Stellantis Concern has withdrawn from joint production of Jeep vehicles in China because of concerns about future sanctions, CEO Carlos Tavares said. The plant had been operating in China for 12 years and was announced to be closed on July 18. According to Mr. Tavares, in recent years the company has noticed "more and more cases of political interference in business operations in China." "We...

According to Bloomberg News, activist investor Elliott is boosting his holdings in PayPal to help the firm reduce costs. Activist investor Elliott Investment Management is raising its investment in PayPal Holdings Inc. in an effort to pressure the financial technology behemoth to make more drastic cost reductions. Elliott might wind up ranking among the top five shareholders of PayPal. PayPal...

American company Meta invested $2.8 billion in its virtual reality branch Reality Labs during the quarter. The company's revenues decreased year over year by over 1 percent for the first time in its history. For the quarter that ended in June, American company Meta spent $2.81 billion on its Reality Labs virtual reality subsidiary. According to CNBC, such spending demonstrates the company's...

Unilever's net profit dropped by 5%, to €3.2 billion, in the first half of the year. International FMCG manufacturer Unilever reported a 5.3 percent decrease in net profit, to €3.216 billion, in the first half of this year compared to the same time in 2021. Comparatively to the previous year, diluted earnings per share were €1.13 as opposed to €1.19 per share. The company's revenue climbed at...

Alibaba Group Holding, the largest Internet company in China, announced that it would perform an initial offering on the Hong Kong Stock Exchange. The company's managers has been given permission by the board of directors to file for a primary listing on the main board of the Hong Kong Stock Exchange, according to a statement from Alibaba Group Holding Limited. It should be mentioned that the...

There have been instances of child labor exploitation exposed at an Alabama-based subsidiary of the South Korean business Hyundai Motor, reports Reuters. Former Assistant Secretary of Labor for Occupational Safety and Health (OSHA), David Michaels, also corroborated this information by referencing the police. The case is linked to SMART Alabama LLC, a supplier of components to Alabama-based...

Amazon.com Inc. revealed that it would pay $3.49 billion to purchase One Medical. The entire transaction will be funded in cash. The healthcare division of the online store will significantly expand as a result. In 2019, Amazon tried virtual counseling for its employees in Seattle before making these services available to its other employees in other cities under the Amazon Care brand. The...

France's TotalEnergies said in a press statement that it had entirely stopped working on its projects in Myanmar. In January, TotalEnergies made the decision to end all of its relationships with the Yadana gas field operator and the MGTC gas transportation company in Myanmar. The company cited abuses and human rights breaches during the country's early 2021 political transition. "The decision...

Beijing is getting ready to sanction Didi, a Chinese taxi aggregator, $1 billion for breaking rules regarding gathering and use of personal data. According to the WSJ, the penalty would allow Didi to list its securities on the Hong Kong stock exchange. The Chinese watchdog is getting ready to fine taxi aggregator Didi more than $1 billion, putting an end to a year-long probe into security flaws...