Saudi Aramco's net profit in 2020 fell 1.8 times to $49bn from $88.2bn a year earlier, according to the company's accounts. Saudi Aramco president Amin Nasser said last year was one of the most challenging in the company's history due to the impact of the coronavirus pandemic. "However, as a result of the increased focus on capital and operational efficiency, the company's financial position has...

The U.S. Federal Aviation Administration (FAA) has decided to independently inspect Boeing 787 Dreamliner aircraft before giving the manufacturer permission to hand them over to airlines. This was reported by The Wall Street Journal (WSJ) with reference to FAA sources. Boeing was forced to halt deliveries of the Dreamliner last December after a manufacturing defect was discovered in the fuselage...

International investors are increasingly concerned about accelerating inflation and rising debt market rates, which bode well for the global economy. However, as long as central banks keep monetary policy accommodative, the debt crisis will be delayed. According to March's Bank of America Merrill Lynch (BofA) survey of portfolio managers, only 12% of respondents identified COVID-19 as a key risk...

Xiaomi founder's capital surged by nearly $1.5bn after the company's shares rallied. The smartphone maker has secured a suspension of US sanctions imposed by the Trump administration in the final days of his presidency. The fortune of Xiaomi founder and CEO Lei Jun rose by $1.4bn to $23bn on Monday, Forbes Real-Time ranking data updated in real time showed. The billionaire's capital surged...

Canadian telecommunications company Rogers Communications has announced the purchase of rival Shaw Communications. The deal will be valued at C$26 billion ($20.8 billion) and includes $4.8 billion in debt repayments from Shaw. Shaw shareholders will receive C$40.50 per share, a premium of nearly 70% over the company's share price on Friday. The deal will create Canada's second-largest wireless...

Payments company Stripe has raised $600m in its latest round of investment, the Financial Times (FT) reports. In total, investors valued the company at $95 billion, $15 billion more than Facebook's valuation prior to its IPO in 2012 and a record for a private Silicon Valley company. Stripe has become the third highest valued company in the world, the FT specifies. In first place is China's...

German carmaker Volkswagen has developed a scheme that will help it cut costs significantly. According to Handelsblatt, the company intends to start transitioning its employees in Germany to part-time employment with early retirement. This measure will first be applied to the plants of the title brand and then to other brands. In total, the concern expects to cut up to 5,000 jobs in this way....

The US company Roblox, developer of a platform on which users can create their own video games, went public on Wednesday, 10 March. Its shares began trading on the New York Stock Exchange under the ticker RBLX. Its stock rose 55% to $69.5 per share in early trading, bringing the company's total value to $45 billion. The stock later declined slightly, but Roblox was still worth $42 billion,...

US corporation General Electric (GE) announced the sale of its aircraft leasing division GE Capital Aviation Service (Gecas) to its Irish competitor AerCap Holdings. The transaction amounted to $30 billion, with AerCap paying $24 billion in cash and the rest in shares of the combined company. Thus, after the completion of the deal GE will continue to hold a 46% stake in the combined company. The...