Here’s a quick look at some of the top business headlines making waves today:
Garmin Achieves Record Growth
Garmin (NYSE: GRMN) is celebrating a banner year! The navigation and wearables technology company reported outstanding fourth-quarter and full-year 2024 earnings, marking record revenue and substantial margin expansion across all business segments. It's a significant milestone for the company, which also celebrated its 35th anniversary.
“We achieved growth in every segment, resulting in record segment revenue and record consolidated revenue," the company stated. Since its founding in 1989, Garmin has delivered over 300 million navigation and communication devices, including more than 18 million in 2024 alone.
UK House Prices on the Rise
Across the pond, the UK housing market is heating up. February saw a more significant increase in house prices than expected, with the average cost now sitting at £270,493. This represents a 3.9% increase year-on-year.
Buyers are seemingly eager to get ahead of impending stamp duty changes scheduled for April, driving up demand and prices. This surge in activity suggests a potential shift in the market as buyers attempt to capitalize on current conditions.
HSBC Rebrands Divisions
In other news, HSBC has decided to rename its "eastern" and "western" business divisions just months after creating them. The sweeping geographic labels had sparked speculation about a potential break-up of the bank and were reportedly deemed inappropriate by some staff members. The move signals a shift in strategy and a focus on internal cohesion.
Barclays Under Scrutiny
Adding to the day's headlines, Barclays is facing scrutiny over past assurances regarding its former CEO's relationship with Jeffrey Epstein.
Nigel Higgins, the Barclays chair, reportedly assured the Financial Conduct Authority (FCA) that Jes Staley had "no particular relationship" with Epstein shortly after the latter's death in 2019. According to a court hearing, these assurances played a key role in the FCA's decision not to investigate Staley. The information came to light during Staley's legal challenge against the UK regulator.
Stay tuned for more updates on these developing stories.