Hyundai Motor of South Korea revealed that it has signed a memorandum of understanding with Posco Holdings to collaborate on building a steel plant in the United States. As stated at the close of March, Hyundai Steel (a division of Hyundai Motor) intends to construct a 2.7 million tonnes annually steel plant in Louisiana by 2029. An investment of $5.8 billion is expected. "The Louisiana steel...

A congressional committee in the U.S. urged investment banks JPMorgan Chase & Co. and Bank of America to not engage in the preparations for the IPO of Chinese battery producer Contemporary Amperex Technology Co. (CATL) in Hong Kong, according to Bloomberg, referencing the document of the congressmen's request. BofA and JPMorgan are putting themselves and U.S. investors at “serious regulatory,...

The overall compensation for American Meta Platforms' founder and CEO Mark Zuckerberg in 2024 rose by $2.8 million, totaling $27.2 million, as announced by the company in a statement on the U.S. Securities and Exchange Commission (SEC) website. According to MarketWatch, this amount exceeds what any other leading executive at the company has been given. Since 2012, Zuckerberg's annual salary has...

The U.K.'s Competition Appeal Tribunal has filed a lawsuit against Google, a unit of Alphabet Inc., to claim over 5 billion pounds ($6.6 billion) in damages for its exploitation of a dominant position in the online search market to increase advertising costs. The class action lawsuit submitted on Wednesday claims that the IT giant is exploiting its power to limit competing search engines, thereby...

Louis Vuitton Moët Hennessy (LVMH, which includes brands like Louis Vuitton, Dior, jewelry label Tiffany, and cosmetics retailer Sephora) has ceded its position as the largest luxury goods firm by market capitalization in Europe to its competitor Hermès. On April 15, its shares dropped by 7.8 percent, whereas Hermès, known for its Birkin and Kelly handbags, grew by 0.2 percent, according to CNBC....

Bank of New York Mellon, the biggest custodian bank globally, saw a 21% rise in net income during the first quarter of 2025, with a 6% increase in revenue. The bank announced a net income of $1.15 billion, or $1.58 per share, for the January-March quarter, an increase from $953 million, or $1.25 per share, in the same period last year. The modified amount rose to $1.58 per share, up from $1.29....

The discussions of the Italian fashion label Prada regarding the acquisition of the Versace brand from Capri Holdings Ltd. have been threatened by the decline in global stock markets, as reported by The Wall Street Journal, citing sources. They stated that the parties had provisionally consented to a deal worth approximately $1.4 billion and intended to reveal it on the morning of April 10, but...

Analyst Ryan Brinkman from JPMorgan Chase & Co., among the most bearish analysts on Wall Street, reduced his profit outlook for Tesla, citing the extent of adverse customer feedback regarding Elon Musk's actions, according to a research note cited by Bloomberg. Bloomberg points out that Tesla's car deliveries in the first quarter of 2025 fell considerably short of even Brinkman's pessimistic...

According to the Bloomberg Billionaires Index, the fortunes of the 500 wealthiest individuals globally decreased by $208 billion on April 3, as stock markets plummeted following U.S. President Donald Trump's announcement of extensive trade tariffs. The losses rank among the top four in the 13-year history of the index’s calculation and are the most substantial since the height of the COVID-19...