Companies & CEOs
All major US banks pass Fed's recession stress test - 06/30/2023
The yearly stress test for the 23 biggest US banks was announced by the US Federal Reserve (Fed) yesterday, June 28. According to the Fed, none of the biggest banks would have gone down in the adverse scenario—which connotes a "severe recession"—and they would all have been able to maintain the minimal level of capital sufficiency. At that, the overall amount of bank losses would have been $541...
WSJ: FTX crypto exchange is negotiating on relaunch and rebrand - 06/29/2023
According to the WSJ, FTX has started talking to investors about relaunching its cryptocurrency exchange. Following the exchange's filing for bankruptcy in November 2022, CEO John J. Ray III stated that FTX will recruit investors to revive its eponymous cryptocurrency exchange. According to The Wall Street Journal, which cited sources familiar with the discussions, the cryptocurrency company is...
Raytheon brings back employees from retirement to produce Stinger missiles - 06/29/2023
According to Defense One, American military giant Raytheon has rehired former workers to assist in restarting Stinger missile production. The Stinger missiles haven't been manufactured for 20 years, and it's interesting that they "became the stars of the show within the first 48 hours" of the Russian invasion’s start, leaving "everyone wanting more." Wes Kremer, CEO of Raytheon, remarked, "We...
Airbus delivers first Made-In-China aircraft to European customer - 06/28/2023
According to the Xinhua news agency, the European aircraft manufacturer Airbus delivered an airplane that had been put together in Tianjin, China, to a European airline for the first time. One of the biggest low-cost airlines in Europe, Wizz Air, purchased the first A321neo that was built in Tianjin. The Airbus Corporation started producing A321 aircraft in Tianjin, it was revealed in November....
Italy's Eni buys UK oil and gas company Neptune Energy for $5B - 06/26/2023
The Italian energy corporation Eni purchased British Neptune Energy for $4.9 billion. Eni, which owns 63% of the Norwegian oil and gas business Var Energi, also participated in the transaction. The transaction might be finished in the first quarter of 2024 once the companies recceive regulatory permission. The prospect of such a merger has been considered for some months. Neptune owns properties...
3M Corporation to pay $10.3bn for 'perpetual chemical' pollution - 06/26/2023
A settlement has been reached in a class action lawsuit brought by 3M, a U.S. multinational corporation, against citizens of multiple states in connection with the chemical contamination of nearby soil and water reservoirs. The business will pay $10.3 billion over the following 13 years. The contamination occurred due to perfluoroalkyl and polyfluoroalkyl substances, or PFAS group chemicals. They...
Buffett gives $4.6bn worth of shares to charity - 06/23/2023
Warren Buffett, 92, has donated Berkshire shares worth $4.6 billion to charity. Billionaire Warren Buffett gave $4.6 billion worth of Berkshire Hathaway stock to charity as part of his customary annual giving, the investment firm announced in a statement. Five nonprofits received the donated shares. The Gates Foundation, established by millionaire Bill Gates and his ex-wife Melinda, received...
Panasonic to supply batteries for Mazda e-cars - 06/23/2023
Mazda Motor, one of the largest vehicle manufacturers in the world, announced that the company may begin receiving electric car batteries from Panasonic of Japan. The statement read, "Panasonic Energy (a division of Panasonic) and Mazda will begin consultations to supply Panasonic Energy cylindrical lithium-ion batteries manufactured at plants in Japan and North America for Mazda vehicles and...
Binance's market share in the US falls sharply in March - 06/22/2023
According to Bloomberg, which used data from cryptocurrency analytics firm Kaiko, Binance, the largest cryptocurrency exchange in the world, saw a decline in market share from 22% at the end of March to 1.5%. According to Bloomberg, using Kaiko statistics, "US currently represents just 1.5% of the overall weekly trading volume among US cryptocurrency exchanges, down from 8.2% at the start of the...
Carlos Ghosn sues Nissan for $1bn for firing in 2018 - 06/22/2023
The former CEO of Nissan Motor, Carlos Ghosn, has filed a lawsuit against the firm and several related parties for his termination in 2018 and the subsequent planning of his arrest for financial irregularities. Mr. Ghosn is requesting $1 billion in damages in his complaint, which was submitted to the Court of Cassation in Lebanon, for the "serious damage" these activities have caused to his...
