Oil and gas firm BP plans to eliminate 4,700 positions within the organization, along with over 3,000 contractor roles to lower expenses, BP CEO Murray Auchincloss informed staff, according to Bloomberg. Consequently, the organization is reducing approximately 5% of its staff. Auchincloss states that BP plans to cut costs even more, mainly by embracing digitalization, which involves implementing...

The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against the world's wealthiest individual, Elon Musk (whose fortune, as per Forbes Real-time, is $417 billion), regarding the details of his acquisition of the social media platform Twitter (now called X) in 2022, according to The Wall Street Journal. In a federal court lawsuit in the District of Columbia, the SEC alleged that...

Bloomberg reports, referencing the company's statement, that chip manufacturer Intel intends to separate its venture capital division into an independent entity with a new name. The agency observes that this decision is intended for Intel Capital to gain greater independence and the capability to secure funding from alternative sources. Intel announced that it will continue to be a key investor...

The European Commission (EC) has issued a recommendation urging EU nations to reassess their companies' foreign investments in third countries regarding economic security. The EC document states that it pertains to three domains: semiconductors, artificial intelligence, and quantum technologies. The EC stated that export risk assessment is essential to prevent advanced technologies from “ending...

According to Bloomberg citing sources, Chinese firm ByteDance Ltd might sell the short videos app TikTok to Elon Musk. This situation may occur if the U.S. Supreme Court affirms the prohibition of the platform within the nation. In the discussion on January 10, American judges indicated that the likelihood of prohibiting the application is fairly high. In April 2024, US President Joe Biden...

In the third quarter, Uber Technologies, a company located in the United States, experienced a twelve-fold increase in its net profit while offering taxi booking and food delivery services. The firm disclosed earnings of $2.61 billion, or $1.2 per share, for the July-September 2024 quarter, marking an increase from $221 million, or $0.1 per share, in the corresponding period the previous year....

Amex, a top player in the U.S. credit card industry, saw a 2% rise in net profit and an 8% increase in revenue during the third quarter, reaching an all-time high. According to a press release by Amex, net income increased to $2.51 billion in the July-September period from $2.45 billion in the same period last year. EPS increased to $3.49 from $3.30, exceeding analysts' consensus prediction of...

General Motors, a U.S. car manufacturer, is set to form a partnership with Lithium Americas Corp, a mining company based in Canada, and will inject $625 million into the collaboration. As per a collaborative announcement, the joint venture will concentrate on extracting lithium carbonate at the Thacker Pass project in Nevada. GM will acquire a 38% ownership interest in the project. Lithium plays...

The Climate Pledge Fund from Amazon has spearheaded a $500 million investment in X-energy, a company working on small modular reactors (SMRs), as per X-energy's press office. In collaboration, Amazon and the startup plan to introduce over 5 GW of electricity to the US market by 2039. Also, Amazon has entered into deals to help progress nuclear power with Energy Northwest and Dominion Energy, as...