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Economy & Finances

Porsche plans to invest more than six billion euro in electromobility by 2022

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Porsche has been putting together an unprecedented future development plan: By 2022, the sports car manufacturer will invest more than six billion euro in electromobility, focusing on both plug-in hybrids and purely electric vehicles. The de-cision was made by the Porsche AG Supervisory Board at its most recent meeting. “We are doubling our expenditure on electromobility from around three billion euro to more than six billion euro”, explains Oliver Blume, Chairman of the Executive Board of Porsche AG. “Alongside development of our models with c... Read More »

Samsung Electronics Announces Stock Split and Shareholder Return

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The Company had received numerous requests for a stock split based on the view that a high share price was a hindrance to potential investors. The request increased in frequency as the price of our shares rose significantly during 2017. The Board believes the stock split announced today will make investing in Samsung Electronics more accessible and provide dividends to a wider range of investors from 2018. The split is also expected to add both liquidity and marketability to the Company’s stock, which may contribute to enhancing corporate... Read More »

Apple says it will pay $38bn in foreign cash taxes and create 20,000 US jobs

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Apple said on Wednesday it would make a one-time payment of $38bn to repatriate some of its vast overseas cash holdings. The company, which has faced international criticism for its tax evasion policies, also said it would spend $30bn in the US over the next five years, creating 20,000 new jobs. Lawmakers in the US, European Union and the UK have criticized Apple over its tax policies. The company holds $246bn in low-tax countries. During the election campaign, Donald Trump attacked Apple’s policy of building its phones, tablets and other gadge... Read More »

Nestle sells Crunch, Nerds and other US brands to Ferrero for $2.8bn

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The Swiss food giant said it was offloading brands such as Crunch, Nerds, Runts and Butterfinger to focus on other products. Italy's Ferrero, which makes Nutella spread, Tic Tac and Ferrero Rocher, will become the US's third biggest confectionery maker. The deal is expected to go through by March this year. Ferrero said the brands would give it "substantially greater scale" and "a broader offering of high-quality products" for US customers. Healthy steps? The US confectionary market is the largest in the world, worth about $8bn a year acc... Read More »

Lloyd’s of London to open Brussels unit in early 2019: CEO

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Lloyd’s has been among the most vocal financial businesses on the need for a European Union subsidiary if Britain has no access to the single market after leaving the bloc and is one of the first to announce such a move. Lloyd‘s, which started life in Edward Lloyd’s coffee house in 1688, houses more than 80 syndicates in a building in the City of London. Its syndicates focus on specialist insurance and reinsurance in anything from oil rigs to athletes’ legs. The venerable insurance market said last March that it had chosen Brussels as the si... Read More »

London home sellers slash prices at biggest rate since financial crisis

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The prices that London home-sellers are seeking for their properties fell by the most since the financial crisis this month, at a time when prices in most of the rest of Britain are rising, industry figures showed on Monday. London’s once red-hot housing market has slowed for the past year due to a double hit from higher purchase taxes on expensive homes and the June 2016 Brexit vote, which hurt demand from foreign buyers and raised fears of big job losses in the capital’s financial industry. Rightmove, Britain’s biggest property website,... Read More »

Europe’s largest pension fund to drop tobacco and nuclear weapons investments

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Owen Walker YESTERDAY Europe’s biggest pension fund, ABP of the Netherlands, plans to ax tobacco and nuclear weapons from its investment portfolio. The €405bn scheme joins a growing list of institutional investors in shunning stocks they deem harmful to the environment and to human health. The industry-wide fund, which manages money on behalf of 2.9m members, said on Thursday it will sell €3.3bn of tobacco and nuclear arms industry holdings in the next year. “Investments in tobacco and nuclear weapons have been a dilemma for us for quite some t... Read More »

Bitcoin: Warren Buffett warns cryptocurrency craze ‘will come to a bad ending’

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Warren Buffett isn’t buying the cryptocurrency craze. “I can say with almost certainty that they will come to a bad ending,” the Berkshire Hathaway CEO said during an interview with CNBC. As the price of bitcoin surged to a record high of nearly $20,000 (£14,800) in December, the alternative currency — and the idea of cryptocurrencies in general — generated intense interest from both amateur investors and from institutions like Goldman Sachs, which reportedly is setting up a cryptocurrency trading desk. Mr Buffett, known for his often-pre... Read More »

Forget Bitcoin – now Dogecoin goes wild

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But even in the turbulent world of cryptocurrencies, Dogecoin is seen as a pretty wild creature. It was launched in 2013, inspired by a short-lived online craze for pictures of a particular Japanese dog breed. Last weekend, however, it nearly doubled in value and is now worth more than $2bn (£1.5bn). Dogecoin had been gaining steadily all through December, but the latest spike has prompted howls of "crypto-hype" from sceptics. Granted, it's still well behind the biggest beast in the digital currency pack, Bitcoin, which has a total value of mor... Read More »

Belgium sells 2.53 bln euros of short-term debt

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Yields on three-month paper rose to a negative 0.570 percent from a negative 0.621 percent last week. Paper expiring a year from now also rose compared to the last auction of 2017 to a negative yield of 0.546 percent. Investors have paid rather than received interest on holding Belgium's short-term borrowings for more than three years. ($1 = 0.8384 euros) ... Read More »

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