AFP
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Libya and Italy sign slew of cooperation deals
Libya and Italy signed several agreements on Tuesday covering sectors including development, investments and infrastructure, aiming to boost cooperation between the two Mediterranean states. The two parties also signed agreements to promote cooperation between small and medium-sized enterprises and between Libyan and Italian banks to boost foreign investments, according to Italian officials.
EU adopts extra tariffs of up to 35.3% on Chinese EVs
The EU on Tuesday decided to slap hefty tariffs on Chinese-made electric cars after an anti-subsidy probe concluded Beijing's support to local manufacturers was unfair. The EU is not alone in levying heavy tariffs on Chinese electric cars.
World Bank expects oil glut to cause commodity price slump
Global commodity prices should fall to a five-year low next year thanks to a huge oil glut, the World Bank said Tuesday, pointing to oversupply and to flat demand from China.
Lufthansa reports dip in profits in third quarter
German airline group Lufthansa on Tuesday reported an eight percent drop in profits in July to September compared with the same period last year, blaming increased operating and staff costs. Some 40 million passengers travelled with the airline in July to September, an increase of six percent compared with 2023.
Santander defies interest rate cuts to post higher profit
Spanish banking giant Santander defied falling interest rates in Europe to post a higher net profit in the third quarter through a strong commercial performance, in results published on Tuesday. Santander's latest positive results came after the European Central Bank this month cut interest rates for the second consecutive meeting running as inflation falls.
'Pure-play' Novartis raises 2024 financial targets
Swiss pharmaceutical giant Novartis raised its 2024 financial targets Tuesday after posting rising sales and margins in the third quarter, thanks in part to increased production of a prostate cancer drug.
Oil giant BP reports drop in third-quarter net profit
Britain's BP on Tuesday announced a sharp fall in net profit for the third quarter, with the oil and gas giant hit by weak oil trading and refining margins. Profit after taxation slumped to $206 million in the three months to September, after a net profit of $4.9 billion in the same period in 2023, BP said in a results statement.
HSBC reports $8.5 billion pre-tax profit in third quarter
Banking giant HSBC said Tuesday that pre-tax profit in the third quarter rose 10 percent year-on-year, citing revenue growth in two of its divisions, days after the lender announced an organisational overhaul.
Asian shares rise as markets await tech results
Asian markets mostly rose Tuesday with investors looking ahead to the release of US economic data and the earnings reports of tech titans this week. Investors are also eyeing the earnings reports of major tech companies this week including Google parent Alphabet, Amazon, Apple, Facebook-parent Meta, and Microsoft.
AFP
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