Companies & CEOs
Japan's Taiko Pharmaceutical gets record fine - 04/12/2023
The Consumer Affairs Agency of Japan has fined pharmaceutical company Taiko Pharmaceutical more than 600 million ($4.57 million) for using false representations in its advertisements of the antibacterial medicine Cleverin. The official commercial for Cleverin disinfection claims that it is "99.9% effective" at eliminating viruses, bacteria, and odors in the air, and is available in spray or stick...
Airbus orders fall by five times in March - 04/11/2023
According to the company's report, orders for the European aircraft manufacturer Airbus declined by nearly five times in March compared to February, and totaled 20 aircraft. Airbus delivered 61 aircraft last month, up from 46 the month before, a 1.3-fold increase. According to the business's records, 127 of the 156 aircraft ordered from the company during the first quarter have already been...
Twitter ceases to exist as separate company - 04/11/2023
According to the California district court decision, Elon Musk's X Corp. merged with Twitter, ending its existence as a separate business. According to the paper, "the undersigned counsel for defendant X Corp. as a successor to defendant Twitter inc. hereby contends that Twitter was merged with X Corp. and no longer exists." It emphasizes the fact that X Corp. is an X Holdings subsidiary....
ExxonMobil to curtail oil prospecting campaign in Brazil - 04/06/2023
U.S. ExxonMobil will end its unsuccessful search for oil in Brazil, reports The Wall Street Journal (WSJ), citing sources. The newspaper reported, citing sources familiar with the situation, that "Exxon Mobil Corp. has stopped a major oil prospecting campaign in Brazil after the multibillion-dollar project brought it nothing but a few disappointing wells." The company has already stopped drilling...
J&J sets aside $8.9B for lawsuits on cancer-causing baby powder - 04/05/2023
The US pharmaceutical company Johnson & Johnson (J&J) announced that it would set aside $8.9 billion to resolve "all current and future" claims against the company's products. The company is facing lawsuits baby powder that allegedly causes cancer. Allegations that Johnson & Johnson’s baby powder causes cancer due to asbestos in talcum powder have sparked more than 38,000 lawsuits against...
LVMH owner Arnault tops Forbes list of richest people - 04/05/2023
Bernard Arnault, Head of the LVMH group that controls the brands Christian Dior, Louis Vuitton, Moet & Chandon, and others, is now at the top of Forbes' annual list of the world’s richest billionaires. His net worth is pegged at USD 211 billion. He is the only businessman on the list with a capital of more than $200 billion. A year ago, the CEO of LVMH was rated third in terms of wealth, with...
Bloomberg: Refineries in Asia are looking for alternative suppliers after OPEC+ decision - 04/04/2023
According to Bloomberg, refineries in Asia were dissatisfied with the unexpected decision of OPEC+ exporters to cut back on oil output, and are considering finding new suppliers. Refineries in Asia were caught off guard by the OPEC+ countries' decision to reduce oil output, and they are ready to diversify their purchases on the spot market if necessary, according to Bloomberg. OPEC+ exporters...
McDonald's suspends U.S. offices for a week due to staff cuts - 04/04/2023
The McDonald's company is closing its U.S. offices for a full week starting on April 3, writes The Wall Street Journal referring to the management’s letter to employees. The choice is connected to the anticipated employee reductions. The management advised staff to postpone all supplier meetings and other activities at the McDonald's offices. The business plans to share "important decisions...
Toyota sells record number of cars - 03/30/2023
Toyota Motor Corp. announced today that its February worldwide sales reached a record high and that global production rose for a second consecutive month, which means a recovery after a serious pandemic-related parts shortage. At that, the biggest carmaker in Japan claimed that the parts issue still needs to be resolved. The company's supply chain handled the pandemic better than most...
FTX founder accused of bribing Chinese officials - 03/29/2023
Sam Bankman-Fried, the creator and former CEO of the FTX cryptocurrency exchange, was accused of planning to bribe one or more Chinese officials to unlock his hedge fund accounts, according to court documents. Bankman-Fried was charged by the New York prosecutor's office with embezzling client money. The businessman was originally charged with 12 felonies, and he could spend up to 155 years in...
