Companies & CEOs
Macy's to open small stores amid decline in malls - 10/04/2023
Macy's Inc. aims to establish up to 30 small stores within the next two years as the majority of the chain's shops are located in big shopping malls with falling number of visitors. The initial small-format outlets, which are around one-fifth the size of a regular Macy's shop, started to appear in high-traffic areas nearly four years ago, and they have since had the best financial outcomes of any...
Nike remains the most expensive apparel brand in the world - 10/03/2023
According to the annual study of Brand Finance, American sporting goods producer Nike Inc. has once again risen to the top of the list of the most costly brands worldwide in the "clothing and accessories" category. Nike has held onto the top rank since 2015, when the initial study on the product category was published. The brand, owned by the American manufacturer, is now worth $31.3 billion,...
US retailer Costco offers gold bars for sale - 10/02/2023
The owner of the largest US chain of club warehouse stores, Costco Wholesale Corp., has begun selling gold bars that are one troy ounce in weight, writes CNBC. Only club members have access to the merchandise, which, according to Costco consumers, sells for around $1900 each piece, or the current spot price of gold ($1867 per troy ounce). Customers must pay a membership fee of $60 or $120...
McKinsey to pay $230M more to settle opioid scandal in US - 09/29/2023
The consulting firm McKinsey has agreed to pay $230 million in order to resolve claims of municipalities and school districts in the proceedings on the conditions of the opioid epidemic. Reuters has reported the news referring statement submitted in federal court in San Francisco. In the past, McKinsey has already spent $640 million to resolve out-of-court litigation from 49 states and the...
Reuters: Dozens of wind farm projects delayed - 09/29/2023
Numerous wind energy project delays have occurred this year in the UK, the Netherlands, and Norway, writes Reuters citing industry officials, investors, and specialists. One of the causes of the current problems, according to Rob West, an analyst with the consultancy firm Thunder Said Energy, is a significant increase in the size of wind turbines. He claimed that as they grow, the cost of error...
Apple sets to increase production in India fivefold in 4-5 years - 09/26/2023
According to the Press Trust of India, which cited anonymous sources in the Indian government, U.S. Apple Inc. aims to boost its production in India by more than five times over the course of the next four to five years, to reach nearly $40 billion. They claim that during the most recent fiscal year, which concluded in March, the business produced more smartphones than the $7 billion milestone....
EC re-fines Intel over violations in PC chip market - 09/25/2023
The European Commission fined Intel Corp. due to its misuse of the dominating position in the computer chip industry. The news fine was lowered to €376.36 million. The European Court of General Jurisdiction overturned the regulator's earlier ruling in the case, which was taken back in 2009 and called for a then-record fine of €1.06 billion, in the early 2022 timeframe. The EC claimed in a...
Number of scam victims on Hong Kong crypto exchange JPEX exceeds 2,000 - 09/21/2023
2,086 persons were affected by the loss of cash at the Hong Kong cryptocurrency exchange JPEX, reports RTHK radio station in Hong Kong. According to its records, the police detained three more individuals in the case who ranged in age from 25 to 32. There are 11 suspects in total. Police have not, however, ruled out the potential of making more arrests. The entire amount of lost money has...
Disney to increase investments in parks segment to $60B over 10 years - 09/20/2023
The American Walt Disney Co. intends to speed up and expand expenditures in the Disney Parks, Experiences, and Products (DPEP) market area. The corporation plans to nearly double its capital spending on DPEP over a period of 10 years, to around $60 billion. This will be accomplished, in part, by making investments in the improvement and extension of theme parks both domestically and overseas as...
FT: Billions of dollars of Western companies' profits are stuck in Russia - 09/19/2023
Western companies that continue to do business in Russia gained more than $18 billion in profits in 2022. However, Russia had frozen these cash, The Financial Times writes. Raiffeisenbank recorded the highest profit for 2022 at $2 billion. Raiffeisen Bank International confirmed that it has "no access" to Russian profits. US PepsiCo made $718 million, while Philip Morris made $775 million....
