News
Anglo American halves De Beers’ value as the natural diamond slump deepens
1+ hour, 46+ min ago (954+ words) The miner has now written down De Beers by roughly $6.8 billion over the past three years. The gemstone giant that once sold the world on "A Diamond is Forever" just got its value slashed again. On Friday, Anglo American announced…...
GM says it will take a $6 billion charge in latest major EV write-down
1+ mon, 2+ week ago (715+ words) Shares of GM are down about 2% in premarket trading on Friday following the automaker's announcement on Thursday evening that it expects to take $6 billion in charges in Q4 on its EV pullback. GM will take an additional $1.1 billion charge on the…...
The cruise industry is booming thanks to younger consumers looking to “seacation”
3+ mon, 6+ day ago (442+ words) Operators are still managing to lure Gen Zs and millennials with shorter, cheaper, and more action-packed trips. When cruise travel reached a record high last year, 36% of global cruise travelers were under the age of 40, per research from the Cruise…...
Kering to sell its beauty arm to L’Oréal in a €4 billion cash deal
4+ mon, 3+ day ago (363+ words) The Gucci owner is looking to shrink its mountain of debt, while its star brand continues to slide in sales. Luxury giant Kering is getting out of the beauty game, offloading its perfume and cosmetics empire to L'Or'al in a…...
GM dips after revealing it will take a $1.6 billion Q3 hit due to its EV pullback
4+ mon, 1+ week ago (365+ words) A few weeks after the end of the $7,500 EV tax credit " and the end of General Motors" attempt to extend it " GM says slowing EV sales will cost it $1.6 billion in its third quarter. "Following recent US Government policy changes,…...
Porsche’s problems in China just keep getting worse
4+ mon, 1+ week ago (657+ words) Sales in the region fell by more than a fifth in Q3. We're now at the stage where another quarterly deliveries report from Porsche essentially means another instance where the automaker attempts to say as little as possible about the issues…...
Ferrari sinks after unveiling first electric car; 2030 strategic plan and guidance underwhelms investors after halving its EV target
4+ mon, 2+ week ago (550+ words) Ferrari is 14% in the red in pre-market trading after unveiling its first electric car, while simultaneously scaling back its electrification plans to focus on its petrol and hybrid lineup until 2030. In an event at its headquarters in northern Italy, the…...
Volkswagen is reportedly closing in on its own, separate tariff deal with the US
5+ mon, 2+ week ago (364+ words) In a bid to get its own tariff rate below the 15% applied to most EU exports, Volkswagen is dangling big US investments. Speaking at a trade show Monday, VW CEO Oliver Blume said the automaker is in advanced talks on…...
Kering Q2 sales miss as Gucci demand slumps
6+ mon, 3+ week ago (579+ words) The luxury giant's sales continued to slide, but Wall Street appears to be betting a turnaround is ahead. Kering, the parent of Gucci and Saint Laurent, posted a rough Q2 marked by slumping sales and ongoing uncertainty. Kering flagged weak demand…...
Porsche is getting crushed in China, as deliveries slip again
7+ mon, 2+ week ago (666+ words) Unit shipments have almost halved in China since 2022. Porsche just announced delivery figures for the first half of the year and, like a lot of other European luxury car companies recently, stalling sales in China remain a big issue for…...