Companies & CEOs
FT: Billionaire Jack Ma departs from China - 11/30/2022
Jack Ma, the founder of Alibaba and one of China's wealthiest billionaires, has been residing in Tokyo for approximately six months, according to reliable sources who spoke to the Financial Times. The sources claim that since relocating to Tokyo, Ma has scaled back his social activities, which were previously overtaken by meetings with dignitaries from China and other countries. Ant or the Jack...
Philip Morris increases stake in Swedish Match to 93 percent - 11/29/2022
Philip Morris aims to delist Swedish Match after increasing its ownership to 93%. Philip Morris International (PMI) disclosed that it had increased its investment in Swedish Match to above 93 percent, which was sufficient to trigger a required share recall. The tobacco giant also intends to have the Swedish rival's securities removed from the stock exchange's register. In May, the company that...
Saudi Aramco receives approval for IPO of its subsidiary - 11/25/2022
The initial public offering of Saudi Aramco's subsidiary Luberef has been approved. The Saudi Capital Market Authority announced on Thursday that the kingdom's stock market watchdog has given the go-ahead for an IPO for Aramco's oil subsidiary Luberef. A total of 50.045 million Luberef shares, representing 29.656% of the company's share capital, will be made available to investors by Saudi...
JP Morgan and Deutsche Bank accused of helping Jeffrey Epstein - 11/25/2022
The Wall Street Journal reports that victims of sexual assault by Jeffrey Epstein have filed lawsuits against JP Morgan and Deutsche Bank, accusing the financial institutions of supporting the American financier's illegal actions. According to the plaintiffs, after getting warnings about their affluent customer, the banks allegedly continued to provide services to Jeffrey Epstein and his...
HP's net profit halves in 2021-22 fiscal year - 11/23/2022
According to the company, HP Inc.'s net profit for the fiscal year that ended on October 31 of 2021–2022 was $ 3.203 billion, which is a two-fold decrease from the level of the prior financial year. For the period, diluted earnings per share were $3.05 as opposed to $5.33 in the previous year. The company's revenue for the fiscal year were 62.983 billion dollars, a decline of less than 1%. The...
Reuters: FTX management buys Bahamas real estate for $300 million - 11/23/2022
According to Reuters, citing an FTX lawyer, former CEO of cryptocurrency exchange FTX Sam Bankman-Fried and a number of the company workers spent $300 million on property in the Bahamas. The $300 million was mostly used to purchase residences and vacation properties, as FTX's attorney pointed out. According to official property documents previously obtained by the agency, Bankman-Fried, his...
Air India in talks with Airbus and Boeing to purchase new aircraft - 11/22/2022
Air India is negotiating purchases of new aircraft with Airbus and Boeing. The Tata Group-owned airline Air India is discussing new aircraft orders with Boeing and Airbus while also utilizing leasing and renovation to meet its immediate needs, said the airline’s CEO. Campbell Wilson, the airline's CEO, stated at a Tata corporate event in Mumbai that "we are in extensive conversations with...
Reuters: Moody's closes its consulting business in China - 11/21/2022
The consulting and analytical division of the rating firm Moody's in China is being shut down. This is reported by Reuters using sources. More than 100 office workers in Beijing, Shanghai, and Shenzhen will be let go by the corporation. Sources claim that the division in charge of credit ratings will continue to operate in China at the same time. According to Reuters, Moody's cited "the...
Alibaba's net profit in the first half of fiscal year falls almost 20-fold - 11/18/2022
According to a press release from the firm, the net profit of the largest Chinese Internet company, Alibaba Group Holding, for the first half of fiscal year 2022–2023 (ending September 30) decreased by more than 20 times in annual terms to $ 306 million. Comparatively, diluted earnings per share decreased from 2.3 yuan ($0.36) to 0.1 yuan ($0.01) last year. In the meantime, total income for the...
Walmart and Home Depot report better-than-forecast quarter - 11/17/2022
Walmart, a retail chain and the biggest retailer in the world, reported third-quarter total revenues of $152.8 billion, an 8.7% increase over the same period last year. Comparable sales at Walmart's U.S. locations alone increased by 8.2%, above analysts' expectations of growth of only 3.5%. Walmart's overseas sales reached $25.3 billion, a 7.1% increase from the prior year. The third quarter...
