Europe’s carmakers haven’t been shy to make their thoughts known on the millions of cheap Chinese electric vehicles flooding the continent, occasionally with somewhat apocalyptic tones. Some have called for steep import tariffs to save the industry, while others are pushing loudly for joint efforts to ramp up homegrown, affordable EVs to fend off the “onslaught”. Stellantis CEO Carlos Tavares, who oversees brands like Fiat, Alfa Romeo and Peugeot, has been among the most vocal in his warnings. And the millions of people linked to the sector might not like what Tavares’s latest ominous comments mean for their livelihoods. European…
Author: insighter
Shoppers walk in front of a Kohl’s store in Mount Kisco, New York.Scott Mlyn | CNBCKohl’s shares plummeted more than 20% in premarket trading Thursday after the company posted a surprise loss per share, coming in well below Wall Street’s expectations for a slight profit.Here’s how Kohl’s did in its fiscal first quarter compared with what Wall Street was expecting, according to a survey of analysts by LSEG:Loss per share: 24 cents vs. a profit of 4 cents expectedRevenue: $3.18 billion vs. $3.34 billion expectedKohl’s reported a net loss of $27 million, or a loss of 24 cents per share,…
At a time of year when home prices are generally at their lowest, the long-term financial goal of homeownership likely stayed out of reach for many would-be first-time buyers in the first quarter. The past several years have seen dramatic home price growth paired with — and largely due to — a low supply of homes for sale. These conditions, along with high mortgage rates, sustained an unwelcoming market for would-be buyers at the beginning of 2024. And among those buyers, first-timers likely felt it the most.People purchasing a home for the first time generally have lower down payments than…
Residents line up to cast ballots in the national election on May 29, 2024 in Matatiele, South Africa.J. Countess | Getty Images News | Getty ImagesSouth African’s governing African National Congress appears set to lose majority control in the country’s most seismic political transition since the end of the apartheid.Early indications from 17.54% of polls show the ANC gaining 42.95% of support, with the Democratic Alliance (DA) wresting 25.24% of votes, and the Marxist Economic Freedom Fighters (EFF) in tow with 8.6%.Reuters reported that the country’s Council for Scientific and Industrial Research separately predicted that the ANC will gain roughly…
Trustly CEO Johan Tjarnberg.TrustlyThe boss of Swedish financial technology startup Trustly says an initial public offering for the company is still a year or two away from happening, even after a 51% jump in operating profit.In an exclusive interview with CNBC, Johan Tjarnberg, CEO of Trustly, said that his firm still needs time to prove the value of its open banking technology to investors before going public.”We need another year or two to really demonstrate to the market that open banking is happening happening, it’s here,” Tjarnberg told CNBC.”For me, there is so much we want to demonstrate to the…
Many families wonder if they should get college student life insurance as their son or daughter heads off to school. The answer is: maybe.There are a few situations where it can really make sense to have life insurance as a college student. But for many college students, it’s simply an unnecessary expense until later in life.Here’s when you should get college student life insurance.When Does A College Student Need Life Insurance?There are three main situations when a college student needs life insurance:Private Student LoansDependentsParental SupportPrivate Student LoansIf a college student borrowed private student loans, more than likely, a cosigner was…
Melinda French Gates ‘ has a long history of supporting the women’s movement, but it’s her new eye-popping funding commitments that could finally change women’s groups’ long-running lament that less than 2% of philanthropic giving in the United States directly benefits women and girls. That 2% ceiling could be broken thanks to French Gates’ $1 billion commitment announced Tuesday and the momentum generated if others join her, said Jacqueline Ackerman, interim director of the Women’s Philanthropy Institute at the Indiana University Lilly Family School of Philanthropy. The institute has researched giving to women and girls since 2019 and found that while…
The meteoric rise of weight loss drugs means consumers’ nutritional needs are “shifting” which provides new opportunities for food companies, Nestle CEO Mark Schneider told CNBC.Investors were initially concerned about the popularity of GLP-1 drugs such as Wegovy and Ozempic as it was assumed that people on the drugs would consume less food, Schneider told CNBC’s Silvia Amaro.But that perspective has since changed, he said. “I think what since has emerged is that nutritional needs don’t go away. They’re just shifting. So, you know before, during, after GLP-1 therapy — consumers still have nutritional needs, but they may be different…
Tyler Winklevoss and Cameron Winklevoss (L-R), creators of crypto exchange Gemini Trust Co., on stage at the Bitcoin 2021 Convention, a cryptocurrency conference held at the Mana Convention Center in Wynwood in Miami, Florida, on June 4, 2021.Joe Raedle | Getty ImagesCustomers with funds locked up in crypto exchange Gemini’s defunct crypto lending program are finally going to start getting their money back.The company, which is owned by tech billionaire twins Cameron and Tyler Winklevoss, announced Wednesday that it will return $2.18 billion of its digital assets to users of the Earn program, which it paused withdrawals for in November…
After starting a career in engineering in Boynton Beach, Florida, Moisey Abdurakhmanov was renting a home with friends when he decided he wanted his own place.”I realized I was basically paying somebody else’s mortgage every month,” he recalls.So when the lease was up, he moved back home with his parents, saved every dime he could and bought a house five months later in January 2021 — “easily one of the best decisions I’ve made.” Many millennials are taking a similar path to homeownership. About a quarter (24%) of people ages 25 to 33 who bought a home between July 2022…
Private equity investments are getting scaled back worldwide, as “higher for longer” interest rates and uncertain global growth have dampened investor appetite for risk, And Southeast Asia, just a few years ago seen as a budding hotspot for the digital economy, is no exception. A new report from Bain and Company shows that private equity deals are down in the region, despite positive growth outlooks and the region possibly benefiting from reshoring trends from global business. Deal values in Southeast Asia dropped 39% to hit $9 billion in 2023, compared to the running average between 2018 and 2022. The overall…
A Goldman Sachs executive and finance industry veteran will take over as the new president of the Cleveland Federal Reserve.The central bank district announced Wednesday that Beth M. Hammack, 52, will be the next leader of the central bank district when Loretta Mester steps down June 30. Hammack assumes the office officially on Aug. 21. In the interim, Cleveland Fed First Vice President Mark S. Meder will serve as the president.”It is a great privilege to serve the Fourth District, and the country, in fulfilling our mission of fostering a strong, stable economy in which all Americans have the opportunity…