Andrew is the leader of Azzet's Australian editorial team. He has worked in major newsrooms including The Sunday Telegraph, news.com.au, Mumbrella and Stockhead in a career spanning more than 30 years.

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UnitedHealth Group's revenues for the fourth quarter and full year of 2024 increased by 8% year-over-year to US$400.3 billion, of which $5.54 billion was profit, driven by an increase in UnitedHealthcare patients and Optum value-based care patients.

Adjusted net earnings per share were $27.66, compared to net earnings of $15.51 per share. Operational cash flows totalled $24.2 billion.

“The people of UnitedHealth Group remain focused on making high-quality, affordable health care more available to more people while making the health system easier to navigate for patients and providers, positioning us well for growth in 2025,” said Andrew Witty, chief executive officer of UnitedHealth Group.

The UnitedHealth Group has set ambitious performance targets for 2025. Revenues are projected between $450 billion and $455 billion, net income is projected between $28.15 and $28.65 per share, and adjusted net income is expected between $29.50 and $30 per share.

It expects to generate $32-$33 billion in cash flow from operations this year.

UnitedHealth Group's economic outlook remains positive, with the company focusing on making high-quality, affordable healthcare more accessible.

However, challenges such as rising medical co

Profits better than expected for UnitedHealth in 2024

Taiwan Semiconductor Manufacturing Company (TPE: TSMC) revealed its Q4 2024 earnings overnight, showing a 38.8% year-over-year revenue increase to US$26.88 billion (A$43.29 billion).

TSMC's latest report not only showcases its financial strength, but also highlights the broader economic impact of the semiconductor industry.

The company's net income surged by 57% to $11.3 billion, with earnings per share (EPS) reaching $2.24. These impressive results were driven by strong demand for TSMC's advanced 3nm and 5nm chips, which are crucial for artificial intelligence (AI) applications.

Wendell Huang, Senior VP and Chief Financial Officer of TSMC said: “Moving into first quarter 2025, we expect our business to be impacted by smartphone seasonality, partially offset by continued growth in AI-related demand.”

Economic effects

With TSMC dominating advanced chip production, Taiwan has emerged as a key player in the global AI boom. Taiwan offers pure-play exposure to AI as TSMC is the only company capable of fabricating Nvidia's cutting-edge chips.

TSMC's robust performance underscores AI technology's growing importance in the global economy. The company's success highlights the semiconductor industry's critical role in powe

TSMC posts record quarterly profit earnings, revenue up

Japan welcomed 36.8 million visitors in 2024, surpassing the previous record set in 2019.

Tourists are drawn to Japan's vibrant culture, from Kyoto's historic temples and shrines to Tokyo's bustling streets. The country's stunning cherry blossoms, traditional tea ceremonies, and world-renowned cuisine, such as sushi and ramen, also enthral visitors. Japan's reputation for technological innovation and unique festivals further enhances its appeal as a top travel destination.

The weaker yen reduced the cost of visiting Japan for international tourists. Over the past year, foreign tourists spent 51.78 billion yen ($814 trillion), an increase of 53%.

The tourism boom has had a significant economic impact. In terms of earnings, tourism is second only to vehicle exports.

Local economies have been revived, jobs have been created, and national employment has increased due to increased spending.

Local governments have implemented measures such as increased lodging taxes to deal with the influx and improve infrastructure in response to the surge in arrivals.

In 2030, the Japanese government hopes to attract 60 million visitors.

Japan's tourist arrivals reach all-time highs; weak yen

Goldman Sachs reported solid financial results for the fourth quarter of 2024, with a net revenue of $53.51 billion and an operating profit of $14.28 billion.

The American multinational investment bank and financial services company's diluted earnings per share (EPS) for the year were $40.54, compared to $22.87 in 2023, reflecting significant growth. For the fourth quarter, EPS was $11.95, up from $5.48 in the same quarter the previous year.

The firm's return on average common shareholders' equity (ROE) was 12.7% for the year, with an annualised ROE of 14.6% for the fourth quarter. Return on average tangible common shareholders' equity (ROTE) was 13.5% for the year, with an annualised ROTE of 15.5% for the fourth quarter. These metrics indicate strong profitability and an efficient equity use.

Goldman Sachs' Asset &amp; Wealth Management division generated net revenues of $16.14 billion, including record management and other fees. In addition, it generated private banking and lending net revenues. The firm also ranked #1 in worldwide announced and completed mergers and acquisitions for the year.Credit: NasdaqGlobal Banking &amp; Markets saw net revenues of $34.94 billion, driven by record net revenues in Equities and stro

Goldman Sachs doubles earnings in Q4, stock rises 6%

Earnings for BlackRock, Inc (NASDAQ: BLK) rose 23% from last year to US$11.93, beating estimates of $11.26 per share. The company's revenue rose 23% to US$5.68 billion (A$9.12 billion).

As adjusted, the American multinational investment company reported diluted EPS of $42.01 for the full year 2024, or $43.61 as reported. According to adjusted earnings, it earned $10.63 per share in the fourth quarter, or $11.93 per share overall.

BlackRock's assets under management (AUM) reached $11.6 trillion, driven by record net inflows of $641 billion for the full year, including $281 billion in the fourth quarter.

The company's revenue for the full year increased by 14%, primarily due to markets' positive impact on average AUM. This was due to organic base fee growth and higher performance fees.

Operating income also saw a 21% increase for the full year, reflecting strong performance across the board. BlackRock returned $4.7 billion to shareholders in 2024, including $1.6 billion through share repurchases.Credit: NasdaqBlackRock's strategic acquisitions, including the recently closed GIP Transaction and the planned acquisitions of HPS Investment Partners and Preqin, are expected to significantly enhance its private markets investm

BlackRock generates record $11.6tn in client assets

The Corruption Investigation Office for High-Ranking Officials (CIO) arrested South Korean President Yoon Suk Yeol on Wednesday.



The arrest follows his controversial declaration of martial law in December. To justify his position, he alleged that the liberal opposition controlled parliament and sympathised with North Korea.

As a result of the declaration, he was impeached and accused of insurrection and abuse of power.

In a tense standoff at Yoon's residence, hundreds of police officers and anti-corruption investigators participated in the arrest.Credit: VoiceOfSeoul, CC BY 3.0 via Wikimedia CommonsDetention of a sitting South Korean leader is unprecedented. It was a chaotic scene as Yoon's supporters clashed with authorities. While Yoon's legal team claimed that the arrest warrant was illegal, he eventually agreed to cooperate in order to prevent further violence.

"To prevent an unfortunate and violent incident, I decided to appear before the CIO even though I believe the investigation is illegal," Yoon said in a video message recorded at his residence in Yongsan, central Seoul, as reported by Yonhap News Agency.

A significant impact on stability and governance has resulted from this unprecedented event in Sout

Yoon Suk Yeol is detained by South Korean authorities

In the long term, retail stocks and retail property can be rewarding investments if chosen wisely. The decision between investing in retail stocks or retail property depends on individual investment goals, risk tolerance, and time horizon.



Investors seeking liquidity and growth potential may prefer retail stocks, while those looking for stable income and long-term capital appreciation might lean towards retail properties.



A balanced portfolio that includes both stocks and property can provide diversification benefits and mitigate risks associated with any single investment class.Credit: Jakub Żerdzicki / UnsplashInvesting in retail and commercial property in Australia

Retail property investments can offer stable and predictable income through rental yields, which are particularly appealing in a low-interest-rate environment.



Properties like shopping centres or standalone stores can provide long-term leases, offering steady cash flow.



The value of retail property can also appreciate over time, potentially providing capital gains.



Retail property investments require significant capital outlay and can be illiquid, making them harder to sell quickly.



They are also subject to risks such as e

Azzet's complete guide to retail property vs stocks

The United States budget deficit increased significantly in December 2024, reaching US$86.7 billion (A$139.95 billion).

As a result, the total deficit for the first three months of fiscal year 2025 has reached $710.9 billion. This represents an increase of 39.4% over last year.

Key Points



December 2024 Deficit: $86.7 billion
First Quarter Deficit: $710.9 billion (39.4% higher than last year)
Rising Financing Costs: Interest payments are up 7%
National Debt: Over $36 trillion
Projected Financing Costs for 2025: $1.2 trillion (a record high).

In order to stimulate the economy, the government increased government spending on infrastructure and social programs. As a result of the slower economic growth, tax revenues have also decreased, contributing to the widening of the deficit. Also contributing to the increase were unexpected emergency expenditures in response to natural disasters.

The rising cost of financing national debt is a major factor contributing to the increased deficit.

A total of $308.4 billion was paid in interest on the debt in the first quarter of fiscal year 2025, an increase of 7% over the same period last year.

Increasing interest payments on the national debt can prevent the governmen

December's US budget deficit 39.4% higher than last year

The Westpac-Melbourne Institute's Consumer Sentiment Index dropped to 92.1 in January from 92.8 in December - a 0.7% decrease.



This shows that consumers have felt less confident for two months now and are generally pessimistic about the future. Interestingly, the survey's results got worse as it went on, but people are feeling a bit better compared to last year. Some parts of the survey suggest that there’s hope for improvement moving forward.

The Consumer Sentiment Index is made up of five parts: two looking at current conditions and three looking ahead. In January, the scores for current conditions went down, while the ones predicting the future stayed the same or got better. This is different from December, when the opposite happened.Credit: Westpac–Melbourne InstituteThe survey was done from 6-9 January. Even though seasonal changes were already considered, it’s notable that all five parts of the index worsened in the last two days of the survey compared to the first two days.



There wasn’t a clear political event causing this change, but news about the Australian dollar dropping against the US dollar might have influenced people’s feelings. This led to negative news about interest rates and the economic outloo

January - slight decline in consumer sentiment: Westpac

A number of big United States banks are about to begin their Q4 2024 earnings season, including JPMorgan Chase, Citigroup, Wells Fargo, Goldman Sachs, Bank of America, and Morgan Stanley.

The sentiment around big banks is positive, and expectations are high. With U.S. President-elect Donald Trump's recent poll win, confidence in strong earnings growth has been further boosted.

Any deviation, however, could have significant market repercussions, so investors will be keen to see whether the banks can meet or exceed these high expectations.

Financials are expected to lead profit growth with 39.5% EPS growth. A 5.7% year-over-year increase in revenue is also anticipated.

This report will provide investors with insight into net interest income, loan growth, and credit performance. The broader economic outlook will be shaped by these factors.

The growth of loans has been tepid, but there are early signs that it might pick up, especially for commercial and industrial loans. As long as macroeconomic expectations remain strong, deposit costs should stabilise, and credit costs should remain manageable.

There may be some downward pressure on net interest income (NII), but this could be offset by loan growth in the long run.

Earnings preview: US banks kick off the quarter

Andrew is the leader of Azzet's Australian editorial team. He has worked in major newsrooms including The Sunday Telegraph, news.com.au, Mumbrella and Stockhead in a career spanning more than 30 years. | Azzet™

Andrew Banks

Profits better than expected for UnitedHealth in 2024

TSMC posts record quarterly profit earnings, revenue up

Japan's tourist arrivals reach all-time highs; weak yen

Goldman Sachs doubles earnings in Q4, stock rises 6%

BlackRock generates record $11.6tn in client assets

Yoon Suk Yeol is detained by South Korean authorities

Azzet's complete guide to retail property vs stocks

December's US budget deficit 39.4% higher than last year

January - slight decline in consumer sentiment: Westpac

Earnings preview: US banks kick off the quarter

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