Latest news with #6.8
Economic Times
2 days ago
- Automotive
- Economic Times
European auto shares rally after US-Japan trade deal
Shares in major European carmakers rose on Wednesday, tracking a steep rally in some of their Asian rivals, after Tokyo struck a trade deal with the United States, fuelling optimism for a similar agreement with Europe. ADVERTISEMENT Shares in Japanese and South Korean automakers surged overnight on news the deal would cut the U.S. tariff on Japanese vehicle imports to 15%, from a proposed 25%. Volvo Car jumped around 7% to its highest since mid-May. Germany's Porsche, BMW, Mercedes Benz, Volkswagen all rose between 3.8% and 6.8%. Shares in Stellantis and Renault were up around 3%. The European auto stocks index rose 3.4% by 0706 GMT, the most among other sectoral indices, compared with a 0.9% rise in the regional STOXX 600 index. The European Commission is seeking to reach a trade deal outline with the United States ahead of the August 1 deadline set by U.S. President Donald Trump for broad tariff increases. As part of these efforts, Brussels is discussing ADVERTISEMENT with U.S. counterparts a range of measures aimed at protecting the European Union auto industry, including tariff cuts, import quotas and credits against the value of EU automakers' U.S. exports, industry sources and trade officials say. Citi analysts said it was notable the tariffs for a major auto exporting country were reduced without a cap on shipments, which could have implications for negotiations with the EU and South Korea. ADVERTISEMENT Europe shipped nearly 758,000 cars worth 38.9 billion euros ($45.57 billion) to the U.S. in 2024, more than four times as many as in the other direction, according to data from European auto association ACEA. However, a group representing U.S. automakers that includes Chrysler-parent Stellantis signalled their unhappiness with the deal, raising concerns about a trade regime that cuts tariffs on auto imports from Japan, while leaving tariffs on imports from their plants and suppliers in Canada and Mexico at 25%. ADVERTISEMENT (You can now subscribe to our ETMarkets WhatsApp channel)
Yahoo
17-07-2025
- Business
- Yahoo
Why Is Monarch (MCRI) Stock Rocketing Higher Today
What Happened? Shares of luxury casino and resort operator Monarch (NASDAQ:MCRI) jumped 22% in the afternoon session after the company reported record financial results for the second quarter of 2025, significantly beating analyst expectations. The casino operator announced record net revenue of $136.9 million, a 6.8% increase year-over-year, and a 19.1% jump in net income to $27 million. Diluted earnings per share (EPS) came in at $1.44, handily beating the consensus estimate of $1.22. The strong performance was driven by a 12.1% surge in casino revenue. The company's Adjusted EBITDA, a key measure of profitability that excludes interest, taxes, depreciation, and amortization, rose 16.8% to a record $51.3 million. CEO John Farahi credited the results to operational efficiencies and market share gains at its properties in Reno, Nevada, and Black Hawk, Colorado. Following the strong report, Wall Street analysts reacted positively. Wells Fargo upgraded the stock from "Underweight" to "Equal Weight" and raised its price target to $89, citing consistent performance and a strong free cash flow profile. Stifel also increased its price target from $81 to $92. Is now the time to buy Monarch? Access our full analysis report here, it's free. What Is The Market Telling Us Monarch's shares are not very volatile and have only had 5 moves greater than 5% over the last year. Moves this big are rare for Monarch and indicate this news significantly impacted the market's perception of the business. Monarch is up 35.7% since the beginning of the year, and at $105.47 per share, has set a new 52-week high. Investors who bought $1,000 worth of Monarch's shares 5 years ago would now be looking at an investment worth $3,001. Unless you've been living under a rock, it should be obvious by now that generative AI is going to have a huge impact on how large corporations do business. While Nvidia and AMD are trading close to all-time highs, we prefer a lesser-known (but still profitable) semiconductor stock benefiting from the rise of AI. Click here to access our free report on our favorite semiconductor growth story.
Yahoo
17-07-2025
- Business
- Yahoo
Cocoa Prices Plunge as Global Cocoa Demand Wanes
September ICE NY cocoa (CCU25) today is down -330 (-4.32%), and September ICE London cocoa #7 (CAU25) is down -258 (-5.10%). Cocoa prices today are falling sharply, with NY cocoa sliding to an 8-month nearest-futures low and London cocoa slumping to a 17-month nearest-futures low. Weakness in global cocoa demand is hammering prices. The European Cocoa Association reported today that Q2 European cocoa grindings fell by -7.2% y/y to 331,762 MT, a bigger decline than expectations of -5% y/y. Also, the Cocoa Association of Asia reported that Q2 Asian cocoa grindings fell -16.3% y/y to 176,644 MT, the smallest amount for a Q2 in 8 years. More News from Barchart Arabica Coffee Resumes Climb on Dry Brazil Weather Bears Have the Advantage as Arabica Coffee Falls. Here Are the Levels to Watch Before You Sell. Cocoa Prices Fall on Expectations for Weak Q2 Demand Figures Tired of missing midday reversals? The FREE Barchart Brief newsletter keeps you in the know. Sign up now! Cocoa prices have also seen weakness on reports of favorable weather conditions in cocoa-growing areas in the Ivory Coast and Ghana, although the weather is less favorable in Nigeria and Cameroon. Monday's government data showed that Ivory Coast farmers shipped 1.73 MMT of cocoa to ports this marketing year from October 1 to July 13, up +6.8% from last year but down from the much larger +35% increase seen in December. In a bearish factor, ICE-monitored cocoa inventories held in US ports climbed to a 10-month high of 2,363,861 bags on June 18 and were modestly below that high at 2,344,637 bags as of Wednesday. Demand concerns are weighing on cocoa prices after chocolate maker Barry Callebaut AG reduced its sales volume guidance last Thursday for a second time in three months, citing persistently high cocoa prices. The company projects a decline in full-year sales volume and said there was a -9.5% drop in its March-May sales volume, the largest quarterly drop in a decade. Higher cocoa production by Ghana is bearish for cocoa prices. On July 1, the Ghana Cocoa Board projected the 2025/26 Ghana cocoa crop would increase by +8.3% y/y to 650,000 from 600,000 MT in 2024/25. Ghana is the world's second-largest cocoa producer. Cocoa prices have support from quality concerns regarding the Ivory Coast's mid-crop cocoa, which is currently being harvested through September. Cocoa processors are complaining about the quality of the crop and have rejected truckloads of Ivory Coast cocoa beans. Processors reported that about 5% to 6% of the mid-crop cocoa in each truckload is of poor quality, compared with 1% during the main crop. According to Rabobank, the poor quality of the Ivory Coast's mid-crop is partly attributed to late-arriving rain in the region, which limited crop growth. The mid-crop is the smaller of the two annual cocoa harvests, which typically starts in April. The average estimate for this year's Ivory Coast mid-crop is 400,000 MT, down -9% from last year's 440,000 MT. On May 30, the International Cocoa Organization (ICCO) revised its 2023/24 global cocoa deficit to -494,000 MT from a February estimate of -441,000 MT, the largest deficit in over 60 years. ICCO said 2023/24 cocoa production fell by 13.1% y/y to 4.380 MMT. ICCO said the 2023/24 global cocoa stocks/grindings ratio fell to a 46-year low of 27.0%. Looking ahead to 2024/25, ICCO on February 28 forecasted a global cocoa surplus of 142,000 MT for 2024/25, the first surplus in four years. ICCO also projected that 2024/25 global cocoa production will rise +7.8% y/y to 4.84 MMT. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Rhyl Journal
09-07-2025
- Automotive
- Rhyl Journal
Private firms issue record 14.4 million parking tickets in a year
Motoring groups said the analysis of official data by the PA news agency demonstrates the 'urgent' need for the Government to reintroduce a code of practice for the sector. The daily rate that tickets were issued by private companies in the year to the end of March was 39,374. The total over the period was up 13% compared with the 12.8 million during the previous year, and more than double the 6.8 million in 2018/2019. Parking industry bodies have insisted the rising number of tickets issued is simply a result of the increase in the amount of car parks being privately managed, but motoring organisations dispute this claim. Each ticket can be up to £100, meaning the total daily cost to drivers may be near £3.9 million at the current rate. Private parking businesses have been accused of using misleading and confusing signs, aggressive debt collection and unreasonable fees. It emerged in April that many drivers are being sent tickets they claim are unfair because of how some payment machines operate, with one campaigner claiming the devices are 'set up to trap people'. Some machines which require users to input their vehicle registration accept payment after only one letter being entered. This has led to multiple cases of drivers paying the required parking fee but still being sent a parking charge notice when their vehicle was detected by automatic number platerecognition (ANPR) cameras. A Bill to enable the introduction of a legislation-backed code of conduct received royal assent in March 2019. This code – scheduled to come into force across Britain by the end of 2023 – included halving the cap on tickets for most parking offences to £50, creating a fairer appeals system, and banning the use of aggressive language on tickets. But it was withdrawn by the Conservative government in June 2022 after a legal challenge by parking companies. Steve Gooding, director of motoring research charity the RAC Foundation, said: 'Business is clearly booming for private parking firms. 'Frankly it is now more urgent than ever that this Government puts years and years of false starts behind it and gets on with implementing both a code of practice and an independent appeals service. 'Only then are we likely to see the number of tickets starting to fall, which must be the success measure we'd all like to see.' Simon Williams, head of policy at automotive services company the RAC, said: 'Too many unfair tickets are still being handed out by operators who haven't been forced to adhere to stricter rules, and too many drivers are still being hounded by debt collection companies. 'We don't believe the parking industry's argument that PCNs are only at record levels purely because they're managing more car parks. 'We urge the Government to ensure the official code is launched this year with all the protection it was intended to have so that we don't see these figures go even higher.' Industry bodies the British Parking Association (BPA) and the International Parking Community published their own code of practice in June 2024. It included requirements for consistent signage, a single set of rules for operators on private land and an 'appeals charter'. Motoring groups criticised it for not including features such as a cap on charges or the removal of debt recovery fees. PA's analysis of parking tickets was based on the number of records obtained from the Driver and Vehicle Licensing Agency (DVLA) by companies chasing vehicle owners for alleged infringements in private car parks, such as at shopping centres, leisure facilities and motorway service areas. Council-run car parks are not included. Some 184 parking management businesses requested vehicle owner records in 2024/25. ParkingEye was the most active, buying 2.3 million records. The DVLA, which charges companies £2.50 per record, says the fee is set to recover the cost of providing the information, and it does not make money from the process. The BPA and the Ministry of Housing, Communities and Local Government were approached for a comment.
South Wales Guardian
09-07-2025
- Automotive
- South Wales Guardian
Private firms issue record 14.4 million parking tickets in a year
Motoring groups said the analysis of official data by the PA news agency demonstrates the 'urgent' need for the Government to reintroduce a code of practice for the sector. The daily rate that tickets were issued by private companies in the year to the end of March was 39,374. The total over the period was up 13% compared with the 12.8 million during the previous year, and more than double the 6.8 million in 2018/2019. Parking industry bodies have insisted the rising number of tickets issued is simply a result of the increase in the amount of car parks being privately managed, but motoring organisations dispute this claim. Each ticket can be up to £100, meaning the total daily cost to drivers may be near £3.9 million at the current rate. Private parking businesses have been accused of using misleading and confusing signs, aggressive debt collection and unreasonable fees. It emerged in April that many drivers are being sent tickets they claim are unfair because of how some payment machines operate, with one campaigner claiming the devices are 'set up to trap people'. Some machines which require users to input their vehicle registration accept payment after only one letter being entered. This has led to multiple cases of drivers paying the required parking fee but still being sent a parking charge notice when their vehicle was detected by automatic number platerecognition (ANPR) cameras. A Bill to enable the introduction of a legislation-backed code of conduct received royal assent in March 2019. This code – scheduled to come into force across Britain by the end of 2023 – included halving the cap on tickets for most parking offences to £50, creating a fairer appeals system, and banning the use of aggressive language on tickets. But it was withdrawn by the Conservative government in June 2022 after a legal challenge by parking companies. Steve Gooding, director of motoring research charity the RAC Foundation, said: 'Business is clearly booming for private parking firms. 'Frankly it is now more urgent than ever that this Government puts years and years of false starts behind it and gets on with implementing both a code of practice and an independent appeals service. 'Only then are we likely to see the number of tickets starting to fall, which must be the success measure we'd all like to see.' Simon Williams, head of policy at automotive services company the RAC, said: 'Too many unfair tickets are still being handed out by operators who haven't been forced to adhere to stricter rules, and too many drivers are still being hounded by debt collection companies. 'We don't believe the parking industry's argument that PCNs are only at record levels purely because they're managing more car parks. 'We urge the Government to ensure the official code is launched this year with all the protection it was intended to have so that we don't see these figures go even higher.' Industry bodies the British Parking Association (BPA) and the International Parking Community published their own code of practice in June 2024. It included requirements for consistent signage, a single set of rules for operators on private land and an 'appeals charter'. Motoring groups criticised it for not including features such as a cap on charges or the removal of debt recovery fees. PA's analysis of parking tickets was based on the number of records obtained from the Driver and Vehicle Licensing Agency (DVLA) by companies chasing vehicle owners for alleged infringements in private car parks, such as at shopping centres, leisure facilities and motorway service areas. Council-run car parks are not included. Some 184 parking management businesses requested vehicle owner records in 2024/25. ParkingEye was the most active, buying 2.3 million records. The DVLA, which charges companies £2.50 per record, says the fee is set to recover the cost of providing the information, and it does not make money from the process. The BPA and the Ministry of Housing, Communities and Local Government were approached for a comment.
