According to a press release from Saudi Aramco, the company intends to invest in Geely and the Renault Group partnership. The two carmakers intend to establish a company that will make power units based on technologies with reduced air pollution. "Aramco has signed a letter of intent to join Geely and Renault Group as a potential minority shareholder in the creation of a new power technology...

Anheuser-Busch InBev (AB InBev), a Belgian brewer, reported in a statement that its 2022 earnings increased by 12.8 percent to $6.454 billion. Profit attributable to stockholders grew by 27.8% to $5.969 billion. It was $3.21 per common share as opposed to $2.85 a year ago. The statement reads that revenue rose 6.4% to $57.786 billion and showed 11.2% organic growth. Profit for the fourth...

According to Agence France-Presse, the Swiss company Nestle is closing its manufacturing and headquarters in Myanmar, joining a number of other Western businesses that departed the nation after a military coup two years ago. Nestle's factory in Yangon's business district and its headquarters "will discontinue operations" due to the "current economic scenario," the company’s spokesperson informed...

The FT reported that Trafigura made a number of errors that brought $577 million loss to the company. According to the Financial Times, which cited court records, Trafigura, one of the biggest traders in the world, lost more than half a billion dollars as a result of several errors it made in a nickel deal. Early in February, Trafigura asserted that it had been the target of fraud and filed a...

Alibaba's net earnings decreased by 37% in the first three quarters of the fiscal year. According to a press statement from the company, the net profit of China's biggest Internet company, Alibaba Group Holding for the first three quarters of the current fiscal year ended December 31 decreased 37 percent year over year to $7.103 billion. After being $0.51 in the same period a year prior,...

According to the company’s CEO Patrick Pouyanne, the cost of gasoline and diesel at TotalEnergies stations will not exceed €1.99 per litre in 2023. The action was taken after French President Emmanuel Macron urged fuel companies like Total to make a new gesture to assist people in coping with high costs. Diesel and gasoline will be priced at no more than €1.99 at all TotalEnergies stations in...

Tesla will not produce all of its batteries at the facility it is building in Grünheide, Germany, according to Reuters. The decision was taken due the US Inflation Tax Act. "Tesla no longer intends to manufacture industrial-scale batteries in Germany. The manufacturer of electric vehicles would rather transfer some production processes to the US, where there are tax incentives," the agency wrote...

Rio Tinto revealed that it would provide BMW with aluminum made in Canada using hydroelectric power. This will lessen the carbon footprint created by the automaker's metal purchase. Both the German manufacturer and the British mining business announced in separate releases that they had signed a memorandum of agreement. According to the messages, aluminum will start to be supplied to the BMW...

The largest retailer in the world, U.S. Walmart, reported in a press release that its fiscal year 2022–2023 (which ended Jan. 31) saw a fall in its combined net income of 14.6% to $11.68 billion. Walmart reported $4.27 in diluted earnings per share, down from $4.87 in the prior year. The company’s overall revenue increased 6.7% year over year to $611.289 billion. In the final quarter of the...