compare our second quarter with the first, you can see a dramatic recovery,” Toyota’s Operating Officer Kenta […]

On Friday, Pony.ai announced that it had raised $267 Million in the initial phase of its fundraising to increase its popularity in the United States and China. The autonomous vehicle technology company said that its total market value reached $5.3 billion. Pony.ai stated that the funding was led by Ontario Teachers’ Pension Plan Board’s Teacher […]

On Wednesday, Aeromexico (AEROMEX.MX) stated that it had requested legal permissions from the United States bankruptcy court to terminate 1,830 employees in a cost-saving measure to weather the economic shocks of the coronavirus pandemic. The Mexico based carrier airline announced that its proposed layoffs would help save its annual operating costs worth $44 Million. The […]

On Wednesday, technology stocks boosted the S&P 500 index (.SPX) while drugmakers and health insurers gained profit after Democrats failed to sweep the election in a “blue wave.” According to investors, the United States government would be divided while there would be significant reforms for these sectors and corporate tax hikes. The S&P healthcare sector […]

On Thursday, Siemens Gamesa Renewable Energy (SGREN.MC) announced that it expects a steady increase in margins in 2023. The wind turbine maker posted a net loss worth 918 Million Euros ($1.08 billion). Siemens Gamesa said that its financial performance was severely affected by the continuing slowdown in the Indian market and cost overruns associated with […]

On Thursday, ArcelorMittal (MT) posted its net revenue for the third quarter. The world’s largest steelmaker said that the easing of coronavirus restrictions improved the steel demand worldwide. ArcelorMittal said that its operating income reached $0.7 billion in the third quarter, including impairment net reversal worth $0.6 billion. ArcelorMittal’s Chief Executive Officer Lakshmi Mittal stated […]

On Thursday, Lufthansa (LHAG.DE) announced that it would need more cash funds in the fourth quarter due to further restructuring measures as the airline company struggles to cope with the coronavirus crisis’s effects. Germany’s flagship airline reported a net loss worth 2 billion Euros ($2.4 billion) in the third quarter, compared to its net revenue […]

On Thursday, AstraZeneca (AZN) announced progress in its pipeline of other medicines as it posted a mixed set of its third-quarter earnings results. The British-Swedish drugmaker said that its third-quarter product sales reached $6.52 billion compared to its company-compiled consensus of $6.50 billion. The result excluded payments from collaborations. However, the multinational pharmaceutical and biopharmaceutical […]

On Wednesday, U.S. stock futures jumped higher than expected. At the same time, global equity markets rose after President Donald Trump stated that he would ask the United States Supreme Court to stop all vote counting and effectively declared victory in the presidential race that was still ongoing. Trump posted on Twitter that Democrats had […]