Companies & CEOs
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...
Czech billionaire buys 20 percent of ThyssenKrupp's steel business - 04/30/2024
The Czech billionaire Daniel Křetinsky, owner of the energy conglomerate EP Corporate Group (EPCG), has agreed to purchase a 20 percent share in ThyssenKrupp's steel division. The firms intend to expand EPCG's interest in ThyssenKrupp Steel to 50% as part of the strategic alliance in order to create a joint venture with equal shares of the participants. The agreement's financial details are not...
First bank goes bankrupt in the US since the beginning of the year - 04/30/2024
Republic First Bank, which has locations in Pennsylvania, New Jersey, and New York, has been taken over by US authorities after its bankruptcy. The Associated Press cited the Federal Deposit Insurance Corporation, which declared that, as of the end of January, the bank had $4 billion in deposits and roughly $6 billion in assets. Fulton Bank has consented to take over the majority of the...
U.S. watchdog investigates December recall of 2 million Tesla cars - 04/29/2024
The US National Highway Traffic Safety Administration (NHTSA) has opened an inquiry into Tesla’s recall that impacted two million electric vehicles in December of last year. The government is investigating the adequacy of the corrective actions implemented during the campaign. Tesla held a recall of its Model Y, Model X, Model S, Model 3, and Cybertruck automobiles in order to investigate a...
Oil major Pemex slashes quarterly net profit by 12 times - 04/29/2024
The first quarter of 2024 saw a considerable reduction in net profit for Petroleos Mexicanos (Pemex), the state-owned oil firm in Mexico, as a result of fewer sales, fluctuating foreign exchange rates, and increased costs. A corporate statement reads that Pemex's net profit for the months of January through March was 4.7 billion Mexican pesos ($274 million), down from 56.7 billion pesos ($3.3...
Toyota sells record number of vehicles during fiscal year 2024 - 04/26/2024
In fiscal year 2024, which concluded on March 31, Japan's Toyota Motor Corp. sold over ten million cars, which makes a 7.3 percent increase from the previous year, the company stated. It was the first time that the automaker's yearly sales exceeded 10 million vehicles. The company’s production rate increased by 9.2% to 9.97 million units in the last fiscal year. The data does not include...
