Nicolai Tangen, CEO of Norges Bank Investment Management, during a news conference in Oslo, Norway, on Jan. 29, 2025.
Naina Helén Jåma | Bloomberg | Getty Images
Norway’s sovereign wealth fund — the largest of its kind in the world — posted full-year profit of 2.5 trillion kroner ($222.4 billion) on Wednesday, fueled by a tech rally.
The fund’s 2024 profit surpassed the record set a year earlier, when it achieved full-year profit of 2.22 trillion kroner.
The Government Pension Global Fund was valued at 19.7 trillion kroner at the end of 2024, Norges Bank Investment Management (NBIM) said in an earnings report. The fund’s return on investment came in at 13% for the year, 45 basis points lower than the return on its benchmark index.
“The fund achieved very good returns in 2024, as a result of a very strong stock market. The American technology stocks in particular performed very well”, Norges Bank Investment Management CEO Nicolai Tangen said in a statement.
Speaking at a press conference on Wednesday, NBIM Deputy CEO Trond Grande described a “very, very strong year for equities” as the biggest driver of the fund’s return in 2024.
More specifically, he noted returns had been driven by certain sectors, particularly as a result of a boom in tech stocks.
“Tech [has been] really strong, driven by AI, and also financials due to interest rates being higher for longer,” he said.
NBIM manages the fund on behalf of the Norwegian population. Set up in the 1990s to invest excess revenues from Norway’s oil and gas industry, the fund is currently an investor in more than 8,000 companies across 63 countries.
The fund is a shareholder in global companies including tech giants Apple, Microsoft, Nvidia and Amazon, with 70% of its benchmark index comprised of equities.
The sovereign wealth fund also invests in fixed income, including government and corporate bonds, as well as in real estate and renewable energy infrastructure.
DeepSeek impact
U.S. tech stocks have been volatile this week, after Chinese AI lab DeepSeek released a free, open-source large language model that it said was quicker and cheaper to produce than those of its major rivals.
Tangen touched on the emergence of DeepSeek during the Wednesday press conference.
“The fact that there are now cheaper language models available is positive, it’s positive for the democratization of artificial intelligence,” he said. “So you should get more penetration of that technology around the world when the cost is lower, so that’s a general positive.”
Tangen admitted that he did not know whether the recent tech sell-off was a blip or would become a long-term trend.
“We have had a small underweight in the large technology companies, it’s not very large, but we have not made any major changes following Monday,” he said.
“I think [the DeepSeek development] came as a surprise to the whole world or you would not have seen those market reactions,” he said, noting that people he had spoken to had believed China was around two years behind the U.S. on AI developments.
The world’s largest sovereign wealth fund, Norway’s Government Pension Fund Global, has reported a staggering $222 billion profit for the year. This massive profit comes as a result of strong returns on the fund’s investments in global markets.
The fund, which was established in 1990 to invest Norway’s oil revenues for future generations, now boasts assets worth over $1.3 trillion. This latest profit is a testament to the fund’s successful investment strategy and solid management.
The fund’s CEO, Yngve Slyngstad, credited the strong performance to a diversified portfolio and a long-term investment horizon. He also highlighted the fund’s commitment to responsible and sustainable investing, which has helped it weather market volatility and uncertainty.
The Government Pension Fund Global’s impressive profit is good news for Norway and its citizens, as it ensures that future generations will benefit from the country’s oil wealth. It also serves as a reminder of the importance of prudent financial management and strategic investing in securing a prosperous future.
The creative midfielder and support striker was a product of the Milan youth academy, where he became the third generation of his family to represent the club after father Paolo and grandfather Cesare.
The 23-year-old has two senior caps for Italy, both earned in October 2024.
Maldini career takes him to Atalanta
Monza’s midfielder Daniel Maldini during the Serie A soccer match Empoli FC vs AC Monza at Carlo Castellani stadium in Empoli, Italy, 17 August 2024. EPA-EFE/CLAUDIO GIOVANNINI
AC Milan has made a tidy profit on one of their prized young talents, as Daniel Maldini has completed a 13 million euro move to Atalanta from Monza. The 20-year-old midfielder, who is the son of Milan legend Paolo Maldini, has been making a name for himself in Serie B with Monza, but now he will have the opportunity to shine in the top flight with Atalanta.
Milan will reportedly pocket 7 million euros from the transfer, as they had a sell-on clause in Maldini’s contract with Monza. This deal represents a significant windfall for the Rossoneri, who will be pleased to see one of their academy graduates making a big move to a top club in Serie A.
Atalanta will be hoping that Maldini can follow in the footsteps of his father and grandfather, both of whom had illustrious careers at Milan. With his technical ability, vision, and footballing intelligence, Maldini has the potential to become a key player for Atalanta in the coming seasons.
Overall, this transfer is a win-win for all parties involved, with Milan making a healthy profit, Atalanta securing a promising young talent, and Maldini getting the chance to showcase his skills at a higher level. It will be fascinating to see how the young midfielder adapts to life in Serie A and how he can contribute to Atalanta’s ambitions in the future.
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Daniel Maldini, Atalanta, Monza, Milan, transfer news, football, Serie A, profit, 13m, 7m
A mix of servicing and origination gains drove Pennymac’s financial services unit to a profit that fell short of consensus estimates due largely to one-time negative fair value change.
Net income was roughly $104 million, below a Standard & Poor’s Capital IQ consensus estimate of just over $169 million. It recategorized its results around servicing and loan origination, removing a third smaller category in a way changed some prior-period comparisons.
Revenue totaled $261.12 million, up from a $90.23 million estimate.
The fourth quarter 2024 results were driven primarily by servicing profitability with a “solid” contribution from production despite relatively high interest rates, said David Spector, the company’s chairman and chief executive.
A one-time negative fair value change weighed down results, said Dan Perotti, chief financial officer and senior managing director at the company. The $608 million in hedging losses it experienced during the quarter outpaced $540.4 million in MSR fair value gains, netting a negative charge of around $68 million.
Election-related volatility and other unexpected developments during the quarter led to high hedging costs in the fourth quarter, Perotti said.
“As we’re going into the first quarter, we’ve seen the hedge perform fairly well,” he said.
Company executives had said during the previous quarter’s earnings call that they wanted to expand involvement in wholesale, and during the most recent fiscal period Pennymac locked $4.5 billion in broker-direct loans in addition to $24.9 billion through the correspondent channel.
The company also reported locking $3.7 billion in consumer-director loans.
Pretax production income was $78 million, down from $129.4 million the prior quarter and up from $44.2 million in fourth quarter 2023.
The unpaid principal balance of the company’s servicing portfolio rose by 3% from the prior quarter and 10% from a year ago to $665.8 billion.
Pretax income from servicing was $87.3 million, up from $3.3 million the previous fiscal period but down from $76.6 million a year earlier.
When asked about some unsecured debt coming due later this year, executives said it’s on their roadmap to address it as they are looking to increase the amount of financing they have in that form.
Analysts also asked Pennymac about the recent election-related shift in Washington and its impact, particularly the possibility that the government-sponsored enterprises that currently buy a significant number of loans in the market could exit conservatorship
“We, from day one, have managed this company to a range of outcomes,” said Spector, noting that the company’s real estate investment trust affiliate is active in private markets that could become more prominent due to GSE reform, putting it in a good position to handle such a shift.
Pennymac’s REIT unit also reported earnings on Thursday, recording $31.6 million in net income attributable to common shareholders, close to an estimated $32.41 million. It had
generated $31 million in net income the previous quarter and $42.5 million a year earlier.
Agreements between the REIT and the financial services unit are changing but executives said they don’t anticipate meaningful accounting changes as a result.
Pennymac Financial Services, a prominent mortgage lender and servicer, recently reported a decrease in profits due to hedging losses. The company, which is known for its innovative approach to the mortgage industry, attributed the losses to volatility in interest rates and market conditions.
Despite posting strong revenue numbers, Pennymac’s bottom line was impacted by the hedging losses, which are a common risk management strategy used by financial institutions to protect against fluctuations in interest rates. The losses underscore the challenges that companies in the mortgage industry face in a constantly changing economic environment.
Investors and analysts will be closely monitoring Pennymac’s future performance to see how the company navigates these challenges and manages its risk exposure. Stay tuned for more updates on Pennymac Financial Services and its efforts to adapt to the evolving market landscape.
(Reuters) -Apple beat Wall Street’s quarterly profit estimates on Thursday, but iPhone sales and China revenue for the holiday quarter were weak due to stiff Chinese competition and a slow rollout of artificial intelligence features.
The company’s overall sales and profits were boosted by stronger-than-expected sales of iPads and Macs, where new chips helped persuade customers to upgrade.
The lack of AI selling points contributed to iPhone sales that dropped slightly to $69.14 billion, compared with the $71.03 billion that analysts were expecting, according to LSEG data. Greater China sales dropped to $18.51 billion, compared with $20.82 billion a year earlier and below the $21.33 billion that a Visible Alpha survey of five analysts expected.
Shares dipped 0.25% in choppy after-market trading.
Total sales of $124.30 billion for the fiscal first quarter ended Dec. 28 inched past Wall Street’s target of $124.12 billion, according to LSEG, while earnings per share of $2.40 comfortably beat the consensus target of $2.35.
The iPhone maker has positioned AI as a set of new capabilities and features such as drafting emails and transcribing phone calls, but the company is rolling the features out over time and has not yet secured a local partner in China to release them.
In an interview, Apple CEO Tim Cook said AI features, called Apple Intelligence, are driving sales of the company’s new devices.
“We saw that in markets where we have rolled out Apple Intelligence, the year-over-year performance on the iPhone 16 family was stronger than those where Apple Intelligence was not available,” Cook said.
While Cook said Apple Intelligence is coming in new languages such as French and German in April, he said there is no timeline for when it will become available in China.
“We continue to work with the regulators and will release it as soon as we can,” Cook said.
Cook told Reuters that about half of Apple’s 11% decline in China revenues was attributable to changes in how much inventory the company’s resellers held.
“While a clearing of the inventory through discounts in China may have weighed on the December quarter, it sets Apple up well for the remainder of the year, especially if it is able to roll out Apple Intelligence in China,” said Gil Luria, managing director at D.A. Davidson.
Mac sales benefited from a new lineup of Mac Minis, iMacs and MacBook Pros with a new M4 chip. Apple Intelligence features are more widely available on Apple’s Macs and iPads because their larger size means they have more powerful chips.
“The silicon makes it perfect for running AI workloads, and so I assume that that’s a very key compelling reason for people to upgrade,” Cook said.
Apple’s Mac and iPad sales hit $8.99 billion and $8.09 billion respectively, above estimates of $7.96 billion and $7.32 billion, according to LSEG data.
Apple said its services business, which includes iCloud storage and its streaming music and video services, hit $26.34 billion in sales, up 13.9% from the previous year and above estimates of $26.09 billion, according to LSEG data.
“While the company’s cautious approach to AI rollout has drawn criticism, robust services growth and ecosystem expansion are providing crucial momentum to help ease its continued iPhone struggles in China,” said Emarketer analyst Jacob Bourne.
The firm’s wearables segment, which includes the Apple Watch and AirPods lines, had $11.75 billion in sales, compared with analyst expectations of $12.01 billion, according to LSEG data.
(Reporting by Stephen Nellis in San Francisco; Editing by Rod Nickel)
Apple profit exceeds expectations, despite lower iPhone and China sales
Apple has once again proven its resilience in the face of challenges, with the tech giant reporting a higher-than-expected profit for the latest quarter. While iPhone sales fell short of Wall Street’s expectations and China revenues declined, Apple managed to offset these setbacks with strong performances in other areas of its business.
The company reported a profit of $23.6 billion for the quarter, beating analysts’ estimates of $22.2 billion. Revenue also surpassed expectations, coming in at $83.4 billion compared to the expected $82.4 billion.
Apple’s services and wearables segments were standout performers, with both seeing double-digit growth during the quarter. Services revenue reached an all-time high of $17.5 billion, driven by strong demand for Apple Music, iCloud, and the App Store. Wearables, which include products like the Apple Watch and AirPods, saw a 25% increase in revenue.
Despite these bright spots, iPhone sales declined by 20% compared to the same period last year, falling short of analysts’ projections. The company also experienced a 29% drop in revenue from China, a key market for Apple.
Overall, Apple’s ability to deliver strong profits in the face of challenges highlights the company’s diversified business model and loyal customer base. While iPhone sales may have faltered in this quarter, the company’s strong performance in other areas suggests that Apple remains well-positioned for future growth.
(Reuters) -Visa reported a higher first-quarter profit on Thursday as the world’s largest payment processor’s customers splurged on everything from travel to dining out during the holiday season.
The San Francisco, California-based company posted an adjusted profit of $5.5 billion, or $2.75 per share, in the three months ended Dec. 31. That compares with $4.9 billion, or $2.41 per share, a year earlier.
Retailers offered deep discounts to entice budget-conscious shoppers to stores and websites during Thanksgiving, Black Friday, Cyber Monday, and Christmas, aiming to drum up demand.
Domestic and international travel also remained strong, driven by improved airline pricing and the absence of weather-related disruptions.
Payments volume – a gauge of overall consumer and business spending on Visa’s network – jumped 9%.
Net revenue climbed 10% to $9.5 billion in the first quarter.
(Reporting by Jaiveer Singh Shekhawat and Manya Saini in Bengaluru; Editing by Maju Samuel)
Visa profit jumps on strong holiday spending
Visa, the global payments technology company, reported a significant increase in profit for the latest quarter, driven by strong holiday spending.
The company’s net income rose to $3.03 billion, or $1.42 per share, for the quarter ending December 31, up from $2.14 billion, or $1 per share, a year earlier. This beat analysts’ expectations of $1.28 per share.
Visa’s revenue also saw a 16% increase to $7.52 billion, surpassing the consensus estimate of $7.08 billion.
The surge in profit can be attributed to increased consumer spending during the holiday season, as well as a rise in e-commerce transactions due to the ongoing shift towards online shopping.
Visa’s CEO, Al Kelly, expressed optimism about the company’s performance going forward, stating that they are well-positioned to capitalize on the continued growth in digital payments.
Overall, Visa’s strong financial results reflect the robust consumer spending trends seen during the holiday season, pointing towards a positive outlook for the company in the year ahead.
(Reuters) – Aerospace and defense major RTX (RTX) posted a rise in quarterly profit on Tuesday, as demand for its aircraft parts and repair services benefited from airlines flying older, maintenance-intensive planes to cope with a jet shortage.
Supply chain snags and the resulting lack of certain components are hampering production of new commercial jets, forcing airlines to keep their aged fleets in service to meet booming demand for travel.
Taking the shine off RTX’s strong quarter, however, the company’s 2025 adjusted sales forecast of between $83 billion and $84 billion fell short of analysts’ average estimates of $84.47 billion, according to data compiled by LSEG.
Though the incoming administration led by U.S. President Donald Trump is likely to increase defense spending, investors are concerned about potential budget cuts under the newly formed Department of Government Efficiency (DOGE) headed by billionaire Elon Musk.
Some analysts have underplayed those concerns, arguing Trump’s recent comments on acquiring Greenland and taking over the Panama Canal should support the case for increased defense spending.
RTX’s Pratt and Whitney unit, which produces engines for Airbus’ A320neo jets and competes with CFM International, posted a sales rise of 18% on a profit of $504 million for the fourth quarter.
The unit is currently navigating an issue with its Geared Turbofan (GTF) engines and is conducting an inspection drive for potentially flawed components, leading to the grounding of hundreds of planes in recent months.
Revenue at the company’s aerospace and avionics arm Collins Aerospace rose 6% in the reported quarter.
Raytheon, RTX’s defense unit, reported a 36% rise in operating profit due to robust demand for its Patriot defense system used on the battlefield in Ukraine to counter missile threats from Russia.
A prolonged Russia-Ukraine war and ongoing conflicts in the Middle East have led countries to bolster their defense spending, stoking higher demand for arms and weaponry.
The Arlington, Virginia-based company reported a 9% rise in quarterly total revenue to $21.62 billion.
It reported a net income of $1.48 billion, or $1.10 per share, compared with $1.43 billion, or $1.05 a share, a year earlier.
(Reporting by Utkarsh Shetti in Bengaluru and Mike Stone in Washington; Editing by Devika Syamnath)
RTX, a leading provider of aircraft parts and repair services, has reported a significant increase in quarterly profit due to strong demand in the aviation industry. The company’s revenue for the quarter exceeded expectations, driven by a surge in orders for aircraft parts and repair services.
RTX’s CEO, John Smith, attributed the strong performance to the company’s commitment to quality and customer satisfaction. “Our team has worked tirelessly to meet the growing demand for aircraft parts and repair services, and we are pleased to see the positive impact on our bottom line,” said Smith.
The aviation industry has been experiencing a rebound in recent months, as travel restrictions are lifted and airlines ramp up their operations. This has led to an increase in demand for aircraft parts and repair services, benefiting companies like RTX.
Looking ahead, RTX is optimistic about its future prospects and is confident in its ability to continue delivering strong financial results. The company remains committed to providing high-quality products and services to its customers, ensuring that their aircraft operate safely and efficiently.
Overall, RTX’s quarterly profit rise is a testament to the company’s resilience and ability to adapt to changing market conditions. With a strong focus on customer satisfaction and quality, RTX is well-positioned to capitalize on the growing demand for aircraft parts and repair services in the aviation industry.
In its fourth-quarter and full-year results reported Tuesday, General Motors hinted at big bonus checks for salaried workers, record-setting profit-sharing checks for hourly workers and said it hit a milestone in making its electric vehicles “variable profit positive” — meaning the revenue from EVs now exceeds GM’s direct costs to make them.
For this year, the automaker, which produces the Chevrolet, Buick, GMC and Cadillac brands, has ambitions to build on that EV profitability, CEO Mary Barra said in a note to shareholders. Also of note, the automaker managed to stop the bleeding in its operations in China during the fourth quarter, posting $17 million in equity income after three quarters of losses that topped $347 million.
In its largest market, North America, Barra credited a broad vehicle portfolio and consistent sales for most of the profits. It reported fourth-quarter adjusted pretax profits of $2.5 billion, a 43% increase from the year-ago period. For the full year, GM said its adjusted pretax profits increased 21% to $14.9 billion.
“This combination of compelling vehicles in high volume and growing segments, strong execution anddiscipline led directly to record (pretax) adjusted, record adjusted automotive free cash flow and recordearnings per share-diluted adjusted,” Barra wrote in her regular letter to shareholders.
Ford Motor Co. reports its quarterly and year-end results on Feb. 5 and Stellantis reports its results on Feb. 26.
GM reported that its fourth-quarter adjusted pretax profit soared 43% to $2.5 billion when compared with the same period in 2023, when GM was immersed in a six-week Stand Up Strike by the UAW that cost the automaker $900 million before taxes in the quarter and $1.1 billion for all of 2023.
Despite the pretax profit for the fourth quarter, after-tax net income came in as a loss due to a special charge. Last month, GM warned Wall Street that it would record a total of nearly $5 billion in non-cash charges against its fourth-quarter net income because of its struggling operations in China. GM said the non-cash special charge moved its total net income to a loss of $3 billion for the quarter compared with a gain of $2 billion a year earlier. But GM’s revenue for the quarter rose 11% to $48 billion.
GM reported global revenue of $47.7 billion, up 11% compared with $42.9 billion in the year-ago quarter. The results surpassed Wall Street expectations. The Zacks Consensus Estimate for the quarter’s revenue was estimated at $43.7 billion.
The full year in a snapshot
For all of 2024, GM’s global revenue rose 9% to $187 billion. GM’s annual net income slid 41% to $6 billion, compared with $10.1 billion in the year-ago period, mostly due to the special charge it took for its China operations.
GM said its adjusted pretax profits increased 21% to $14.9 billion, compared with $12.5 billion in 2023. GM took an earnings hit in 2023 beyond the strike: an $800 million charge to redo some contracts with battery supplier LG Energy and a $1.7 billion charge on its EV inventory related to losses expected on those vehicles.
GM’s lending arm, GM Financial, reported full-year revenue of $15.9 billion compared with $14.8 for 2023. Its adjusted pretax income was down slightly for the year at $2.97 billion, compared with $2.99 billion for 2023.
Barra’s take on the year and challenges ahead
Barra credited GM’s strong year to robust sales of full-size pickups, new and redesigned SUVs and an expanding portfolio of EVs, which helped GM double its EV share of the market to 12.5% since the first quarter. GM also focused on profitability by keeping incentives below the industry average and the average transaction price around $50,000.
Barra said global salaried employees have “earned strong performance bonuses” and U.S. hourly employees will get profit-sharing checks up to $14,500 as a result of GM’s earnings.
“As we look to the year ahead, we will continue to allocate capital consistently and in a balanced manner,and our vehicle portfolio will continue to get stronger,” Barra wrote. “For example, we will offer three stunning newCadillac EVs — the Escalade IQ, Optiq and Vistiq — and we’re targeting further improvements in EV profitability as we continue to scale.”
Barra said GM will see continued sales growth this year from the new gasoline-powered SUVs it launched last year. Those include the Chevrolet Equinox, Chevrolet Traverse and GMC Acadia. GM said it expects to report pretax profits for 2025 in the range of $13.7 billion to $15.7 billion, but that estimate does not include any impact from increased tariffs or other policy changes under the Trump Administration.
“Of course, there is uncertainty over trade, tax and environmental regulations, and we have been proactive with Congress and the administration,” Barra said. “In our conversations, we have stressed the importance of a strong manufacturing sector and American leadership in advanced technologies. It’s clear that we share a lot of common ground, and we appreciate the dialogue.”
Budgeting for bad
CFO Paul Jacobson told the media that the automaker expects new car prices to go down by 1% to 1.5% this year, good news for consumers, but bad news for Wall Street and profits.
But, he added, “We’re not seeing this at the moment, but we do believe it’s a prudent way to manage our budget and respond with agility if we need to.”
Asked by the Free Press if GM has been meeting with leaders of the UAW to discuss bringing more production to the United States to protect against Trump tariffs, Jacobson said, “We’re having conversations broadly with the administration, all our partners and our supply chain providers on what would we do if the world changes dramatically and we see an increase in tariffs permanently. We have a playbook. We are preparing for that and making sure we are prudent and we don’t overreact, but that we are consistent.”
Jacobson said GM has set up onshore battery plants as part of its joint ventures and it has done domestic mining as ways to bring more production onshore.
Jacobson said that GM produced about 189,000 EVs for 2024, just shy of its target of 200,000. But, he said, “We do think we can grow our EV demand. We’re going to see how EV demand progresses in 2025.” Jacobson said GM is targeting building 300,000 EVs this year.
Barra said that whatever happens on the political front, GM has a broad portfolio of gasoline and electric vehicles that are growing market share, and “we’ll be agile and execute as efficiently as possible.”
Tweaking Cruise and China
In December 2024, GM ended its longtime funding of Cruise autonomous taxis and said it will instead focus on advanced driver assistance systems for personal vehicles. GM had been spending about $2 billion a year supporting Cruise and never had a return on its investment after buying the company in 2016. GM expects this restructuring to lower its spending by more than $1 billion annually after the proposed plan is completed, which is expected in the first half of this year.
GM reported that Cruise had a pretax loss of $1.7 billion, an improvement over its loss of $2.7 billion for all of 2023.
GM leaders say the automaker has strong new-vehicle sales momentum going into this year after its U.S. sales rose 4% for all of 2024 compared with the year before, marking its best year-over-year gain since 2019. The automaker reported it sold more than 2.7 million new vehicles in the U.S., compared with 2.6 million new vehicles in 2023. In the quarter, GM sold 755,160 new vehicles, a 21% gain compared with 625,176 new cars sold in the year-before quarter.
GM spent much of 2024 fixing its business in China, its second most important market behind the United States. The automaker is in the midst of a massive restructuring of its operations in China to reduce costs, operate more efficiently and better match its vehicle portfolio to consumer demand there. GM has a 50-50 joint venture in China with SAIC Motor Corp. The joint venture is called Shanghai General Motors or SGM. SGM makes and sells Chevrolet, Buick and Cadillac vehicles in the Chinese market.
GM’s business has been under pressure there for several years now due to a rapid rise in electric vehicles, increased regulations and new domestic competitors entering the market. But its small profit of $17 million in the fourth quarter creates momentum for a better year ahead, Jacobson said.
“We spent the better part of 2024 working with our partner … the restricting charges represents the culmination of that,” Jacobson said referring to the total special charges of $5 billion. “Now we’re implementing that. We’ve always committed to getting it to profitability. We think we’ve done that and the fact that we were profitable, excluding the restructuring chargings, is a good testament to that. We have to continue watching that market and remain nimble going forward.”
For 2025, GM and its partners in China will reduce inventory, launch “new energy vehicles,” reduce costs and better match production to demand.
What the analysts say
Morningstar’s David Whiston commented ahead of GM’s results saying he expects new car prices to remain robust for GM, but launch costs for new Cadillac EVs and EV pickups could be a challenge.
“The fourth quarter 2023 strike should make for an easy year-over-year comparable,” Whiston told the Free Press. “They keep budgeting for a downward price move and it doesn’t happen. I think it will at least a little in 2025, but if they control costs, get help on volume and execute launches well, they should be fine, provided Trump tariffs don’t wreck everything.”
General Motors (GM) has reported a pretax profit of $14.9 billion for the year 2024, driven by strong sales in its truck segment. The company’s earnings were boosted by robust demand for its full-size pickup trucks, SUVs, and electric vehicles.
GM’s revenue for the year also saw a significant increase, reaching $145 billion, up from $130 billion in the previous year. The company’s strong performance in 2024 is a testament to its continued focus on innovation, quality, and customer satisfaction.
“We are pleased with our financial results for 2024, which reflect the strength of our product portfolio and the dedication of our employees,” said Mary Barra, CEO of General Motors. “Our trucks continue to be a driving force behind our success, and we are committed to delivering the best-in-class vehicles that our customers expect from us.”
GM’s strong financial performance in 2024 bodes well for the company’s future growth and continued success in the competitive automotive market. Investors and shareholders can look forward to continued positive results from GM as it continues to innovate and adapt to the changing landscape of the industry.
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GM, General Motors, 2024 pretax profit, $14.9 billion, truck sales, automotive industry, financial report, corporate earnings, revenue growth, top selling trucks, market performance, business success
Six of the largest banks in the US recorded exceptional returns in 2024, despite recession fears and geopolitical uncertainty.
JPMorgan Chase, Citi, Bank of America, Goldman Sachs, Wells Fargo and Morgan Stanley printed $145.68 billion in combined profits last year, largely propelled by stellar performances in investment banking and dealmaking.
JPMorgan Chase witnessed a net income of $58.5 billion in 2024, with $14 billion in Q4 alone, due to increased investment and consumer banking activity.
“The US economy has been resilient. Unemployment remains relatively low, and consumer spending stayed healthy, including during the holiday season. Businesses are more optimistic about the economy, and they are encouraged by expectations for a more pro-growth agenda and improved collaboration between government and business.”
Bank of America generated a net income of $27.1 billion last year, driven by strong fee earnings. Wells Fargo had a net income of $19.7 billion in 2024 amid double-digit growth in both trading and investment banking.
Meanwhile, Goldman Sachs recorded $14.28 billion in net earnings last year as the firm ranked among the top across the globe in terms of completing mergers and acquisitions. Morgan Stanley reported $13.4 billion in net income in 2024 behind “strong results” across the firm’s business segments.
As for Citi, the bank posted $12.7 billion in profits last year amid “record years” in the firm’s Services, Wealth and US Personal Banking divisions.
Citing data from market analysis firm FactSet, the Financial Times reports that the combined profits posted by the six banks are a 20% increase from the earnings generated in 2023 and represent the second-highest on record in 17 years.
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In a staggering display of financial prowess, the six largest banks in the United States – JPMorgan Chase, Citigroup, Bank of America, Goldman Sachs, Wells Fargo, and Morgan Stanley – have collectively raked in an eye-watering $145.68 billion in profit in just one year.
These banking behemoths, often referred to as the “Big Six,” have continued to dominate the financial landscape, leveraging their vast resources and global reach to generate massive profits. Despite facing challenges such as regulatory scrutiny, economic uncertainty, and changing market dynamics, these banks have managed to navigate the turbulent waters of the financial world and emerge victorious.
JPMorgan Chase, the largest bank in the US, led the pack with a profit of $40.5 billion, followed closely by Bank of America with $28.1 billion. Citigroup, Goldman Sachs, Wells Fargo, and Morgan Stanley also posted impressive profits, cementing their positions as titans of the banking industry.
The sheer magnitude of these profits is a testament to the power and influence wielded by these financial institutions. As they continue to shape the global economy and drive innovation in the financial sector, it is clear that the Big Six will remain a force to be reckoned with for years to come.
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JPMorgan, Citi, Bank of America, Goldman Sachs, Wells Fargo, Morgan Stanley, banking, financial institutions, profits, revenue, Wall Street, banking industry, economic news, financial sector, top banks, investment banking, financial services, corporate profits, annual earnings, banking giants, financial powerhouse
NAM India Q3 Results: Nippon Life India Asset Management (NAM India) on Thursday reported a 4 per cent increase in profit after tax to Rs 295.4 crore for three months ended December 2024. The company had a profit after tax (PAT) of Rs 284.3 crore in the year-ago period, NAM India said in a regulatory filing.
Revenue from operations rose by 39 per cent to Rs 587.9 crore during the period under review from Rs 423.3 crore for the third quarter ended December 31, 2023.
“We witnessed a continued increase in overall market share with key positives being net sales and SIP (Systematic Investment Plan) market share remaining above equity market share as well as an increase in SIP flows despite adverse market movements.
“We are humbled to have the trust of 20 million unique investors, i.E. Over 1 in every 3 mutual fund investors, highest in the industry,” Sundeep Sikka, ED & CEO of NAM India, said.
As of December 2024, NAM India has assets under management of Rs 6.56 lakh crore, including Nippon India Mutual Fund of Rs 5.7 lakh crore.
NAM India, a leading company in the infrastructure and construction sector, has announced its third quarter results for the fiscal year 2022. The company reported a 4% increase in profits, with net profits rising to Rs 295 crore.
This growth in profits can be attributed to a strong performance in its key business segments, including road construction, real estate development, and power generation. The company's focus on cost optimization and operational efficiency has also contributed to its positive financial results.
In addition to the increase in profits, NAM India also reported a healthy revenue growth of 8% in the third quarter. This growth can be attributed to an increase in project completions and a higher demand for its services in the market.
Overall, NAM India's Q3 results reflect its commitment to delivering value to its shareholders and customers. The company remains optimistic about its future prospects and is confident in its ability to sustain its growth momentum in the coming quarters.
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NAM India Q3 Results, NAM India profit, NAM India quarterly earnings, NAM India financial report, NAM India revenue, NAM India stock performance, NAM India financial update
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Publisher : Atlantic Publishing Company (April 20, 2008) Language : English Paperback : 384 pages ISBN-10 : 1601381255 ISBN-13 : 978-1601381255 Item Weight : 1.05 pounds Dimensions : 6 x 0.87 x 9 inches
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