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Telefonica beats with 79% jump in first-quarter net profit
  + stars: | 2024-05-09 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTelefonica beats with 79% jump in first-quarter net profitTelefonica CFO Laura Abasolo joins CNBC's "Squawk Box Europe" after the firm posted a bottom line beat for the first quarter.
Persons: Laura Abasolo Organizations: Telefonica
Tony Fernandes, CEO of UEGroup, managed his company from a cruise ship for 21 days. AdvertisementThis as-told-to essay is based on a conversation with Tony Fernandes, a 60-year-old founder and CEO of UEGroup based in San Francisco, about his experience working remotely on a cruise ship. In November, I embarked on a trip where I spent several weeks leading my company from a cruise ship with my wife. Expect very slow internet serviceOne thing I didn't realize prior to the trip was that the cruise ship had only one satellite connection shared by thousands of people. If you live or work on a cruise ship and would like to share your story, please email mlogan@businessinsider.com.
Persons: Tony Fernandes, Fernandes, , It's, We're, You've Organizations: Service Locations: San Francisco, Europe, Singapore, Thailand, Malaysia, Japan, Portugal, California
A Zeekr 001 electric vehicle (EV) by Geely is seen displayed at the Zeekr booth during a media day for the Auto Shanghai show in Shanghai, China April 19, 2021. Chinese electric vehicle maker Zeekr priced its initial public offering at $21 a share Thursday, at the top end of its range, according to news reports. Zeekr, which is backed by Chinese-based automotive group Geely, offers several luxury vehicle models, including an upscale sedan it began delivering in January. "Our sales gap with Tesla keeps on narrowing," Zeekr CEO Andy An told CNBC in an interview last month translated from Mandarin. Zeekr has said it plans to use the proceeds from the offering to develop more advanced battery electric vehicle technologies.
Persons: Geely, Tesla, Andy, Zeekr, Goldman Sachs, Morgan Stanley, Merrill Lynch Organizations: Auto Shanghai, New York Stock Exchange, Reuters, Bloomberg News, Securities and Exchange Commission, SEC, Tesla, CNBC, Underwriters, China International Capital Locations: Shanghai, China, Zhejiang, Europe, Latin America, Sweden, Netherlands
The proposal covers a range of issues, including minimum technical standards and ecological guidelines for battery production. AdvertisementChina's battery production in 2023 alone was already big enough to fill global demand, according to an analysis from BloombergNEF. China's global share of battery manufacturing capacity is expected to fallDespite the West's consternation, there is an upside for the bloc. China's global share of battery manufacturing is expected to decline in the years ahead, according to a report from the International Energy Agency, or IEA, published on Monday. AdvertisementChina now accounts for more than 80% of battery manufacturing capacity, followed by the US and the EU with around 5% each, per the IEA.
Persons: China's, , Xi Jinping's, Louise Loo, Loo, Chim Lee, Lee Organizations: Service, China's Ministry of Industry, Information Technology, European Union, Oxford Economics, Economist Intelligence, International Energy Agency, US, EU Locations: China, Beijing, Canada, Europe, India
Wheat prices have surged over the past month, climbing to their highest level since August. Higher wheat prices could stoke inflation, which is already running hotter than expected in the US. AdvertisementWheat prices have soared to their highest level in eight months thanks to a series of disruptions stemming from geopolitical conflict and extreme weather events. Russia has attacked key grain hubs in Ukraine, which caused wheat prices to skyrocket in 2023. Higher wheat prices could stoke inflation, which has clocked in hotter-than-expected in the US for the last three months.
Persons: Organizations: stoke, Service, Bloomberg Locations: Chicago, Europe, Ukraine, Russia, Australia
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBanking sector has outperformed in the European earnings season so farCNBC's Silvia Amaro breaks down how the first-quarter reporting season has gone so far in Europe.
Persons: Silvia Amaro Organizations: Banking Locations: Europe
Four stocks in the Stoxx Europe 600 index tend to rise alongside Nvidia shares, according to an analysis of share price data by CNBC Pro . The European stocks are also semiconductor focused companies: ASML, VAT Group, ASM International , and BE Semiconductor Industries . The share price performances of these technology stocks were highly correlated to Nvidia's over the past year. However, unlike the AI chip giant's 210% share price increase over the past 12 months, these stocks rose relatively moderately between 40% and 85%. A correlation of zero would indicate no statistical link between the chip maker's stock and the share price of the four companies.
Organizations: Nvidia, CNBC Pro, ASM International, BE Semiconductor Industries, Group, BE Semiconductors, CNBC Locations: Europe, U.S, Germany, lockstep, Netherlands, Swiss
BEIJING — Chinese electric car company Nio said Thursday it will launch its lower-priced brand called Onvo on May 15. The announcement comes amid a price war in China's highly competitive electric car market that's forced Tesla to cut prices. Nio said the first Onvo model, the L60, will be a "family-centric smart BEV priced around RMB 250,000, in the same segment as Tesla Model Y." Nio delivered 15,620 electric cars in April, up from 11,866 cars the prior month. The company sells cars to Europe, but didn't specify whether Onvo would be available outside China.
Persons: Nio, Tesla, BEV, William Li, Onvo, Le Organizations: Tesla, CNBC Locations: BEIJING, Europe, China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailArabile Gumede: Ambition is about stepping out of your comfort zone"It's not always about the accolades." Squawk Box Europe Reporter Arabile Gumede shares what ambition means to her.
Persons: Arabile
A hiker discovered the 400-year-old remains of a wealthy man on a glacier in the Swiss Alps. © Valais History Museum, Sion; Michel MartinezAll these items dated to around 1600 AD. Archaeologists uncover mule bones on the Theodul glacier in Switzerland, near Zermatt. © Valais History Museum, Sion; Michel MartinezHe wasn't a soldier-for-hire after all, a 2015 paper concluded. Andenmatten steps out of a freezer where artifacts are stored in the basement of the Valais History Museum archives.
Persons: Michel Martinez, They're, Pierre, Yves Nicod, Nicod, Ambroise Héritier, Morgan McFall, Johnsen, Sophie Providoli, It's, you've, haven't, Philippe Curdy, Romain Andenmatten, Spain's, Emilio Morenatti, Paul HANNY, Ötzi, Andenmatten Organizations: Service, . Business, Business, AP, Johnsen Archaeologists Locations: Swiss, Switzerland, Italy, Valais, Sion, du Valais, Zermatt, Germany, Aosta, Russia, Vilanova, Sau, Catalonia, Spain, Florida, Austria
Hospitals are overstretched as Palestinians die in Israeli attacks on the suburbs and tens of thousands of people have already fled. For Netanyahu, the eradication of the group that carried out the October 7 attacks may be a matter of political survival. • Can Israel — as Netanyahu vows — go ahead alone in an operation even the US has disowned? • How would a full-scale offensive in Rafah further hamper already faltering attempts to secure a ceasefire between Israel and Hamas? Initially, Biden’s warning, delivered in an interview with CNN’s Erin Burnett in the swing state of Wisconsin on Wednesday, looks like a case of political whiplash.
Persons: Joe Biden’s, , Reagan, Benjamin Netanyahu, , Biden, Donald Trump, Netanyahu, Will Biden’s, Israel —, pummel, he’s, Erin Burnett, CNN Alon Pinkas, CNN’s Becky Anderson, ” Pinkas, CNN’s Erin Burnett, Joe ”, Israel’s, Gilad Erdan, Yoav Gallant, , dissing Biden, Mike Johnson, ” Trump, Trump, Bill Clinton, Barack Obama, Ronald Reagan’s, Massachusetts Sen, Elizabeth Warren Organizations: Washington CNN, CNN, Israeli, Gaza Health Ministry, United Nations, Democratic, Republicans, Trump, voters, Republican, House, Hamas, Party, GOP, CNBC Locations: Israel, Rafah, Washington, Gaza, Rafah —, New York, Wisconsin, United States, Europe, Michigan, Chicago, Vietnam, Iran, Damascus, Lebanon, Massachusetts
In this article WBD Follow your favorite stocks CREATE FREE ACCOUNTIn this photo illustration, the Warner Bros. Here is how Warner Bros. Discovery performed, compared with estimates from analysts surveyed by LSEG: Loss per share: 40 cents vs. 24 cents loss expected40 cents vs. 24 cents loss expected Revenue: $9.96 billion vs. $10.231 billion expected Warner Bros. Warner Bros. While NBCUniversal holds the U.S. rights for the Olympics, airing the games on its TV networks and Peacock streaming service, Warner Bros.
Persons: Rafael Henrique, Discovery, , Max, Hulu —, I've, David Zaslav, Zaslav, NBCUniversal, Discovery's Max Organizations: Warner Bros, Getty, Discovery, TNT, Justice League, Disney, Hulu, CNBC, Warner Bros . Discovery, Fox Corp, Sports, NBA, Olympics Locations: U.S, Paris, Europe
UK digital marketing firm The Croud Group is working with the investment bank GP Bullhound to search for a new private-equity investor, according to multiple sources familiar with the matter. Croud is already PE-backed, having taken on a 30 million pound, or around $28 million, minority investment from LDC in 2019. This story is available exclusively to Business Insider subscribers. But unlike some of its closest competitors, Croud hasn't been particularly acquisitive since it took on LDC's investment in 2019. "The valuation expectations would have been very high for Croud," Rosie McKeith, SI Partners director, told Business Insider.
Persons: Bullhound, Croud, Luke Smith, Smith, Ben Knight, Greg Paull, it's, Croud hasn't, Rosie McKeith, McKeith, OakNorth Organizations: Business, OakNorth Partners, HSBC, Campaign, Harvest, Croud, Ford, Guinness, Impakt Advisors, Partners Locations: LDC, Ford Europe, Dubai, OakNorth
LONDON — The Bank of England on Thursday announced a widely-expected hold on interest rates following its May meeting, as it said restrictive monetary policy was working to bring down inflation. Members of the central bank's Monetary Policy Committee voted 7-2 to hold, with the latter favoring a cut. In the prior meeting only one member voted for a cut. It keeps the BOE's key Bank Rate at 5.25%. Some economists see a cut as soon as the next meeting in June, and three or more cuts in 2024.
Persons: Matthew Swannell, CNBC's Organizations: Bank of England, Monetary, MPC, BNP
A logo outside the Banco Sabadell SA offices at the Banc Sabadell Tower in Barcelona, Spain, on Wednesday, May 1, 2024. Spanish bank BBVA caught markets by surprise on Thursday after it announced a rare hostile takeover bid for domestic rival Banco Sabadell, with one investment firm describing the situation as "very strange." The move comes shortly after a separate 12 billion euro ($12.87 billion) takeover offer from BBVA to Sabadell's board was rejected earlier in the week. BBVA said its takeover offer has the same financial terms as the merger offered to Sabadell's board. Shares of BBVA fell 6% at around midday London time on Thursday, while Sabadell's stock price rose more than 3%.
Persons: Carlos Torres Vila Organizations: Banco Sabadell SA, BBVA, Banco Sabadell, Banco Locations: Banc, Barcelona, Spain, Spanish
The US could use a simple tool to strategically weaken the US dollar for economic gains. A reduction in the federal deficit would help tame inflation and weaken the US dollar. AdvertisementThat's why a weakening US dollar is music to the ears of American corporations, trade partners, and policymakers. That agreement devalued the US dollar, stabilized trade with Japan, and helped reduce the US trade deficit. A balanced Federal budget would help them achieve that scenario without putting the economy at risk.
Persons: , It's, isn't, Donald Trump Organizations: Service, Swiss, America's, China, Accord Locations: Europe, China, Japan, Asia
While I dread these altercations, I think some passengers need to chill out — people have the right to recline their seat. So, you’d think that 150 lighter seats per flight will certainly save an airline a ton of money. A lighter seat that doesn’t recline is also a seat that is less likely to break, which saves an airline money in repairs. But after 28 years in the job, I’ve found there’s some basic reclining etiquette that makes for a smoother flight for everyone. But on coach, middle seat passengers struggle to type because there’s no arm space.
Persons: Heather Poole, Read, , Coke, , he’s, you’ll, “ I’ve, aren’t, I’ve, it’s, Shaquille O’Neal Organizations: Passengers, CNN, Air, American Airlines Locations: London, New York, Air France, Europe
Tesla is being accused of taking steps to keep employees in Buffalo, New York, from unionizing, according to a complaint from the National Labor Relations Board. The policy restricted Tesla workers from "recording, unauthorized solicitating [sic] or promoting," and "creating channels and distribution lists," among other things, the complaint said. The Tesla Buffalo plant was supposed to manufacture solar panels, but has been used more recently to assemble electric vehicle charging equipment, and to house a team of AI software data labelers. Last month, the Buffalo plant was home to a number of job cuts put in place as part of a broader restructuring at the electric vehicle company. Tesla has also faced workers' rights challenges in Europe.
Persons: Elon Musk, Tesla, Linda Leslie, Musk Organizations: SpaceX, X Holdings Corp, Milken Institute's Global, Beverly Hilton Hotel, National Labor Relations, Buffalo, Union, Workers United, CNBC, NLRB, National Labor Relations Act, Twitter, Tesla Locations: Beverly Hills , California, Buffalo , New York, unionizing, Tesla Buffalo, Buffalo, New York, Europe, Sweden
This is in part the doing of so-called "golden visas," hugely popular residency visas for foreign investors. And they purchased more Portuguese golden visas than any other nationality in 2022. Related storiesBut as Portugal has experienced a worsening housing affordability crisis, Portuguese public opinion on golden visas has soured. Last year, the country changed the terms of its golden visa program to exclude real estate investment. Other southern European countries are following suit, similarly pointing to skyrocketing real estate prices.
Persons: , They're, they're, João Pereira dos Santos, Pereira dos Santos, Nuno Fazenda, Holger Schmieding, Schmieding, David Zorrakino Organizations: Service, Business, The New York Times, School of Economics, Finance, Queen Mary University of London, State, Tourism, Trade, Services, Bloomberg, Berenberg Bank, Getty, European Central Bank, Paris Locations: Greece, Portugal, Tourism, Lisbon, Athens, Spain, Southern Europe, Portuguese, London, Ramblas, Barcelona, Catalonia, Europe, Germany, Netherlands, France
‘Aha’ momentCynthia Wilson and her husband Craig Bjork relocated from the US to Marinha Grande, situated in the Leiria District of Portugal, just over two years ago. Community spiritThe couple celebrate Wilson's first birthday in Portugal with friends. “My Portuguese friends taught me that you have to first recognize their humanity,” says Wilson. There’s no place for that.”Wilson has warmly embraced the Portuguese way of life, particularly the focus on food, which has long been a big part of her life. Doing something odd.”Wilson and Bjork say that they’ve had “zero problems” since relocating to Portugal and couldn’t be happier.
Persons: CNN — They’d, Cynthia Wilson, Craig Bjork, Wilson, , I’ve, ” Wilson, , Bjork, , it’s, Wilson's, , Cynthia Wilson “ Retirement’s, that’s, I’m, hasn’t, ” “, , they’ve, Dulce Silva, Sérgio Carvalho, grandly, Rainha Joia, Maria da Silva, Cynthia Wilson Wilson, “ There’s, couldn’t Organizations: CNN, CNN Travel, Facebook Locations: Portugal, Europe, Seattle, Estonia, Marinha, Leiria District, Lisbon, Kansas, Wichita , Kansas, Marinha Grande, Porto, Algarve, San Francisco, Manhattan, Florabela, America,
Cunard welcomed its fourth ship and newest in 14 years, the 2,996-guest Queen Anne. Queen Anne's 2024 itineraries, primarily in Europe, start at $300 per person for a two-night cruise. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementCunard has operated 249 ships throughout its 184 years in operation, including the famous Queen Mary and Queen Mary 2. It's Cunard's latest 2,996-guest ship, replete with 4,300 art pieces, archery, and the company's signature high-end flair.
Persons: Cunard, Queen Anne, , Queen Mary and Queen Mary, it's, It's Organizations: Service, Cunard, BBC Locations: Europe
Carlos Barria | Afp | Getty ImagesDifferences between U.S.-led Western and China-aligned economic blocs threaten global trade cooperation and economic growth, a top official with the International Monetary Fund warned on Tuesday. IMF Deputy Managing Director Gita Gopinath said in a speech at Stanford University that events such as the global pandemic and Russia's invasion of Ukraine have disrupted global trade relations in ways not seen since the Cold War. "Increasingly, countries around the world are guided by economic security and national security concerns in determining who they trade with and invest in," she said, adding that this has resulted in countries increasingly picking sides between China and the U.S. Trade between the China and U.S. blocs has declined compared with trade among countries within the groupings, Gopinath said. The U.S. bloc mainly includes Europe, Canada, Australia and New Zealand, while China-leaning countries include Russia, Eritrea, Mali, Nicaragua and Syria.
Persons: Xi Jinping, Carlos Barria, Gita Gopinath, Gopinath Organizations: National Committee, China Relations, China Business Council, Economic Cooperation, APEC, Afp, International Monetary Fund, Stanford University, U.S, IMF, Trade, West Locations: Asia, San Francisco , California, China, Ukraine, Washington, Beijing, U.S, South, Taiwan, Europe, Canada, Australia, New Zealand, Russia, Eritrea, Mali, Nicaragua, Syria
AstraZeneca withdraws Covid-19 vaccine citing low demand
  + stars: | 2024-05-08 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +1 min
London CNN —AstraZeneca is withdrawing its highly successful coronavirus vaccine, citing the availability of a plethora of new shots that has led to a decline in demand. But the vaccine has not generated revenue for AstraZeneca since April 2023, the company said. “As multiple, variant Covid-19 vaccines have … been developed, there is a surplus of available updated vaccines. “AstraZeneca has therefore taken the decision to initiate withdrawal of the marketing authorizations for Vaxzevria within Europe,” it added. AstraZeneca said it would work with regulators in other countries to “align on a clear path forward,” including withdrawing marketing authorizations for the vaccine where no future commercial demand is expected.
Persons: University of Oxford —, , Vaxzevria, ” AstraZeneca Organizations: London CNN, AstraZeneca, University of Oxford, CNN, “ AstraZeneca, European Medicines Agency, Union Locations: United Kingdom, Vaxzevria, Europe
AB InBev Budweiser and Bud Light brand beer cans at a store in the Queens borough of New York on Feb. 28, 2024. Shares of Belgium's AB InBev rose 5% Wednesday morning after the company posted higher revenue and profit in the first quarter, as analysts said it had escaped the drag from a year-long boycott of its Bud Light brand relatively unscathed. The company nonetheless managed to increase revenue by 7.8% last year, driven by higher sales in the Asia-Pacific and Central America regions. The first-quarter results showed a 11.1% drop in sales of AB InBev's own beer brands in North America, which it said was primarily due to Bud Light. The results also flagged growth in its Corona brand, particularly for its non-alcoholic beer brand Corona Cero.
Persons: Stella Artois, Bud Light, influencer Dylan Mulvaney, Donald Trump, Jason Warner Organizations: InBev Budweiser, Bud Light, Belgium's, InBev, Light, Corona, Former U.S, InBev's, U.K, Revenue Locations: Queens, New York, Asia, Pacific, Central America, North America, China, Brazil, Colombia, Europe, Mexico, South Africa, Corona
CNN —Borussia Dortmund continued its “incredible” run in this season’s Champions League, reaching the final after stunning Paris Saint-Germain 1-0 in the semifinal second leg on Tuesday. Valerio Pennicino/UEFA/Getty ImagesDortmund’s run in the Champions League is at odds with its domestic form. In Europe, though, Die Schwarzgelben have found a way to win matches and the semifinal second leg was the perfect demonstration of just that. Kai Pfaffenbach/ReutersFor Dortmund, it is a full-circle moment, given its last Champions League final in 2013 was also held at Wembley Stadium. For longtime servant of the club Marco Reus, the Champions League final will also be his last opportunity to play for Dortmund.
Persons: Germain, Mats Hummels, Edin Terzić, , Mats, Hummels, Valerio Pennicino, Kylian Mbappé, Ousmane Dembélé, Hakimi, Luis Enrique, Kai Pfaffenbach, Marco, Reus Organizations: CNN — Borussia Dortmund, Champions League, Paris Saint, Parc des Princes, PSG, London, Real Madrid, Bayern Munich, Wembley, ” Dortmund, PSV Eindhoven, UEFA, Bundesliga, Dortmund, Reuters, League, Marco Reus, Borussia Dortmund, Santiago Locations: Paris, Parc des, Dortmund, London, Europe, Wednesday’s, Spanish
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