Companies & CEOs
John Flint steps down as HSBC Bank Head - 08/05/2019
Group CEO John Flint resigned and left the company’s board of directors, the organization’s press service said. He has been holding the post of CEO since October 2017 and has worked at HSBC for almost thirty years. The bank explained the decision by “an increasingly complex and challenging global environment” in which the firm has to work. Flint, whose words are quoted in the press release, noted...
Bezos sells Amazon shares for $ 1.84 bln - 08/02/2019
Jeff Bezos, owner of the online retailer Amazon.com Inc., has sold about $ 1.84 billion in shares of his company, the company said in a notice to the US Securities and Exchange Commission (SEC). This is the first time when Bezos is selling Amazon shares for such amount. Earlier this year, Jeff Bezos in his annual letter to shareholders warned that in the future the company would face major...
What happened to Nintendo's profit? - 08/01/2019
Nintendo’s profit for the first quarter of the fiscal year was less than the worst forecasts of analysts, as consumers did not show much interest in the new games. Operating profit for the three months ended in June fell 10% to ¥ 27.4 billion ($ 252 million), the Kyoto-based company said in a statement. This is less than the average analyst forecast of ¥ 37.2 billion, compiled by Bloomberg. Net...
Samsung operating profit falls by 56% in Q2 - 07/31/2019
Samsung Electronics recorded a more than double drop in profits in April-June compared with the same period last year. Shares of the South Korean company fell amid weak reporting, according to CNBC. Operating profit in April-June amounted to 6.6 trillion Korean won ($ 5.6 billion), a decrease of 55.61% over the same period in 2018, said the world's largest smartphone maker. Samsung's consolidated...
SoftBank's founder sets to create investment fund of record $108 bln - 07/30/2019
Japanese holding SoftBank, founded by billionaire Masayoshi Son, announced creation of a new investment fund Vision Fund 2. The Japanese company expects to attract a record $ 108 billion, and the list of potential investors includes Apple and Microsoft. Founder of SoftBank Masayoshi Son plans to launch a second investment fund for himself and expects to attract $ 108 billion into it, the...
NYT: Incomplete testing of Boeing 737 MAX systems resulted in deadly crashes - 07/30/2019
Crashes of the Boeing 737 MAX in Ethiopia and Indonesia were caused by errors in the operation of the MCAS system, which was not subjected to independent tests, writes The New York Times, citing sources. US Attorney's Office will find out whether the existing certification process is sufficient to ensure flight safety. The Federal Aviation Administration (FAA), which is responsible for...
Court closes down Sonia Rykiel brand - 07/26/2019
The court decided to liquidate the bankrupt French fashion house Sonia Rykiel. At the peak of success, the company owned 400 boutiques, and its founder was called "the queen of knitwear", reports AFP. In May, Sonia Rykiel was declared bankrupt. About ten companies have expressed a desire to acquire the fashion house in recent months, AFP writes. The list of possible investors included Balmain's...
Tesla stocks collapse due to loss in Q2 - 07/25/2019
The American manufacturer of electric cars and solar panels Tesla Inc reduced the size of the loss in the second quarter of 2019, but the figure did not meet analysts' expectations. Tesla stock quotes collapsed by 11% during additional trading on Wednesday. Since the beginning of this year, the company's capitalization has fallen by more than 20% to $ 45.43 billion. According to a press release...
Why did Chinese BAIC buy a stake in Daimler? - 07/24/2019
Chinese investors clearly like the German Daimler. On July 23, the Beijing Group BAIC (Beijing Automotive Industry Holding) announced purchase of a 5 percent stake in the German automaker. Less than a year and a half ago, Geely from Hangzhou acquired almost a 10 percent stake. From now on, the seventh part of the capital of the manufacturer of Mercedes will be controlled from the PRC. Geely and...
Nissan to lay off more than 10 thousand employees - 07/24/2019
Japanese carmaker Nissan Motor Co Ltd plans to lay off more than 10 thousand employees to improve the company's situation, Reuters reports, citing a source. This will be announced along with the financial results on Thursday, July 25th. Basically, the dismissals will affect foreign enterprises with weak performance. Last year, Nissan's operating profit fell by 45%. In May, the auto concern...
