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Recent News

South Korea's political turmoil shakes markets but offers room for cautious optimism

South Korea's political turmoil shakes markets but offers room for cautious optimism

South Korea has found itself in the global spotlight after a stunning series of political events this week, raising concerns about the future of Asia's fourth-largest economy. President Yoon Suk Yeol's sudden announcement of emergency martial law on Tuesday evening, followed by a swift reversal a few hours later, has injected new uncertainty into the country's economic and political landscape. Analysts warn that the fallout could worsen South Korea's already difficult economic outlook, but some believe the turmoil could pave the way for brighter prospects if deeper instability can be avoided. President Yoon initially justified the declaration of martial law…
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Stellantis CEO Carlos Tavares resigns due to internal disagreements

Stellantis CEO Carlos Tavares resigns due to internal disagreements

Carlos Tavares, the esteemed CEO of Stellantis, unexpectedly resigned, citing "increasingly different opinions" between him and the automaker's board of directors. The announcement, made Sunday, marks the end of Tavares' tenure with immediate effect, leaving the world's fourth-largest automaker searching for a new leader during a difficult period. In a statement, Stellantis confirmed that the board of directors accepted Tavares' resignation and that the search for a new CEO is already underway. The trial is expected to conclude in the first half of next year. Meanwhile, an interim executive committee will be established under the leadership of President John Elkann…
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Zoom shares fall despite strong quarterly results and optimistic outlook

Zoom shares fall despite strong quarterly results and optimistic outlook

Eric Yuan, founder and CEO of Zoom Communications Inc., spoke about the company's ongoing transformation at the annual Concordia Summit held in New York on September 25, 2024. The video conferencing giant, formerly known as Zoom Video Communications, reported solid financial results for its fiscal third quarter, but its shares fell 4% in extended trading on Monday amid mixed investor sentiment regarding its future guidance. Zoom posted results that beat Wall Street's expectations, showing steady growth in an evolving market for its services. According to LSEG financials, the company outperformed analysts' projections in both earnings per share and revenue. Adjusted…
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Trump picks Kevin Hassett to head National Economic Council, rounding out key economic team

Trump picks Kevin Hassett to head National Economic Council, rounding out key economic team

President-elect Donald Trump has nominated Kevin Hassett to lead the National Economic Council (NEC), placing the veteran economist at the forefront of the administration's decision-making on trade, taxes and deregulation. The announcement, made by Trump on his social media platform Truth Social, marks a significant step in finalizing his economic team ahead of Inauguration Day on Jan. 20. Hassett, who previously served as chairman of the White House Council of Economic Advisers (CEA) during Trump's first term, is no stranger to the administration's economic agenda. During his tenure at CEA, Hassett played a critical role in supporting the 2017 Republican…
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Ferrari's unique position protects it from potential tariff problems in the automotive sector

Ferrari's unique position protects it from potential tariff problems in the automotive sector

As President-elect Donald Trump renews his calls for high tariffs on imports from China, Canada and Mexico, the global auto industry braces for potential supply chain disruptions and rising costs. However, Ferrari, the iconic Italian luxury automaker, appears uniquely positioned to weather the storm, even as other manufacturers face growing challenges. Trump's proposed measures include a 10% tariff on all goods entering the United States from China and a 25% tariff on imports from Canada and Mexico, triggering concerns across industries that rely heavily on global trade. While European automakers have yet to be directly targeted, analysts suggest it may…
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The Arnault family is targeting Paris FC with long-term ambitions

The Arnault family is targeting Paris FC with long-term ambitions

The Arnault family, renowned for owning the luxury conglomerate LVMH and for its position among the world's richest families, is seeking to consolidate majority ownership of Paris FC, a modest soccer club in France's second division. However, any aspiration for significant sporting achievements is expected as part of a long-term gradual plan. Antoine Arnault, son of Bernard Arnault, CEO and president of LVMH, shared that the family's investment in Paris FC is driven by passion rather than profit. Speaking to CNBC, he noted that the aim is to emulate the kind of success energy drink giant Red Bull has achieved…
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Sean Duffy Selected to Be Transportation Secretary in Next Trump Administration

Sean Duffy Selected to Be Transportation Secretary in Next Trump Administration

Former congressman and Fox Business host Sean Duffy has been announced as President-elect Donald Trump's nominee for secretary of transportation. The announcement, made Monday, marks the second time Trump has selected a Fox News personality for a Cabinet position, following last week's nomination of Pete Hegseth to lead the Defense Department. Hegseth has since stepped down from his role at Fox News. In his statement, Trump praised Sean Duffy's record as a public servant, describing him as "an outstanding and respected leader." Trump highlighted Duffy's contributions during his tenure in Congress, highlighting his support for fiscal responsibility, economic growth and…
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US inflation rises as markets react to economic data

US inflation rises as markets react to economic data

On October 3, 2024, the Federal Reserve building in Washington was the backdrop for the latest developments in US economic indicators. This report is part of CNBC's Daily Open, designed to inform investors around the world about major market updates. To stay informed you can sign up to the newsletter. Highlights American inflation trend upwardsIn October, the overall inflation rate in the United States reached 2.6%, in line with market expectations. Core inflation, which excludes food and energy price volatility, remained stable at 3.3%. This overall figure exceeds the Federal Reserve's target, potentially complicating its monetary policy easing plans. Mixed…
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European markets fall as investors weigh economic data and interest rates

European markets fall as investors weigh economic data and interest rates

European markets fell on Friday, with trading characterized by volatility as investors processed new economic indicators and the implications of potential interest rate cuts following remarks by US Federal Reserve Chairman Jerome Powell. By mid-morning, the pan-European Stoxx 600 index was down 0.43%, reflecting mixed performance across major stock exchanges and diversified sector results. Technology stocks suffered a notable decline of 1.82%, while sectors such as mining, oil and gas posted gains of more than 1%. Among decliners, Nordic Bavarian fell sharply, plunging 16% after announcing a drop in third-quarter revenue attributed to fluctuating demand for its vaccine. This decline…
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François Hollande underlines European unity in US protectionism

François Hollande underlines European unity in US protectionism

Former French President François Hollande underlined the need for Europe to maintain unity in the face of growing US protectionism, especially regarding security and trade issues. His comments came shortly after Donald Trump's election victory, which raised concerns about potential economic challenges for the European Union, particularly his threat to impose a 10% tariff on European nations. This comes as Germany, a key economic hub for the region, grapples with economic hardship and political instability following the collapse of its coalition government. Additionally, there are growing concerns about the ongoing conflict in Ukraine and the possibility that the United States…
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