Volvo has abandoned its goal of making and selling only all-electric passenger vehicles (EVs) by 2030, the company announced last week.
Tag: Economy
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TOP TREND 2024, BANKS GO BUST: BANKS’ PROFITS RISE BUT SO DO POORLY PERFORMING LOANS
The bank sector’s profits rose 11 percent in this year’s second quarter, compared to the first, the Federal Deposit Insurance Corp. (FDIC) reported. Profits totaled $71.5 billion across the survey’s 4.539 institutions.
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TOP TREND 2024, A GOLDEN YEAR FOR GOLD: CENTRAL BANKS STILL STOCKPILING GOLD, EVEN AT RECORD PRICES
The world’s central banks more than doubled their July purchases of gold to 37 tonnes as gold prices set new records during the month.
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SPOTLIGHT: BIGS GETTING BIGGER
The U.S. justice department has announced it will not oppose Alaska Airlines’ $1.9-billion takeover of Hawaiian Airlines on antitrust grounds.
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SPOTLIGHT: CHINA’S ECONOMIC CRISIS
Alibaba Group Holding, Kuaishou Technology, and other major Chinese consumer companies have failed to meet revenue targets, “upsetting expectations for a market recovery to take hold,” the Financial Times reported.
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TOP TREND 2024: EV GO FU
Ford Motor has dumped its plan to produce a three-row, all-electric SUV, citing an overcrowded market and consumers’ reluctance to pay premium prices for electric vehicles (EVs).
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SPOTLIGHT: BIGS GETTING BIGGER
Does Mars really like Pringles Potato Chips that much? Food conglomerate Mars Inc. is paying a whopping $36 billion for Kellanova, maker of the stackable potato chip, PopTarts, and Eggo waffles, among other snacks.
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SPOTLIGHT: CHINA’S ECONOMIC CRISIS
Various economic data released last week by China’s National Bureau of Statistics shows few bright spots, despite an array of government measures implemented in recent months to energize spending and investment.
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SPOTLIGHT: BIGS GETTING BIGGER
Hargreaves Lansdown, the U.K.’s largest investment management firm, is being sold to a consortium for the equivalent of $6.9 billion in the second-largest sale of a London-listed company this year.
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SPOTLIGHT: CHINA’S ECONOMIC DISTRESS: IS CHINA’S EXPORT BOOM TAPERING OFF?
In July, the value of China’s exports in dollar terms rose 7 percent, year on year, lower than June’s 8.6-percent increase and missing analysts’ forecasts of a 9.7-percent jump.