Companies & CEOs
UBS bank receives final verdict in tax fraud case - 11/16/2023
The French Court of Cassation finalized UBS's 2021 conviction for tax fraud and unlawful campaigning, writes Agence France-Presse. The statement from the court reads, "the Court of Cassation on Wednesday definitively found the Swiss bank UBS guilty of concealing aggravated tax fraud as well as illegal bank agitation," the newspaper reported. In December 2021, the Paris Court of Appeal fined the...
Xiaomi sells record $3.1 billion worth of goods online on Bachelor's Day - 11/15/2023
During the shopping festival for Bachelor's Day (Nov. 11), which is China's version of Black Friday, the Chinese manufacturer of smartphones and other consumer electronics Xiaomi broke records for online sales, selling more than 22.4 billion yuan ($3.11 billion) worth of goods between October 23 and November 11. The figure included sales on the platforms of JD.com Inc., Pinduoduo, Douyin, as well...
US largest pension fund grows its stakes in Tesla and Rivian - 11/14/2023
The largest public pension fund in the United States, California Public Employees' Retirement System (Calpers), reduced its holding in Oracle Corp. during the third quarter and grew its position in shares of electric car manufactures Tesla Inc. and Rivian Automotive Inc. Between July and September, Calpers purchased 215,405 Rivian securities and 2.3 million shares of Tesla stock. Consequently,...
De Beers' Cycle 9 sales collapse to $80m amid two-month embargo in India - 11/09/2023
De Beers' sales fell to $80 million in its ninth sales cycle this year, according to Anglo American plc, which owns De Beers. This is about six times less than the previous year's record ($454 million) and 2.5 times less than the prior level ($200 million), which was an all-time low for the period. The ninth cycle lasted from October 4 to November 3. De Beers CEO Al Cook blamed the drop to a...
Sales of the world's largest iPhone maker plummet after China's investigation begins - 11/06/2023
Foxconn, the world's largest iPhone manufacturer, saw its sales fall in October when China initiated an investigation into the company. According to Bloomberg, sales of Foxconn (Hon Hai Precision Industry Co), the world's largest iPhone manufacturer, plummeted in October after China initiated an investigation into the firm. Last month, the company's revenue declined 4.6% to NT$741.2 billion...
GSK pharmaceutical company cuts quarterly net profit almost tenfold - 11/02/2023
Despite its revenue rising by 4% and exceeding market expectations, the British pharmaceutical giant GSK Plc (previously GlaxoSmithKline) reduced its net profit almost tenfold in the third quarter of 2023. GSK's turnover from July to September increased from 7.83 billion pounds ($9.9 billion) to 8.15 billion pounds. The figure increased by 10% excluding COVID medications. Net profit was 1.46...
Toyota to invest $8B more in US plant to produce batteries for electric cars - 11/01/2023
Toyota's largest battery facility outside of Japan will get an additional investment of almost $8 billion, the company's North American division announced in a news statement. The North Carolina project will require a total investment of approximately $13.9 billion. The new investments will create three thousand jobs for over 5,000 people. The factory will have eleven production lines...
BP to pay $100M for Tesla’s ultrafast EV chargers - 10/27/2023
A $100 million deal has been signed by the British energy corporation BP Plc to purchase Tesla's rapid charging stations for electric vehicles. The agreement would enable BP's Pulse division, which creates an electric vehicle charging network, to increase its market share in the United States, the company said in a statement. BP earlier declared that it would invest $1 billion in the US market by...
Kokusai holds the largest IPO in Japan in almost 5 years - 10/26/2023
Kokusai Electric, a Japanese manufacturer of semiconductor equipment, saw a 28% increase in shares on the first trading day after its initial public offering (IPO) on the Tokyo Stock Exchange, the biggest in the nation in nearly five years. According to The Japan Times, the 108 billion yen ($720 million) public sale was the largest since SoftBank's debut in December 2018, when 2.4 trillion yen...
European Commission approves merger of Whirlpool and Arcelik assets in Europe - 10/25/2023
The January 2023 announcement of the merger of the European assets of Turkey's Arcelik with US-based Whirlpool Corp. was accepted by the European Commission. "The EC concluded that the transaction does not pose a threat to competition given the availability of alternative product suppliers in the countries where both companies operate," the agency said in a statement. As per the agreement,...
