Exceptionally, today’s press review will be in the form of an article and not a video. On the program today: ASML, Abcam, Schroders, Associated British Foods, Frasers, Tesla, Robinhood, United Airlines, Blackstone, Ford Motor, Microsoft, Comac and Fujifilm Business Innovation!
In Europe,
ASML is taking advantage of the surge in demand for electronic chips and is taking a record number of orders for manufacturing equipment, amid global shortages. (FinancialTimes)
Abcam, a pioneering Cambridge biotech, is dropping its London listing in favor of New York, despite efforts by the British government to make the country a life sciences superpower. (FinancialTimes)
Schroders, the FTSE 100 asset manager which oversees £731.6 billion on behalf of its clients, said it had invested in Zurich-based Forteus, which specializes in blockchain technology and digital investments. (FinancialTimes)
One of Marks and Spencer’s most important figures, its chief financial officer Eoin Tonge, will leave the retailer later this year to join Associated British Foods. This departure takes place a few weeks after the retirement of the previous managing director. (FinancialTimes)
Frasers, owner of the Sports Direct, House of Fraser and Flannels brands, said it expects full-year profit to rise 45% next year after its 2022 results beat expectations. (FinancialTimes)
In the USA,
Tesla posted adjusted earnings per share up 57% in the last quarter, despite production problems and shutdowns in China. Turnover increased by 42%, to 16.9 billion dollars, but was below market expectations. (FinancialTimes)
Robinhood is behind the explosion in Berkshire Hathaway’s trading volume, which has confused investors. A trio of academics claim to have solved the mystery of the stock market. (Wall Street Journal)
United Airlines on Wednesday reported its first quarterly profit without government assistance since the pandemic began and expects further revenue growth for the current quarter, despite growing concerns about inflation and the economic slowdown. (Wall Street Journal)
Blackstone is finalizing the raising of a new real estate fund that would set a record as the largest such investment vehicle, defying market volatility and a crowded fundraising landscape. (Wall Street Journal)
Ford Motor plans to cut several thousand “white collar workers” to cut costs and position itself for a long-term transition to electric vehicles. (Wall Street Journal)
Microsoft announces deeper interoperability of its cloud with Oracle, making it easier for customers to run projects on both platforms. (Wall Street Journal)
In Asia,
Chinese society Comac depends on the “captive domestic market” for its sales. The new C919 aircraft is less fuel efficient than Boeing and Airbus jets and may struggle to attract international buyers. (FinancialTimes)
Fujifilm Business Innovation, formerly known as Fuji Xerox, has agreed to sell its Shanghai-based unit to Chinese office equipment maker EVA Precision Industrial (Weihai) for 62 million yuan ($9.19 million). (Asia Nikkei)