The UK's Financial Conduct Authority (FCA) for the first time imposed a fine on an audit firm due to its failure to report suspicious fraudulent behavior by a client, writes the Financial Times. The regulator will receive £15 million ($19 million) of fine from PricewaterhouseCoopers, which audited now-defunct investment company London Capital & Finance (LCF) in 2016. In May, the UK's...

The Philadelphia Court of Appeals has decided in the favor of German chemical company Bayer in a legal case involving the Roundup herbicide. In the lawsuit that Bayer took to the appeals court, it was argued that the company failed to inform potential Roundup users about the cancer risk. Bayer bought Roundup from Monsanto for $63 billion in 2018. There are many lawsuits in U.S. courts...

Indian company Ola Electric Mobility set the price of its IPO at 61.46 billion Indian rupees ($732 million), valuing the company at $4 billion. The country had not seen an offering that large since Life Insurance Corp. of India's IPO in 2022. Ola Electric stated that 808.7 million shares were purchased at a rate of 76 rupees each. The company itself released approximately 89% of the shares, with...

Saudi Aramco is intending to boost gas output in the country, focusing on the Jafurah shale gas field in the coming years. However, there are currently no specific plans to export the gas in liquefied form, according to company CEO Amin Nasser. Nasser observed that the kingdom aims to partially substitute oil with gas and achieve substantial industrial growth by using it. “We will export gas,...

According to trading data, Airbnb shares dropped by 14.7% to $111.27 when trading began on the Nasdaq exchange on Aug. 7. The stocks experienced a decrease of over 16% during premarket trading. Bloomberg notes that this drop could potentially be the largest daily decrease in the history of Airbnb shares trading on the market. Analysts were not satisfied with Airbnb's forecast, as reported by...

SunPower Corp, a solar panel manufacturer based in the U.S., has submitted documents to initiate the process of filing for bankruptcy under Article 11 of the U.S. Bankruptcy Code, as reported by MarketWatch. SunPower's Tuesday stock price has dropped by 23%. Since the start of the year, the company's market value has dropped nearly tenfold. The business possesses assets valued at $1.22 billion...

The social network TikTok is being sued by the US Department of Justice for allegedly unlawfully collecting children's data, reports The New York Times. The U.S. Justice Department stated that TikTok broke the law by gathering personal data from users under 13 without parental consent. Additionally, the app let them make and use accounts without always deleting them when requested by parents, as...

Chevron Corp., one of the biggest oil companies in the U.S., is relocating its headquarters from San Ramon, California, to Houston, Texas. The company’s Chairman and CEO Mike Wirth and Deputy Chairman and CEO Mark Nelson will move to Houston, where other senior management team members are located, by the end of 2024. It is anticipated that this will enhance communication with senior management,...

Boeing Co. declared Kelly Ortberg as its new CEO. In a press release, it was announced that Ortberg will start his position on August 8 and will also be appointed to the company's board of directors. Ortberg formerly led Rockwell Collins, a division of the defense contractor RTX Corp, which was formerly known as Raytheon Technologies. Boeing's current CEO, David Calhoun, stated in March that...