Volvo Cars reported a 21 per cent rise in operating profit in the first half of the year on the back of rising sales in China and Europe.
Six-month operating profit rose from SEK5.6bn to SEK6.8bn, while revenues climbed from SEK84.2bn to SEK99.1bn.
The company is heading for its fourth year of record sales, as it tries to convince potential investors that the company is a fully fledged premium carmaker ahead of a potential stock market listing.
Its operating profit margin rose from 6.6 per cent to 6.8 per cent, though is still lower than the 10 per cent often posted by German premium rivals Audi, BMW and Mercedes.
The company flagged market share gains in Europe and China for rising sales, which climbed 8.2 per cent to 277,641 cars.
In Europe, Middle East and Africa sales rose 6.6 per cent, while in China they were up by 27.6 per cent.
Fitch commentary on last weekend’s National Financial Works Conference (NFWC) in China
- Could signal rising potential for a more decisive shift in policy focus away from hitting high growth targets, but there is still uncertainty over whether the drive to address risks will continue to take priority if the economy slows
- The current fragmented framework makes it more difficult for regulators to monitor banks and non-bank financial institutions (NBFIs), and to fully address the contagion risks from increased cross-holding of complex financial products. A more unified approach could enhance regulatory oversight and help to limit contagion risks. This would be positive for the long-term stability of China’s financial system and economy.
- said China should create “an austere regulatory atmosphere”
- also took a strong tone on accountability for debt excesses, with local officials now to be held liable for risks created during their tenure even after they have left office
- This focus is consistent with other recent statements by officials, as well as new guidelines to enhance bank supervision and the facilitation of higher market interest rates by the PBOC to squeeze out speculative activity in the shadow banking sector
The Bank of Japan July monetary policy meeting has finished – statement out now. Pretty much as expected.
Maintains short-term interest rate target at -0.1 pct
Maintains 10-year jgb yield target around zero pct
Pushes back timing for hitting 2 pct inflation target (likely to see inflation reach 2 pct around fiscal 2019)
Leaves unchanged pledge to buy JGBs so that its holdings increase at annual pace of around 80 trln yen
BOJ’s quarterly report:
Recent moves in CPI have been relatively weak
Rise in medium to long term inflation expectations has been lagging behind somewhat
Inflation expectations projected to rise as firms gradually raise wages, prices
CPI likely to continue uptrend, increase toward 2 pct
- Projected rate of increase in CPI is lower mainly for the first half of 3 year projection period in BOJ’s quarterly report
- Risks to economy, prices are skewed to downside
- Momentum toward hitting price target is maintained but not yet sufficiently firm
- BOJ to make policy adjustments as appropriate with view to maintaining momentum toward achieving price target
The Asian Development Bank on Thursday upgraded its outlook for emerging Asia’s growth rate of gross domestic product for this year to 5.9% from the previous figure of 5.7%, citing better-than-estimated Chinese economic growth.
The GDP growth rates in 2015 and 2016 were 6.0% and 5.8%, respectively.
The previous outlook was published in April. On Thursday, the ADB also upgraded the growth outlook for 2018 to 5.8% from 5.7%.
The ADB’s outlook covers 45 countries and regions in the Asia-Pacific region, and excludes developed nations.
Boris Becker was a legend on the tennis court, unfortunatly when it comes to investing, he appears to have shared an advisor with Johnny Depp.
According to claims in the German media, Boris Becker may have lost his roughly €100 million fortune in part because of questionable investments in the Nigerian oil industry. Ever since the 49-year-old former tennis star was declared bankrupt in a London court last month, there has been rampant speculation over how he managed to squander a personal fortune estimated at roughly €100 million.
Now, according to Germany’s Spiegel, Becker’s business dealings went far deeper than celebrity endorsements and media appearances. The magazine claims he made investments in the Nigerian oil and gas industry, and at one point considered a single investment of more than $10m (£7.6m).
Fukishima also shaken (reports). Earthquake reported at a 4 on Japan’s 7 point scale
- Japan’s public broadcaster with the news (NHK)
- Northern Japan quake, felt in Tokyo
- There has been no tsunami alert issued, said to be no tsunami threat
- Magnitude 5.6 quake says NHK, Pacific Tsunami Warning Center says magnitude 5.8, hit Honshu (Japan’s main island)
- Depth 52km
- 97 km SE of Sendai-shi, Japan