Despite its revenue rising by 4% and exceeding market expectations, the British pharmaceutical giant GSK Plc (previously GlaxoSmithKline) reduced its net profit almost tenfold in the third quarter of 2023. GSK's turnover from July to September increased from 7.83 billion pounds ($9.9 billion) to 8.15 billion pounds. The figure increased by 10% excluding COVID medications. Net profit was 1.46...

Toyota's largest battery facility outside of Japan will get an additional investment of almost $8 billion, the company's North American division announced in a news statement. The North Carolina project will require a total investment of approximately $13.9 billion. The new investments will create three thousand jobs for over 5,000 people. The factory will have eleven production lines...

A $100 million deal has been signed by the British energy corporation BP Plc to purchase Tesla's rapid charging stations for electric vehicles. The agreement would enable BP's Pulse division, which creates an electric vehicle charging network, to increase its market share in the United States, the company said in a statement. BP earlier declared that it would invest $1 billion in the US market by...

Kokusai Electric, a Japanese manufacturer of semiconductor equipment, saw a 28% increase in shares on the first trading day after its initial public offering (IPO) on the Tokyo Stock Exchange, the biggest in the nation in nearly five years. According to The Japan Times, the 108 billion yen ($720 million) public sale was the largest since SoftBank's debut in December 2018, when 2.4 trillion yen...

The January 2023 announcement of the merger of the European assets of Turkey's Arcelik with US-based Whirlpool Corp. was accepted by the European Commission. "The EC concluded that the transaction does not pose a threat to competition given the availability of alternative product suppliers in the countries where both companies operate," the agency said in a statement. As per the agreement,...

The largest sovereign wealth fund in the world, Norway's Sovereign Pension Fund (also known as the Oil Fund), reported a loss for the third quarter of 2023. The fund reported that, with the strengthening of the national currency, its investment losses for the July–September period totaled 2.1%, or 374 billion kroner ($33.76 billion). The fund saw losses on its equity investments of 2.1%,...

According to Bloomberg, Mukesh Ambani's conglomerate Reliance Industries Ltd. is close to acquiring Walt Disney Co.'s Indian operations. Sources claim that the US corporation, which values Disney Star at $10 billion, may sell a majority interest in its Indian affiliate. Reliance estimates these assets' value at $7-8 billion. The companies are negotiating a deal wherein Disney would keep a...

One of the biggest producers of cosmetics worldwide, L'Oreal SA of France, reported in a press release that third-quarter sales rose 4.4% year over year to €10 billion. Comparable sales increased by 11.1%. Almost every division and every operating region of the company saw gains in revenue. The latest quarter saw 12.9% growth in sales to €3.25 billion in Europe, 5.5% growth to €2.98 billion...

X (former Twitter) started experimenting with a new subscription plan. According to X's support team, the strategy entails charging new, unverified account holders a $1 yearly subscription for making entries and responding to other users' remarks. The Philippines and New Zealand are the test countries for the model. It is anticipated that the plan will assist in further reducing bot and spam...