Companies & CEOs
German Uniper asks for €9 billion in aid - 07/11/2022
According to Bloomberg, the German energy holding company Uniper turned to the German government for financial support. The corporation asked for almost €9 billion, which is more than twice its market value. In addition to asking for an increase in its credit line, the company offered the government the chance to purchase its shares. According to a previous article in Handelsblatt, the government...
Chinese watchdog fines Alibaba and Tencent - 07/11/2022
Alibaba, Tencent, and other internet behemoths have all received fines from China for breaking transparency laws. Tencent and Alibaba both received fines of over $896,000 and around $349,000, respectively. According to Reuters, China's government punished tech giants Tencent, Alibaba, and other businesses for failing to declare transactions. A list of 28 transactions that broke the rules was...
Japan's largest bank MUFG to buy stocks of unsold goods from companies - 07/06/2022
The largest bank in Japan, Mitsubishi UFJ Financial Group (MUFG), will establish a special division called MUFG Trading, which will buy inventory from manufacturing firms that they are unable to sell and do not have a place to store, according to the Japanese news agency Nikkei. It is anticipated that the bank will purchase a range of goods from producers, including food and semiconductors, keep...
EasyJet's CEO steps down amid airlines chaos - 07/05/2022
The chief operational officer of the British low-cost airline EasyJet, Peter Bellew, announced his resignation. The reasons for the resignation are unknown, although as noted by newspapers, the leave is taking place while thousands of flights across Europe are being canceled. Prior to Mr. Bellew's appointment in 2019, EasyJet's director of flight operations, David Morgan, held the job. Mr. Morgan...
H&M's quarterly profit rises higher than forecasts - 07/01/2022
H&M, a Swedish apparel chain, released its results for the first half of 2022 and the second quarter. The business reported that its overall revenue in the second quarter was SEK 54.5 billion (€5.2 billion), up 17% from the same period last year, and its net income was SEK 4.8 billion (€448 million), up 33%. Refinitiv's poll forecasted a 3.87 billion kroner (€363 million) quarterly profit. The...
Italy's Intesa cuts its share buyback program for 2022 - 06/27/2022
The share repurchase plan for 2022 at Italy's Intesa Bank has been cut in half. The biggest bank in Italy, Intesa Sanpaolo, reduced its share repurchase program by half this year, to €1.7 billion. It also intends to decide on the second half of the shares early in the next year. Intesa announced in February of this year a €3.4 billion scheme to buy its own securities. By 2025, the bank wants to...
De Beers boosts diamonds sales - 06/23/2022
According to preliminary corporate data, the global diamond giant De Beers boosted its diamond sales for the fifth business cycle of this year (June 6 to 21) by 7.6 percent in comparison to the prior cycle to $650 million. From May 2 to May 17, the preceding fourth business cycle took place. The quantity of sales during that time was $604 million. Diamond sales at De Beers increased 36.3...
US Kellogg's to divide business - 06/22/2022
Following the announcement that US Kellogg will be divided into three firms, the company’s shares went up by 6.5%. Shares of US Kellogg, which makes Pringles and Krave breakfast cereals, increased 6.5 percent before the market opened on the company's announcement that it will split into three separate public businesses, according to CNBC. The US business previously declared its intention to...
Ecuador oil corporation declares force majeure due to protests in the country - 06/20/2022
Ecuador's state-owned oil business, Petroecuador, has halted operations owing to a declaration of force majeure in the aftermath of the country's recent demonstrations. Confederation of Indigenous Peoples of Ecuador (Conaie) protests against the country's social and economic policies began on June 13 with small demonstrations in 11 regions and grew in intensity the next day when police detained...
Revlon files for bankruptcy - 06/17/2022
Revlon, a cosmetics company, has filed for bankruptcy. Following the outbreak of the pandemic, the firm, which was formed 90 years ago, has seen a drop in sales. Revlon, the American cosmetics company founded in 1932, has filed for bankruptcy. The corporation owed more than $3.3 billion as of March 31. "We want to streamline our capital structure and considerably decrease our debt," Revlon CEO...
