UK’s Labour government raises taxes by £40 billion in new budget plan
Nearly four months after taking office, the U.K.’s new Labour government unveiled its debut budget plan on Wednesday.
Swiss bank UBS smashes third-quarter expectations with $1.4 billion in profit
Swiss banking titan UBS on Wednesday posted a large profit beat, after completing its first wave of client migrations following its integration of collapsed domestic rival Credit Suisse.
Standard Chartered lifts income guidance again after beating third-quarter profit forecasts
The lender, which derives most of its revenue from Asia, saw pre-tax profit jump of 37% from the $1.32 billion posted a year ago.
China’s Xiaomi delivers 20,000 EVs in October, just months after launching its first car
The Chinese smartphone company also announced a high-end sports version of the car, the SU7 Ultra, would begin preorders ahead of a product release in March.
After years of slump, China’s housing market is now showing signs of life
CNBC’s Sam Vadas reports on China’s property market after Beijing’s easing measures.
China ‘does not agree or accept’ the EU’s EV tariffs, says negotiations are still ongoing
The extra tariffs will range from 7.8% for Tesla to 35.3% for SAIC Motor, and stack on top of the 10% standard import duty for cars to the EU.
Asia-Pacific markets mixed as investors assess Australia inflation data
Australia’s annual inflation for the September quarter came in at 2.8%, down from 3.8% in the previous quarter.
CNBC Daily Open: Everyone loves Reddit
Our social media habits are so ingrained they’re almost automatic and essential. Little surprise, then, that the companies behind them are flourishing.
Eyeing U.S. election, China considers over $1.4 trillion in extra debt over next few years, Reuters reports
China is thinking of issuing $1.4 trillion in extra debt in the next few years, a fiscal package further bolstered in a Trump presidency, Reuters reports.
China’s property market is expected to stabilize in 2025 — but stay subdued for years
China’s struggling real estate sector may not start turning around until the second half of next year, even with the latest stimulus measures, analysts predict.
