A Li L6 by Li Auto is displayed at its booth during the Beijing International Automotive Exhibition, or Auto China 2024, in Beijing, China, April 25, 2024.Tingshu Wang | ReutersBEIJING — Chinese new energy vehicle brands Li Auto and Zeekr each delivered a record number of cars in September, according to company data released Tuesday.New energy vehicles include hybrids and those powered only by battery. The category accounted for more than half of new passenger cars sold in China in July and August, according to industry data.Li Auto reported 53,709 deliveries in September, setting a record more than 5% above…
Author: usaeverydaylife
Alex Tovstanovsky, owner of used-car dealer Prestige Motor Works, checks on inventory with his general manager Ryan Caton in Naperville, Illinois, May 28, 2020.Nick Carey | ReutersDETROIT — The Federal Reserve’s decision to cut interest rates for the first time in more than four years is expected to eventually boost new vehicle sales, but not as quickly or by as much as some may expect.The rate cut earlier this month by half a percentage point, or 50 basis points, will take time to trickle down to auto loan rates, which remain near decades-high levels of more than 9.61% for a…
People walk along London Bridge past the City of London skyline.Sopa Images | Lightrocket | Getty ImagesLondon-based online trading platform Freetrade told CNBC Tuesday that it’s agreed to buy the U.K. customer book of Stake, an Australian investing app.The move is part of a broader bid from Freetrade to bolster its domestic business and comes as British digital investment platforms face rising competition from new entrants — not least U.S. heavyweight Robinhood.The startup told CNBC exclusively that it entered into a transaction with Stake to take on all of the company’s clients and move all assets the firm manages in the…
Covestro’s headquarters in Leverkusen, Germany. The company has adjusted its full year guidance for 2022, citing a number of factors.Ina Fassbender | AFP | Getty ImagesAbu Dhabi’s state-owned oil firm ADNOC on Tuesday said it has agreed to buy German chemicals firm Covestro for 14.7 billion euros ($16.4 billion).ADNOC will launch a 62 euros-per-share voluntary public takeover that implies an equity value for Covestro of around 11.7 billion euros and represents a premium of around 54% to Covestro’s closing price on June 19, Covestro said in a statement.The deal represents an enterprise value of 14.7 billion euros, ADNOC said in…
Retail investing platform Robinhood on Tuesday announced that it’s offering customers in Europe the ability to transfer cryptocurrencies in and out of its app, broadening its product capabilities in the region as it presses ahead with international expansion.In a blog post on Tuesday, the company said that it’ll allow customers in the European Union to deposit and withdraw more than 20 digital currencies through its platform, including bitcoin, ethereum, solana, and USD coin.The move effectively gives Robinhood’s European users the ability to “self-custody” assets — meaning that, rather than entrusting your cryptocurrency to a third-party platform, you can instead take…
GE Healthcare ‘s quiet outperformance is becoming harder to tune out — and its new drug used in radiology to improve the diagnosis of heart disease can help the Club stock make some more noise. In a note to clients Sunday, Wells Fargo analysts said that GE Healthcare’s diagnostic agent Flyrcado is “possibly the most underappreciated asset” owned by large medical technology companies. Flyrcado — approved by the Food and Drug Administration late Friday for the detection of coronary artery disease — is set to launch in some U.S. markets in early 2025, before availability expands. Wells Fargo said Flyrcado…
A customer watches stock market at a stock exchange in Hangzhou, China, on September 27, 2024. Costfoto | Nurphoto | Getty ImagesBEIJING — The rocket higher in Chinese stocks so far looks different from the market bubble in 2015, analysts said.Major mainland China stock indexes surged by more than 8% Monday, extending a winning streak on the back of stimulus hopes. Trading volume on the Shanghai and Shenzhen stock exchanges hit 2.59 trillion yuan ($368.78 billion), surpassing a high of 2.37 trillion yuan on May 28, 2015, according to Wind Information.Over six months from 2014 to 2015, the Chinese stock market…
Sumit Dhawan, CEO of Proofpoint, took the reins as head of the cybersecurity company in 2022, a year after it was acquired by Thoma Bravo for $12.3 billion. He’s been pushing the firm to consider strategic opportunities such as mergers and acquisitions of smaller cybersecurity players to boost the company’s market expansion and stimulate industry consolidation.ProofpointLONDON — Privately-held cybersecurity firm Proofpoint is exploring tapping external investors for pre-IPO financing and the consideration of mergers and acquisitions of smaller cyber companies as it seeks a return to public markets in 2026, CEO Sumit Dhawan told CNBC.”We are looking at potentially exploring…
Passengers arrive at the Beijing railway station on the first day of peak travel ahead of the National Day holidays in China’s capital city on Sept. 29, 2023.Jade Gao | Afp | Getty ImagesChina is expecting to see more travelers during Golden Week, but the country’s persistent economic woes will likely continue to weigh on overall spending this holiday season.Authorities at the Ministry of Transport project that 1.94 billion inter-city trips will be made during the National Day holiday this year, slightly higher compared to a year ago, according to officials at the Ministry of Transport.Shaun Rein, founder and managing…
Shipping containers sit stacked in the Port of Newark on September 30, 2024 seen from New York City. A massive strike shutting down ports across the East and Gulf coasts began at midnight as members of the International Longshoremen’s Association continue to make salary and other demands to the United States Maritime Alliance, which controls many of the ports across the country. Spencer Platt | Getty Images News | Getty ImagesBillions in trade came to a screeching halt at U.S. East Coast and Gulf Coast ports after members of the International Longshoremen’s Association (ILA) prepared to walk off the job after…
