Companies & CEOs
Reuters: BP plans to buy solar energy company - 03/24/2023
BP may fully acquire the solar energy company Lightsource, say Reuters’ sources. According to Reuters, which cited three industry sources, the British oil and gas company BP is in negotiations to purchase the remaining shares of Lightsource BP, which constructs solar power plants. BP acquired a 43% stake in Lightsource in 2017 for $200 million, and expanded its ownership to 50% two years later....
Coinbase receives notice of impending prosecution - 03/23/2023
The US Securities and Exchange Commission (SEC) has informed US cryptocurrency exchange Coinbase of upcoming accusations against the business, according to a statement the exchange made public. The statement reads: "The SEC today issued a Wells notice regarding an unspecified part of our traded digital assets, Coinbase Earn service, Coinbase Prime and Coinbase Wallet." The cryptoexchange notes...
Nike reports decline in net profit - 03/22/2023
Nike, a U.S. manufacturer of sports apparel, decreased net profit on an annualized basis by 12% to $4.039 billion during the first three quarters of its fiscal year 2022–2023, which ended on February 28. For the quarter, diluted earnings per share fell to $2.57 from $2.85 a year earlier. Revenue for the first nine months of the year grew by 11% to $38.392 billion. Nike's fiscal third quarter...
Credit Suisse brand will continue to exist until deal with UBS closes - 03/20/2023
The Credit Suisse (CS) brand, which was established in the middle of the 19th century, will continue to exist until the deal with UBS is completed, according to CS chairman Axel Lehmann at a news conference on Sunday. Earlier, Switzerland's National Bank announced that UBS, the nation's biggest bank, would acquire the assets of Credit Suisse for $3.2 billion. The Credit Suisse name will exist...
German Rheinmetall reports record profits amid war in Ukraine - 03/17/2023
The operating profit of Rheinmetall, the biggest defense company in Germany, increased by 27% from 2021 to a record-breaking €754 million in 2022. Armin Papperger, the CEO of Rheinmetall, claimed that the company's success is primarily obliged to the "war in Europe". "Rheinmetall entered a new period as a result of the epochal shift and the European War. Many nations have realized the importance...
Investors value Stripe payment service at $50B in new funding round - 03/16/2023
Investors have invested $6.5 billion to Stripe payment provider. In a new round of funding, Stripe was valued at $50 billion, less than half of what it was in 2021 when the Collison brothers' service rose to become Silicon Valley's most expensive privately held company. According to The New York Times, which cited the company's announcement of the financing, Stripe has received $6.5 billion in...
Credit Suisse will borrow $54B to overcome crisis - 03/16/2023
Credit Suisse which shares the day before collapsed by a third will borrow $54 billion from the Swiss Central Bank to strengthen its liquidity. As a "decisive measure to proactively strengthen its liquidity," Credit Suisse intends to borrow up to 50 billion Swiss francs ($54 billion) from the Swiss Central Bank, the bank's press office announced on March 16. In addition, the bank issued a tender...
Credit Suisse delays annual report because of USA watchdog request - 03/10/2023
Following a "last-minute" request from the U.S. Securities and Exchange Commission (SEC), Swiss bank Credit Suisse announced that it is postponing release of its 2022 financial report. The bank, expected to issue its annual report on March 9, was approached by SEC on March 8. SEC had some concerns, according to Credit Suisse, regarding its unrestricted cash flow reports for 2019 and 2020. The...
Silvergate Capital Corporation liquidates its cryptocurrency bank after FTX collapse - 03/10/2023
Silvergate Capital Corporation stated that it is closing down and liquidating operations of its cryptocurrency bank Silvergate Bank. Silvergate Bank, a partner of Binance US, was one of the biggest cryptocurrency institutions in the United States on par with Signature Bank. Silvergate stated that it "believes that an orderly wind-down of the bank's operations and voluntary liquidation is the...
Adidas net profit falls by 3.5 times in 2022 - 03/09/2023
Adidas' net profit decreased 3.5 times to €612 million in 2022. According to a press statement from the company, the net profit attributable to shareholders of German Adidas AG, one of the biggest makers of sportswear and accessories worldwide, decreased by three and a half times last year compared to 2021, to €612 million. Diluted profits per share decreased to €3.34 in 2022 from €10.9 in...
