Business

ArcelorMittal is investing $900 million in a new electric steel mill in Calvert, Alabama, in response to the booming automotive industry in the United States.

Published on: February 06, 2025, 08:00 AM UTC

Despite a strong financial performance, Salesforce is cutting staff and plans to lay off over 1,000 employees, reported Bloomberg. Companies like Meta, Microsoft, and BP are also conducting layoffs. See the list of companies planning or already implementing job cuts.

Published on: February 06, 2025, 08:00 AM UTC

Volvo Cars reports a decline in operating profit in Q4 and predicts a challenging 2025 with market uncertainty and competition, while reiterating its core operating profit margin target of 7–8%.

Published on: February 06, 2025, 07:03 AM UTC

US stocks rebounded from losses on Wednesday to close higher, boosted by a jump in Nvidia shares. Earnings from Alphabet and AMD fell short, but Big Tech got a boost from Nvidia's rise. The tech-heavy Nasdaq rose 0.2%, while the S&P 500 added 0.4%. The Dow Jones Industrial Average led gains, rising 0.7%. Alphabet's stock fell due to missed cloud revenue estimates, while Nvidia benefited from potential AI spending by Alphabet. Treasury yields declined, with the 10-year Treasury yield dropping nine basis points. AMD's earnings raised concerns about AI momentum, and it saw a price drop of 6%. The US-China tariff trade, Trump's Gaza comments, and interest rate sensitive sectors led by real estate and utilities rounded out the market update.

Published on: February 06, 2025, 07:02 AM UTC

Despite voters' concerns about inflation and affordability, President Trump has focused on import tariffs, undocumented migrant deportation, and foreign aid reduction. Instead, economists suggest directly addressing food inflation, housing affordability, and the insurance crisis.

Published on: February 06, 2025, 07:02 AM UTC

Filing taxes in the US is a complex and time-consuming process, unlike in Sweden where the government provides pre-filled tax returns. The US tax system's complexity stems from its 4 million-word tax code, numerous credits and deductions, and the manual process for self-employed individuals. Simplification efforts like the increased standard deduction and Direct File program have been implemented, but further steps are needed, such as pre-populated returns and automated tax calculations.

Published on: February 06, 2025, 07:02 AM UTC

Ford's Q4 earnings beat estimates, but muted guidance and tariff concerns weigh on stock. Revenue and adjusted EPS topped expectations, but the company sees lower profit and cash flow in 2025 due to market headwinds and potential tariffs.

Published on: February 06, 2025, 07:01 AM UTC

The Bank of England is widely expected to cut interest rates again later today, despite inflation still being above its target. Economists say that the bank's Monetary Policy Committee is likely to lower the base rate by a quarter point — which dictates the cost of borrowing for individuals and businesses — to its lowest level since mid-2023. They believe that even though inflation is currently at 2.5% and expected to rise, it will trend lower towards the bank's target of 2% over the next couple of years. This will give the bank room to cut rates, even though inflation is still above target. The rate cut is also seen as a move to stimulate economic growth, which has stagnated in the U.K.

Published on: February 06, 2025, 07:01 AM UTC

Hedge funds are seeking exemptions from some ESG reporting requirements under the EU's Corporate Sustainability Reporting Directive (CSRD), arguing that it imposes an undue burden and is unnecessary for their industry.

Published on: February 06, 2025, 07:01 AM UTC

Bain Capital is in talks to acquire the pharmaceutical unit of Mitsubishi Chemical Group for over $3.3 billion, marking a major deal in Japan's booming M&A market.

Published on: February 06, 2025, 06:00 AM UTC