Companies & CEOs
Porsche and Rimac take over Bugatti - 07/07/2021
Germany's Porsche AG and Croatia's Rimac Automobili have entered into an agreement to form a joint venture that will own luxury sports car manufacturer Bugatti. Volkswagen AG, which has owned Bugatti for the past 20 years, is putting the brand under the control of the joint venture as it intends to focus on electric cars and stop producing cars with internal combustion engines by 2035. As noted...
Andy Jassy becomes new Amazon CEO - 07/06/2021
Founder of online retailer Amazon, Jeff Bezos, has officially stepped down as CEO of the company, as previously planned. The new CEO and president of the company is Andy Jassy, who has been with Amazon since 1997 and was head of Amazon Web Services before this appointment. It was no coincidence that Jeff Bezos decided to step down as CEO on 5 July: this day is the 27th anniversary of the...
Pepsi to cut sugar content in drinks by 25% by 2025 - 07/02/2021
PepsiCo plans to reduce the sugar content of carbonated drinks and iced teas sold in the EU by 25% by 2025, Reuters reports. By 2030, the sugar content should already be down by 50%. The company intends to make healthy snacks its fastest-growing food category over the next four years, PepsiCo's European head Silviu Popovici told the agency. For example, sales of this category are...
Robinhood settles $70M with US authorities for various violations - 07/01/2021
Investment app Robinhood has agreed with the US Financial Industry Regulatory Authority (FINRA) to pay $70m in exchange for a settlement of claims against it. The watchdog announced this on Wednesday. In a statement, FINRA said there had been "systematic failures in terms of oversight and controls and significant damage suffered by millions of customers". Of this $57 million is the fine...
E-cigarette maker Juul to pay $40M in the US over ads appealing to teenagers - 06/29/2021
E-cigarette maker Juul has agreed to pay $40m to the state of North Carolina as part of a settlement. US e-cigarette maker Juul Labs has agreed to pay $40m to the state of North Carolina to settle a lawsuit, Reuters reports. In its lawsuit, the state accused the company of targeting minors by promoting its products. The settlement was announced by North Carolina Attorney General Josh Stein. It...
Deutsche Bank pays over €10M compensation to Spanish wine producer - 06/29/2021
Deutsche Bank has agreed to pay one of the world's largest wine producers, J.Garcia Carrion (JGC), more than €10m in compensation for imposing financial services misunderstood by the winery's employees, The Financial Times reported this, citing its own sources. According to the newspaper, the German bank has agreed to pay compensation to several more of its customers without publicly announcing...
Johnson & Johnson to pay compensation to New York within opioid case - 06/28/2021
Johnson & Johnson has reached an agreement with the US state of New York under which it will pay New York City up to $263 million to offset the effects of the opioid crisis. The New York State Attorney's Office notes that the agreement includes a ban on the manufacture and sale of opioids in New York by Johnson & Johnson, its divisions and assignees. "The opioid epidemic has wreaked...
BuzzFeed plans to go public via SPAC merger - 06/25/2021
US news portal BuzzFeed is close to becoming a public company through a merger with SPAC (a special purpose vehicle for targeted mergers and acquisitions), The Wall Street Journal (WSJ) reported, citing sources familiar with the situation. According to them, BuzzFeed CEO Jonah Peretti may announce a merger with SPAC under the name 890 5th Avenue Partners as early as this week. The move could...
Microsoft's market cap reaches $2T - 06/23/2021
Microsoft's capitalisation has reached $2 trillion, now the company is back in second place on the list of the world's largest companies by capitalisation, ahead of Saudi Aramco, according to stock exchange data. In the middle of the trading, Microsoft shares were up 1.1% to $265.52 a share. Earlier in trading, the share price reached $265.79 per security, a record high. Microsoft's...
Vivendi shareholders back Universal Music's spin-off into a separate company - 06/23/2021
Shareholders of French media group Vivendi have overwhelmingly, by about 75%, approved the spin-off of its record company Universal Music Group (UMG) into a separate company. As part of the plan, 60% of UMG's shares will be sold on the open market in an IPO, which is expected to take place as early as September on the Amsterdam Stock Exchange. UMG is a key asset of Vivendi, bringing it about 75...
