World News

Iceland Central Bank Lowers Rate By 25 Bps

China Yuchai International Ltd Earnings Fall In Q3

China Yuchai International Ltd (CYD) announced a profit for third quarter that declined from last year.

The company’s profit came in at $12.16 million, or $0.17 per share. This compares with $25.35 million, or $0.45 per share, in last year’s third quarter.

Analysts had expected the company to earn $0.45 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 3.7% to $467.73 million from $450.94 million last year.

China Yuchai International Ltd earnings at a glance:

-Earnings (Q3): $12.16 Mln. vs. $25.35 Mln. last year.
-EPS (Q3): $0.17 vs. $0.45 last year.
-Analysts Estimate: $0.45
-Revenue (Q3): $467.73 Mln vs. $450.94 Mln last year.

Brazil retail sales rise 0.7% in September – IBGE

SAO PAULO, Nov 13 (Reuters) – Brazilian retail sales volumes excluding cars and building materials rose 0.7% in September from August, government statistics agency IBGE said on Wednesday, in line with the economists’ expectations.

Sales rose 2.1% from the same month last year, a tad lower than the 2.35% median forecast in the Reuters poll. (Reporting by Camila Moreira; Writing by Gabriela Mello)

Elon Musk says he chose Berlin over U.K. for Tesla battery factory due to Brexit

There are certainly good reasons for picking Germany, and Berlin in particular, as a site for a battery plant and a research-and-development center for Tesla Inc.

But in a quick interview with Auto Express, Tesla TSLA, +1.40% co-founder and Chief Executive Elon Musk made clear why he didn’t consider the U.K.

Musk didn’t elaborate. A reporter for the BBC, Faisal Islam, tweeted that one issue Brexit raises for Tesla in particular is whether parts produced in the U.K. would qualify as E.U. content.

Related: Elon Musk says Tesla will build gigafactory near Berlin

The U.K. seems likely to pursue a path of Brexit, as election polls show the Conservatives with a sizeable lead over Labour. U.K. Prime Minister Boris Johnson has reached an exit agreement with the European Union that has yet to be ratified by the U.K. Parliament.

Gold Prices Inch Higher On Trade Worries, HK Unrest

Gold prices rose slightly on Wednesday as anti-government protests in Hong Kong entered a third consecutive day of violent unrest and new worries around a U.S.-China trade agreement emerged. A firmer dollar limited upside for bullion.

Spot gold rose half a percent to $1,464.02 per ounce, while U.S. gold futures were up 0.75 percent at $1,464.55 per ounce.

After pro-democracy protesters stepped up a “blossom everywhere” campaign of roadblocks and vandalism across Hong Kong, the city’s security Chief John Lee cautioned that “unthinkable” consequences may come if violence continued.

Investor optimism over a potential U.S.-China trade deal waned after U.S. President Donald Trump said a significant phase one trade deal with China “could happen soon” but stressed that he would only accept an agreement that is good for U.S. companies and workers.

He didn’t offer clarity on a rollback of import tariffs and threatened further increases in tariffs if a deal is not reached.

Equity markets in Asia and Europe fell amid lingering uncertainty on whether, and when, the United States and China will agree a long-awaited deal to end their bitter trade dispute.

U.S. stock futures also point to a weak open ahead of a key testimony by Fed Chair Powell before Congress.

How Tesla made electric cars sexy

London (CNN Business)Less than three weeks after starting trial production of cars in China, Tesla has announced the location of its second factory outside the United States: Berlin, Germany.

In a tweet Tuesday, Tesla’s billionaire CEO Elon Musk said the plant would build batteries, powertrains and vehicles, “starting with the Model Y.”
The move takes the great electric car race to Volkswagen’s (VLKAF) backyard. The German car giant has made the most aggressive move of the traditional auto companies into electric vehicles, announcing plans to invest €30 billion ($33 billion) to electrify its entire product lineup over the next four years.

    ?♥️? GIGA BERLIN ?♥️?

    Volkswagen has just started making its new ID.3 electric car series and recently announced a deal with Sweden’s Northvolt to build a giant battery factory in Germany.
    Tesla (TSLA) has already posted jobs for construction, operations, engineering and manufacturing workers for the factory in the German capital.

    This is a developing story and will be updated.

    Lebanon's Berri wants formation of new government accelerated

    BEIRUT, Nov 13 (Reuters) – Lebanese Parliament Speaker Nabih Berri called on Wednesday for the acceleration of efforts to form a new, inclusive Lebanese government, MP Ali Bazzi said after a weekly meeting of Berri’s parliamentary bloc. (Writing by Tom Perry; Editing by Toby Chopra)

    Iceland Central Bank Lowers Rate By 25 Bps

    Iceland central bank lowered its benchmark interest rate for the fifth successive rate-setting session as the economy is forecast to contract this year.

    The Monetary Policy Committee of the Central Bank of Iceland, on Wednesday, reduced the interest rate by 25 basis points to a record low 3.00 percent.

    “The Bank’s interest rates have been cut by 1.5 percentage points since the spring, and the impact of this has yet to come fully to the fore,” the bank said in a statement.

    The bank observed that lower interest rates have supported demand, and the current interest rate level should suffice to ensure medium-term price stability and full capacity utilization.

    Moreover, the forthcoming fiscal easing will pull in the same direction, the bank noted.

    Policymakers said the near-term monetary policy decisions will depend on the interaction between developments in economic activity, on the one hand, and inflation and inflation expectations, on the other.

    Although the economic growth exceeded the forecast in the first half, the bank expects a 0.2 percent contraction for the whole year. For 2020, GDP was forecast to grow 1.6 percent.

    Inflation was forecast to subside faster than expected in August and align with the target towards the end of 2019. Moreover, inflation expectations continued to fall.

    In October, inflation eased to a one-year low of 2.8 percent from 3 percent in September.