The business did not receive a single order for its functional, actual system for extremely quick passenger tunnel transportation. According to Bloomberg, citing sources, the company Hyperloop One, which invented the technology enabling passenger vacuum train travel through tunnels at high speeds, is about to shut down. The agency reports that it has never been able to obtain an order for a...

Furniture maker IKEA issued a warning about potential delays to its supply chain and unavailability of certain products in shops as a result of logistical issues brought on by attacks on ships in the Red Sea. According to the company’s representative quoted by the BBC, the situation in the Red Sea "will lead to delays in deliveries and may worsen the availability of some IKEA products." Yemeni...

Axios claimed, citing unnamed sources, CEOs of Paramount Global and Warner Bros. Discovery (WBD), the US media holding companies, explored the possibility of merging their businesses. The discussion, according to the insiders, took place at Paramount's Times Square offices and lasted for several hours. Among other things, the parties talked about the possibility of combining Max streaming...

Petroleos de Venezuela SA (PDVSA), the state-owned Venezuelan oil corporation, and the Curaçao Refinery (Refineria di Korsou, RDK) have signed an agreement to reestablish financial and commercial ties. "The agreement establishes the general conditions for the restoration of commercial and financial operations between the state-owned oil companies, including considering the possibility of storing...

According to Bloomberg, the Saudi low-cost airline Flynas hired Goldman Sachs Group Inc., Morgan Stanley, and Fransi Capital to help arrange its initial public offering (IPO), which is scheduled to take place in Riyadh early next year. Kingdom Holding Co., owned by Saudi Prince Al Waleed bin Talal Al Saud, is one of Flynas's owners. Last year, the Public Investment Fund (PIF) of Saudi Arabia...

Nippon Steel, the biggest steelmaker in Japan, has declared its intention to acquire US Steel, according to the NHK TV channel. Nippon Steel is the largest steel firm in Japan and the third-old in the US. The transaction between the two corporations will be worth $13.8 billion, or 2 trillion yen. From April to September 2024, Nippon Steel will convert US Steel into a subsidiary with the...

Amazon received support from the Court of Justice of the European Union in its disagreement with the European Commission over tax avoidance. As a result, the American company is ultimately liberated from its need to reimburse the European authorities for €250 million. Back in 2017, the European Commission decided to impose fines on Amazon. The European Commission contended that taxes on over...

The UK's Competition and Markets Authority (CMA) has started an investigation into Unilever in order to determine whether the company’s statements on the environmental friendliness of its products are accurate. Unilever stands as one of the top global providers of daily goods. The company manufactures items such as Magnum ice cream, Hellman's mayonnaise, Cif cleaning supplies, and Dove soaps and...

According to Bloomberg, social network X, formerly known as Twitter, is estimated to bring in roughly $2.5 billion this year—a decrease of more than a third to the previous year ($4 billion in revenue). "X made slightly more than $600 million from advertising in each of the first three quarters of this year; comparable figures are anticipated for the current quarter... In contrast, the...