The Strategist
Companies & CEOs

Qatar Petroleum to cut costs by 30% - 05/22/2020

Qatar’s state-owned oil and gas company Qatar Petroleum (QP) intends to cut costs by about 30% amid falling oil and gas prices, said the company’s head Saad al-Kaabi. "We are going through a budget review... In June, we will be somewhere within 30% to reduce costs, capex and operating costs," Reuters quoted al-Kaabi as saying. Along with this, he noted that the company still adheres to plans to...

Renault is pondering closing several plants in France - 05/21/2020

Renault is considering closing three small plants in France to cut costs, Les Echos writes citing sources. This decision may be announced in the coming days. Renault may close a small enterprise with 260 employees in Choisy-le-Roi (Val-de-Marne), a foundry in Brittany with 385 employees. After them, the car factory in Dieppe, where 385 people also work, may be closed. The plant in the Yvelines...

Dental startup sales jump by 1,000% during the pandemic - 05/21/2020

Sales of a start-up that offers tooth alignment systems without having to visit an orthodontist have grown by 1,000% during the pandemic. Unlike its competitors, even before the lockdown the company suggested that clients make an impression of the jaw independently and consult a doctor online. Sales of Byte startup, which offers dental alignment systems without having to visit an orthodontist,...

Johnson & Johnson to stop baby powder production in US and Canada - 05/20/2020

The American company Johnson & Johnson announced that it will stop the production of baby powder in the USA and Canada. In the past, the product brought up numerous lawsuits against the manufacturer. "The company decided to finally cease production of approximately 100 products... including Johnson's Baby powder based on talcum powder. This solution will only apply in the US and Canada," the...

Air Canada will lay off up to 60% of employees - 05/18/2020

The largest Canadian airline Air Canada announced that it has decided to reduce the number of employees by up to 60% in order to save money and distribute the workload while reducing traffic soon. According to company estimates, from 19 thousand to 22.8 thousand out of 38 thousand employees will be downsized.  The company’s management decided on massive reductions due to restrictions...

Saudi sovereign fund to borrow $10B to invest in stock market - 05/18/2020

The sovereign fund of Saudi Arabia intends to borrow about $ 10 billion in order to take advantage of the crisis in the markets and buy cheaper shares of major world companies. The Qatari Reserve Fund is following a similar plan. Saudi Arabia's Public Investment Fund (PIF) intends to borrow about $ 10 billion from investment banks, Bloomberg wrote, citing sources. According to them, the Saudi...

Reuters: FBI is investigating EU, Mexican companies involved in Venezuelan oil trade - 05/14/2020

Reuters, citing sources, reported that the FBI commenced an investigation against companies from Mexico and the EU allegedly involved in the Venezuelan oil trade as part of gathering information for the US Treasury about a possible violation of sanctions. "Three FBI informants said on condition of anonymity that the bureau is investigating three Mexican companies - Libre Abordo, Schlager Business...

Tesla to resume work in Nevada - 05/14/2020

Tesla will resume work at its electric car battery factory in Nevada after the state partially lifted the lockdown. The company previously resumed production in California, contrary to the position of local authorities, and received support from Trump. Tesla will resume operations in the US state of Nevada after local authorities partially relaxed the coronavirus-related restrictions, writes The...

Uber to buy Grubhub food delivery service - 05/13/2020

Taxi service Uber Technologies Inc., which also owns Uber Eats food delivery business, could buy Grubhub, the Wall Street Journal wrote, citing sources. "Uber Technologies Inc. intends to acquire Grubhub Inc. Earlier this year, Uber asked Grubhub for a purchase, and companies continue to discuss a possible merger," sources familiar with the situation told the publication. Grubhub later said it...

Class action lawsuit filed in US against IKEA - 05/13/2020

A class action lawsuit has been filed in the United States against Swedish furniture and home furniture manufacturer IKEA. According to USA Today, the lawsuit was filed with the federal court of the eastern district of Pennsylvania on last Wednesday. The lawsuit was filed in connection with a number of accidents due to design errors in the Malm line of wardrobes in the United States several years...
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