US investment company Blackrock's net profit for the first three quarters rose 26 per cent year-on-year to $4.258 billion, the company said in a statement. Diluted earnings per share attributable to shareholders of the investment company was $27.59, compared with $21.84 a year earlier. Revenue rose 22 per cent to $14.268 billion. Blackrock's third-quarter net profit rose 19% year-on-year to...

Binance, the world's largest cryptocurrency exchange by trading volume, announced on Wednesday that it will stop trading in RMB on its C2C (customer-to-customer) platform from 31 December, according to a statement from the exchange. "In response to regulatory requirements of the local government, Binance C2C will remove the RMB (CNY) trading area on 31 December 2021," Binance said in a statement....

Saudi oil and gas company Saudi Aramco is considering an initial public offering (IPO) of its oil retail unit, sources told Bloomberg. "Saudi Aramco is considering selling a stake in its fuel and lubricants retail business and may float shares on the Riyadh Stock Exchange," the sources said. Negotiations over the initial public offering are at an early stage and the company may refuse to sell,...

A California state trial court has ordered Tesla to pay $137m to its former employee Owen Diaz, who claimed he was subjected to racist and discriminatory treatment at work. Mr. Diaz, who is a former Black contractor, worked at the Tesla plant from June 2015 to May 2016. He said colleagues made racist comments about him almost daily, he found racist graffiti and drawings in the staff toilets, and...

GlobalFoundries, the third-largest microchip maker by volume, has filed documents ahead of its initial public offering (IPO) with the US Securities and Exchange Commission (SEC). The manufacturer is wholly owned by Mubadala, effectively Abu Dhabi's sovereign wealth fund. GlobalFoundries notes in the prospectus that Mubadala will retain significant control of the company after the IPO on the...

Representatives of the law firm conducting the audit into China's possible over-reporting in the World Bank's Doing Business rankings have met with the board of directors of the International Monetary Fund (IMF), said Gerry Rice, a spokesperson for the fund. He said the board was interested in a thorough, objective and timely investigation. Recall that irregularities in the 2018 and 2020 reports...

US startup Rivian has reported a $1 billion loss for the first half of the year before going public, Bloomberg reports. Such financial results are due to minimal revenues from the company's first sales of its R1T pickup, while other developments have yet to turn a profit. Despite such figures, the company is counting on investor interest in its IPO and a valuation at $80 billion in the...

US pharmaceutical company Merck has announced acquisition of its competitor Acceleron Pharma. The deal will be done through a subsidiary of Merck, which will buy all of Acceleron's shares at $180 each. This brings the total purchase price to $11.5bn. This deal is one of the largest acquisitions in Merck's history. Acceleron itself specializes in the development of drugs for respiratory diseases...

The Lego Group reported strong growth in its financial results in the first half of the year. Net income rose 140% to more than $990 million, operating income rose 104% to $1.3 billion, revenues rose 46% to $3.6 billion and consumer sales showed growth of 36%. The Lego Group business was one of the few that weathered the COVID-19 pandemic unscathed and even reached record levels thanks to...