Save from as low as €40 per month Change modify pause
U.S. stocks jumped to records with the Dow Jones Industrial Average crossing 26,000 and S&P 500 Index surpassing 2,800 for the first time before falling back as large companies such as Citigroup Inc., General Motors Co. and UnitedHealth Group Inc. offered earnings encouragement. Investors weighed political developments against quarterly earnings reports and economic data—both presently underpinning Wall Street’s optimism.
European markets also gained ground, with a slide in the euro giving a lift to exporters’ shares. Gains for auto makers and German fashion house Hugo Boss AG also helped drive the Stoxx Europe 600 index higher. UK stocks however ended lower, pulled down in part by a fall in shares of BP PLC after the energy heavyweight said it will take a $1.7 billion charge related to the Deepwater Horizon disaster.
Ferrari to produce electric car
Italian exotic car-market, Ferrari NV, will make a battery-powered supercar to challenge Tesla Inc. at the high end of the electric-auto market, Chief Executive Officer Sergio Marchionne said. Marchionne, who heads both companies, also told reporters at the Detroit auto show on Tuesday that Ferrari will introduce its first SUV, which will be "the fastest on the market" by late 2019 or 2020. “If there is an electric supercar to be built, then Ferrari will be the first,” Marchionne said
A battery-powered Ferrari would give Marchionne a chance to steal sales and attention from Elon Musk, whose Tesla Roadster and Model S defined the luxury electric-car market years ahead of rivals. Marchionne’s strategy plan will be his final one at the helm of the iconic Italian brand. Ferrari is targeting annual sales exceeding a self-imposed 10,000-car limit that until now has enabled it to operate under less-stringent fuel-economy rules.
Government investigates Carillion
The British government has ordered a fast-track investigation into directors at Carillion as the UK's second biggest construction firm went into liquidation on Monday, after running up losses on contracts and struggling with heavy debts. The conduct of directors in charge at the time of the company's failure and previous directors will be examined. Carillion was hit by cost overruns on big projects, problems with contracts in the Middle East and a large deficit in the company pension scheme.
The government has said that staff and contractors working on public sector service contracts will continue to be paid. But there is concern that big projects, including the construction of hospitals and roads, will be delayed while the details are worked out. There are also big worries for an estimated 30,000 smaller firms which have been working on Carillion projects in the private sector.
You are signing up to receive news, updates, general market announcement, articles and product or service marketing. By signing up you are consenting to our privacy policy and can unsubscribe at any time.