Companies & CEOs
McKinsey to pay $230M more to settle opioid scandal in US - 09/29/2023
The consulting firm McKinsey has agreed to pay $230 million in order to resolve claims of municipalities and school districts in the proceedings on the conditions of the opioid epidemic. Reuters has reported the news referring statement submitted in federal court in San Francisco. In the past, McKinsey has already spent $640 million to resolve out-of-court litigation from 49 states and the...
Reuters: Dozens of wind farm projects delayed - 09/29/2023
Numerous wind energy project delays have occurred this year in the UK, the Netherlands, and Norway, writes Reuters citing industry officials, investors, and specialists. One of the causes of the current problems, according to Rob West, an analyst with the consultancy firm Thunder Said Energy, is a significant increase in the size of wind turbines. He claimed that as they grow, the cost of error...
Apple sets to increase production in India fivefold in 4-5 years - 09/26/2023
According to the Press Trust of India, which cited anonymous sources in the Indian government, U.S. Apple Inc. aims to boost its production in India by more than five times over the course of the next four to five years, to reach nearly $40 billion. They claim that during the most recent fiscal year, which concluded in March, the business produced more smartphones than the $7 billion milestone....
EC re-fines Intel over violations in PC chip market - 09/25/2023
The European Commission fined Intel Corp. due to its misuse of the dominating position in the computer chip industry. The news fine was lowered to €376.36 million. The European Court of General Jurisdiction overturned the regulator's earlier ruling in the case, which was taken back in 2009 and called for a then-record fine of €1.06 billion, in the early 2022 timeframe. The EC claimed in a...
Number of scam victims on Hong Kong crypto exchange JPEX exceeds 2,000 - 09/21/2023
2,086 persons were affected by the loss of cash at the Hong Kong cryptocurrency exchange JPEX, reports RTHK radio station in Hong Kong. According to its records, the police detained three more individuals in the case who ranged in age from 25 to 32. There are 11 suspects in total. Police have not, however, ruled out the potential of making more arrests. The entire amount of lost money has...
Disney to increase investments in parks segment to $60B over 10 years - 09/20/2023
The American Walt Disney Co. intends to speed up and expand expenditures in the Disney Parks, Experiences, and Products (DPEP) market area. The corporation plans to nearly double its capital spending on DPEP over a period of 10 years, to around $60 billion. This will be accomplished, in part, by making investments in the improvement and extension of theme parks both domestically and overseas as...
FT: Billions of dollars of Western companies' profits are stuck in Russia - 09/19/2023
Western companies that continue to do business in Russia gained more than $18 billion in profits in 2022. However, Russia had frozen these cash, The Financial Times writes. Raiffeisenbank recorded the highest profit for 2022 at $2 billion. Raiffeisen Bank International confirmed that it has "no access" to Russian profits. US PepsiCo made $718 million, while Philip Morris made $775 million....
De Beers refuses plans to sell engagement rings with synthetic diamonds - 09/14/2023
The group revealed plans to introduce engagement rings with lab-grown synthetic diamonds in 2018. De Beers Group's intended launch of lab-grown synthetic diamond engagement rings has been shelved, said the one of the biggest producers of natural diamonds in the world. According to market studies, there is an unsustainable demand for synthetic diamonds, according to a statement by De Beers, as...
Inditex increases half-year net profit by 40% - 09/13/2023
One of the biggest apparel retailers in the world, Spain's Industria de Diseno Textil SA (Inditex), saw a 40% increase in net profit and a 13.5% increase in revenue in the first half of its fiscal year 2023 (February to July). Net profit for the first half of the year increased from €1.79 billion to €2.51 billion for the company. Revenue grew to €16.85 billion from €14.85 billion a year earlier....
Qualcomm to supply modem systems for iPhone for three more years - 09/12/2023
Qualcomm Inc. will continue to provide Apple Inc. with modem systems for the iPhone for at least another three years. A press release from Qualcomm reads that the business has agreed to provide Snapdragon 5G Modem-RF systems for Apple handsets scheduled to debut in 2024, 2025, and 2026. The deal's financial details weren't made public. According to Qualcomm, they are the same as in the prior...
