income
Europe's largest insurer Allianz revealed an increase in business volume of more than 5% for the first three months of the year, achieving a double-figure rise in net income for its shareholders. The German firm's net profit was €2.6 billion, 21.8% higher than the year before, with core earnings per share rising to €6.42 from €5.43 last year. Operating profit was up by 6.8% at €4 billion, driven by a stronger than expected result in its property-casualty segment, which benefited from higher prices and relatively benign claims from natural catastrophes and higher investment income. Munich Re st...
Euronews (English)
Telefonica on Thursday announced that its first-quarter adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) came to €3.2 billion. That represents a year-on-year increase of 1.9%, in line with analysts' expectations. First-quarter net profit rose by 79% over the year, reaching €532 million, out of revenues of €10.14 billion. The company confirmed its outlook for the year, which aims for revenue growth of around 1% and operating cash flow growth of between 1% and 2%. Operating cash flow growth is the long term rate of growth of cash generated from business operations a...
Euronews (English)
British oil and gas company BP's first quarter profits were below expectations, as underlying profit came in at $2.7 billion (€2.5 billion), compared with $3 billion for the previous quarter. This was partially due to falling gas prices and an unplanned outage in the company's Whiting refinery in the US, partially offset by strong oil trading. Production of oil and gas was up by 2.1% from a year earlier to 2.4 million barrels-of-oil equivalent per day. BP's net debt increased to $24 billion (€22.3bn) from $20.9 billion in the last quarter. The London-based firm held its dividend at 7.27 cents ...
Euronews (English)
The shares of UBS were sent through the roof after the Swiss bank reported that it returned to profitability in the first quarter of 2024, for the first time since it took over its former rival Credit Suisse in June 2023. The share price of the Zurich-based lender was up by 9.8% after midday, as investors were showered with good news: the profit beat expectations, the lender reported $1.75 billion (€1.63 billion) net income for the first three months, after two consecutive quarterly losses amid cost-cutting measures. The bank said it had earnings of 52 cents per share. Total group revenues rea...
Euronews (English)
The share price of the UK banking giant Barclays surged nearly 5% after the lender reported higher than expected profits for the first three months of this year, as it carried out an ambitious plan to get back into the investors' good books. The pre-tax profit was £2.3 billion (€2.68 billion), slightly more than the expected £2.2 billion, however, down from £2.6 billion a year ago. The group income was also slightly above expectations, £7 billion (€8.16 billion), but again, a drop of 4% year-on-year, while the operating expenses increased by 2% to £4.2 billion (€4.9 billion). "Barclays has sho...
Euronews (English)
The climate crisis will reduce global income by about a fifth in the next 25 years compared to a fictional world that's not warming. That’s according to a new study which predicts people in the world’s poorest areas and those least responsible for heating the atmosphere will take the biggest monetary hit. Climate change’s economic bite out of incomes is already locked in at about $38 trillion (€35.6 trillion) a year by 2049, researchers at Germany's Potsdam Institute for Climate Impact Research (PIK) found. By 2100 the financial cost could hit twice what previous studies estimate. “Our analysi...
Euronews (English)
Wealth inequality is very much evident across the world, and Europe is no exception: the wealthiest 10% on the continent own a staggering 67% of the wealth, while the bottom half of adults possess only 1.2% of it. The extent to which wealth is unevenly distributed varies considerably from country to country too, as shown by Credit Suisse and UBS's Global Wealth Report 2023. Net worth or “wealth” is defined as the value of financial assets plus real assets (principally housing) that households own, minus their debts. Its unequal distribution is measured by the Gini coefficient and the share of ...
Euronews (English)
Lufthansa, Europe's largest airline group by revenue, saw net profits more than double last year. It is planning to pay dividends again for the first time since the pandemic. The German carrier group, which also includes SWISS, Austrian Airlines, Brussels Airlines and Eurowings, described its 2023 performance as the "third-best financial result in the history of the Lufthansa Group". The group reported a net profit of €1.67 billion for 2023 compared with €791 million on the year earlier. Revenue was up by 15% at €35.4 billion while passenger numbers climbed 20% to more than 120 million. "The L...
Euronews (English)
Washington (AFP) - Amazon founder Jeff Bezos took back his spot as the world's richest man on Monday, dethroning Elon Musk on the Bloomberg Billionaires Index. Bezos' net worth stands at $200 billion, according to the tracker, surpassing the Tesla chief's $198 billion. Musk, who also heads X (formerly Twitter) and SpaceX, has seen his riches fall by more than $30 billion as Tesla's share price has dropped 25 percent in recent months. Adding to Musk's woes, a court in January approved the annulment of his enormous Tesla compensation agreement, worth $55.8 billion and originally struck in 2018. ...
AFP
Washington (AFP) - The US central bank's favored measure of inflation edged lower on an annual basis in January, government data showed Thursday, but a metric stripping out volatile food and energy prices jumped month-over-month. The new data highlights the challenges facing the Federal Reserve, which has recently poured cold water on the prospects of early rate cuts amid a strong economy, low unemployment and inflation that remains above its long-term target of two percent. The personal consumption expenditures (PCE) price index rose at an annual rate of 2.4 percent in January, down 0.2 perce...
AFP
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