Agenda: Laiterie Chalifoux, EasyJet, BlackRock, GM & LG, Morgan Stanley, Tesla.
A French cooperative buys Laiterie Chalifoux. Laiterie Chalifoux in Sorel-Tracy, which operates the Maison Riviera brand, has sold its assets to a French company, the Coopérative Alsace Lait. The Alsace Lait Cooperative has been Laiterie Chalifoux’s business partner for many years. According to a Laiterie Chalifoux press release, the French company has owned 40% of the shares of Laiterie Chalifoux since 2015. Laiterie Chalifoux was founded in 1920 by the great-grandmother of the current president, Alain Chalifoux. The company’s main products include cheese, yogurt, cream and butter. Meanwhile, the Alsace Lait Cooperative is part of the Alsace Lait Group, ranked among the 25 largest dairy companies in France and has more than 100 years of expertise in the dairy industry.
The coming quarters look better for EasyJet. According to Yahoo, British air carrier Easyjet has said it still expects a rather important loss for its annual result, as much as 1.18 billion pounds. It is important to mention that the company is seeing a strong recovery in air traffic following the lifting of many restrictions on international travel. Since this summer, Easyjet has increased its number of flights, which has made EasyJet one of the largest airline companies in Europe. It is interesting to note that the company saw its sales multiply by four in the days following the latest easing of restrictions on travel conditions in the United Kingdom.
Better than expected results for BlackRock. BlackRock, the world's leading asset manager, has reported better-than-expected quarterly earnings. This strong result is mostly coming from the equity markets and therefore producing higher commission income. According to Reuters, the company reported US $5.05 billion sales between June and September, up 16% year-on-year return. Assets under management fell slightly to US $9.464 billion from a record US $9.496 billion in the quarter before.
Agreement between GM and LG regarding defective batteries. According to ABC News, the American carmaker General Motors has announced that South Korean group LG has agreed to reimburse up to 1.9 billion US dollars for defective batteries, which led to a massive recall of Chevrolet Bolts. Defects in the battery system, under specific situations, can produce fires, which prompted GM to recall a total of 142,000 vehicles. The carmaker announced in second-quarter results that the recall has cost the company US $ 800 million.
Record earnings for Morgan Stanley. The American investment bank Morgan Stanley has released excellent earnings. The most profitable of their divisions in terms of revenue was that of wealth management. According to Reuters, the group had posted a profit of 3.71 billion US dollars from July to September, up 36% from the same period last year. The bank was particularly successful in its operations with institutional clients, with US $ 7.5 billion in revenues, up 22% year-on-year.
Tesla and its first factory in Europe. According to Europe AutoNews, the American carmaker Tesla has inaugurated its future factory in Berlin. This factory marks Tesla's first step in submerging itself in European markets, hoping to deliver its first electric cars for December. Thousands of people were welcomed for a ceremony and it is important to mention that some citizens had opposed the project. Tesla’s objective is to build inexpensive electric cars in large quantities in order to accelerate the energy transition process.
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