Five state-owned Chinese corporations, including the world's largest oil company Sinopec, have declared that they will remove their American Depositary Shares from the New York Stock Exchange. According to Reuters, the Chinese firms informed the NYSE of their intentions and stated in their individual statements that they would request for a "voluntary delisting" this month. The group of five...

Anglo-Dutch Shell has ceased oil production at three deepwater rigs in the Gulf of Mexico as pipelines connecting them were blocked, according to a statement from the company. Shell has shuttered its Mars, Ursa, and Olympus platforms as well as its Amberjack and Mars pipelines owing to a leak at the Fourchon compressor station. The company announced in a statement that it was working with...

After surpassing Netflix Inc. with 221 million subscribers for its streaming service, Walt Disney Co. stated that it would increase pricing for members who want to watch Disney+ or Hulu without advertisements. The media conglomerate will increase the cost of a monthly Disney+ ad-free subscription by 38% to $10.99 in December. At the same time, it will start promoting a new option with...

According to a statement released by Toshiba Corporation, the world's largest manufacturer of electronics reported net income attributable to shareholders of 25.9 trillion yen ($192 million) in the first quarter of fiscal 2022–2023 (ended June 30), up from 162.4 trillion yen ($162.4 million) a year earlier. Earnings per share increased from 39.6 yen ($0.35) to 59.85 yen ($0.44). Revenue grew by...

Coinbase reported a loss of over $1 billion in the second quarter and a decline in revenue of about 64% for the quarter due to the fall in cryptocurrency prices. Shares of the company were down 10.5% by the end of trading on Tuesday, August 9, and lost another 5% during the post-market. Before and after the end of trade on Tuesday, August 9, shares of American cryptocurrency exchange Coinbase...

Alibaba, a major Chinese e-commerce company, has fired 9,241 workers in the past three months, according to Bloomberg. At the end of the most recent reporting quarter, more than 245,000 employees were employed by Alibaba, the agency notes. The corporation started laying off employees in an effort to decrease costs in response to escalating political unrest, rising material costs and rising...

According to a statement released by the government, Nigeria has approved sale of four oil fields in the Niger Delta owned by ExxonMobil to the company Seplat for $1.28 billion. "Considering the considerable benefits of the deal to the Nigerian energy industry and the country's economy as a whole, President (of Nigeria) Muhammadu Buhari, the nation's oil minister, approved the sale on Monday....

The credit card division of Goldman Sachs is under investigation by the U.S. Consumer Financial Protection Bureau. The bank itself stated this in records submitted to the U.S. Securities and Exchange Commission. The financial institution claimed that the regulator is looking at its "account management methods, especially with regard to chargebacks, crediting payments that are not in compliance,...

BlackRock, the largest investment company in the world by assets, and Coinbase, the biggest cryptocurrency exchange in the US, declared that they had entered into collaboration. According to the arrangement, BlackRock will use its asset management system Aladdin to enable its institutional investors to trade cryptocurrencies on Coinbase, initially just bitcoins but eventually other...