Companies & CEOs
Volvo to sell only electric cars and only online by 2030 - 03/03/2021
Volvo Cars has unveiled its new business strategy for the next decade. The Swedish carmaker intends to switch to producing exclusively electric cars by 2030. In the coming years, the company intends to produce a new family of electric cars. They will be sold only online. Volvo will offer its customers electric cars in a certain configuration, which will then be delivered directly to the customer....
Merck & Co joins Johnson & Johnson in COVID-19 vaccine production - 03/03/2021
According to US TV channel NBC, US drugmaker Merck & Co will help Johnson & Johnson produce its COVID-19 vaccine. The "historic collaboration" between the two competitors in the interests of national security was announced by US President Joseph Biden. Sources within the presidential administration told the news channel that the partnership agreement between the pharmaceutical companies...
US manufacturer of $999-worth UAVs becomes a 'unicorn' - 03/02/2021
California-based autonomous drone maker Skydio has become a "unicorn" after investors have valued it at $1bn. The company produces $999-worth aircraft, which are eagerly purchased by police and the US Army. Developer and manufacturer of small autonomous drones Skydio has become a "unicorn", reported US Forbes. The startup raised $170m in a Series D funding round led by venture capital fund...
Citigroup cuts profit by $323m due to 'mistransfer' - 03/01/2021
Citigroup has been forced to revise its 2020 financial results due to a lost court case about a "mistaken" transfer of $500 million to a number of funds that refused to return the money accidentally transferred to them. As a result, the US bank reduced its fourth-quarter revenue by $323 million, according to the bank's filing with the US Securities and Exchange Commission (SEC). The incident...
Boeing gets another $6.6M fine from US authorities - 02/26/2021
The US Civil Aviation Authority (FAA) has ordered Boeing to pay a fine of $6.6m. The US regulator accused the corporation of failing to meet its obligations under the 2015 safety agreement. The company has not yet commented on the fine. "Boeing has not fulfilled all its obligations under the settlement agreement and the FAA is holding Boeing accountable by imposing additional fines. I have...
Estée Lauder to take control of popular 'skintellectuals' cosmetics brand for $1B - 02/25/2021
US-based Estée Lauder will spend $1bn to increase its stake in cosmetics brand The Ordinary. The brand, focusing on simplicity and transparency in its products, has set an example for the industry and is popular with 'skintellectuals' - young people who take a scientific and conscious approach to self-care. American cosmetics company Estée Lauder has agreed to pay $1 billion to acquire a majority...
WeWork co-founder gets $500M from SoftBank - 02/25/2021
Adam Neumann, the former CEO of the co-working network WeWork, may receive $500m from the company's current owner, SoftBank. The parties want to settle and avoid a lawsuit over the company's shares. SoftBank needs it to take WeWork public, and Neumann needs it to avoid being left with nothing if the court sides with the Japanese company. WeWork co-founder and former CEO Adam Neumann is in talks...
Tesla's earnings from Bitcoin exceed revenue from electric car sales - 02/23/2021
Tesla, which bought $1.5 billion worth of bitcoins a month ago, has already earned more from them than it did from selling electric cars for all of 2020. The carmaker has no plans yet to record profits from the cryptocurrency, whose value is considered exorbitant by the company chief Elon Musk. It notes that Tesla bought 48,000 bitcoins worth $1.5 billion in January, which have now reached a...
Brazilian President appoints former defence minister to head Petrobras - 02/22/2021
Brazilian President Jair Bolsonaro said on his Facebook page that he was appointing former defence minister General Joaquim Silva e Luna as the new head of the state oil company Petroleo Brasileiro (Petrobras). This will be the first military chief at Petrobras since the 1980s, when the country ended a military dictatorship. Current Petrobras chief Roberto Castello Branco took over on 1 January...
Israeli fintech start-up Earnix becomes a 'unicorn' - 02/22/2021
Israeli startup Earnix, which helps insurers and banks personalise financial products using artificial intelligence and analytics, has raised $75m in its latest round. Investors valued the company at $1bn, turning it into a "unicorn". Israeli startup Earnix, which helps banks and insurance companies personalize financial products using artificial intelligence and analytics, has raised $75 million...
