An abrupt slowdown in electric vehicle (EV) sales cut battery giant LG Energy’s profit by 58 percent, year on year, in this year’s second quarter, the company reported last week.
Tag: Economy
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TOP TREND 2024: BANKS GO BUST
The biggest U.S. banks are reporting their second-quarter earnings and investors and analysts are watching to see how the megabanks have weathered high interest rates and the continuing slide in the value of commercial real estate loans.
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SPOTLIGHT: BIGS GETTING BIGGER
Megamergers are back in vogue, climbing by 22 percent and booking $1.5 trillion in new deals in this year’s first six months, the London Stock Exchange Group reported, as the number of takeovers in the U.S. surged.
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SPOTLIGHT: CHINA’S ECONOMIC MALAISE
China’s manufacturing sector weakened further in June, with the National Bureau of Statistics’ purchasing managers index (PMI) remaining flat from May at 49.5, equaling analysts’ forecasts in a Reuters poll.
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TOP TREND 2024: EV GO FU: TOYOTA GOES FULL RETRO, RE-ENGINEERS PISTON ENGINE
Alone among major auto companies, Toyota still refuses to fully commit its future to all-electric mobility. Instead, it has introduced a redesigned piston engine for gas-electric hybrid vehicles.
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TOP TREND 2023: OFFICE BUILDING BUST: EUROPE’S TOP-RATED COMMERCIAL MORTGAGE BONDS FACE LOSSES
Investors who bought securities made up of bundles of commercial mortgage loans bought them in part because the securities earned top credit ratings.
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TOP TREND 2024: BANKS GO BUST
Wall Street banks are continuing to try to sell their troubled commercial real estate loans as office occupancy rates remain halved from pre-COVID levels and the value of office buildings slides, The New York Times reported.
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BUSINESS AND PERSONAL BANKRUPTCIES RISE IN CANADA
Bankruptcies in Canada rose 3.1 percent in May from April and a stunning 19.2 percent year on year, according to the Office of the Superintendent of Bankruptcy.
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U.K. ECONOMY PERKS UP IN FIRST QUARTER
From January through March, the U.K. economy managed to grow by 0.7 percent compared to the previous quarter, the Office for National Statistics reported on 28 June.
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SPOTLIGHT: RETAIL ON THE ROPES
Hennes & Mauritz, the Swedish fashion retailer, reported a 6-percent decline in sales at the beginning of its third quarter as bad weather kept shoppers away from its stores in June.