Companies & CEOs
Apple increases revenue in India by a third to nearly $8bn - 07/16/2024
Apple Inc.'s revenue in India climbed by almost 33% to nearly $8 billion in the most recent fiscal year, which concluded in March, according to Bloomberg referring to sources. Apple is required to give local authorities sales statistics for each country, even though it does not include that information in its reports. Sales of smartphones accounted for more than half of Apple's income in India,...
Microsoft makes the largest single investment in a CO2 capture project in Texas - 07/15/2024
Microsoft and US-based Occidental (Oxy) have reached an agreement for the sale of 500,000 tons of carbon dioxide removal credits over a six-year period through 1PointFive, a subsidiary. The "carbon credits" in the form of certificates grant the authority to emit one ton of CO2 equivalent. They are given to companies who lower their emissions or contribute to the removal of carbon dioxide from the...
Citigroup to pay $136M fine for unresolved internal control issues - 07/12/2024
Following their discovery that Citigroup Inc. had neglected to address persistent internal control issues, US regulators fined the bank $135.6 million. The Office of the Comptroller of the Currency (OCC) and the Federal Reserve (the Fed) determined that Citigroup had broken the conditions of a 2020 agreement, which required it to modify its risk management systems. "Citigroup made insufficient...
Google grows CO2 emissions due to energy demands of data centers and AI - 07/11/2024
In an environmental report, Google stated that it was unable to lower its CO2 emissions in 2024 due to rising energy consumption from data centers and artificial intelligence. In 2023, Google recorded 14.3 million tons of CO2 emissions, up 13% from 12.6 million tons in 2022 and 48% from 9.7 million tons in 2019, the base year. The company admitted that "scaling AI and using it to accelerate...
Japan's Oriental Land to invest $2bn in Disney cruise ships - 07/10/2024
Oriental Land, which runs the Disneyland theme park in Tokyo, recently announced that it is growing its business relationship with US Disney Enterprises Corporation. The new project would see the Japanese corporation invest ¥330 billion, or roughly $2 billion, in building and launching Disney-themed cruise ship trips in Japan. Disney cruise ships started serving passengers in the United States in...
Engie starts building the largest battery park in continental Europe - 07/09/2024
French energy giant Engie has begun building one of the biggest battery energy storage systems in Europe at a location near Vilvoorde, Belgium. Sebastien Arbola, Engie’s executive vice president, stated, "The contribution of battery energy storage systems to the reliability and security of energy systems is becoming key with the growing share of renewables in the energy mix." The battery park,...
Nestle faces preliminary charges in France in pizza poisoning case - 07/08/2024
Preliminary charges of involuntary manslaughter have been brought against Swiss Nestle and its local subsidiary Société des Produits Alimentaires de Caudry (SPAC) by French prosecutors in the Buitoni frozen pizza poisoning case, reports MarketWatch. The allegations were brought on July 2 and July 4, but the investigation is still ongoing, and there hasn't been a trial date scheduled, according to...
Japan's pension fund sees record investment returns last fiscal year - 07/08/2024
The Government Pension Fund of Japan (GPIF) realized an investment return equivalent to 22.7% of its total assets, or 45.42 trillion yen ($281.2 billion) for the fiscal year that concluded on March 31. The fund had 245.98 trillion yen in assets under management at the end of the fiscal year. The annualized investment income of the GPIF is unprecedented. The previous high was 37.8 trillion yen...
Saks Fifth Avenue to buy Neiman Marcus for $2.65 billion - 07/05/2024
US retailer Saks Fifth Avenue has struck a deal to be acquire its competitor Neiman Marcus for $2.65 billion. Since the coronavirus epidemic, when Neiman Marcus filed for bankruptcy, there has been talk in the media about the potential merging of two significant competitors in the luxury market, according to The New York Times. The combined company's name will be Saks Global. It will own...
European Commission approves Lufthansa's deal to buy a stake in Italy's ITA Airways - 07/05/2024
The agreement for Deutsche Lufthansa to purchase a portion of Italy's ITA Airways (formerly Alitalia) has been authorized by the European Commission. The regulator stated that all worries regarding the danger to industry competition have been allayed by the actions pledged by the company and the Italian government. A deal to purchase a 41% share in ITA Airways from the Italian government was...
