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Trump announces TikTok sale deal ahead of Saturday deadline
Trump has announced that a deal for the sale of TikTok will be finalized before the upcoming Saturday deadline. Meanwhile, Microsoft and its third-party vendors are utilizing cookies to enhance service delivery and ad personalization, allowing users to manage their preferences regarding data usage.
Huawei reports 28 percent profit drop despite surge in revenue in 2024
Huawei Technologies reported a 28% decline in net profit for 2024, despite a surge in revenue. The company attributed this drop to significant investments in advanced technologies, reflecting its commitment to innovation amid challenging market conditions.
Huawei Technologies reported a 28% drop in net profit to 62.6 billion yuan ($8.6 billion) in 2024, despite a 22% revenue increase to $118.2 billion, driven by strong sales in consumer goods and automotive services. The profit decline was attributed to increased investments in advanced technologies and a lack of business sales gains. The company spent over 179.7 billion yuan (nearly $25 billion) on R&D, employing more than half of its workforce in this area, while facing challenges from U.S. trade restrictions and security concerns.
ubs downgrades scor to neutral citing dividend yield concerns
UBS Global Research has downgraded Scor to a “neutral” rating from “buy,” citing concerns over its dividend yield, which is seen as limiting stock price potential. Analysts highlight that Scor's current P/E ratio is below pre-COVID levels and unlikely to improve without a higher payout ratio or enhanced solvency. Additionally, Scor's debt leverage and capital generation forecasts pose further constraints, although there are positive signs in its P&C segment.
goldman sachs warns of recession risks and deeper rate cuts ahead
Goldman Sachs has revised its economic outlook, raising the U.S. recession probability to 35% and lowering GDP growth forecasts due to escalating tariff tensions. The bank anticipates deeper interest rate cuts from the Federal Reserve and ECB, with the eurozone facing a potential technical recession in 2025. New tariffs proposed by former President Trump could significantly impact both regions' economies, prompting further adjustments in growth projections.
Lloyds Banking Group secures £5.1 billion in pension longevity transactions
Lloyds Banking Group Pensions Trustees Limited has secured its third and fourth longevity hedging transactions, covering £5.1 billion in liabilities across two pension schemes. The agreements, structured as insurance policies with Rothesay as the insurer and reinsurance from Pacific Life Re and PFI, ensure that pension benefits remain unaffected for members. This move further mitigates longevity risk and enhances the security of the pension schemes.
trump's auto tariffs face uncertainty amid economic concerns and market volatility
U.S. President Donald Trump's proposed 25% tariffs on imported vehicles and parts may not be permanent, according to Wells Fargo analysts, who anticipate he might retract them for trade concessions. The tariffs could raise domestic car prices and potentially decrease sales volumes by 11%, impacting the automotive sector's pre-tax earnings by $67 billion. As Trump prepares to announce further tariffs, concerns grow over inflationary pressures and economic growth amid ongoing trade tensions.
ubs maintains neutral rating on allianz shares with target price of 320 euros
UBS AG has maintained a "Neutral" rating on Allianz shares with a target price of €320, as analyst Will Hardcastle favors life insurers over non-life stocks. The Allianz share fell 0.7% to €352.80, indicating a potential downside of 9.3% relative to the target price, despite a 19.2% increase since the start of 2025. The company is set to release its Q1 2025 results on May 15, 2025.
wells fargo withdrawal from sustainability goals sparks mixed reactions from leaders
Alabama Attorney General Steve Marshall praised Wells Fargo's decision to withdraw from its sustainability goals under the Net-Zero Banking Alliance, viewing it as a victory against environmental social governance policies. This move exempts Wells Fargo from an 18-state investigation into potential antitrust violations related to net-zero emissions policies, while other major banks that left the alliance have not publicly disavowed its targets. In contrast, Investor Advocates for Social Justice criticized the decision as a setback in the fight against climate change, emphasizing the need for financial institutions to take responsibility for their environmental impact.
Shadowfax transitions to public entity ahead of IPO
Shadowfax has officially transitioned into a public entity as it prepares for its initial public offering (IPO). This significant move marks a new chapter for the company, positioning it for growth and expansion in the competitive market landscape.