Companies & CEOs
Subaru to suspend operations at three plants in Japan in June - 06/02/2022
Japanese automobile concern Subaru suspends the work of its three plants in the Japanese prefecture of Gumma, Kyodo News Agency reported. Work will be suspended due to problems with the supply of parts amid a lockdown in Shanghai due to an outbreak of the coronavirus. The plants will not operate on June 2 and 3. The same three plants had already stopped work in April. Suzuki announced a partial...
Twitter to pay $150m fine in user data transfer case - 05/30/2022
To settle a complaint over user privacy infringement, Twitter will pay a $150 million fine to the US Department of Justice and the US Federal Trade Commission. The government claimed that Twitter had illegally passed on users' e-mail addresses and phone numbers to various companies for them to use for targeting advertising. The settlement agreement between the company and the departments was...
Alibaba's net profit falls for the financial year - 05/27/2022
Alibaba's net profit for fiscal year 2021-2022, which ended March 31, fell by 67 percent to $7.427 billion, according to the company’s press statement. For the period, diluted earnings per ordinary share were $0.45, down from $1.02 a year earlier. Meanwhile, Alibaba's revenue was $134.567 billion, up 19% from the previous fiscal year. The corporation lost $2.562 billion in the fourth quarter of...
JP Morgan expects $1 billion loss from its digital bank - 05/25/2022
U.S. bank JPMorgan Chase forecasts that their all-digital bank, which opened recently, will be unprofitable in the coming years. According to Sanoke Viswanathan, JPMorgan's head of worldwide retail growth, stated by the Financial Times, the bank will lose $450 million in 2022 and another $450 million "in the next several years." According to the CEO, the virtual bank would not start making money...
U.S. baby formula manufacturer apologizes for product shortages - 05/23/2022
Robert Ford, the CEO of Abbott, has apologized to American families for the newborn formula shortfall. The shortage emerged after the company was forced to return a big batch of products after regulatory regulators suspected the production line was infected with harmful bacteria. "We apologize to every family that was let down because we aggravated the nation's newborn formula crisis when we...
Walmart's net profit falls in Q1 - 05/18/2022
Walmart's consolidated net profit fell 24.8 percent year over year to $2.054 billion in the first quarter of fiscal year 2022-2023 (ending 30 April), according to a press statement. Walmart reported $0.75 diluted earnings per share, down from $0.97 a year ago. In the reporting period, Walmart's revenue increased 2.3 percent year over year to $140.288 billion. Analysts expected $138.8 billion in...
Renault may start producing electric cars with Nissan and Mitsubishi - 05/17/2022
The potential of forming a distinct electric car firm within the framework of an alliance with Japanese carmakers Nissan Motor and Mitsubishi Motors has not been ruled out by Jean-Dominique Senard, head of French car manufacturer Renault. "I am confident that this is the greatest way to add value to our alliance," Senard commented on the possibility of spinning off electric car production into a...
Saudi Aramco posts record first-quarter profit - 05/16/2022
Saudi Aramco, the world's largest oil producer, stated that its net profit grew by 82 percent year on year to a record $39.5 billion in the first quarter of 2021. According to the firm, "Aramco earned a record quarterly net profit of $39.5 billion, up 82 percent from the first quarter of 2021." Higher oil prices and sales volumes, as well as greater refining profits, were the key contributors...
Siemens net profit falls by 23% in first half of financial year - 05/12/2022
Siemens AG reported a 23 percent drop in net profit for the first half of fiscal year 2021-2022, which ended on March 31, to €3.01 billion, according to the company’s statement. The diluted earnings per share for the reporting period were €3.29, down from €4.49 in the previous financial year's first half. Year on year, revenue increased by 17% to €33.537 billion. Net profit for the second...
US Congress demands data on Russian government debt transactions from JPMorgan and Goldman - 05/11/2022
US congressmen have demanded that JPMorgan and Goldman Sachs provide lists of clients trading Russian bonds. US congressmen have demanded that US banks JPMorgan Chase and Goldman Sachs provide information on clients trading Russian bonds in order to find out whether Wall Street is profiting from Russia's invasion in Ukraine, Bloomberg reported. Corresponding letters to JPMorgan chief executive...
