The Chinese service of selling used cars Renrenche, which was valued at $1.4 billion two years ago, may now be sold for only $1290. The startup, whose investors include Goldman Sachs, Tencent and Didi, suffered from the pandemic and failed to cope with the competition. Renrenche was founded in 2014. The platform made it possible to sell cars with mileage and took a fee less than that of offline...

The US investment bank Goldman Sachs will pay the US authorities a fine of $2,8 billion. In exchange for an end to further investigations for corruption in Malaysia's 1MDB public investment fund, its Asian branch will plead guilty. This was reported by The Wall Street Journal and Bloomberg, citing sources. The arrangement with the U.S. law enforcement agencies will be reached in the form of...

US oil company ConocoPhillips announced acquisition of Concho Resources, a shale oil producer. The sum of the deal will amount to $ 9.7 bln, which will be paid in shares. Shareholders of Concho will receive 1.46 shares of ConocoPhillips for each of paper. A premium in relation to the value of Concho’s shares at Friday trading will be just 1.5%. However, according to the companies’ statement, the...

The China Securities Regulatory Commission has approved plans for a dual listing of the financial and technology company Ant Group. The listing could become the largest in the world, says South China Morning Post on Monday. The company, which owns the payment platform Alipay, can attract up to $ 35 billion through the placement of shares on the stock exchanges in Hong Kong and Shanghai....

Morgan Stanley achieved a 25% increase in net profit in the third quarter, according to the bank's financial report. The profit amounted to $ 2.7 billion, or $ 1.66 per share, which is significantly better than analysts' forecasts, who had expected to see this figure at $ 1.28 per share. The revenue of the American bank also grew up to $ 11.7 billion for the quarter, while analysts forecasted...

The French cosmetics company L'Oreal has adopted a decision to replace the CEO, giving the position to Nicolas Hieronimus. This is stated in the press release of the company, published on its website. As it is noted, Hieronimus will take office on May 1, 2021 on the basis of the decision of the Board of Directors of the company. At this position he will replace the current head of L'Oreal...

Leading US banks JP Morgan and Citigroup reported their third quarter results. They were among the first large American companies to report for this period. The results of both banks were better than analysts' forecasts: JP Morgan reported that its net income rose 4% compared to the third quarter of last year to $ 9.4 billion, or $ 2.92 per share, while analysts at FactSet expected $ 2.23 profit...

The Walt Disney Company has announced an internal reorganization that will prioritize the production of films, series and shows for streaming services. Disney creative teams will be split into three divisions. Each of them will be responsible for releasing a contact for different distribution channels, but streaming will be the main one. Disney Studios will bring together theatrical and...

The Italian government has decided to create a new national air carrier, which will be called Alitalia ITA. A special decree on the creation of the country's largest airline was signed by the Ministers of Finance, Transport, Economic Development and Labor of Italy. "A leading national airline is born, which must play an important role in the European and international market. This is a production...