The Saudi state-owned oil corporation, Saudi Arabian Oil Co. (Saudi Aramco), reported its second-highest net profit in company history in 2023. Net profit for the corporation last year was $121.3 billion in contrast to a record $161.1 billion the previous year, according to a press release from the company. Reduced sales volumes and oil prices were two of the main causes of the fall. Compared...

According to a press release from the European Commission (EC), Apple Inc. has been fined more than €1.8 billion for abusing its dominant position in the music streaming services market for the iPhone and iPad. The watchdog discovered that Apple has been preventing third-party application developers from notifying customers about less expensive music subscription services available outside of the...

The US-based Chevron’s subsidiary Chevron New Energies revealed plans to build a 5-megawatt hydrogen production facility in the Central Valley of California. "The project seeks to create low-carbon energy by utilizing solar, land, and non-potable produced water from Chevron's current assets in the Lost Hills oil field in Kern County." According to a news statement from the company, "This low...

The British county of Somerset will host the Indian corporation Tata Group's 4-billion-pound ($5.06 billion) plant that will make batteries for electric vehicles. The project will be built close to the town of Bridgewater. Although the location of the plant has been revealed just recently, the UK factory's development was disclosed as early as last summer, according to the BBC. The plant will be...

Japanese IT corporation Rakuten Group Inc., a, intends to enhance its financial situation by floating 100 billion yen ($666 million) worth of shares. These will be unique type shares, the company said in a statement. To prevent capital dilution, the holders of these securities will not be granted voting rights and will not be able to convert them into common shares. Rakuten intends to pay these...

Finnish telecom equipment manufacturer Nokia Corp. intends to reach net zero greenhouse gas emissions (net zero) by 2040, MarketWatch writes. Earlier, the company expected to reach the goal by 2050. Nokia will also speed up decarbonization of its own operations at the same time. It had previously declared that it would cut emissions from 2019 levels by half by 2030 for both direct (Scope 1)...

Jeff Bezos sold more Amazon shares for over $2.4 billion. He intended to sell 50 million shares by the end of January 2025, but this goal is fulfilled already now, earning $8.5 billion in total. On February 15 and 16, Amazon founder Jeff Bezos sold an additional $2.37 billion worth of company shares, according to filings submitted to the Securities and Exchange Commission (SEC) of the United...

Following an agreement between the firms to sell some assets, the European Commission (EC) approved the merger of Masmovil Ibercom SA and Orange SA, the Spanish unit of the French telecom operator. After Orange and Masmovil merge, Spain's biggest telecom company will be valued at €18.6 billion. The businesses decided to sell licenses for €120 million to Digi Communications NV frequency in...

Capital One Financial Corporation's $35 billion acquisition of Discover Financial Services will become the largest M&A transaction of 2024. Discover Financial Services will be acquired by Capital One Financial Corporation for a price of $35.3 billion. According to the press office of Capital One, for every Discover share, the company would pay 1.0192 shares of its own stock, which is a 26.6%...