Companies & CEOs
Tencent to grow its stake in Ubisoft - 08/05/2022
Tencent Holdings Ltd. intends to raise its ownership of Ubisoft Entertainment SA, a French video game company. Thus, the Chinese gaming is once again refocusing on the world's video game market, reports Reuters. Tencent, the biggest social network provider and video game developer in China, acquired a 5% interest in Ubisoft in 2018. The company has approached the Guillemot family, who created the...
Societe Generale reports loss in first half 2022 - 08/03/2022
French banking giant Societe Generale reported a net loss of €640 million in the first half of 2022 as opposed to a profit of €2.253 billion in the previous year. The net profit from banking operations increased 14.7% to €14.346 billion. Operating profit increased by 17% to €3.781 billion. Following a profit of €1.439 billion in the prior year's second quarter, the group reported a net loss of...
Fitch affirms China's CNPC and PetroChina ratings at "A+" - 08/02/2022
The Chinese oil and gas firms CNPC and its subsidiary PetroChina's long-term issuer default rating (IDR) in both foreign and domestic currencies was affirmed by the international rating agency Fitch at "A+," with a stable rating outlook. Fitch rated CNPC as one of the top energy firms in the world, with oil and gas output expected to reach 6.36 million barrels of oil equivalent per day in 2021...
Estee Lauder may buy Tom Ford for $3B - 08/02/2022
According to the Wall Street Journal, American cosmetics manufacturer Estee Lauder is in negotiations to acquire Tom Ford. The price of the purchase could reach $ 3 billion. The greatest acquisition of a cosmetics business in history, according to reports, would involve Estee Lauder Cos. purchasing the luxury fashion label Tom Ford for $3 billion or more. The sources claim that there is no...
Stellantis pulls out of Jeep production in China - 07/29/2022
Stellantis Concern has withdrawn from joint production of Jeep vehicles in China because of concerns about future sanctions, CEO Carlos Tavares said.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...
Activist investor Elliott adds up stake in PayPal - 07/28/2022
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...
Meta spends $2.8B on virtual reality division in Q2 - 07/28/2022
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 loses 5% of net profit in the first half of 2022 - 07/26/2022
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 to hold first listing on Hong Kong Stock Exchange - 07/26/2022
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...
U.S. Hyundai subsidiary caught exploiting child labor - 07/25/2022
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...
