Business

Volkswagen is closing three plants in Germany, and Audi is halting production in Belgium, sparking fears of a crisis in Europe’s car industry. However, some see it as part of a necessary transition. ADVERTISEMENT Germany’s auto industry is preparing for a big shift in employment as it transitions toward electric vehicles (EVs). A recent study estimates that 186,000 jobs could …

High profit and progress on the integrations of collapsed competitor Credit Suisse were the key takeaways of the bank’s quarterly report. ADVERTISEMENT Swiss bank UBS AG has reported a net income of $1.4bn (€1.3bn) for its third quarter, around double that was expected by market analysts.  The profit translates to earnings per share at 43 cents.  The lender returned to …

UK Treasury chief Rachel Reeves unveils budget with £40bn in tax hikes and says she’ll “invest, invest, invest”. ADVERTISEMENT British Finance Minister Rachel Reeves has unveiled her budget plans in a speech on Wednesday and announced that taxes will be raised by £40bn. In the Labour Party’s first Autumn Statement in 14 years, Reeves also said National Insurance contributions for …

Aston Martin saw a fall in pre-tax losses for the third quarter of 2024, as sale volumes rose following a range of new model launches, including the release of the DBX707 and the new Vantage. ADVERTISEMENT Luxury car maker Aston Martin has reported a narrowing of pre-tax losses of -£12.2m (-€14.62m) for the 2024 third quarter, compared with a loss …

Four days before Election Day, the government will issue its final snapshot of hiring and unemployment in the United States after a presidential race in which voter perceptions of the economy have played a central role. ADVERTISEMENT Friday’s report will include some of the most distorted monthly employment figures in years, with job growth having been held down temporarily in …

Reviving securitisation, the controversial banking mechanism linked to the 2008 financial crisis, will put taxpayers at risk without boosting lending, Finance Watch said. ADVERTISEMENT The EU’s hopes of boosting finance via the controversial practice of securitisation could prove futile, according to a report published on Tuesday by think tank Finance Watch.  Banks have argued they should once again be allowed to …

Banco Santander’s revenue increases, as the bank’s retail, wealth, consumer and payments branches all record strong growth. ADVERTISEMENT Banco Santander revealed its third quarter 2024 earnings on Tuesday, recording a revenue of €15.13bn, which was an increase of 2% from the same period last year. This was mainly due to its retail branch reporting strong performance.  Net operating income came up …

Germany’s consumer confidence inched upwards in October, marking its most optimistic point since April 2022, though challenges continue to weigh on sentiment. ADVERTISEMENT German consumer confidence continued its gradual recovery in October, reaching its highest level since April 2022, according to the latest GfK Consumer Climate report published by GfK and the Nuremberg Institute for Market Decisions (NIM).  The Consumer …

HSBC reported strong third-quarter earnings, driven by robust performance in wealth and personal banking, as well as investment banking, alongside the announcement of an additional $3bn (€2.8bn) share buyback plan. ADVERTISEMENT Europe’s largest bank, HSBC, announced an additional $3bn (€2.8bn) share buyback plan as it reported strong third-quarter earnings on Tuesday. This brings the total return to shareholders to $9bn …

A number of business leaders including Elon Musk have pledged their support for Trump during the 2024 US elections. Others, such as Reid Hoffman, the co-founder of LinkedIn are supporting Kamala Harris. ADVERTISEMENT As the US election inches closer and the battle between presidential candidates Kamala Harris and Donald Trump heats up, big business has begun throwing their hats into …