Companies & CEOs
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...
Hyundai and LG open first battery plant in Indonesia - 07/05/2024
According to a joint press statement, Hyundai Motor Co. of South Korea and LG Energy Solutions have opened the first $1.1 billion electric vehicle battery plant in Indonesia. The plant's construction at Karawang, close to Jakarta's capital, began in 2021. The plant will produce a total of 10 GWh of batteries annually. The majority of the nickel used in batteries is produced in Indonesia....
Shell to suspend biofuel plant construction in Rotterdam - 07/03/2024
Shell has decided to halt the development of a biofuel manufacturing facility in Rotterdam for the time being. According to a statement from the corporation, this decision was made to address concerns about the project's continued implementation and to guarantee its competitiveness going forward, given the state of the market. The project envisages building a facility that can produce 820,000...
US Justice Department to propose Boeing plead guilty to knowingly defrauding regulators - 07/02/2024
The Wall Street Journal reports that the U.S. Justice Department will demand that Boeing Co. enter a guilty plea for willfully misleading air safety regulators about material facts regarding the 737 MAX airplanes, which resulted in two crashes. This nullifies an earlier, more permissive agency ruling against the business from over three years ago. According to WSJ sources, Boeing has to enter a...
Micron returns to profit in Q3 fiscal quarter - 06/28/2024
US memory chip manufacturer Micron Technology reported a net profit along with a significant growth in revenue in the third quarter of fiscal 2024. The company's shares dropped at the same time since the revenue was only marginally higher than market estimates and the current quarter's outlook was mostly in line with analyst predictions. In a press release, the business stated that its net...
Reuters learns of Shein's IPO filing in London - 06/25/2024
Reuters reports, citing sources, that Shein has submitted an IPO application in London. According to Reuters, which cites people familiar with the matter, Chinese online clothes retailer Shein filed a confidential application for an initial public offering in London at the beginning of June. It is yet unknown when precisely Shein intends to hold an IPO in London, according to Reuters. The...
UPS to sell freight broker Coyote Logistics for $1bn - 06/25/2024
The deal between RXO Inc. and United Parcel Service (UPS), the largest express delivery service in the world, calls for UPS to sell its freight brokerage business to Coyote Logistics for a sum of $1.025 billion. A joint press release states that RXO's current funds as well as additional debt, including those from the company's largest shareholders, will be used to finance the transaction. Because...
