Nokia Corp., the Finnish manufacturer of telecom equipment, saw a 23% decline in revenue in the fourth quarter of 2023 and an unanticipated loss at the end of the quarter. In contrast to its €3.152 billion profit the previous year, Nokia reported a net loss of €33 million from October to December. Comparatively speaking, it reported a profit of €568 million as opposed to €929 million in the...

The state-owned energy firm of the United Arab Emirates, Abu Dhabi National Oil Co. (ADNOC), plans to raise its investment in decarbonization projects by over 50%. The company announced in a statement that the board of directors has increased the budget for these activities to $23 billion. ADNOC has previously stated that by the end of 2030, it intends to invest $15 billion in low-carbon...

According to analysts at Bank of America, the "Magnificent Seven" technology companies—American Apple Inc., Microsoft Corp., Meta, Amazon.com Inc., Alphabet Inc., and Nvidia Corp.—as well as Tesla, comprise the majority of the growth in profits of Standard & Poor's 500 companies in the fourth quarter of 2023. The bank forecasts that last quarter's profits of index components decreased in the...

The final two blast furnaces at the Indian steelmaker's Port Talbot facility in South Wales will be shut down. The corporation has issued a press release stating that up to 2.8 thousand people will be let go, with 2.5 thousand of those lost over the course of the following 18 months. Tata Steel intends to transition to more ecologically friendly methods of producing steel, which includes...

A group of 27 Shell shareholders pressured the oil and gas company at its annual general meeting to raise the bar on its emissions reduction commitments, writes the Financial Times. The investors are pressuring Shell to align its medium-term greenhouse gas reduction plans with the Paris Climate Agreement, with coordination from the climate group Follow This. Shell contends that the...

Sumitomo CEO Masayuki Hyodo told Barron's on the fringes of the Davos conference that billionaire Warren Buffett's investment firm Berkshire Hathaway is still adding to its holdings in five of Japan's biggest trading companies: Mitsubishi, Mitsui, Itochu, Marubeni, and Sumitomo. In August 2020, Berkshire's average ownership in each of the five companies was five percent; by June 2023, that figure...

According to the company, Marco Tronchetti Provera (MTP) SpA of Italy has raised its ownership position in tire manufacturer Pirelli to 20.58%. Two transactions resulted in the increase in stakes. Longmarch, which owns 3.86% of Pirelli, was purchased by MTP from a Chinese holding. Concurrently, Camfin SpA, a subsidiary of MTP, purchased a 2.8% share from an additional investor. MTP reminds...

According to a press release from the regulator, American bank Morgan Stanley has agreed to pay over $249 million to resolve allegations of fraud and failure to provide "information barriers", states the US Securities and Exchange Commission (SEC). The charges concern the exposure of private information regarding the so-called "block trading", that is, the selling of big blocks of stock. SEC...

Popular streaming service Twitch, which is owned by Amazon.com Inc., plans to reduce workforce by 35%, laying off roughly 500 individuals, writes Bloomberg. The layoffs resulted from divisional losses and the departure of several top managers in recent months. Nine years after joining Amazon, Twitch is still losing money, according to the sources. This is mostly due to the expensive IT...