The number of multi-billionaires in China has plummeted by 15 percent
The number of Chinese who are worth more than 5 billion yuan, equivalent to roughly 7.6 billion kroner, has decreased by 15 percent from the peak in 2021. This is evident from the Shanghai-based institute Hunrun Research's list of China's richest people, according to Nikkei Asia.
The newspaper writes that the development reflects the economic slowdown and the crisis in the country's real estate sector.
The total wealth of the 1,241 people on the list fell 4 percent to $3.2 trillion, compared to last year.
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IF Metall extends notice - threatens Tesla with blockade
IF Metall extends the strike call against Tesla from the 120 employees at the company's seven Swedish workshops to a blockade at a further 17 company workshops. This is reported by TT.
Tesla's announcement in Tuesday's negotiations was that there will be no collective agreement.
- They don't want to sign, they say they don't have a collective agreement anywhere in the world, says IF Metall's contract secretary Veli-Pekka Säikkälä.
The strike against Tesla's seven workshops now begins on Friday. The extended blockade will come into force on November 3 if no solution is reached before then.
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Meta is being sued for harmful content aimed at young people
Meta is being sued by state attorneys general from 42 states, who accuse the company of providing young people with harmful content via Facebook and Instagram in order to make money. Bloomberg reports.
“Meta exploits its position of power to attract, engage and ultimately trap children and teenagers. The motive is profit," the states' lawyers write in the lawsuit.
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Investors: The tech giants are way too highly valued
Even if the US tech giants beat expectations for the past quarter, the valuation for many of these companies is way too high, says Bahnsen Group's chief investment officer David Bahnsen to CNBC.
- Regardless of what the companies report for results, they will not justify the bizarre valuations, he underlines.
The five largest companies in the S&P 500 – Apple, Microsoft, Alphabet, Amazon and Nvidia – are expected to report an average profit increase of 34 percent compared to the corresponding quarter last year, according to Bloomberg.
After closing tonight, Alphabet and Google open the books.
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Strong demand for Coca-Cola despite increased prices
Coca-Cola raises its sales and profit forecasts for the second time this year. This is due to stable demand for the beverage giant's products despite higher prices, writes Reuters.
Sales prices rose on average by 9 percent at an annual rate during the third quarter. Sales volumes did not decrease because of that, but instead increased by 2 percent.
Coca-Cola now expects organic growth of 10-11 percent for the full year instead of the 8-9 percent that the company guided for previously.
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