The French holding company Kering, which owns fashion brands like Yves Saint Laurent, Gucci, Balenciaga, Bottega Veneta, Alexander McQueen, among others, today announced its results for the fourth quarter and the entire year of 2024. The overall revenue for the year amounted to €17.2 billion, a decrease of 12% compared to 2023. The group's net earnings decreased by 62% to €1.1 billion. The...

The wealth of American entrepreneur Elon Musk has decreased to $394.6 billion, dropping below $400 billion for the first time in two months, following a 27% decline in Tesla Inc. stock prices since December 17, as reported by Bloomberg. Tesla's shares and options account for over 60% of Elon Musk's entire wealth. The newspaper notes that the firm's stock prices dropped significantly last week....

According to Reuters, which references knowledgeable sources, online fashion retailer Shein intends to reduce its valuation for its initial public offering in London to roughly $50 billion. This is nearly 25% lower than Shein's valuation from the previous financing round, which the retailer held in 2023, according to Reuters: at that time, it was $66 billion. That valuation was one-third less...

Ford Motor Company, the second-largest automotive manufacturer in the U.S., cautioned that its 2025 profits might decrease by $2 billion or more, citing potential risks from new tariffs on imports imposed by U.S. President Donald Trump and declining demand for electric vehicles, according to Bloomberg, referencing the company's report. Ford projects that its earnings before interest and taxes...

Two Japanese car manufacturers - Nissan and Honda - will halt discussions on a merger, as they were unable to come to terms on the deal's conditions. This is cited by Nikkei based on its own sources. The agency stated that the companies have failed to reach an agreement on the valuation of each entity within the holding company. Concurrently, Honda suggested that Nissan should become its...

In January, Tesla's electric car sales in Germany plunged by 59.5%, totaling 1277 units. Such information was released by Germany's Federal Automobile Office. This month marks the lowest Tesla sales in Germany since July 2021. During this time, the total sales of all-electric vehicles rose by 53.5% to reach 34.5 thousand. Considering this, certain media sources have connected the steep decline...

Mark Zuckerberg, the CEO of Meta, stated that the company has no plans to cut its investments in artificial intelligence, even if the Chinese startup DeepSeek has successfully developed a robust model with significantly reduced costs and computing power, according to CNBC. Zuckerberg states that it’s premature to make any conclusions regarding the impact of DeepSeek’s success on the development...

Deutsche Bank released its financial reports for the fourth quarter and the entire fiscal year of 2024. In the fourth quarter, revenue rose by 8% to €7.2 billion, whereas profit dropped by 92% to €106 million. In 2024, Deutsche Bank's revenue increased by 4% to reach €30.1 billion. Annual profit decreased by 36% to €2.7 billion. The bank has also revealed intentions to repurchase shares for €750...

The UK government has allocated £20 million ($24.8 million) to space firm Orbex for developing and launching rockets from the Scottish shoreline, according to the government press office. The announcement mentioned that the investment will assist in financing Orbex's Prime rocket, which will be the first rocket to be manufactured and launched into orbit in the UK. The Prime rocket, created to...