Companies & CEOs
Spotify pays $10 billion in royalties in 2024 - 03/13/2025
Sweden's Spotify Technology, which runs the namesake music streaming platform, has disbursed $10 billion in royalties to artists and record labels in 2024. As stated in the company’s report, the payment amounts have risen tenfold since 2014, when royalties were $1 billion. Since its launch in 2008, Spotify has compensated copyright holders with $60 billion. According to MarketWatch, this is the...
Saudi Scopely to buy Pokemon Go video game developer for $3.5 billion - 03/13/2025
The Saudi firm Scopely Inc. has come to a deal with the American company Niantic Inc. to acquire its video game development division, which is known for launching the well-liked mobile game Pokemon Go. As per a press statement issued by the companies, the agreement's total will reach $3.5 billion. Scopely, which is owned by a branch of Saudi Arabia's Public Investment Fund (PIF), will acquire the...
Ford to allocate €4.4 billion to help its German division - 03/11/2025
Ford Motor Co. will assist its German division in reducing most of its debt and financing a plan to restore its operations. The U.S. car manufacturer plans to dedicate €4.4 billion to assist Ford Werke in lowering its debt, which is around €5 billion, to a more manageable figure, according to Managing Director Marcus Wassenberg in an interview with Bloomberg. Ford plans to allocate...
Branson's Virgin Group sets to raise £700m to compete with Eurostar - 03/10/2025
Billionaire Richard Branson's Virgin Group ($2.6bn of wealth per Forbes Real Time) has chosen to raise £700m to fund its initiative to introduce new rail services across the Channel. The firm disclosed this information to the Financial Times. The company aims to create a high-frequency link and position the project as the first direct rival to Eurostar after 30-year dominance. Virgin Group...
Welt: Volkswagen introduces emergency measures due to US duties - 03/06/2025
A division of German car manufacturer Volkswagen has initiated a strategy to implement emergency actions to safeguard its operations in the United States in light of new tariffs enforced by the country, Welt reported, referencing Volkswagen Group of America. “In light of the new responsibilities, we are implementing an extensive emergency strategy to safeguard our sales locations, supply chains,...
CK Hutchison sells control of Panama Canal ports to BlackRock - 03/05/2025
The investment fund CK Hutchison, based in Hong Kong, has revealed the sale of a 90% share in the Panama Canal port infrastructure (Panama Ports Company, PPC) to a group of investors headed by the US fund BlackRock, alongside 80% in Hutchison Port Holdings (HPH), which manages 43 seaports across 23 nations. The agreement totaled $22.8 billion. The port assets of CK Hutchison will be overseen by a...
UK watchdog announces start of an inspection against TikTok - 03/04/2025
The Information Commissioner's Office (ICO) has revealed the initiation of an inquiry into TikTok's use of minors' personal data to suggest content to them. Inquiries will additionally be conducted regarding the Reddit and Imgur platforms. As stated in the agency's press release, the three inquiries will examine “how TikTok, Reddit, and Imgur safeguard the privacy of their underage users in the...
BYD decides to conduct $5.2 billion stock offering in Hong Kong - 03/04/2025
According to data from the company, Chinese electric vehicle manufacturer BYD plans to carry out an extra share offering of as much as HK$40.7 billion ($5.2 billion), Bloomberg reports. This issuance will be the biggest of its kind in Hong Kong in the past four years. BYD is presenting investors with 118 million shares priced between HK$333 and HK$345 ($42.8 to $44.4). This is as much as 8.4%...
Protests against Elon Musk take place outside Tesla showrooms in the US and Europe - 03/03/2025
This weekend, protests took place in the United States and in various European cities against Elon Musk's actions during Donald Trump's administration. As reported by CNN, inhabitants of Boston, Portland, Washington, D.C., Tucson (Arizona), and various cities in California and Florida demonstrated on the streets. For the first time, Europeans participated in the protests, assembling outside Tesla...
FT: Citigroup mistakenly credited $81 trillion to a client's account - 03/03/2025
The Financial Times (FT) reveals that a Citigroup staff member mistakenly deposited $81 trillion instead of $280 into a client's account. The event took place in April of last year, and it required several hours to rectify the mistake. Another bank staff member, responsible for confirming transfers before they are approved and managing payments, failed to notice the mistake. Consequently, the...
