Companies & CEOs
Activists withdraw proposal to Exxon for additional emissions reductions - 02/05/2024
The Financial Times reports, referring to a statement released by the climate group Follow This, that the group has opted to remove a proposal it had intended to include on the agenda of US ExxonMobil's annual shareholders meeting, which aimed to hasten the reduction of greenhouse gas emissions. To stop the plan, Exxon filed a lawsuit in a Texas district court last week. "Given that Exxon chose...
Retailer Shein faces more than 90 lawsuits in the US over copyright infringements - 02/05/2024
The Financial Times reports that Asian online apparel company Shein, which is getting ready to go public on the US stock market, has been charged with many copyright violations. At least ninety-three designers and businesses have sued Shein in US courts since 2018. Thirty additional cases have been filed in 2023 alone. Hennes & Mauritz (H&M), a multinational retail conglomerate, and...
EC allows Pirelli and PIF to set up tires production in Saudi Arabia - 02/02/2024
The Public Investment Fund (PIF) of Saudi Arabia and Pirelli of Italy have been granted permission by the European Commission to establish a joint venture specializing in tires within the kingdom. "Considering that the joint venture does not now operate in or intend to operate in the European Economic Area, the Commission has determined that the proposed acquisition would not give rise to...
Cigna to sell assets, including Medicare segment, for $3.7B - 02/01/2024
Health Care Service Corp. (HCSC) will purchase US health insurer Cigna Corp.'s Medicare national insurance program business and subsidiary CareAllies, which provides services to healthcare organizations, for about $3.7 billion, the company announced. It is anticipated that the deal would be finalized in 2025's first quarter. Share repurchases will be financed mostly by the proceeds. For the...
Alphabet's profit rises to $73.8B - 01/31/2024
The US holding corporation Alphabet Inc., which controls Google, announced in a release that its net profit for 2023 climbed by 23% year over year to $73.795 billion. For the period, diluted earnings per Class A, B, and C share were $5.8, up from $4.56 in the prior year. The company's revenue grew by 8.6% to $307.394 billion in the previous year. Alphabet's fourth-quarter net income rose by 1.5...
Tesla plans over $10B in capital expenditures for 2024 - 01/30/2024
The American electric vehicle manufacturer Tesla Inc. stated in its annual report that its capital expenditures would surpass $10 billion in 2024 and fall within the range of $8 billion to $10 billion over the following two years. The amount increased from $7.16 billion in 2022 to $8.9 billion in 2023. Tesla stated in a filing submitted to the U.S. Securities and Exchange Commission (SEC), "We...
Eni agrees to supply Ryanair in Italy with 100 thousand tons of biofuel - 01/30/2024
Ryanair, the biggest budget airline in Europe, and Enilive, a division of Eni, have inked agreements of intent to deliver SAF clean-burning biofuel between 2025 and 2030 to many Italian airports that the Irish airline serves. The goal is to sell 100,000 tons (33 million gallons) of fuel during those years, which is the same as 20,000 flights from Milan-Malpensa Airport to Dublin, according to a...
Skydance movie studio plans to buy all shares of Paramount - 01/26/2024
The American media business Skydance is thinking about purchasing all of its larger rival Paramount Global's shares in order to delist them later, reports CNBC citing sources. The sources state that the corporations have not started the due diligence process, despite exchanging preliminary information. The Wall Street Journal reported in mid-January, citing sources, that Skydance and its...
Nokia unexpectedly ends Q4 with a net loss - 01/25/2024
Nokia Corp., the Finnish manufacturer of telecom equipment, saw a 23% decline in revenue in the fourth quarter of 2023 and an unanticipated loss at the end of the quarter. In contrast to its €3.152 billion profit the previous year, Nokia reported a net loss of €33 million from October to December. Comparatively speaking, it reported a profit of €568 million as opposed to €929 million in the...
ADNOC to increase investment in decarbonization projects to $23B - 01/23/2024
The state-owned energy firm of the United Arab Emirates, Abu Dhabi National Oil Co. (ADNOC), plans to raise its investment in decarbonization projects by over 50%. The company announced in a statement that the board of directors has increased the budget for these activities to $23 billion. ADNOC has previously stated that by the end of 2030, it intends to invest $15 billion in low-carbon...
