Companies & CEOs
Musk's fortune drops below $200bn over Twitter deal - 11/09/2022
Since Elon Musk declared his plan to acquire Twitter in mid-April, the billionaire's net worth has decreased to below $200 billion, falling by $74 billion, writes US Forbes. On Tuesday, November 8, when Tesla shares hit a 52-week low, Elon Musk, the richest man in the world, saw his net worth drop to approximately $195.6 billion. Since Musk's attempt to acquire the social network in response to...
Airbus orders in October up 14 times over September - 11/09/2022
According to the company’s report, European aircraft manufacturer Airbus received 177 orders in October compared to just 13 in September. As a result, there have been 1,033 aircraft ordered since the start of the year. The number of aircraft delivered by Airbus in October increased by five, or 9%, to 60. According to information on the corporate website, 497 aircraft have been delivered since...
Kering in talks to buy Tom Ford fashion house - 11/07/2022
According to sources cited by The Wall Street Journal (WSJ), French business Kering SA wants to purchase fashion house Tom Ford. They claim that purchase negotiations are "in process" and that a deal might be signed soon. The amount of the deal has not been announced. The WSJ article reported in August that the American fragrance and cosmetics company Estee Lauder was in talks to buy Tom Ford....
Amazon's capitalization falls below $1T for the first time since 2020 - 11/02/2022
One of the biggest online retailers in the world, Amazon, saw its market valuation slip below $1 trillion for the first time since 2020 as a result of a steep decline in its stock price following the release of its financial statements, according to trading statistics. At the end of Tuesday's trading, the price of the company's shares dropped 5.52 percent to $96.79. Thus, the company's...
Blackstone buys stake in Emerson Electric for $9.9B - 11/01/2022
According to The Wall Street Journal, the investment firm Blackstone has decided to purchase a stake in Emerson Electric, a subsidiary that offers goods and services for heating and cooling in both commercial and residential settings. The deal is anticipated to get an official announcement within a day. A 55% interest in the relevant Emerson Electric subsidiary, which the investment company...
PetroChina's net profit jumps by 60 percent for first nine months 2022 - 10/28/2022
For the first nine months of the year, PetroChina Co Ltd, the largest oil and gas corporation in Asia, recorded a 60 percent increase in net profit. Revenues reached record highs as a result of increased energy prices worldwide, despite the fact that decreasing fuel use in the Chinese market continued to drag on profits. PetroChina stated that its net income totaled 120.3 billion yuan ($16.66...
WSJ: Banks begin to finance Elon Musk's Twitter deal - 10/27/2022
A number of banks have begun the process of transferring money to support Twitter's acquisition by entrepreneur Elon Musk, reports The Wall Street Journal (WSJ). The newspaper notes that banks have started putting $13 billion into accounts. By Friday, October 28, Elon Musk will be granted access to the funds. The publication claims that Elon Musk issued a notice to the banks on October 25 in...
India fines Google for abuse of market leader position - 10/26/2022
The second such penalty for the Internet giant in a week came from India's Competition Commission, which penalized Google 93.6 billion rupees ($113 million) for "abusing its dominant position over the Play Store policy." Google was fined $162.2 million last week by India's antitrust authority for abusing its dominant position in a number of areas within the Android mobile ecosystem. The Indian...
Visa's net profit adds 21.5 percent for fiscal year - 10/26/2022
Visa's net income grew to $15 billion in the fiscal year 2021–2022. One of the two biggest bank card businesses in the world, U.S. Visa Inc., reported a 21.5 percent increase in net income to $14.957 billion for the fiscal year 2021–2022 compared to the prior year. The company's diluted earnings were $7 per common share, up from $5.63 in the prior year. Visa's revenue also added 21.5 percent,...
HSBC's January-September net profit falls by six percent - 10/25/2022
In the period from January to September 2022, according to financial documents, the British-Hong Kong-based HSBC Holdings plc's net income attributable to shareholders decreased by 5.7 percent year over year to $10.202 billion. Net interest income, on the other hand, grew by 16.8% to $23.032 billion. Diluted earnings per share were $0.51 this year after $0.53 last year. Revenue decreased 1.9%...
