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By Swissquote Analysts
Morning News

Tesla’s Long-Awaited Cybertruck to Start at Roughly $61,000

The wait is finally over for Tesla’s much anticipated Cybertruck. At its Austin, Texas-area factory on Thursday, the electric-vehicle maker handed over the first pickups to customers, marking the official start of sales for this unique model that was unveiled in 2019. Tesla also revealed updated pricing for the truck, with the entry-level model to start at roughly $61,000 - about $21,000 more than it had previously specified in 2019. It will also sell two other, higher-end versions with the most expensive - the Cyberbeast - starting at nearly $100,000.

By
Peter Rosenstreich
Morning News

U.S. Economic Growth Slowed This Fall, Fed's Beige Book Finds

U.S. economic growth slowed this fall, with business activity advancing tepidly or declining throughout the country, according to the Federal Reserve's Beige Book, a regular survey of businesses. Consumer activity was mixed, with most of the cooling coming from declines in purchases of durable goods and increased price sensitivity.

By
Peter Rosenstreich
Morning News

Michelin to Restructure German Operations Amid Growing Competition

Compagnie Generale des Etablissements Michelin said it would cease production at three sites in Germany and transfer its local customer contact center to Poland, citing growing competition for budget truck tires. The French tire maker said it would book a provision of roughly 425 million euros ($465.5 million) this year from its decision, which it said would affect 1,532 employees. Michelin will gradually cease production at its Karlsruhe and Trier sites and the new tire and semi-finished products manufacturing in Homburg.

By
Peter Rosenstreich
Morning News

Julius Baer To Review Private Debt Business

Julius Baer said, together with the Board of Directors, it will review the company's private debt business and the framework in which it is conducted. Julius Baer also stated that is very well capitalised and has been consistently profitable under all circumstances. Also, the company reconfirmed its capital distribution policy, under which it targets a dividend payout ratio of approximately 50% of adjusted net profit attributable to shareholders, with the dividend per share at least equal to the previous year's dividend per share.

By
Jean MOLIN
Morning News

U.S. Retail Sales Rise on Black Friday

Retail sales in the U.S. rose 2.5 percent year-over-year on Black Friday. The main contributors were an increase in jewelry and apparel purchases, as well as spending at sporting events and restaurants. This is shown by data from Mastercard Spendingpulse, an economic barometer that measures sales in stores and online. Spending increased both in online retail and in stores.

By
Nadine PEREIRA
Morning News

Volkswagen raises pay for employees at its US plant in Chattanooga

The German group Volkswagen has granted wage increases to its employees at a plant in the United States, a few days after the United Auto Workers (UAW) union ratified new agreements for employees of other car manufacturers. Volkswagen announced that employees at its assembly plant in Chattanooga, Tennessee, would receive an 11% pay rise in December.

By
Mathieu VILLARD
Morning News

OpenAI Says Sam Altman to Return as CEO

OpenAI said Sam Altman will return as chief executive of the artificial-intelligence startup that he co-founded, ending a dramatic five-day standoff between him and the board that fired him. OpenAI said the parties were “collaborating to figure out the details.” The company announced the formation of a new initial board that won’t include three of the four board members involved in removing Altman.

By
Mathieu VILLARD
Morning News

Nvidia’s Sales Surge, With No End in Sight for AI Boom

Nvidia reported another quarter of record sales and gave a strong revenue outlook, pointing to red-hot demand for chips that underpin the artificial-intelligence boom. Huge investments in AI by tech giants from Microsoft to Amazon.com and by other large corporations have helped propel Nvidia’s sales to unprecedented levels in recent quarters. In its latest period, its fiscal third quarter, sales more than tripled to $18.1 billion, well above Wall Street forecasts in a survey of analysts by FactSet. Profits also surged, rising to $9.2 billion compared with $680 million a year earlier and above estimates.

By
Peter Rosenstreich
Morning News

Julius Bar 10-month AUM Climbs, Expects Annual Net Profit to Decline

Julius Baer reported a rise in assets under management or AUM for the first-10 months of 2023. However, the company projects a decline in net earnings for the full-year 2023. 'Following a rise in credit provisions in November and a year-to-date increase in the effective tax rate, the Group currently does not expect the full year 2023 net profit level to reach the one achieved in 2022, which was the second best in the Group's history,' Julius Bar said in a statement. For the full-year 2022, the company had reported a net profit of CHF 949.1 million.

By
Peter Rosenstreich
Morning News

Sam Altman Not Returning as CEO of OpenAI

Sam Altman’s bid to return to OpenAI after being ousted Friday faltered late Sunday, as the board that fired him opted not to agree to proposed terms of his reinstatement. Emmett Shear, former CEO of Twitch, was named interim CEO, according to people with knowledge of the matter.

By
Jean MOLIN