Author: Press Room

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Asos has warned of more pain ahead, predicting a drop in sales next year as it seeks to turn itself round following slowing demand from cash-strapped consumers. The online fast-fashion company’s pre-tax losses ballooned to almost £300mn in the year to September 3, compared with £31mn the previous year, which included a stock write-off announced earlier this year, and consultancy and restructuring costs. Revenue dropped to £3.5bn from £3.9bn, the UK-based company said on Wednesday. Asos added that it expected sales to fall…

© Reuters. FILE PHOTO: People walk alongside the City of London financial district in London, Britain, October 25, 2023. REUTERS/ Susannah Ireland/File Photo By Laura Matthews and Chiara Elisei NEW YORK/LONDON (Reuters) – Global fund managers are exploring ways to spread their counterparty risk, with many regularly monitoring the credit ratings of their dealer banks following the recent banking crisis, according to an industry survey released on Wednesday. Concerned that possible future bank failures could cause short-term liquidity squeezes or leave them without a provider for foreign exchange services to make payroll or key vendor payments, 80% of fund managers…

© Reuters. Sensata Technologies, a leading industrial technology company, reported a robust financial performance for Q3 2023, with an adjusted EPS of 91 cents. This figure represents a significant increase from the previous year, surpassing market estimates. Despite the positive earnings, the company’s revenues fell slightly by 1.7% to $1,001.3 million due to currency changes. The company’s Performance Sensing revenues saw an uptick of 2%, while its Sensing Solutions’ operating income took a hit due to slower industrial revenue growth. The heavy vehicle off-road business witnessed a decline in organic revenue growth, but this was offset by growth in the…

© Reuters. Oil prices saw a modest increase on Wednesday, in anticipation of important global central bank meetings, including a session by the US Federal Reserve. According to the American Petroleum Institute, US crude oil inventories experienced an increase of 1.3 million barrels last week. Meanwhile, lingered near a three-week low at $85 per barrel, and WTI crude was nearing a month’s low at approximately $81. October proved to be the worst month for Brent crude since August 2022, recording a 10% drop. On the other hand, Eurozone inflation decreased to a two-year low at 2.9% in October. The Bank…

CDW raises dividend by 5% to $0.62/share

© Reuters. Asian currencies experienced a pullback on Wednesday, while the US dollar strengthened following a robust overnight rally and in anticipation of the Federal Reserve meeting outcome. The US dollar’s position was further solidified by weak Purchasing Managers’ Index (PMI) data from China, indicating continued economic frailty through October. This development negatively affected the sentiment towards regional markets. Despite the People’s Bank of China setting a stronger midpoint, the remained stagnant due to pessimism triggered by a private PMI survey. The survey underscored a contraction in China’s manufacturing sector in October, contributing to the yuan’s flat performance. Other currencies…

The White House on Wednesday will announce more than $5 billion in funding for agriculture, broadband and clean energy needs in sparsely populated parts of the country as President Biden travels to Minnesota to kick off an administration-wide tour of rural communities.The president’s efforts to focus attention on the domestic economy ahead of next year’s campaign come after three weeks in which his administration has been seized by events overseas following the terrorist attacks in Israel and the state’s subsequent military action in Gaza.The trip will take place as Mr. Biden is urging Congress to quickly pass a $105 billion…

Co-founder of Cohen Circle and The Bancorp. Founder and Chairman of Cohen & Company Asset Management. getty Meme stocks are often thought of as a joke, but what if you can actually leverage them into something worthwhile? The more I’ve thought about this, the more I’ve realized that they are a natural backer of the marketplace. Meme stocks find their growth not from traditional financial metrics, but from an explosive rise in value driven by social media hype and speculative investing. Despite conventional attitudes toward it, retail investing and meme stocks have emerged as an effective tool, providing an entirely…

The Biden administration is shooting for 50% of all new car sales to be electric vehicles by 2030. Thanks to generous state and federal on-the-spot rebates, local dealers are gearing up for a sales boom. By Rina Torchinsky, Forbes Staff The banner across the the top of the website for Larry H Miller Chrysler Dodge Jeep Ram 104th reads: “EV in Colorado: Up To $12,500 in Total Credits!…Available Now!” Despite rising auto loan rates and a skittish economy, general manager Brent Wood is in an enviable position because his Denver area dealership is located in one of the friendliest electrical…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Japan’s Toyota raised its full-year forecast on Wednesday as it reported profits more than doubled in its latest quarter, with a weakening yen boosting the value of the carmaker’s strong global sales.For the three months to September, the world’s largest carmaker by sales said operating profit came in at ¥1.4tn ($9.5bn), a sharp increase from the ¥563bn in the same period a year earlier.Toyota, which on Tuesday unveiled an additional $8bn investment in its North Carolina battery plant, increased its operating profit…