HS Visio brought together the key market news of the past week.
China’s economic growth slowed towards the end of the year
China’s the economy grew the fastest in ten years last year, according to official statistics released by the country on Monday. The world’s second-largest economy grew by a total of 8.1 percent last year.
However, most of the growth came in the first half of the year.
Growth in the fourth quarter, at four percent, was the slowest in more than a year, with growth from 4.9 percent in July to September. Growth over the past three months has been slowed by, among other things, the clusters of the coronavirus virus and the recession in the real estate market.
The annual growth exceeded the forecasts of the news agency AFP by exactly 8%. However, the country’s statistical office warned that the domestic economy would be under pressure due to, among other things, declining demand and weakened expectations.
The director of Credit Suisse resigned less than a year after the wash
Swiss Chairman of the Board of Credit Suisse Antonio Horta-Osorio left its place on Monday as a result of the uproar over violating interest rates.
Horta-Osorio, who had been in Credit Suisse’s bread for less than a year, left the bank immediately and was succeeded Axel Lehmann.
Horta-Osorio, Portugal, was reportedly violating Swiss quarantine rules while traveling in December. Switzerland tightened its entry rules in late November.
Solidium’s CEO resigns
State Antti Mäkinen, CEO of the investment company Solidium, will resign as the company’s CEO at the end of May. Solidium immediately began looking for a new CEO.
Mäkinen, 60, has been in the company’s management since 2017.
At the spring Annual General Meetings, Mäkinen is still a candidate for Chairman of the Board of Stora Enso, a forestry company, and a member of the Board of Metso Outotec, a engineering group.
Digia issued a positive earnings warning
Software company Digia raised its earnings guidance from last year.
According to the company, its ebita operating margin last year is just over 11 percent. According to a previous estimate, the operating margin would have been around 10%.
According to the company, the improvement in the operating margin is due to better-than-expected December net sales. Operating expenses were also lower than expected.
A positive earnings warning caused Digia’s share to rise sharply on the Helsinki Stock Exchange on Monday.
Metso Outotec is investigating the sale of its metal unit
Engineering Group Metso Outotec said it was investigating the sale of its metal unit. Alternatives include keeping the unit or finding a partner to develop it.
The Metals business area includes smelting, metal and chemical processing, and iron and heat transfer, as well as related service business.
Metso Outotec also decided to transfer hydrometallurgy from its metal unit to its mineral unit.
The company justified the transfer on the grounds that it would enable the synergies between mineral and hydrometallurgical processing processes to be exploited more efficiently.
Tesla accepted dogecoin as a means of payment
Electric cars Tesla’s by-products can be purchased using the dogecoin cryptocurrency as a means of payment, said Tesla founder Elon Musk in a tweet.
Dogecoin was originally created in 2013 as a joke and parody of the whole cryptocurrency craze. Thanks to the popularity of Musk, among other things, the price of dogecoin has skyrocketed.
Musk has also annealed bitcoin. Last year, Tesla said it had invested in bitcoin and allowed it to buy its vehicles with bitcoin. However, the plan was pitted.
So far, dogecoin is the only cryptocurrency accepted by Tesla.
Microsoft acquires gaming company Activision Blizzard
Software giant Microsoft wants to buy gaming company Activision Blizzard for nearly $ 70 billion, or about $ 60 billion. This is the software company’s largest acquisition ever.
Microsoft is offering a per-share price that is 45 percent higher than Activision Blizzard’s share price prior to the announcement of the acquisition.
Activision Blizzard’s best-known products include: Call of Duty, World of Warcraft, Candy Crush and Overwatch. Activision Blizzard’s share price has been declining in recent months. The company has been shaken by revelations of sexual harassment.
The transaction requires the approval of the competition authorities and owners. The plan is to complete the transaction next year.
China’s Xi opened a policy of “common prosperity.”
China’s president Xi Jinping rarely stood up to defend its policy of strengthening the so-called common prosperity at the World Economic Forum’s annual summit.
According to China, the goal is to narrow the asset gap.
Under Xin’s leadership, China has tightened its grip on technology companies and increased regulation in education. Last year, for example, China demanded the ride service Didi to withdraw from the stock market in the United States and Tencent to approve all new applications and upgrades with the authorities.
Xi said in his speech that China will remain open to foreign investment as long as the capital operates in accordance with the country’s laws and regulations.
Volkswagen and Bosch form joint battery company
The Germans Volkswagen and Bosch plan to set up a joint venture to manufacture and service equipment for battery cell plants. The joint venture is due to be set up by the end of the year.
The joint venture would supply production systems and processes for the production of battery cells. In addition, it would help battery producers increase production at their factories and support them in maintaining their factories.
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