Money
Tesla profits rise to a new record
Tesla’s profit has more than quadrupled this quarter to a new high of 1.6 billion dollars, amid chip shortages and supply chain troubles
Unlike other car makers, Tesla’s sales rose during the third quarter.
This has set a new company record, despite chip shortages and supply chain challenges weighing on the entire industry.
The record results were driven by improved gross margins on its automotive business.
This is the second time in Tesla’s history that revenue earnings have surpassed $1 billion.
Just In the year-ago quarter, net income was at $331 million.
Tesla also generated $806 million from its energy business, including its solar and energy storage products for homes and utilities.
Gross margins were improved by 30.5 per cent on its automotive business and 26.6 per cent overall, both of which are records for at least the last five quarters.
Reported under “restructuring and other” expenses, Tesla also reported a $51 million impairment related to its investment in bitcoin.
Money
France receives lowest credit rating due to crisis
France’s credit rating downgraded to record low amid political and fiscal crisis, raising concerns over debt and stability
France’s credit rating downgraded to record low amid political and fiscal crisis, raising concerns over debt and stability
– Fitch Ratings downgraded France’s credit rating to A+, citing political instability and fiscal challenges.
– New Prime Minister Lecornu must secure budget approval amidst rising deficit and potential no-confidence vote.
Fitch highlighted political instability as a key factor undermining fiscal reforms, with France’s debt now at €3.3 trillion, or 113.9% of GDP.
The budget deficit increased to 5.8% of GDP and is expected to rise, posing challenges ahead.
Political Instability
The new prime minister faces a divided parliament and must secure budget approval by October 7.
The far-left plans a no-confidence vote against Lecornu, complicating further cooperation on legislative reforms, with S&P Global hinting at a potential downgrade.
Money
ANZ job cuts spark banking clash
ANZ plans to cut 3,500 jobs, sparking debate on the future of Australia’s banking sector and employment dynamics.
ANZ plans to cut 3,500 jobs, sparking debate on the future of Australia’s banking sector and employment dynamics.
ANZ has announced plans to cut 3,500 staff and 1,000 contractors over the next year, triggering a fierce debate between business leaders, unions, and government about the future of Australia’s banking sector.
The decision raises wider questions about the resilience of the business community and the role of politics, productivity, and technology in shaping employment.
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