Volkswagen is emphasizing the urgent necessity to implement significant plant closures and job reductions after reporting a 64 percent decrease in quarterly net profit due to poor sales in China and restructuring costs. The company disclosed plans to shut down three plants and lay off tens of thousands of employees, marking its most drastic restructuring … Read more
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Next is expected to generate record profits of £1bn this year, after the UK retailer bellwether raised its outlook again thanks to a sales boost from the arrival of colder weather. The FTSE 100 company, … Read more
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Standard Chartered has announced plans to double its investment in its wealth management business and shift its focus towards affluent individuals and global institutions following a rise in pre-tax profits in the third quarter. The … Read more
HSBC Holdings reported a 10% increase in third-quarter profit, surpassing analyst expectations. The bank’s wealth and wholesale banking divisions benefited from slower rate cuts, while undergoing a major overhaul. Europe’s largest bank recorded a pretax profit of $8.5 billion for the July-to-September period, up from $7.7 billion a year earlier. This result exceeded the $7.6 … Read more
China’s industrial profits took a sharp nosedive in September, marking the largest monthly decline of the year, according to official data released on Sunday. The profits plummeted by 27.1% compared to the same period last year, following a 17.8% drop in August. In the first nine months of the year, earnings fell by 3.5%, a … Read more
“ Germany’s largest bank, Deutsche Bank, reported a significant increase in third-quarter profits, driven by the resolution of investor lawsuits related to its Postbank division. Net profits reached 1.46 billion euros ($1.58 billion), a 42 percent rise from the previous year. Analysts had predicted a figure of 1.32 billion euros, according to FactSet. The profits … Read more
Donald Trump’s cryptocurrency project, World Liberty Financial, released a 13-page document on Thursday outlining its goals, token allocation, and the potential revenue distribution, which suggested that Trump and his family could receive 75% of the net profits. The document, known as the “World Liberty Gold Paper,” revealed that the Trump family would be granted 22.5 … Read more