UK consumers in ‘a despondent mood’ ahead of the budget, as confidence dips – business live
People holding ‘their breath’ to see what’s in store for them in Rachel Reeves’s first budget, reports GfK
Profits have tumbled at German luxury carmaker Mercedes-Benz, as demand from China and its home market both weaken.
Mercedes-Benz has reported a 53% drop in net profits in the last three months, to €1.719bn, in a quarter which saw “a challenging market environment and fierce competition, particularly in China”.
The Q3 results do not meet our ambitions. Nonetheless Mercedes-Benz continues to generate solid cash flows even in challenging times. We are taking a prudent view about market evolution going forward and we will step up all efforts on further efficiency increases and cost improvements across the business.
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