Companies & CEOs
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...
US investment group TPG Global to pay $1.2B for Australian funeral firm - 03/08/2023
On March 7, shares of Australian funeral provider InvoCare rose sharply after news that the company received a purchase offer from US investment firm TPG Global. The deal is valued A$1.8 billion ($1.2 billion). Shareholders of InvoCare will receive A$12.65 in cash for each share, per the agreement. Shares of the business increased by 39% to A$12.45 during trading on the Sydney Stock Exchange....
Saudi Aramco to invest in green engines production - 03/02/2023
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...
AB InBev's 2022 profit adds 12.8 percent - 03/02/2023
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...
Nestle will close factory and office in Myanmar - 02/28/2023
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...
FT notes Trafigura’s errors in $577M loss in nickel deal - 02/27/2023
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 profit down 37 per cent - 02/24/2023
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,...
