Aston Martin Brings in Saudi's Investment Fund: The London Rush - BNN | Canada News Media
Connect with us

Investment

Aston Martin Brings in Saudi's Investment Fund: The London Rush – BNN

Published

 on


(Bloomberg) — Here’s the key business news from London-listed companies this morning.

Aston Martin Lagonda Global Holdings Plc: The luxury car maker has announced a £653 million funding package in which Saudi Arabia’s Public Investment Fund will become its second-largest shareholder.

  • Aston Martin’s board also said it considered and rejected a £1.3 billion equity investment proposal from Investindustrial Group Holdings and Geely International Ltd. that it believes “markedly overestimated” the company’s new equity capital requirements, would have heavily diluted existing shareholders and been difficult to execute

Burberry Group Plc: The British fashion brand held its full year guidance despite lockdowns in China disrupting a key market where sales in the first quarter plummeted 35%.

  • Spending by local clients in Europe, the Middle East, India and Africa, however, was above pre-pandemic levels 

Fevertree Drinks Plc: The premium mixer maker warned that its margins could be impacted by “significantly” worsening logistics and costs.

  • The company said it is confident some of those rising costs, like the rising price of sea freight, will be transitory in nature

Outside The City

Contenders in the Tory leadership race will battle it out in a series of TV debates in the coming days, the first of which airs tonight on Channel 4. 

Former Chancellor of the Exchequer Rishi Sunak and Trade Minister Penny Mordaunt pulled ahead of their rivals in the second round of voting yesterday, leaving Foreign Secretary Liz Truss in third place. But pro-Brexit Attorney General Suella Braverman, who was knocked out, is now backing Truss in the contest, a person familiar with the matter told Bloomberg.

In Case You Missed It 

Amid Conservative party turmoil, the government is rushing to show its plans to boost the City of London by publishing new financial services draft legislation next week. 

And Amazon.com Inc. is set to create more than 4,000 new permanent jobs in the UK this year, the smallest number it’s announced in at least three years, despite planning to open two more fulfillment centers in the north of England.

Looking Ahead

Fresh UK house price data comes out on Monday, in the wake of Rightmove’s warning that the red-hot housing market is showing signs of a cooldown. Later in the week, inflation figures for June will be closely watched for any easing in the rate of rising prices.

On the earnings front, mining company Anglo American Plc and online grocer Ocado Group Plc are due to report.

For a news fix when the day is done, sign up to The Readout with Allegra Stratton, to make sense of the day’s events.

©2022 Bloomberg L.P.

Adblock test (Why?)



Source link

Continue Reading

Investment

Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

Published

 on

 

NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

Published

 on

 

TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Economy

S&P/TSX up more than 200 points, U.S. markets also higher

Published

 on

 

TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Trending

Exit mobile version