The Strategist
Companies & CEOs

Saudi Aramco considers IPO for its retail unit - 10/08/2021

Saudi oil and gas company Saudi Aramco is considering an initial public offering (IPO) of its oil retail unit, sources told Bloomberg. "Saudi Aramco is considering selling a stake in its fuel and lubricants retail business and may float shares on the Riyadh Stock Exchange," the sources said. Negotiations over the initial public offering are at an early stage and the company may refuse to sell,...

Tesla to pay $137M in racism case - 10/06/2021

A California state trial court has ordered Tesla to pay $137m to its former employee Owen Diaz, who claimed he was subjected to racist and discriminatory treatment at work. Mr. Diaz, who is a former Black contractor, worked at the Tesla plant from June 2015 to May 2016. He said colleagues made racist comments about him almost daily, he found racist graffiti and drawings in the staff toilets, and...

GlobalFoundries sends IPO documents to US watchdog - 10/05/2021

GlobalFoundries, the third-largest microchip maker by volume, has filed documents ahead of its initial public offering (IPO) with the US Securities and Exchange Commission (SEC). The manufacturer is wholly owned by Mubadala, effectively Abu Dhabi's sovereign wealth fund. GlobalFoundries notes in the prospectus that Mubadala will retain significant control of the company after the IPO on the...

IMF board meets with Doing Business auditors - 10/05/2021

Representatives of the law firm conducting the audit into China's possible over-reporting in the World Bank's Doing Business rankings have met with the board of directors of the International Monetary Fund (IMF), said Gerry Rice, a spokesperson for the fund. He said the board was interested in a thorough, objective and timely investigation. Recall that irregularities in the 2018 and 2020 reports...

Tesla's rival reports billion-dollar loss ahead of IPO - 10/04/2021

US startup Rivian has reported a $1 billion loss for the first half of the year before going public, Bloomberg reports. Such financial results are due to minimal revenues from the company's first sales of its R1T pickup, while other developments have yet to turn a profit. Despite such figures, the company is counting on investor interest in its IPO and a valuation at $80 billion in the...

Merck buys Acceleron Pharma for $11.5B - 10/01/2021

US pharmaceutical company Merck has announced acquisition of its competitor Acceleron Pharma. The deal will be done through a subsidiary of Merck, which will buy all of Acceleron's shares at $180 each. This brings the total purchase price to $11.5bn. This deal is one of the largest acquisitions in Merck's history. Acceleron itself specializes in the development of drugs for respiratory diseases...

Lego's net profit up 140% for the half year - 09/29/2021

The Lego Group reported strong growth in its financial results in the first half of the year. Net income rose 140% to more than $990 million, operating income rose 104% to $1.3 billion, revenues rose 46% to $3.6 billion and consumer sales showed growth of 36%. The Lego Group business was one of the few that weathered the COVID-19 pandemic unscathed and even reached record levels thanks to...

Activision Blizzard to pay $18m in employee harassment case - 09/28/2021

Video game developer Activision Blizzard said it had reached an agreement with the US Equal Employment Opportunity Commission (EEOC) over complaints of sexual harassment, wage inequality and other corporate culture violations. Under the terms of the agreement, the company will pay $18 million in compensation to eligible individuals. The company will direct the unclaimed funds to internal...

CFO of Chinese Huawei leaves Canada after agreeing with prosecutors - 09/27/2021

Chinese Huawei CFO Meng Wanzhou has flown home from Canada after being released from custody, local media reported. Meng was released after striking a deal with US prosecutors the day before. She admitted concealing violations of sanctions against Iran in exchange for withdrawing her extradition request. "The Air China plane with Meng Wanzhou on board took off from Vancouver airport," a...

China's biggest property developer says it will avoid defaulting on its next payment - 09/22/2021

China's Evergrande, which is on the verge of bankruptcy, has promised to pay $35.9m on bonds on 23 September. The main unit of major Chinese property developer Evergrande Group has promised to make payments on some of its debts on September 23, Reuters wrote. The company will pay interest to bondholders totalling $35.88 million, the agency said, citing data from its Refinitiv service. The...
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