Posts by Mark Darwin
Ferrari’s core profit rises 7%, helped by product mix, personal touches
FERRARI said on Tuesday (Nov 5) its core earnings rose 7 per cent in the third quarter, despite a slight decrease in car shipments, as the luxury sports car maker continued to benefit from a richer product offer and increased demand for personalisation. Milan-listed shares in the company however extended losses after the results were…
Read MoreBurger King parent Restaurant Brands misses sales estimates on muted demand
RESTAURANT Brands missed estimates for quarterly revenue on Tuesday (Nov 5) due to weak demand across key businesses such as Tim Hortons, Burger King and international markets including China and the Middle East. The Toronto, Canada-based company’s US-listed shares were down 5 per cent before the bell. Consumers are relying on cheaper, home-cooked meals instead…
Read MoreGerman parts maker Schaeffler to cut 4,700 jobs on auto woes
Schaeffler will cut about 4,700 jobs in Europe and close two sites as a deepening slump at Volkswagen and other German carmakers ripples through their supply chains. About 2,800 of the job losses will happen across 10 locations in Germany as part of a plan to save about US$316 million per year by the end…
Read MoreTyre maker Michelin to close two French plants by 2026
MICHELIN will close two factories in France by early 2026 affecting about 1,200 jobs, the French tyre maker said on Tuesday (Nov 5), the latest cutback in an European auto industry battling subdued demand and cheap Asian competition. Labour unions had already alerted workers to the possible closure of the sites in Cholet and Vannes…
Read MoreBrokers’ take: Analysts get more bearish on Wilmar, cutting their price targets for the stock
ANALYSTS cut their price targets for Wilmar International on uncertainty in its China business, and after the company reported third-quarter earnings that showed net profit fell. The agribusiness group on Wednesday (Oct 30) reported that its net profit fell by 19 per cent to US$254.4 million in Q3 from US$313.9 million in the corresponding period…
Read MoreChina gives Morgan Stanley approval to launch local futures unit
MORGAN Stanley has won final approval to launch a futures business in China via a newly established unit, becoming the second major US entrant in the derivatives market of the world’s second-largest economy. Morgan Stanley Futures (China), wholly owned by the US bank, was for the first time listed as a licensed institution by the…
Read MoreStanChart partners with Wise for faster FX in Asia and Middle East
STANDARD Chartered (StanChart) is going to use Wise’s payments platform to offer multi-currency money transfers in Asia and the Middle East. The lender will integrate Wise’s foreign exchange infrastructure to allow money movements in 21 currencies over the coming months, Steve Naude, managing director of Wise Platform, said. “The big thing that we have spent…
Read MoreYen is first of many Japanese assets set to pivot on US election
A VICTORY for Kamala Harris in the US presidential election has the potential to support Japan’s ailing currency while a win for Donald Trump would probably boost the Tokyo stock market and put the yen at risk of a deeper slump. That’s just two of the many possible market outcomes as investors and analysts sketch…
Read MoreCommerzbank looks to free up capital to fend off UniCredit
COMMERZBANK chief executive officer Bettina Orlopp is seeking to unlock more capital to pay out or invest, as she makes the case for an independent bank in the face of a potential takeover by rival UniCredit. Orlopp is working on a plan to keep the expected growth in risk-weighted assets (RWAs) several billion euros below…
Read MorePhilippines inflation matches estimate, gives room for rate cuts
PHILIPPINE inflation quickened in October but within market expectations, giving the central bank room to sustain its easing cycle. Consumer prices rose 2.3 per cent year on year in October due to faster price gains in food including national staple rice, the statistics agency said on Tuesday (Nov 5). The print matched the median forecast…
Read More