The final two blast furnaces at the Indian steelmaker's Port Talbot facility in South Wales will be shut down. The corporation has issued a press release stating that up to 2.8 thousand people will be let go, with 2.5 thousand of those lost over the course of the following 18 months. Tata Steel intends to transition to more ecologically friendly methods of producing steel, which includes...

A group of 27 Shell shareholders pressured the oil and gas company at its annual general meeting to raise the bar on its emissions reduction commitments, writes the Financial Times. The investors are pressuring Shell to align its medium-term greenhouse gas reduction plans with the Paris Climate Agreement, with coordination from the climate group Follow This. Shell contends that the...

Sumitomo CEO Masayuki Hyodo told Barron's on the fringes of the Davos conference that billionaire Warren Buffett's investment firm Berkshire Hathaway is still adding to its holdings in five of Japan's biggest trading companies: Mitsubishi, Mitsui, Itochu, Marubeni, and Sumitomo. In August 2020, Berkshire's average ownership in each of the five companies was five percent; by June 2023, that figure...

According to the company, Marco Tronchetti Provera (MTP) SpA of Italy has raised its ownership position in tire manufacturer Pirelli to 20.58%. Two transactions resulted in the increase in stakes. Longmarch, which owns 3.86% of Pirelli, was purchased by MTP from a Chinese holding. Concurrently, Camfin SpA, a subsidiary of MTP, purchased a 2.8% share from an additional investor. MTP reminds...

According to a press release from the regulator, American bank Morgan Stanley has agreed to pay over $249 million to resolve allegations of fraud and failure to provide "information barriers", states the US Securities and Exchange Commission (SEC). The charges concern the exposure of private information regarding the so-called "block trading", that is, the selling of big blocks of stock. SEC...

Popular streaming service Twitch, which is owned by Amazon.com Inc., plans to reduce workforce by 35%, laying off roughly 500 individuals, writes Bloomberg. The layoffs resulted from divisional losses and the departure of several top managers in recent months. Nine years after joining Amazon, Twitch is still losing money, according to the sources. This is mostly due to the expensive IT...

The largest coffee chain in the world, U.S. Starbucks Corp., intends to open 1,000 locations in India by 2028. Tata Starbucks, a joint venture between Starbucks and Indian Tata Consumer Products, now manages 390 coffee shops in 54 Indian cities. According to a press release from Starbucks, the business intends to open one coffee shop in India every three days. By 2028, the corporation hopes to...

According to the Nikkei newspaper, Japanese carmaker Honda Motor Co. is thinking of establishing an electric vehicle manufacturing facility in Canada. The project may require up to 2 trillion yen ($14 billion) in investments. Honda is looking at a number of locations for the plant, one of which is close to its current Ontario operation. According to Nikkei, the project might involve building...

According to a press statement on the Ksi Lisims LNG website, the Anglo-Dutch energy corporation Shell has signed a 20-year agreement to deliver 2 million tons of liquefied natural gas (LNG) annually from Ksi Lisims LNG project in British Columbia. "Ksi Lisims LNG and Shell Eastern Trading Pte Ltd have inked a 20-year LNG purchase and sale agreement," said Ksi Lisims LNG Limited Partnership, a...