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By Swissquote Analysts
Morning News

AmEx Global Business Travel Going Public Through Merger with SPAC

American Express Global Business Travel is merging with a blank-check company backed by Apollo Global Management Inc. to go public with a roughly $5.3 billion valuation, the companies said. A travel-booking services provider for corporate customers, AmEx Global Business Travel is 50% owned by American Express Co. It is combining with the special-purpose acquisition company Apollo Strategic Growth Capital. The Wall Street Journal previously reported the two sides were nearing a deal.

By
Nadine PEREIRA
Morning News

Ford rises after a 5.9% increase in US sales in November

Ford's share price rose on Thursday on the New York Stock Exchange, as the carmaker announced a 5.9% increase in its sales in the United States in November, compared with the same period a year earlier. The group sold 158,793 vehicles last month, thanks in particular to a strong increase in sales of SUVs and electric vehicles. SUV sales jumped 20.8 percent to 72,795 vehicles, while electric vehicle sales soared 153.6 percent to 11,116 units, growing "three times faster than the electric market as a whole," according to Ford.

By
Nadine PEREIRA
Morning News

GM, Posco JV Will Produce Battery Materials

General Motors took another step toward vertically integrating its supply chain for electric vehicles, disclosing a plan to work with POSCO Chemical to build a North American factory to manufacture materials for battery cathodes. It's a big step for GM, the car business. The U.S. Shares of GM (ticker: GM) gained on the news, rising 0.9%. General Motors has big plans for EVs: It wants to sell only electric vehicles by 2035.

By
Peter Rosenstreich
Morning News

Changes to the UBS Group Executive Board

Sarah Youngwood will join UBS's Group Executive Board at the beginning of March and take over as Group Chief Financial Officer in May, following current CFO Kirt Gardner's decision to step down from his role. Sarah Youngwood has been Chief Financial Officer of JPMorgan Chase's Consumer & Community Banking line of business since 2016. Since 2020, her role has also included leading finance for the firm's global technology unit, as well as the diversity & inclusion team.

By
Nadine PEREIRA
Morning News

Eurozone Inflation May Be at a Peak

Consumer-price inflation in the eurozone likely hit a record high in November, but many economists think that might mark a peak for now, and therefore don't expect the European Central Bank to raise its key interest rate next year. As in the U.S., consumer prices in the eurozone have risen faster over recent months than most economists and policy makers had expected. With inflation set to remain well above the ECB's target for the first six months of 2022, a self-reinforcing round of wage rises and further price increases remains a possibility, while the ultimate severity and duration of supply-chain problems and their effect on prices is uncertain.

By
Nadine PEREIRA
Morning News

GE Increases Massive Debt Repurchase To $25B

General Electric increased its huge debt tender to $25B from $23B. By the end of this year, GE expects to have cut its gross debt by more than $80B since the end of 2018, up from the previous plan of $75B. The repurchase was already the largest in the history of the capital markets, eclipsing AB Inbev's $16B in 2019. More than $33B in debt was tendered as of Wednesday night with GE accepting $25B for purchase using cash from divesting its jet leasing business earlier this month.

By
Nadine PEREIRA
Morning News

Remy Cointreau Shares Jump

Shares in Remy Cointreau SA trade sharply higher in trade Thursday after the French drinks group posted consensus-beating first-half profit figures, and said that it anticipates higher full-year earnings than previously expected. Doubling on year to 212.9 million euros ($238.5 million), Remy’s current operating profit for the six months to Sept. 30 was above consensus, which had expected EUR157 million, according to a poll of analysts provided by FactSet. The result demonstrated impressive leverage, with the operating margin rising more than eight points to an all-time high of 33%.

By
Nadine PEREIRA
Morning News

Orange CEO to appeal against Tapie ruling

The Paris Court of Appeal sentenced Stéphane Richard on Wednesday to a one-year suspended prison sentence and a €50,000 fine for complicity in fraud and embezzlement of public funds in the "Tapie" affair. Stéphane Richard intends to appeal to the Supreme Court of Appeal, according to a statement sent by the CEO of the telecommunications operator Orange to the Agefi-Dow Jones agency. "The accusations of complicity in the misappropriation of public funds are completely unfounded and not based on any evidence. I totally reject them and will appeal to the Supreme Court," warned Stéphane Richard.

By
Nadine PEREIRA
Morning News

Apple Sues Israeli Firm NSO Over Spyware, Claiming iPhone Hacks

Apple Inc. has sued the NSO Group, an Israeli maker of surveillance software, alleging that the company misused Apple's products and services in its attempts to place software on the iPhones of certain users. The lawsuit, filed Tuesday in federal court in San Jose, Calif., alleges that NSO Group engaged in "concerted efforts in 2021 to target and attack Apple customers, Apple products and servers and Apple through dangerous malware and spyware," and seeks to bar NSO Group from using Apple's products.

By
Nadine PEREIRA
Morning News

Biden Will Tap Jerome Powell for New Term as Fed Chairman

President Biden said he will nominate Federal Reserve Chairman Jerome Powell to a second term leading the central bank, opting for continuity in U.S. economic policy despite pushback from some Democrats who wanted someone tougher on bank regulations and climate change. Mr. Biden said he will also nominate Fed governor Lael Brainard as vice chair of the central bank's board of governors. Prominent liberals like Sen. Elizabeth Warren (D., Mass.) had warned the president against picking Mr. Powell, and progressive groups mounted a last-ditch campaign to pressure the president to tap Ms. Brainard for the top job.

By
Nadine PEREIRA