new record

 
 

Trade tensions flare sours rate hope rally

LONDON, June 6 — German bond yields plumbed new record lows today and US treasury yields resumed their fall as renewed trade tensions doused a rally fuelled by hopes for more central bank stimulus ahead of a European Central Bank meeting….


Trump doubles down on Mexico threat, markets rattled

WASHINGTON, June 1 — President Donald Trump escalated his abrupt tariff threats against Mexico today, triggering alarm about the likely economic fallout, spooking global markets and raising the prospect of US trade wars on multiple fronts. Trump…


Asian markets calm as investors await US jobs report

SYDNEY, May 3 — Asian share markets were subdued today amid thin holiday trade although the dollar found support as investors pared expectations for a US rate cut this year while oil prices loitered near one-month lows on oversupply fears….


Stocks slip, dollar drifts after Fed dents rate cut hopes

LONDON, May 3 — Europe’s share markets struggled yesterday and the dollar and bond yields trimmed overnight gains made after the US Federal Reserve dampened bets that it might be readying its first interest rate cut in years. Oil and metals…


Asian shares trade sideways as investors await fresh cues

SYDNEY, May 2 — Asian markets marked time today with two major centres — Japan and China — shut for holidays while the US dollar held on to overnight gains after the US central bank poured cold water on rate cut expectations. MSCI's broadest…


Rags-to-riches Skoda mulls post-Brexit sales woes

MLADÁ BOLESLAV, March 20 — Once the butt of jokes, Czech-made Skoda cars have won over Brits, but the UK’s looming exit from the European Union could deal a heavy blow to the brand and the entire Czech economy. Britain is the fifth largest…


French carmaker PSA boosts outlook after ‘historic year’

PARIS: French auto giant PSA, which produces the Citroen and Peugeot brands, said Tuesday it had boosted its profit outlook after recording a “historic year” in 2018.

The company said its net profit rose 47% to a record 2.83 billion euros (US$3.21 billion) in 2018, while recurring operating income soared 43% to 5.69 billion euros, also a new high.

Ranked the second largest carmaker in Europe after Germany’s Volkswagen, Paris-based Groupe PSA said in a statement that its “historic year” also saw new records for revenue, which was up 18.9 percent to 74 billion euros, as well as volume of sales.

PSA sold 3.88 million vehicles last year, up 6.8% from 2017 when it acquired General Motors’ Opel business which includes British-based Vauxhall.

PSA chairman Carlos Tavares hailed the “outstanding results”.

“This demonstrates the ability of our Group to deliver a profitable and recurring growth,“ he said in a statement.

The group announced a target operating margin of more than six percent by 2021 for its automotive activities, and a total of 4.5% in 2019-2021.

The 6% goal had previously only been a target for the Peugeot, Citroen and DS brands but now includes Opel and Vauxhall.

After PSA acquired the two brands, they returned to profitability in less than 18 months following 20 years of losses.

PSA said that without the Opel contribution, 2018 sales would have been down 12% due to the impact of fresh sanctions imposed on Iran by US President Donald Trump as well as a slump in China.

Financial director Philippe de Rovira said in a conference call that the group’s forecasts were valid even in the most pessimistic scenarios – including the possibility of Britain crashing out of the EU without a deal. — AFP


Maybank FY18 net profit rises 7.9pc to RM8.11b

KUALA LUMPUR, Feb 26 — Malayan Banking Bhd’s net profit for the financial year ended Dec 31, 2018 (FY18) rose 7.9 per cent to RM8.11 billion from RM7.52 billion a year ago. Revenue increased to RM47.32 billion from RM45.58 billion previously. In…


US-China trade hopes lift stocks, oil hits three-month high

NEW YORK, Feb 23 ― Stocks rose in major markets across the world yesterday on bets of progress in trade talks between China and the United States, while crude futures hit their highest level in more than three months supported by ongoing supply…


US debt hits record under Trump, Republicans mum

WASHINGTON, Feb 20 — More massive than the US economy, the national debt hit a new record of US$22 trillion (RM89.7 trillion) under President Donald Trump but Republicans who traditionally rail against debt and deficits have remained mum. The sum…