The largest sovereign wealth fund in the world, Norway's Sovereign Pension Fund (also known as the Oil Fund), reported a loss for the third quarter of 2023. The fund reported that, with the strengthening of the national currency, its investment losses for the July–September period totaled 2.1%, or 374 billion kroner ($33.76 billion). The fund saw losses on its equity investments of 2.1%,...

According to Bloomberg, Mukesh Ambani's conglomerate Reliance Industries Ltd. is close to acquiring Walt Disney Co.'s Indian operations. Sources claim that the US corporation, which values Disney Star at $10 billion, may sell a majority interest in its Indian affiliate. Reliance estimates these assets' value at $7-8 billion. The companies are negotiating a deal wherein Disney would keep a...

One of the biggest producers of cosmetics worldwide, L'Oreal SA of France, reported in a press release that third-quarter sales rose 4.4% year over year to €10 billion. Comparable sales increased by 11.1%. Almost every division and every operating region of the company saw gains in revenue. The latest quarter saw 12.9% growth in sales to €3.25 billion in Europe, 5.5% growth to €2.98 billion...

X (former Twitter) started experimenting with a new subscription plan. According to X's support team, the strategy entails charging new, unverified account holders a $1 yearly subscription for making entries and responding to other users' remarks. The Philippines and New Zealand are the test countries for the model. It is anticipated that the plan will assist in further reducing bot and spam...

According to a statement posted on the US Securities and Exchange Commission (SEC) website, US Microsoft Corp. has completed the acquisition of Activision Blizzard. The Competition and Markets Authority (CMA), the UK antitrust regulator, approved the acquisition earlier on October 13. The US Federal Trade Commission (FTC) is still working to stop the merger through a domestic court, and it may...

Three major American banks, JPMorgan Chase, Wells Fargo, and Citigroup, saw a considerable increase in profit during the quarter. Analysts say this shows that big banks and the US economy as a whole remain stable even in the face of macroeconomic volatility. JPMorgan Chase, Wells Fargo, and Citigroup, three significant US banks, released their third-quarter financial statements. The banks showed...

The UK's Financial Reporting Council (FRC) penalised KPMG for £21 million ($25.8 million) for significant irregularities in the audit of the now-defunct Carillion, the regulator said in a statement. Thanks to KPMG's cooperation during a 5.5-year inquiry, the fine was lowered from £30 million, but the Financial Times reports that it is still a record for the UK audit business. KPMG LLP will cover...

According to CNBC, Walt Disney Co., the largest media and entertainment firm in the world, raised the cost of passes and tickets to Disneyland and Disney World parks on October 11. The cost of single tickets for entering one park once a day, increased to $65 (4% on average), depending on the exact fare. The most costly single ticket will cost $194, while the lowest will only cost $104. The cost...

The subsidiary of the British bank HSBC Plc in China purchases the Chinese retail wealth business of Citigroup Inc., announced the parties to the transaction. The $3.6 billion portfolio of the branch consists of assets and deposits of high net worth retail clients in 11 major Chinese cities, according to a statement from the bank. Citi points out that the acquisition excludes the bank's...