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Tesla's stock rebounded after reports that CEO Elon Musk will reduce his government role in the Trump administration. This comes as the company faced its worst sales quarter in three years, with global deliveries falling short of estimates at 336,681. Demand issues are evident, particularly in Europe, where registrations have significantly declined.
Tesla reported its lowest quarterly deliveries in over two years, with 336,681 units sold, as CEO Elon Musk's political involvement sparked backlash. Sales fell significantly in Europe and China, with European deliveries down 49% year-over-year, while competition from local brands in China intensified. Despite the challenges, Tesla hopes that the refreshed Model Y and potential new models will help revive sales.
UBS has set a cautious EUR/USD target of 1.07 for Q2, anticipating a pullback. While the Swedish krona (SEK) faces near-term vulnerabilities, increased defense spending by the Swedish government is expected to support its medium-term strength, limiting potential rallies against the euro.
UBS has set a EUR/USD target of 1.07 for Q2, anticipating a deeper decline in the pair. While the Swedish krona (SEK) faces short-term vulnerabilities, increased defense spending by the Swedish government is expected to bolster its medium-term prospects, limiting potential gains for the euro against the SEK.
BC de Genève aims to democratize its shareholder base by focusing on small investors. Meanwhile, CSS reported a 60% profit increase to CHF 62.7 million for 2024, driven by strong supplementary insurance growth, despite a loss in basic insurance due to rising benefit costs. Burkhalter Group has acquired Mathieu Ingenieure, enhancing its presence in the Valais energy sector.
Francesca Prym, CEO of UBS Asset Management Europe, highlighted Luxembourg's strategic importance following the successful merger of Credit Suisse Fund Management and UBS Fund Management in October 2024. The integration has positioned UBS AM among the top three fund management companies in Luxembourg, optimizing operations and enhancing market presence. Prym emphasized the need for agility in response to evolving European regulations and the firm's commitment to diversity and inclusion within its workforce.
Barclays has lowered its price target for Dow Inc. to $38 from $44 while maintaining an equal-weight rating. Dow specializes in manufacturing and marketing a range of products, with net sales primarily from basic plastics (50.7%), elaborate plastics (27.6%), and performance chemicals (20%). Geographically, sales are distributed across the U.S. and Canada (38.2%), Europe/Middle East/Africa/India (32.5%), Asia/Pacific (17.9%), and Latin America (11.4%).
Swedish battery manufacturer Northvolt AB is in bankruptcy, reducing its workforce from 7,000 to 1,700 employees as it scales back operations. Bankruptcy trustee Mikael Kubu stated that limited operations are essential for a potential sale, with the company's assets currently up for sale under court direction. Despite raising around US$10 billion since its founding in 2016, Northvolt has faced significant operational challenges and rising liabilities, resulting in substantial losses for stakeholders.
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.
Pernod Ricard, the leading producer of premium wines and spirits, reported that 61.8% of its sales come from strategic international brands, with Absolut and Jameson being top sellers. The company operates 94 production sites globally, with sales distributed across Europe (28.3%), the Americas (28.8%), and other regions (42.9%).
SWE
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Tesla stock rebounds as Musk plans to reduce government role
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swiss economy updates small investors profit growth and unemployment rate decline
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ubs asset management strengthens market position through credit suisse integration
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Northvolt reduces workforce to 1700 amid bankruptcy and asset sale efforts
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huawei reports 28 percent profit drop despite 22 percent revenue surge
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Pernod Ricard maintains strong market position in premium wines and spirits
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