Companies & CEOs
Saudi sovereign fund opens $15 billion credit line with a group of banks - 08/29/2024
The Public Investment Fund (PIF) of Saudi Arabia has signed a deal with a consortium of banks to establish a $15 billion revolving credit facility. In a statement, the sovereign fund announced that the new credit line will take the place of PIF's previous agreement with financial institutions, which was effective from 2021. It lasts for three years with the possibility to extend for an additional...
Nvidia revenue up 2.2-fold in Q2, profit up 2.6-fold - 08/29/2024
Nvidia Corp, a U.S. company that specializes in graphics processors, experienced a significant increase in both net income and revenue during the second quarter of its fiscal year. Additionally, the company provided a positive outlook for the upcoming fiscal quarter. Nevertheless, the company's stocks, which have seen a significant increase in value over the last two years due to the boom in...
Ikea to launch P2P platform for selling used furniture - 08/27/2024
Ikea from Sweden is preparing to introduce a digital platform where customers can trade the company's second-hand furniture with one another. The new Ikea Preowned platform will undergo testing in Madrid and Oslo before the year ends. The CEO of Ingka, the largest Ikea store operator, Jesper Brodin, made this announcement during an interview with the Financial Times. The company's goal is to...
IBM stops R&D research in China and will lay off over 1,000 employees - 08/27/2024
American International Business Machines (IBM) ends research and development operations in China and lays off over 1,000 workers, reports South China Morning Post (SCMP). Specifically, the company is shutting down China Development Lab and China Systems Lab, leading to job cuts impacting workers in various cities, such as Beijing, Shanghai, and Dalian. As reported by Jiemian website, Chinese...
Harris campaign donations surpass $500 million - 08/26/2024
According to Axios, the campaign for US Vice President Kamala Harris has gathered over $500 million since it began. “Just before Vice President Harris announced her bid for President of the United States on Thursday night, we reached over $500 million,” stated Jen O'Malley Dillon, chairperson of the campaign. She indicated that the level of donations activity this week was unprecedented....
Chipmaker Kioxia plans the biggest 2024 IPO in Tokyo - 08/26/2024
Kioxia Holdings Corp, a Japanese microchip manufacturer, has submitted papers for a large public offering on the Tokyo Stock Exchange, the biggest in 2024, reports the Financial Times. Sources say that Kioxia, previously owned by Toshiba, aims to secure a minimum of $500 million and be valued at over 1.5 trillion yen ($10 billion). The even may occur as soon as October. Kioxia ranks third...
UK regulator FCA for the first time fines an audit firm - 08/19/2024
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...
Bayer wins lawsuit over Roundup herbicide - 08/19/2024
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...
Ola Electric raises $732 million in India's largest IPO since 2022 - 08/12/2024
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 plans to increase gas production and export hydrogen - 08/08/2024
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,...
