Companies & CEOs
Electrolux announces cost cuts due to rising inflation and falling demand - 09/13/2022
Inflation resulted in a drop in customer demand, and as a result, Swedish Electrolux has chosen to initiate a cost-cutting campaign, according to the company's press release. "Due to the impact of high inflation on purchases of consumer durables and low consumer confidence, it is predicted that market demand for major appliances in Europe and the United States decreased substantially more quickly...
Eni to buy BP’s Algerian assets - 09/08/2022
The Italian energy company's press service reports that Eni plans to acquire BP's operations in Algeria. According to the press release, "Eni announces that it has agreed to acquire BP's business in Algeria, which includes two gas production concessions, In Amenas and In Salah (direct shareholdings of 45.89% and 33.15%, respectively)". Eni has been operating in Algeria since 1981. Production by...
Porsche sets for IPO - 09/07/2022
The luxury automobile maker Porsche will be listed on the stock exchange within the next month, the Volkswagen Group stated. Porsche shares should float on the Frankfurt Stock Exchange in late September or early October. Porsche's initial public offering will be among the most expensive in recent memory. Analysts expect that the corporation will be worth roughly €85 billion. In preparation for...
KPMG is being sued for substandard auditing in Hong Kong - 09/07/2022
China Medical Technologies' liquidator has accused audit and consulting firm KPMG of conducting a "poor" audit. The Hong Kong Supreme Court commenced hearing the case. In 2012, China Medical declared bankruptcy. Since then, the business has been the subject of multiple lawsuits in various nations, and the American government has issued a list of wanted persons for several of its top executives....
Miss Universe beauty pageant put up for sale due to unprofitability - 09/05/2022
The Miss Universe international pageant, which Ari Emanuel, founder of the Endeavor agency, has been controlling since 2015, is up for sale, according to the New York Post. The publication's sources note that Emanuel has been trying to sell the lot for six months but has been unsuccessful. The billionaire is attempting to sell the company for around $20 million, according to the NYP's source....
Elon Musk finds new reason to refuse to buy Twitter - 09/01/2022
Elon Musk found another justification for abandoning the $44 billion purchase of Twitter. The billionaire's attorneys referenced remarks made by the social network's former head of security, who charged management with negligent handling of user data. Bloomberg quotes documents submitted in court by the billionaire's attorneys on Tuesday, August 30. Musk's attorneys cited allegations made by...
HP profits for Q1-Q3 FY2021-2022 down 6% - 08/31/2022
U.S. HP Inc. reported net income of $3.205 billion for the first three quarters of fiscal 2021–2022, which concluded on July 31. This is a 5.8% decrease from the same period last year. Diluted earnings for the period were $3.01 on a per-share basis, up from $2.73 for the same period prior fiscal year. Revenue for the time period rose 2.9 percent to $48.182 billion for the corporation. In the...
US watchdogs to audit Alibaba and other Chinese companies - 08/31/2022
U.S. regulators will examine Alibaba and other Chinese businesses, according to Reuters, which cited three persons with knowledge of the situation. The China Securities Regulatory Commission (CSRC) and the Chinese Finance Ministry inked a collaboration agreement with the American Public Company Accounting Oversight Board (PCAOB) on Friday, according to news reports. According to sources who...
Musk sets to launch mass production of autopilot Tesla - 08/30/2022
Elon Musk, the CEO of Tesla, stated that his business will work to have its self-driving technology ready by the end of the year. Although he expressed his desire for it to be broadly accessible in the US and perhaps in Europe, he cautioned that regulatory permission would be required. Musk stated his current focus is on the SpaceX Starship and Tesla's unmanned electric cars while speaking at...
Meta reaches settlement agreement in data breach case - 08/29/2022
According to a document seen by Reuters, Meta Platforms Inc. and Cambridge Analytica have tentatively reached a settlement deal in their legal dispute over allegedly improper data transfers. The agreement's particulars are still a secret. The parties achieved a compromise, the agency claims, and requested the court for 60 days to allow them to complete the document and submit it to the court....
