Chinese authorities have recently announced new support for state-owned enterprises (SOEs) to stimulate the purchase of unsold apartments in an effort to address issues in the real estate sector. The People’s Bank of China has pledged to provide 300 billion yuan ($42.25 billion) to financial institutions to lend to local SOEs for the acquisition of
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Richemont, the Swiss luxury group behind renowned brands like Cartier, has seen a significant boost in its shares following the announcement of record full-year sales. Despite a 1% decline in fiscal fourth-quarter sales driven by a slowdown in Asia-Pacific, the company managed to achieve an all-time high of 20.6 billion euros in group sales for
China released economic data indicating a slowdown in consumer growth, alongside robust industrial activity in April. Retail sales only rose by 2.3% from a year ago, falling short of the 3.8% increase forecasted by a Reuters poll. On the other hand, industrial production saw a significant rise of 6.7% year-on-year, surpassing the expected 5.5% growth
The Dow Jones Industrial Average has made history by surpassing the 40,000-point mark, a feat that was unforeseeable just a year ago. This new high has been attributed to a number of factors, including the promise of artificial intelligence enhancing corporate profits and the Federal Reserve potentially lowering interest rates as inflation decreases from its
Amidst the higher inflation rates seen across the US economy, there are certain sectors experiencing a different trend – deflation. This means that prices for certain goods and services are actually declining for consumers. Physical goods such as cars, furniture, and appliances have seen a reduction in prices, along with some groceries and travel expenses,
Walmart’s recent quarterly earnings report surpassed expectations, showcasing the discounter’s ability to navigate challenging economic conditions. The retailer reported impressive gains in e-commerce, driven profits through new ventures such as advertising, and managed to attract a larger share of high-income shoppers. These factors have enabled Walmart to outperform its previous guidance for the full year,
German technology giant Siemens recently disclosed a decrease in profit at its industrial business during the fiscal second quarter. The company reported that its industrial profit amounted to 2.51 billion euro ($2.73 billion) in the three months ending in March, representing a 2% decline from the same period last year. This figure fell short of
Shenzhen, a city in China known for its technological advancements and business-friendly environment, has experienced a significant surge in millionaires over the past decade. According to a recent report by New World Wealth and Henley & Partners, Shenzhen recorded a staggering 140% growth in its millionaire count, outperforming other first-tier cities in China such as
Warren Buffett, the legendary investor known for his successful stock picks, recently unveiled his latest investment strategy by revealing Chubb as his secret stock pick. Berkshire Hathaway, his conglomerate, made a significant purchase of nearly 26 million shares of the Zurich-based insurer, Chubb, amounting to a stake worth $6.7 billion. This investment catapulted Chubb to
Cisco, a leading technology company, recently reported its earnings and revenue for the fiscal third quarter. Despite a drop in sales from the previous year, Cisco managed to exceed Wall Street’s estimates. The stock saw an increase of up to 8% in extended trading following the announcement. In terms of specifics, Cisco reported earnings per