Companies & CEOs
Volkswagen to launch China-focused electric vehicles platform in 2026 - 11/27/2023
Starting in 2026, the German Volkswagen Group plans to use a new platform to produce low-cost electric vehicles in China, according to a statement from the business. The platform is being created in Hefei as part of the previously announced strategy of the concern, which includes tailoring cars to Chinese consumers' wants and utilizing more local components to speed up and lower production costs....
SpaceX to sell some of its shares in December - 11/24/2023
The terms will resemble those from July, when SpaceX agreed to sell shares for up to $750 million, according to the New York Post. According to sources cited by The New York Post, SpaceX, controlled by billionaire Elon Musk, intends to sell a portion of its shares in December at a price that represents the company's current valuation of approximately $150 billion. The offer's value is...
Enel to invest €18.6B in power grids in 2024-2026 - 11/23/2023
During the years 2024–2026, the Italian energy company Enel intends to make significant investments in the modernization of power distribution networks while concentrating on the extremely lucrative renewable energy market. The company's revised medium-term plan states that a total of approximately €35.8 billion in capital investments will be made over the following three years. Of this, €12.1...
China authorizes Mastercard's subsidiary to conduct clearing on bank cards - 11/21/2023
The National Bank of China stated that Mastercard NUCC Information Technology Co.'s application to perform bank card clearing operations in the nation has been approved by the People's Bank of China and the State Administration of Financial Supervision of China. The organization, which was founded by China's NetsUnion Clearing Corp. (NUCC) and the United States-based Mastercard Inc., may permit...
Mars buys premium chocolate maker Hotel Chocolat for $662M - 11/17/2023
US-based Mars Inc. will purchase British luxury chocolate manufacturer Hotel Chocolat Group Plc for £534 million ($662 million). Mars will pay 375 pence, or 2.7 times the closing price of the securities on Wednesday (139 pence), for each Hotel Chocolat’s share as per the terms of the agreement. In Thursday's trading, the price of a share of Hotel Chocolat increased by 2.6 times. "Mars has...
New York State authorities sue PepsiCo for plastic pollution - 11/17/2023
PepsiCo, a maker of soft drinks and snack foods, has been charged by New York State officials with contaminating the Buffalo River and endangering locals and wildlife. The prosecutor's office claims that PepsiCo employs single-use plastic in the manufacturing and packaging of at least 85 beverage goods and 25 snack products. The complaint states that around 2,000 pieces of plastic garbage with...
Buffett's investment company ditches GM and UPS securities - 11/16/2023
U.S. billionaire Warren Buffett's investment firm Berkshire Hathaway Inc. entirely divested General Motors Co. (GM) shares in the third quarter, along with several other blue-chip companies like Procter & Gamble Co., Johnson & Johnson (J&J), and United Parcel Service (UPS). According to a filing made by the investment firm with the U.S. Securities and Exchange Commission (SEC), Berkshire...
UBS bank receives final verdict in tax fraud case - 11/16/2023
The French Court of Cassation finalized UBS's 2021 conviction for tax fraud and unlawful campaigning, writes Agence France-Presse. The statement from the court reads, "the Court of Cassation on Wednesday definitively found the Swiss bank UBS guilty of concealing aggravated tax fraud as well as illegal bank agitation," the newspaper reported. In December 2021, the Paris Court of Appeal fined the...
Xiaomi sells record $3.1 billion worth of goods online on Bachelor's Day - 11/15/2023
During the shopping festival for Bachelor's Day (Nov. 11), which is China's version of Black Friday, the Chinese manufacturer of smartphones and other consumer electronics Xiaomi broke records for online sales, selling more than 22.4 billion yuan ($3.11 billion) worth of goods between October 23 and November 11. The figure included sales on the platforms of JD.com Inc., Pinduoduo, Douyin, as well...
US largest pension fund grows its stakes in Tesla and Rivian - 11/14/2023
The largest public pension fund in the United States, California Public Employees' Retirement System (Calpers), reduced its holding in Oracle Corp. during the third quarter and grew its position in shares of electric car manufactures Tesla Inc. and Rivian Automotive Inc. Between July and September, Calpers purchased 215,405 Rivian securities and 2.3 million shares of Tesla stock. Consequently,...
