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UBS smashes forecasts with $1.4 bn net profit
Swiss banking giant UBS said Wednesday it earned a net profit of $1.4 billion in the third quarter, beating analyst expectations. Analysts polled by Swiss agency AWP expected profit of $758 million on revenue of $11.5 billion.
Chinese EV giant BYD beats Tesla in quarterly revenue for first time
Chinese electric vehicle giant BYD reported surging sales on Wednesday, surpassing global rival Tesla in quarterly revenue for the first time as its push into overseas markets advances. The Shenzhen-based firm's quarterly revenue figure for the first time exceeded that of American EV powerhouse Tesla, which last week posted $25.2 billion in third-quarter revenue.
Volkswagen sees 'painful' cost cuts ahead as profit plunges
Ailing auto giant Volkswagen warned Wednesday that "painful" cost cuts were unavoidable as third-quarter profit plummeted, fuelling tensions with unions which fear mass job losses and factory closures on home turf Germany.
Eurozone economy grows faster than expected
The eurozone economy grew more than expected in the third quarter, official data showed Wednesday, thanks to Germany which defied expectations and dodged a recession. The figures will offer some relief, coming a month after Eurostat revised its data to show the eurozone grew by only 0.2 percent in the second quarter of this year.
Worries for Japan economy after election shock
Political uncertainty after Japan's election shock risks slowing economic reforms, pushing up government spending and even holding up the Bank of Japan's exit from its outlier monetary policy, economists said. Businesses and economists worry that as concessions to other parties, Ishiba, 67, will offer tax cuts and higher spending, and go slow on reforms needed to improve Japan's competitiveness.
Volkswagen profit plunges on high costs, Chinese slump
Europe's biggest carmaker Volkswagen reported a 64-percent drop in third-quarter net profit Wednesday, as it struggles with high costs and slowing sales in China. Global vehicle deliveries fell by seven percent in the July to September period, Volkswagen said, with an increase in sales in North America failing to offset a 15-percent fall in China.
Industrial slump leaves Germany on brink of recession
German output likely contracted again in the third quarter as an industrial slump drags on, official data is expected to show Wednesday, tipping Europe's largest economy into recession. Other major European economies were also set to publish third-quarter GDP data Wednesday.
US economy's solid growth unlikely to register at ballot box
The US economy is set to report another quarter of solid growth Wednesday, less than a week before the presidential election, but analysts say it remains unclear if positive data can sway inflation-weary voters. An October New York Times/Siena College poll of likely voters released last week showed that economic issues remained top-of-mind around two weeks before the election.
Bitcoin close to record as cautious markets eye US election
Bitcoin was close to $73,000 in early Asian trade Wednesday, approaching a record high with investors keeping a cautious eye on the US presidential election. With the uncertainty surrounding the very tight US election, safe-haven gold also reached a record high of $2,782.17 on Wednesday.
AFP
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