Companies & CEOs
America's richest tech billionaires lose $315B in one year - 10/03/2022
A year ago, the number of American tech billionaires was on the rise, stock prices were setting all kinds of records, and venture capital funds were investing heavily in startups. This year, tech giants are losing money. Stock prices have dropped, inflation has increased, and the 400 wealthiest Americans according to Forbes have lost $500 billion in value over the past year. The wealthiest tech...
TotalEnergies closes refinery in southern France - 09/27/2022
According to Reuters, which cited a spokesperson for the French trade union General Confederation of Labor, the 119,000 bpd Feyzin refinery in the south of France controlled by the French energy corporation TotalEnergies is expected to be shut down until at least mid-October. The 119,000 bpd Feyzin oil refinery, owned by TotalEnergies, is expected to be shut down until at least mid-October,...
Tesla to recall 1.1 million cars due to window problems - 09/23/2022
In response to issues with automatically closing windows, American electric vehicle manufacturer Tesla will recall 1.096 million vehicles built between 2017 and 2022, according to a statement from the U.S. National Highway Traffic Safety Administration (NHTSA). A select group of Model 3, Model Y, Model S, and Model X vehicles manufactured from 2017 to 2022 are subject to a recall. In the press...
Zara’s owner pushes up profits in the first half fiscal year - 09/14/2022
Net profit for Inditex Group increased to €2.4 billion in the first half of the fiscal year. In the first half of the fiscal year (February 1 - July 31), the net profit of the Spanish Inditex Group, one of the largest clothing and footwear retailers in the world, increased by 44% to €2.431 billion. In the reporting period, the company's revenues increased by 24 percent to €14.845 billion. In...
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...
