Companies & CEOs
Coca-Cola sets to raise prices on its products - 04/20/2021
The Coca-Cola Company, the world's largest producer of soft drinks, intends to raise prices for its products because of growing raw material prices, which are pushing up production costs, CEO James Quincey told CNBC. "We are well hedged in the year 21, but the pressure for the year 22 is increasing, so there will be a need to raise prices," Quincey said, noting that the company expects commodity...
BP to stop flaring natural gas at US biggest oil field - 04/20/2021
BP intends to abandon gas flaring at its fields in the Permian Basin in Texas and New Mexico, according to The Wall Street Journal. The company plans to completely stop flaring gas in oil production by 2025. Gas flaring is a common practice among oil producers in the Permian Basin, as most producers there work for more profitable oil. By-product gas, on the other hand, needs additional...
Clubhouse valued at $4bn in new funding round - 04/19/2021
Voice social network Clubhouse has closed a new round of fundraising that valued it at $4bn, led by Andrew Chen of venture capital firm Andreessen Horowitz with major new investors such as DST Global, Tiger Global and Elad Gil. Voice communication app Clubhouse has announced the completion of a new funding round. The company did not disclose the amount raised, but a source familiar with the...
Mobile app developer AppLovin valued at $28.6bn in IPO - 04/16/2021
US mobile game and app developer AppLovin has raised $2bn in its IPO, with shares selling at $80, in the middle of an earlier price range of $75 to $85 per share. AppLovin will begin trading on NASDAQ today, April 15, under the ticker APP. AppLovin, founded in 2012, began as a developer of marketing tools for mobile game creators. Since then, the company has expanded its scope, now working on...
Wells Fargo's net profit jumps more than sevenfold - 04/15/2021
Net profit of Wells Fargo & Co, one of the largest US banking groups, jumped 7.3 times year-on-year to $4.742 billion in the first quarter of 2021, according to the bank's financial statements. The group's diluted earnings per share were $1.05 compared to $0.01 a year earlier. The bank's January-March revenues rose 1.9 per cent year-on-year to $18.063 billion. "Our results for the quarter,...
Coinbase's capitalisation tops $100B on its first day of trading - 04/15/2021
The largest US cryptocurrency exchange, Coinbase, has gone public. After the listing, its capitalisation exceeded $100bn - more than the value of the New York Stock Exchange and Nasdaq combined. Coinbase, the largest cryptocurrency exchange in the United States, listed directly on the Nasdaq exchange. At the opening of trading, Coinbase shares were valued at $381, while the market capitalisation...
Huawei to invest $1B in electric vehicle technology this year - 04/13/2021
Huawei has said it plans to invest $1bn this year to develop technology for electric vehicles and an autopilot system. The company claims its autopilot is "far better than that of Tesla". Huawei Technologies is investing $1 billion this year in the development of electric vehicles and autopilot technology, Bloomberg writes, citing the company's current chief executive, Eric Xu. According...
Alibaba says it agrees with the punishment from Chinese watchdog - 04/12/2021
Alibaba fully accepts the punishment handed down by China's market regulator for unfair competition, the company said in a statement. Earlier, China's State General Administration for Market Control and Regulation fined Alibaba 18.23 billion yuan ($2.78 billion) for antitrust violations, the largest fine in the country's history. The previous record fine of $975 million was paid in 2015 by...
WSJ: US CEOs earned 7% more in 2020 - 04/12/2021
The average annual pay received by CEOs of the largest publicly traded corporations in the US rose 7% last year to $13.7m. These are the calculations of The Wall Street Journal, which analyzed the earnings of CEOs at more than 300 of the largest U.S. publicly traded companies. CEOs pay rose in 206 of 322 companies, it said. The figures increased in 2020 despite the COVID-19 pandemic and the...
BMW sells record number of cars in January-March - 04/09/2021
German carmaker Bayerische Motoren Werke AG (BMW) sold around 637,000 vehicles in the first quarter of 2021, up by a third from a year ago, the company said in a statement. "BMW Group delivered 636,606 BMW, MINI and Rolls-Royce vehicles (+33.5%) to customers in the first three months of the year and achieved a new first quarter sales record," the statement said. It was noted that the company...
