CategoryCorporate

The global car market is shrinking, Renault suggests

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The global car market is probably shrinking faster than expected this year. That is what automaker Renault, which recently also adjusted its own financial forecasts downwards. According to the French concern, the market is likely to be 4 percent smaller this year. Previously, Renault still counted on a minus of 3 percent. In Europe, the demand for cars is likely to fall by 1 percent compared to...

BASF is affected by US – China Trade war

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The German chemical company BASF clearly suffers from the trade dispute between the economic superpowers US and China. Among other things, the company faced delays in its US operations in the past quarter. There was still growth in China, but to a lesser extent than before. BASF is also feeling the continuing slowdown in the automotive sector and lower performance of German industry. All in all...

Halyk Bank of Kazakhstan lost 8,4 percent of price while attempting to sell 5 percent more shares

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Halyk Bank of Kazakhstan is one of the rare examples of CIS-based venture whose shares proved to be a profitable investment, at least in some cases. For example, the HSBK GDR price has risen from its 2016 minimum 3.60 to as much as 14.75 in 2018. Since then the price has retreated but generally performed well. That may be not the case anymore as a sudden slump came in September 27. The causes of...

Swiss UBS reports lower profits

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UBS recorded a lower profit in the third quarter. The Swiss bank feels low interest rates and had to look for restructuring. At the same time, the assets that the financial services provider manages on behalf of wealthy clients rose to a record high of 2.5 trillion dollars. The net result amounted to almost $ 1.1 billion, a decrease of 16 percent compared to the same period a year earlier...

KMPG to perform audit of WireCard on alleged fraud

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The German payment processor Wirecard has instructed accountancy firm KPMG to conduct independent investigations into allegations of accounting fraud. Last week, Financial Times put documents of the company online which, according to the business newspaper, would show that Wirecard has fraudulently jacked up profit and revenue figures. Wirecard already firmly denied accounting fraud last week...

New York – Sydney non-stop: 16,000 km in 19 hours

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A crew and passengers who are constantly screened, scientifically justified tricks to combat jet lag and enough kerosene to reach the final destination: welcome aboard the first non-stop flight from New York to Sydney. The Australian airline Qantas made the journey, 16,200 kilometers in 19 hours and 16 minutes, to see if such flights are feasible, and how the journey can be illuminated for...

Boeing crashing down on Wall Street

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Aircraft manufacturer crashed hard on the stock exchange in New York on Friday, after a message that employees may have misled supervisors by withholding certain information. Investors on Wall Street processed further disappointing figures about the Chinese economy and the quarterly results of Coca-Cola, among others. Boeing lost nearly 7 percent in market value. A pilot would have had technical...

European exchanges wait for the House of Commons

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The other European stock exchanges seem to be starting Friday with losses. Investors are waiting for the British House of Commons to examine the Brexit agreement of Prime Minister Boris Johnson and the European Union on Saturday. In addition, the mood is being depressed by a disappointing growth in the Chinese economy. Johnson is very confident that British parliamentarians will support the...

TSMC benefits from strong demand for iPhones

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Chip manufacturer Taiwan Semiconductor Manufacturing Company (TSMC) achieved more profit and revenue in the third quarter, helped by strong chip sales for the latest iPhones. TSMC is one of the world’s largest makers of smartphone chips for companies such as Apple, Samsung and Huawei. The group is also an important customer of the Dutch chip machine manufacturer ASML. The turnover amounted...

Asian demand for Pernod Ricard winded down

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French beverage producer Pernod Ricard is suffering from declining demand in Asia. Sales growth slowed down considerably compared to a year earlier, but this was already taken into account. Turnover increased by 4 percent in the first quarter of the broken financial year, helped in part by exchange rate effects, to just under 2.5 billion euros. Growth was 1.3 percent on a comparable basis. A year...

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