The Strategist
Companies & CEOs

China sets to combat excessive profits - 08/19/2021

China has announced the need to fight "excessive income", Chinese President Xi Jinping said during a meeting on financial and economic affairs. He called on citizens and companies with high incomes to "give more to society" so that "universal prosperity" can be achieved, as socialism demands.  "Universal prosperity is the prosperity of all people. It is the material and spiritual life of...

Carlsberg's net profit for the first half of 2021 grows by 6% - 08/18/2021

Net profit of Carlsberg Group, one of the world's leading beer producers, attributable to shareholders increased by 6% in annual terms in the first half of 2021 and reached 3.027 billion Danish kroner ($479.6 million), according to the company's financial statements. Diluted earnings per share for the six months were 20.9 kroner ($3.3) compared with earnings of 19.4 kroner ($3.07) a year earlier....

BHP merges its oil and gas division with Woodside, gives up listing in London - 08/18/2021

Australian company BHP Group - the largest mining company in the world - announced a merger of its oil and gas division with another Australian company Woodside Petroleum. Woodside will pay for these assets with its shares, so now a 48 percent stake in this company will belong to BHP shareholders. The current shareholders of Woodside will retain 52% of the shares. Thus, the oil and gas division...

Saudi Aramco to take part in Indian Reliance Industries - 08/17/2021

The largest oil producer Saudi Aramco plans to buy shares of Reliance Industries holding owned by India's richest man Mukesh Ambani, Bloomberg reports referring to its sources. Reliance is also engaged in oil and gas production and refining. Saudi Aramco intends to enter Reliance through a $20 billion to $25 billion acquisition of a 20 percent stake. The deal will close in the coming weeks,...

Egypt starts preparations for the largest IPO in its history - 08/16/2021

Head of the Egyptian state company announced plans to begin preparations for an IPO, which could become the largest in the history of the country. The company was created to oversee the construction of Egypt's new capital. Early next year, Egypt plans to make the first steps towards the sale of a stake in the state-owned company Administrative Capital for Urban Development (ACUD). This is...

Reddit counts on $10B estimated worth of its business - 08/13/2021

Reddit said it intends to hold another round of financing in the near future. During the round, the firm aims to receive up to $700M. Next, as noted in the company's blog, its estimated worth is expected to grow to $10B. It was earlier that Reddit started actively raising funds to grow and conquer new areas. At the time, the company's estimated value was $6B.  "There was a noticeable...

BitMex cryptocurrency exchange to pay $100M fine to the U.S. - 08/12/2021

Cryptocurrency exchange BitMex, one of the world's largest crypto derivatives trading platforms, said it will pay a $100 million fine to U.S. regulators. This is how the company will settle charges brought by the Commodity Futures Trading Commission (CFTC) and the U.S. Financial Crimes Enforcement Agency (FinCEN). The reason for the large-scale proceedings was the illegal use of BitMex's platform...

Profits of Saudi oil giant soar by 300% - 08/11/2021

Profits at Saudi oil giant Saudi Aramco soared nearly 300 percent in the second quarter of this year. The company said the easing of coronavirus restrictions, vaccinations, incentives and a return to economic activity helped it earn four times as much as a year ago, writes BBC. Oil prices have risen more than 30 percent since the beginning of the year. Aramco, the world's largest oil producer,...

Softbank to cut investments in China due to government pressure on IT companies - 08/11/2021

Head of Japanese telecommunications company Softbank, which is one of the world's largest investors in technology startups, said that the company will slow down with new investments in China amid difficult relations between local regulators and high-tech companies. Speaking at Softbank's quarterly earnings presentation, Masayoshi Son said he would take a "wait-and-see attitude" until the...

One of the world's biggest oil companies is thinking about cutting carbon emissions to zero - 08/06/2021

Exxon Mobil, one of the world's largest oil companies, may announce its intention to cut carbon emissions to zero in 30 years. Exxon Mobil Corp. is discussing a promise to reduce emissions of carbon, a major greenhouse gas, to zero by 2050, sources familiar with the situation told The Wall Street. CEO Darren Woods is now discussing the idea with the company's board of directors, the sources...
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