BUSINESS

The electric car company reported fourth-quarter profits of $2.3 billion, down 71 percent from the year-ago quarter, where profits were boosted by a one-time tax benefit.

The bullish projection about the company's AI future sent shares in the company spiking by as much as five percent in after hours trading, though this later steadied to two percent.

The bank's fourth consecutive increase of the benchmark Selic rate comes amid already high investor concerns over Brazil's ballooning public debt, which is getting ever more costly to service.

According to people familiar with the agreement, the Journal said, $22 million of the payment will go towards funding Trump's future presidential library, with the remainder covering legal fees and payments to other plaintiffs in the case.

The ECB announcement will follow the Federal Reserve's decision to keep US borrowing costs on hold Wednesday as inflation, despite coming down, remains elevated in the United States.

The central bank hiked borrowing costs aggressively from mid-2022 to tame runaway energy and food costs, but is now bringing them back down as price rises slow and the eurozone economy looks weak.

The European Union is under pressure to help a sector that employs 13 million people and accounts for about seven percent of the bloc's GDP, as it seeks to revamp the continent's lagging competitiveness.

Factories producing mainly foreign-owned brands, including from Japanese giant Nissan and Indian-owned Jaguar Land Rover, turned out a total 905,233 vehicles, down 11.8 percent on 2023, said the Society of Motor Manufacturers and Traders.

Oil prices came under pressure from weakness in the Chinese economy while the cost of gas has fallen heavily since soaring after the invasion of Ukraine by energy producer Russia.

The chain, which has hit a rough patch of sagging sales, installed Brian Niccol as CEO last year, recruiting him from Chipotle after the short-lived tenure of Laxman Narasimhan.

While Musk hasn't publicly expressed interest in acquiring TikTok, his $44 billion acquisition of Twitter (now X) in 2022 demonstrates his appetite for social media investments.

Totoki, 60, joined in 1987 and is currently Sony's chief operating officer, finance chief and president. From April 1, he will succeed Kenichiro Yoshida, who will remain chairman, Sony said in a statement.

Markets were closely scrutinising ASML's annual results after a rollercoaster few days for the tech sector sparked by the emergence of Chinese AI start-up DeepSeek.

The self-ruled island is a global power in the manufacturing of chips, which are used in products from Apple's iPhones to Nvidia's artificial intelligence hardware and are a key driver of its economy.

Spain has been consistently outstripping a mostly sluggish eurozone and the data published by the National Statistics Institute confirmed its standout performance with 0.8 percent growth in the final three months of 2024.

Analysts expect the Fed to do nothing this week as it waits to see which policies the new Trump administration approves and how they might affect the US economy.

While the company's profits were pressured by vehicle price cuts introduced amid intensifying electric vehicle (EV) competition, Musk's monumental bet on Trump's candidacy proved successful.

The carmakers -- which both manufacture EVs in China -- followed challenges filed with the Court of Justice of the European Union (CJEU) by Chinese automakers BYD, Geely and SAIC against the extra tariffs of up to 35 percent.

Tokyo-listed companies linked to the artificial intelligence sector tanked for a second straight day as investors tracked a rout on Wall Street that saw Nvidia crumble 17 percent, wiping more than half-a-trillion dollars off its market capitalization.

Indebted Chinese property giant Vanke said Monday that its CEO had resigned due to "health reasons", after state-backed media reported he had been taken away by authorities.

The European Central Bank is expected to cut its benchmark deposit rate by a further quarter point to 2.75 percent on Thursday, its fourth reduction in a row.

Traders were also assessing the impact of a new, cheaper Chinese generative AI program amid claims it can outperform big-name rivals and worries that a recent surge in the sector may be called into question.

Just days after beginning his second term in the White House last week, Trump said he would impose a 10 percent levy on all Chinese products from February 1, while leaving the door open for negotiations.

Automotive CEOs and European officials are expected to discuss the sector's troubles on Thursday in the first meeting held under a new initiative chaired by EU chief Ursula von der Leyen.

The well-flagged 25-basis-point rise to 0.5 percent comes as data indicates the Japanese economy is developing in line with BoJ expectations and follows another bumper inflation reading.

The European country's fourth-biggest bank announced on Wednesday it would return to the wealthy northeastern region because "the circumstances that motivated its move over seven years ago no longer exist".

The surprise move comes amid a flurry of recent activity within Italy's banks including potential mergers and acquisitions.

Widely viewed as one of the "godfathers" of AI, he also judged as "a little unrealistic" a $500 billion AI bazooka announced by US President Donald Trump this week.

British fashion house Burberry announced Friday a further decline in sales, hit by weak demand in China, but the troubled group is showing signs of recovery under new leadership.