Companies & CEOs
IKEA may raise prices for the first time since 2019 - 11/04/2021
Household goods chain IKEA may resort to price increases for the first time since 2019, while the company's profits are shrinking due to supply disruptions, Inter Ikea chief financial officer Martin van Dam said. "We do, indeed, want to keep prices as low as possible. We cannot let this period of time change us... We want to compensate for this price increase as much as possible. But there comes...
Real estate service Zillow to write off half a trillion dollars and stop reselling homes - 11/03/2021
US company Zillow, which allows users to sell properties online, will stop buying houses for resale on its own due to unpredictable prices. The company said it would lay off about 25% of its staff over the next few quarters due to the dissolution of the relevant division. Zillow has already written off $304m spent on resale homes and will write off another $240m to $265m in the fourth quarter of...
Standard Chartered bank profits more than double - 11/03/2021
Standard Chartered made $996 million in profit before taxes in the third quarter. It was a 129 percent increase over last year's $435 million profit and better than experts' expectations of $942 million profit. The company's earnings per share increased from 3.9 to 20.7 cents. The bank's revenues increased by 7% to $3.8 billion in the third quarter, with trade servicing revenues up 13% to $300...
Equinor announces major oil discovery - 11/02/2021
Norwegian oil and gas group Equinor (formerly Statoil), together with partners PGNiG Upstream Norway and Longboat Energy Norway, has successfully drilled an exploration well in the Norwegian Sea, according to a company press release. "Equinor, together with partners PGNiG Upstream Norway and Longboat Energy Norway, has discovered oil in exploration well 6407 / 1-9 - Egyptian Vulture," the...
Saudi Aramco becomes the world's most profitable company amid energy shortages - 11/01/2021
Saudi Aramco has overtaken Apple to become the world's most profitable company. Revenues at one of the largest oil exporters have more than doubled following the rise in oil prices caused by global energy shortages. Saudi Aramco, the Saudi state-owned oil company, presented its accounts for the third quarter of 2021. The company's profit more than doubled and reached 114.1 billion riyals ($30.4...
Apple reports record fourth quarter revenues - 10/29/2021
2021 fourth quarter revenue of Apple rose 29% year-on-year to a record $83.3 billion, with net income for the period climbing to $20.5 billion, according to its filings. Diluted earnings per share (based on 16 million shares) was $1.24, compared to $0.73 a year earlier. Apple's revenue from iPhone sales increased nearly 1.5 times in the fourth quarter, reaching $38.8 billion. Revenue from iPad...
Chinese authorities demand that Evergrande's founder pay the company's debts from his own funds - 10/28/2021
Chinese authorities have demanded that Evergrande founder Xu Jiaying direct his own savings to cover his company's debts. This was reported by Bloomberg, citing its sources. The directive was sent to the businessman shortly after the developer failed to make a payment on dollar-denominated bonds in late September. As the agency notes, the call to sort out the debts himself sends another signal...
General Motors profits fall by 40% due to chip shortages - 10/28/2021
General Motors (GM), the largest US automaker, presented its financial statements for the third quarter. The corporation's profit for the period fell by 40%, to $2.4 billion, and revenue fell by almost a quarter, to $26.8 billion. These results were slightly better than analysts' expectations, nevertheless GM shares fell in price by 5% after the publication of the statements. As in the case of...
Deutsche Bank's net profits soar by almost 30 times - 10/27/2021
Deutsche Bank, Germany's largest bank, saw its net profit attributable to shareholders rise almost 30-fold between January and September, to €1.794 billion, after a profit of €62 million a year earlier, the bank said in its financial statements. Meanwhile, pre-tax profit quadrupled to €3.308 billion in the first nine months, after a profit of €846 million a year earlier. Diluted earnings per...
Hertz car rental chain buys 100,000 Tesla electric cars - 10/26/2021
On Monday, US car rental chain Hertz announced that it had agreed with Tesla to supply 100,000 of its electric cars. This is the largest order in Tesla's history; financial terms of the deal were not disclosed, but, according to media estimates, its total amount could reach $4.2 billion. Electric cars are to be delivered by the end of 2022. After that, about 20% of Hertz's fleet worldwide will...
