Companies & CEOs
GM increases profit by 74% thanks to SUVs and pickups - 11/06/2020
General Motors (GM) increased its net profit in the third quarter by 74% (to $4 billion) compared to the previous year, according to the company's financial report. This result turned out to be much better than predicted by analysts interviewed by FactSet. After the announcement of the results, the carmaker's shares rose by approximately 4.5%. The American concern managed to fully recover from...
CNBC: Bezos received $10.2B from Amazon's shares sale in 2020 - 11/05/2020
This week, Jeff Bezos received over $ 3.1B after selling shares of his corporation. This was announced on Wednesday by CNBC TV channel referring to notices sent to the US Federal SEC. These documents show that the CEO of Amazon received $ 3.1B after selling Amazon securities in August and more than $ 4.1B - in February. Including this week, the wealthiest man on the planet has generated over $...
Net loss of the world's largest cinema chain grows by 16.5 times in Q3 - 11/04/2020
AMC Entertainment Holdings, which owns the world's largest movie theater chain, has released its financial statements for the third quarter of 2020. The company finished it with a net loss of $ 906.5 million, which is 16.5 times worse than last year's figure. In the third quarter, the company's cinemas began reopening after a five-month stop due to the COVID-19 pandemic. However, occupancy rates...
China suspends the world's biggest IPO - 11/04/2020
The Chinese authorities have suspended the IPO of Ant Group, which could be the largest in the world. On the eve, regulators summoned billionaire Jack Ma and, as described by FT, gave him a long talk. The Chinese regulators decided to suspend the initial public offering of Ant Group's financial company on the Star Market (part of the Shanghai Stock Exchange), which was to take place on 5...
Nielsen sells its market research division for $2.7B - 11/03/2020
American market research and media measurement company Nielsen Holdings has signed an agreement with private investment company Advent International to sell its Global Connect division for $2.7 billion. Advent is buying the asset in partnership with former TransUnion head Jim Peck. Following the sale of Global Connect, Nielsen retains its Global Media business. The Global Connect division...
Sony receives a licence to supply chips for Huawei smartphone cameras - 11/02/2020
Leading smartphone camera sensor manufacturers Sony and OmniVision have been licensed by the US government to supply these components to the Chinese company Huawei. This was reported by the Nikkei publication citing sources in the industry. Japanese company Sony is the only premium sensor manufacturer in the world whose production is used in the manufacture of video cameras for flagship...
Samsung Electronics increases operating profit by 58.8% in Q3 - 10/29/2020
The volume of sales of the South Korean company Samsung Electronics in Q3 2020 rose by 8% yoy to a record 67 trln won (USD 59 bln) for the entire quarter. The operating profit grew by 58.8% for the assessed period, reported Yonhap on Thursday. Seoul’s experts explain the jump in sales by the increased demand for smartphones and home appliances during the novel coronavirus pandemic, as well as...
Boeing finishes Q3 with $466M loss - 10/29/2020
Boeing posted a net loss of USD 466 mln for Q3 2020, while a year earlier, the company received a profit of USD 1.3 bln. This is the 4th quarter in a row with a loss for Boeing. At first, the firm’s lost revenues were explained by the suspension of the Boeing 737 MAX operations; later, the COVID-19 pandemic’s overall negative impact on the industry of the aviation played its role. Revenue of...
AMD buys Xilinx for $35B - 10/28/2020
AMD, the manufacturer of chips, signed the largest deal on acquisition in the company’s history – it is going to buy Xilinx for USD 35 bln. The giant, which will emerge once the deal is finished, will be led by Lisa Su, the first woman that topped the list of CEOs with the highest salary in the US. US manufacturer of processors Advanced Micro Devices (AMD) has agreed with the competing company...
Inheritors of deceased Samsung's head will pay record taxes - 10/26/2020
Inheritors of Lee Kun-hee, the head of Samsung who died last week, will be subject to record high taxes on inheritance. Tax rules of South Korea state that assessed value of assets of those deceased must include a premium in the amount of 20% for the inheritance tax rate on shares listed to be calculated. Reuters notes that the tax on the inherited shares will amount to approximately...
