Enel 9-month Profit Down

AXA 9-Month Revenues Up 4%

AXA (AXAHY.PK) Wednesday reported nine-months revenues of 76.0 billion euros, up 4% from 73.4 billion euros last year.

Property & Casualty revenues inched up 1% to 38.5 billion euros, while health segment revenues also gained 1% to 11.5 billion euros. Life & Savings gained 8% to 24.5 billion euros.

“AXA continued to deliver an excellent performance in the first nine months of 2021”, said Alban de Mailly Nesle, Chief Financial Officer of AXA. “Revenues increased overall by 7%, with all business lines and geographies contributing to this strong growth.”

“In Life & Savings, revenues grew by 12% with continued focus on a high quality business mix. Growth dynamics remained strong in P&C Commercial lines, up 7%, benefiting from a favorable pricing environment, notably at AXA XL. In Asset Management, AXA IM had another very good quarter in both Core and Alts, and grew revenues by 17% in the first nine months,” he added.

ByteDance Chairman Resigns Under Growing Government Pressure

Zhang Yiming, board chairman and the co-founder of Tiktok’s parent company ByteDance, has stepped down from his post on the onset of increasing government control over the tech universe in China.

According to reports, Zhang had been planning to retire from the role as it requires a lot of leadership and he considers himself to be an introvert who is not equipped to handle managerial roles. Instead, he is looking to work on some pending initiatives. The 38-year-old will be replaced by his former dorm-mate and the other co-founder of the company, Liang Rubo.

Zhang had a 50% voting right in the company and was the chairman of the five-person board. Wednesday, the company website which previously had Zhang listed as the Chairperson of the board, had relinquished the role and Zhang had just his picture on the site with no details.

Zhang had explained in May that he was stepping down from the role but he did not specify the date and time. The company, like many other tech giants in the country, was under immense government pressure for the amount of money it has acquired.

The company was recently valued at $140 billion in fundraising last year. It is also one of the biggest social media platforms in the world, one of the primary rivals of Instagram.

States With the Best Benefits for Veterans

There are more than 19 million veterans of the U.S. Armed Forces across the country and the world. After serving, veterans who are honorably discharged are entitled to an array of benefits and services provided by the government.

While many benefits are the responsibility of the federal government, some perks are handled by state governments. The quality and accessibility of these services can vary widely from state to state.

To determine the states with the best benefits for veterans, 24/7 Wall St. reviewed an article on the Best and Worst States for Veterans from financial comparison site MagnifyMoney from financial comparison site MagnifyMoney. States were ranked based on the veteran population, the quality and quantity of Veterans Affairs centers, and the economic circumstances for veterans. 

About a quarter of veterans, 4.7 million people, have a service-connected disability. Veterans Affairs health care and other benefits provided to service members can be a crucial lifeline for those struggling with the physical and mental challenges they now face as a result of their service.

The quality of veterans benefits also depend heavily on economics — some states give out much more significant tax breaks to former service members than others, saving them thousands of dollars on property taxes. These are the states with the highest and lowest property taxes.

Click here to see the state with the best benefits for veterans

Crude Oil Futures Pare Early Gains, Settle Sharply Lower

Despite calls from the U.S. and large importers for additional supply, the OPEC and its allies decided on Thursday to stick with a plan to raise oil output modestly and gradually.

Still, crude oil prices tumbled and settled at their lowest in nearly a month, despite having rebounded strongly earlier in the day.

A report from Saudi Arabia’s AI Arabia TV that Saudi’s oil output will surpass 10 million barrels per day for the first time since the onset of the pandemic weighed on oil prices.

West Texas Intermediate Crude oil futures for December ended lower by $2.05 or about 2.5% at $78.81 a barrel, well off the day’s high of $83.42.

Brent crude futures, which climbed to $84.48 a barrel, were down $1.52 or 1.85% at $80.47 a barrel a little while ago.

The OPEC and its allies agreed after a meeting today that they will stick to their earlier decision of reducing output by 400,000 barrels per day.

Enel 9-month Profit Down

Enel (ENLAY.PK,EN) Thursday said its profit attributable to owners of the parent for first nine months of 2021 dropped to 2.51 billion euros from 2.92 billion euros last year.

Ordinary EBITDA for the nine-month period dropped 3.9% to 12.63 billion euros from 13.15 billion euros last year.

The decrease is due to non-recurring items booked in the first nine months of 2020, such as the change in the energy discount benefit in Spain, mainly in Infrastructure and Networks and in Thermal Generation and Trading, as well as the compensation associated with the resolutions of ARERA n.

Revenues for the first nine months of 2021 rose 17.1% to 57.91 billion euros from 49.47 billion euros last year.

The increase was driven by higher revenues from all business lines and, in particular, from Thermal Generation and Trading, Enel Green Power and End-User Markets, due to higher volumes of energy sold, from Infrastructure and Networks, due to higher volumes of energy transported, as well as from Enel X.