Economy
Ferrari shifts up targets after 'record quarter'
Italian luxury carmaker Ferrari raised its financial targets for the year Thursday to eye sales of 5.9 billion euros ($6.3 billion) after another "record quarter". Ferrari is forecasting sales of 5.9 billion euros in 2023, up from a previous estimate of 5.8 billion euros.
Economic ties 'underpin' US approach to Asia-Pacific: Yellen
Treasury Secretary Janet Yellen was set Thursday to lay out the case for deeper economic ties with the Asia-Pacific region, ahead of an expected summit between the US and Chinese presidents.
BoE freezes rate, rules out cuts any time soon
The Bank of England on Thursday held its key interest rate at 5.25 percent, a day after the Federal Reserve also froze borrowing costs as global inflation retreats. On Wednesday, the Federal Reserve left US interest rates at a 22-year high for a second straight meeting as it moved to slow stubbornly-high inflation without damaging a robust US economy.
Anti-obesity drugs fatten Novo Nordisk profits
Danish drugmaker Novo Nordisk reported Thursday a sharp rise in third quarter sales and profits driven by the success of its anti-diabetes and anti-obesity treatments Ozempic and Wegovy. In its quarterly report, Novo Nordisk maintained its annual outlook of an increase in annual operating profit of between 40 and 46 percent on a rise in sales of between 32 and 38 percent. cbw/jll/rl
Energy giant Shell announces rise in profits
British energy giant Shell on Thursday said net profit rose 4.5 percent to $7 billion in the third quarter from a year earlier, as it benefits from high oil prices. Over the first nine months of 2023 Shell's profit was however down sharply, reflecting lower oil prices year-on-year.
Japan PM unveils $113 bn stimulus as poll numbers slump
Japanese Prime Minister Fumio Kishida announced a stimulus package worth more than $100 billion on Thursday as he tries to ease the squeeze from inflation and rescue his premiership with his poll ratings at a record low. Poll ratings for Kishida are at their lowest levels since he took office two years ago, in part because of voter unease over inflation.
Solar mini-grids offer clean-power hope to rural Africa
Working as a nurse in her rural Nigerian village, Andat Datau faced more than her share of challenges. Off-grid for years, her Sabon Gida village relied on diesel generators or lamps and, like millions of other Africans, Datau often got no light at all.
Stocks rally and dollar drop on hopes Fed rates have peaked
Stocks and oil prices rose while the dollar weakened Thursday as a much-needed burst of confidence flows across world markets after the Federal Reserve hinted it has come to the end of its long-running interest rate hiking cycle.
Bank of England set to hold interest rate
The Bank of England was expected Thursday to keep its interest rate on hold for a second successive meeting, as Britain battles stubbornly high inflation and weak economic growth. Analysts widely expect the economic backdrop to trigger another BoE rate pause Thursday.
Economy
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