Companies & CEOs
UK watchdogs fine Citigroup £61.6 mln - 05/24/2024
The Bank of England's Prudential Regulation Authority (PRA) imposed a £33.8 million fine on Citigroup Global Markets Limited. The regulatory body stated that the US bank's violations of trading and control systems occurred between April 2018 and May 2022, which is when the fine was assessed. Additionally, the American bank was fined £ 27.8 million by the British Financial Conduct Authority (FCA),...
Walmart more than triples quarterly net profit - 05/17/2024
The biggest retailer in the United States, Walmart Inc., reported a 6% gain in revenue and a more than threefold increase in net income in its first quarter of fiscal 2019. For the quarter that ended on April 30, Walmart reported net income of $5.1 billion, or $0.63 per share, as opposed to $1.67 billion, or $0.21 per share, for the same period the previous year. FactSet's survey of analysts...
Buffett's company reveals its $6.7 billion-investment target - 05/17/2024
The enigmatic business whose shares billionaire Warren Buffett's investment firm Berkshire Hathaway unveiled for $6.7 billion turned out to be insurance Chubb Ltd. According to CNBC, which cites Berkshire data that are available on the stocks and Exchange Commission (SEC) website, Berkshire has been raising its investment in Chubb for the past two quarters and currently holds 6.44% of the shares...
Anglo American rejects BHP's new merger proposal - 05/14/2024
BHP Group submitted a fresh merger proposal to Anglo American, which was once more turned down, the BHP press release reads. Anglo American's board of directors received an enhanced proposal from the group on May 7th, which valued the company at 34 billion pounds ($42.67 billion). Anglo American is being offered the deal by BHP in exchange for shares. Anglo American stockholders would receive...
Shell to sell refinery and petrochemical assets in Singapore to Chandra Asri JV and Glencore - 05/09/2024
A deal has been agreed by Shell Singapore Pte, a division of the British oil and gas corporation Shell, to sell refinery and petrochemical assets in Singapore to CAPGC Pte, a joint venture between Glencore Asian Holdings Pte and Chandra Asri Capital Pte. Shell announced in a press release that it would sell every part of Energy and Chemicals Park, including real estate and business agreements....
Investor group to buy electricity supplier Allete for $6.2 bln - 05/07/2024
Allete Inc., a generator of renewable energy in the United States, is being acquired by a group of investors led by the Canadian pension fund Canada Pension Plan Investment Board and the American investment firm Global Infrastructure Partners for approximately $6.2 billion, including debt, the company announced in a news release. Each share of Allete stock will be purchased by the consortium for...
M&A volume in global oil and gas may reach $150 bln by the end of 2024 - 05/07/2024
According to Rystad Energy analysts, the number of mergers and acquisitions (M&A) in the worldwide oil and gas business in the first quarter was the most in the previous five years, and agreements worth an additional $150 billion may be signed in the remaining months of 2024. Deal value since the year's start has topped $64 billion, which is 2.5 times greater than it was in the first quarter of...
SEC shuts down Trump Media auditor for 'massive fraud' - 05/06/2024
The US Securities and Exchange Commission (SEC) closed the auditing firm BF Borgers due to allegations of widespread fraud. The agency claims that Ben Borgers, the company's founder, faked paperwork and mislead customers into believing that BF Borgers conforms to US regulations. According to the SEC, the commission discovered infractions in at least 75% of Borgers' audits. Gurbir Grewal,...
Bloomberg: LVMH is considering sale of Marc Jacobs - 05/02/2024
According to Bloomberg, which cites sources, the French conglomerate LVMH is thinking about selling its 80% ownership in the Marc Jacobs brand. Fans of fashion designer Marc Jacobs made an offer to LVMH, the agency reported. The fashion house hasn't decided on anything yet. LVMH is also thinking of involving private investment firms, Bloomberg notes. The fashion house Marc Jacobs has already...
U.S. court sentences ex-head of Binance Zhao to four months in prison - 05/01/2024
Changpeng Zhao, the founder and former CEO of the biggest cryptocurrency exchange Binance, has been sentenced to four months in prison in the US, writes The Wall Street Journal. The US Department of Justice charged him with money laundering and violating sanctions in November. The defense requested home arrest, while the prosecution demanded a three-year prison sentence. Changpeng Zhao entered a...
