Alibaba, a major Chinese e-commerce company, has fired 9,241 workers in the past three months, according to Bloomberg. At the end of the most recent reporting quarter, more than 245,000 employees were employed by Alibaba, the agency notes. The corporation started laying off employees in an effort to decrease costs in response to escalating political unrest, rising material costs and rising...

According to a statement released by the government, Nigeria has approved sale of four oil fields in the Niger Delta owned by ExxonMobil to the company Seplat for $1.28 billion. "Considering the considerable benefits of the deal to the Nigerian energy industry and the country's economy as a whole, President (of Nigeria) Muhammadu Buhari, the nation's oil minister, approved the sale on Monday....

The credit card division of Goldman Sachs is under investigation by the U.S. Consumer Financial Protection Bureau. The bank itself stated this in records submitted to the U.S. Securities and Exchange Commission. The financial institution claimed that the regulator is looking at its "account management methods, especially with regard to chargebacks, crediting payments that are not in compliance,...

BlackRock, the largest investment company in the world by assets, and Coinbase, the biggest cryptocurrency exchange in the US, declared that they had entered into collaboration. According to the arrangement, BlackRock will use its asset management system Aladdin to enable its institutional investors to trade cryptocurrencies on Coinbase, initially just bitcoins but eventually other...

Tencent Holdings Ltd. intends to raise its ownership of Ubisoft Entertainment SA, a French video game company. Thus, the Chinese gaming is once again refocusing on the world's video game market, reports Reuters. Tencent, the biggest social network provider and video game developer in China, acquired a 5% interest in Ubisoft in 2018. The company has approached the Guillemot family, who created the...

French banking giant Societe Generale reported a net loss of €640 million in the first half of 2022 as opposed to a profit of €2.253 billion in the previous year. The net profit from banking operations increased 14.7% to €14.346 billion. Operating profit increased by 17% to €3.781 billion. Following a profit of €1.439 billion in the prior year's second quarter, the group reported a net loss of...

The Chinese oil and gas firms CNPC and its subsidiary PetroChina's long-term issuer default rating (IDR) in both foreign and domestic currencies was affirmed by the international rating agency Fitch at "A+," with a stable rating outlook. Fitch rated CNPC as one of the top energy firms in the world, with oil and gas output expected to reach 6.36 million barrels of oil equivalent per day in 2021...

According to the Wall Street Journal, American cosmetics manufacturer Estee Lauder is in negotiations to acquire Tom Ford. The price of the purchase could reach $ 3 billion. The greatest acquisition of a cosmetics business in history, according to reports, would involve Estee Lauder Cos. purchasing the luxury fashion label Tom Ford for $3 billion or more. The sources claim that there is no...

Stellantis Concern has withdrawn from joint production of Jeep vehicles in China because of concerns about future sanctions, CEO Carlos Tavares said. The plant had been operating in China for 12 years and was announced to be closed on July 18. According to Mr. Tavares, in recent years the company has noticed "more and more cases of political interference in business operations in China." "We...