2023-10-19 06:54

Facing historic inflation levels, Nestle reported a 7.8% organic sales growth over the first three quarters of 2023, slightly below the expected 8.1%. The Swiss food and beverage giant's sales for this period reached CHF68.83 billion ($76.57 billion), a minor decrease from last year's CHF69.13 billion. The company's growth was primarily driven by pricing, which accounted for 8.4%, while real internal growth was negative at 0.6%. Nestle's CEO, Mark Schneider, underscored the company's efforts towards volume and mix recovery, predicting a positive shift in the second half of the year for real internal growth. Despite missing the anticipated sales growth, Nestle maintained its full-year guidance. The company continues to forecast organic sales growth in the range of 7-8% and an underlying trading operating profit margin between 17% and 17.5%. https://www.investing.com/news/commodities-news/nestle-reports-78-organic-sales-growth-amid-inflation-pressures-93CH-3202633

2023-10-19 06:45

Copyrighted Image by: Reuters Tesla Inc. (NASDAQ: NASDAQ:TSLA) released its Q3 2023 report on Thursday, revealing static Bitcoin holdings and revenue figures that fell short of forecasts. The electric vehicle (EV) manufacturer reported a revenue of $23.4 billion, lower than what analysts had anticipated. According to InvestingPro data, the company's revenue for the last twelve months (LTM2023.Q2) was $94.03 billion, indicating a quarterly revenue growth of 47.2%. The company also disclosed an earnings per share (EPS) of 66 cents and a gross profit margin of 17.9%, both of which did not meet market estimates. This underperformance is seen alongside a noticeable decline in vehicle deliveries, which were down by 7% from the last quarter. Yet, it's important to note that Tesla holds more cash than debt on its balance sheet, and has consistently increased its earnings per share, as per InvestingPro Tips. Despite this drop in deliveries, Tesla remains committed to its goal of delivering 1.8 million vehicles within the year. This target remains unchanged even in light of the recent downturn in delivery numbers. The company's market cap, adjusted to $770.26 billion USD, and a 1-year price total return of 9.3% as reported by InvestingPro, demonstrate its financial stability. In September, ahead of releasing its earnings reports, Tesla had made strategic pricing decisions. The company reduced prices for specific EV models, as well as its Full Self-Driving (FSD) Beta software. The decision to adjust prices was part of Tesla's efforts to stimulate demand and maintain a competitive edge in the rapidly evolving EV market. This aligns with InvestingPro Tips, which highlights Tesla as a prominent player in the automobile industry. The company also engaged with shareholders through Say Technologies to address inquiries before releasing its earnings reports. This move indicates Tesla's commitment to maintaining open communication channels with its investors, ensuring transparency, and fostering trust amidst challenging market conditions. As a testament to its commitment to its shareholders, Tesla's stockholders receive high returns on book equity, according to InvestingPro Tips. For those interested in more insights like these, the InvestingPro product includes additional tips and real-time metrics about Tesla and other companies. With 21 additional tips listed for Tesla alone, the platform offers a wealth of information for investors. https://www.investing.com/news/cryptocurrency-news/teslas-q3-report-shows-static-bitcoin-holdings-revenue-below-forecast-93CH-3202632

2023-10-19 06:01

In the latest blow to Binance, Stéphanie Cabossioras, the Managing Director of its French unit, resigned, marking the fifth high-profile exit from the cryptocurrency exchange. This follows the departures of the Head of Product, Chief Strategy Officer, General Counsel, and Asia-Pacific Leader. David Prinçay, President of Binance France, expressed gratitude for her contributions during this challenging period. Binance has been grappling with escalating global regulatory challenges. In Europe, the company faced regulatory hurdles in the Netherlands, Belgium, and Germany which led to service suspensions and withdrawal of regulatory applications. The exchange also restricted new registrations in the UK in compliance with new guidelines set by the Financial Conduct Authority (FCA). The company's partnership with rebuildingsociety.com came under FCA scrutiny due to authorization problems related to crypto advertisements. French authorities have initiated an investigation into Binance over allegations of offering illicit digital-asset services and involvement in money laundering. In the US, Binance and its CEO Changpeng Zhao have been accused of mishandling customer funds and deceptive regulatory practices. Furthermore, Binance.US halted US dollar withdrawals after it was revealed that customer deposits were not insured by the Federal Deposit Insurance Corporation (FDIC). Following charges by the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), The market share of Binance.US has plunged to below 1%. https://www.investing.com/news/cryptocurrency-news/binances-french-unit-director-resigns-amidst-global-regulatory-challenges-93CH-3202620

2023-10-19 05:59

Copyrighted Image by: Reuters. China's drive towards self-sufficiency in soybeans, a crucial commodity for human and animal protein consumption, is altering global agricultural trading flows. The push for independence in food security is a response to geopolitical tensions, escalating global food prices due to the COVID-19 pandemic and Russia's invasion of Ukraine, and historical events such as Mao Zedong’s Great Leap Forward and US food blockades during WWII. The nation has achieved high self-sufficiency rates for staples like rice and wheat through protective tariffs, farmer subsidies, and large government-run grain warehouses. However, soybeans present a unique challenge due to unfavorable growing conditions and resistance to genetically modified (GM) crops. Approximately 75% of China's soybean imports are sourced from the US and Brazil. In response to the 2018 US-China trade war, China sought to diversify its soybean sources and increase local production. Despite these efforts, local supplies can't offset the shortfall from US imports due to market demand and limited arable land, according to Darin Friedrichs of Sitonia Consulting. President Xi Jinping's domestic policies promoting self-sufficiency underline China's need for independent food security. While these policies are altering global agricultural trading flows, experts contend that market forces remain dominant. The Chinese government's ability to enforce self-sufficiency targets is constrained by financial limitations and a fragmented agricultural sector. The small scale of Chinese farms also impedes the adoption of high-tech farming practices, such as GPS monitoring devices, commonly used in the US and Brazil. https://www.investing.com/news/commodities-news/china-strives-for-soybean-selfsufficiency-amid-global-tensions-93CH-3202619

2023-10-19 05:48

In a shift of investor sentiment, Ethereum is seeing a rise in its open interest (OI) in the derivatives market, even as its price continues to trend downward. This information comes from data provided by Santiment, which also indicates that Bitcoin's OI is decreasing following issues surrounding a spot Bitcoin exchange-traded fund (ETF). Historically, Ethereum has been favored by crypto investors and traders over Bitcoin. However, recent data suggests that this preference may be re-emerging. As of Thursday, Bitcoin's OI averages at $6 billion, while Ethereum's stands at $2.8 billion. The false news surrounding the approval of a Bitcoin ETF led to a decrease of $270 million in Bitcoin's OI. In contrast, Ethereum's OI saw an increase of $93 million. If past trends continue, Bitcoin may experience an increase or maintain its current trading price of $28,310. Despite Ethereum's decline in price, there are signs of potential recovery. A rise in investor sentiment could lead to a recovery towards the $1,600 target. However, this would require consistent support from its holders as the weighted sentiment has been on a downward trend since the beginning of October. Another key factor is the number of active addresses and daily on-chain transactions. Currently averaging 380,000, these figures have slightly declined from the August average of 400,000. This suggests a need for improvement to sustain investor interest in Ethereum. The recent trends in open interest might suggest increased bullishness for Ethereum if they continue and reach the five-month peak sentiment. However, this will largely depend on factors such as investor sentiment and on-chain activity. https://www.investing.com/news/cryptocurrency-news/ethereum-gains-interest-despite-price-downtrend-bitcoins-open-interest-drops-93CH-3202608

2023-10-19 05:37

In the latest development of an ongoing Securities and Exchange Commission (SEC) lawsuit, Binance.US, also known as BAM Trading Services, has requested a court order to file sealed documents. The firm, backed by BAM Management US Holdings and its CEO Changpeng “CZ” Zhao, made the request. The documents in question contain sensitive data including the company's financial record and account keys. Binance.US, alongside Binance and CEO Zhao, deems the SEC's escalated requests for document discovery and depositions following the September 18 hearing as excessive and is pushing for case dismissal. Lawyers Matthew Beville and William McLucas are handling the filing process. On October 13, a joint status report from the plaintiff and defendants was deemed dissatisfactory by Magistrate Judge Faruqui. As a result, he urged both parties to collaborate on document discovery and depositions. The parties are due to provide an updated joint status report by October 30. The SEC has criticized BAM for only producing about 382 documents under their consent order. The regulator's ongoing lawsuit against the cryptocurrency exchange continues to unfold with this latest move by Binance.US to protect its sensitive data. https://www.investing.com/news/cryptocurrency-news/binanceus-seeks-to-seal-sensitive-documents-amid-sec-lawsuit-93CH-3202606