Companies & CEOs
Citigroup shows nearly twofold loss in profit in Q1 2020 - 04/16/2020
Net profit of one of the largest financial corporations in the world Citigroup Inc. decreased by 1.87 times in the first quarter of 2020, up to $ 2.52 billion compared to the same period in 2019, follows from the corporation’s statement. Diluted earnings per share were $ 1.05 versus $ 1.87 a year earlier. According to the results of the reporting period, the revenue of the financial giant grew by...
Nike, Adidas footwear manufacturer may stop working in Vietnam - 04/14/2020
The largest manufacturer of sports shoes Pou Chen Corp may temporarily stop production in Vietnam in connection with the spread of coronavirus, according to Bloomberg. The authorities in Ho Chi Minh City, where the factory is located, are concerned that it continues to operate. A letter of the city’s mayor to the country's prime minister expresses concern that in the event of an outbreak of...
Airbus slows production down - 04/09/2020
On Wednesday, Airbus announced plans to cut back on jetliners worldwide after the coronavirus epidemic triggered the worst industrial crisis in aviation and sharply cut supplies. In its largest production adjustment in history, the European manufacturer said it was reducing the output of its best-selling narrow-body A320 family by one-third to 40 aircraft per month. The company is also reducing...
Saudi Public Investment Fund spends nearly $1B to buy oil companies papers - 04/09/2020
The Saudi Arabia Sovereign Fund (Public Investment Fund, PIF) has begun to buy stakes in European oil and gas companies, taking advantage of the reduction in their quotes amid falling oil prices and the coronavirus pandemic, the Wall Street Journal reports citing its own sources. In recent weeks, the Saudi Arabia Sovereign Fund has acquired stakes in Norwegian Equinor, Anglo-Dutch Royal Dutch...
WeWork files lawsuit against SoftBank - 04/08/2020
The committee of the board of directors of the American coworking service WeWork filed a lawsuit against the main shareholder - the Japanese holding SoftBank and the investment fund Vision Fund - because of the refusal to buy back the stock for $ 3 billion. The lawsuit states the holding “conducted a deliberate campaign to avoid a final decision on the takeover” Financial Times writes. “Failure...
Debts of global oil leaders rise by $32B - 04/06/2020
The largest oil companies in the world have increased their debts by $ 32 billion in recent weeks, according to the Financial Times (FT). Among them are ExxonMobil, BP, Royal Dutch Shell, Total and Equinor. The publication notes that oil giants are resorting to any measures to cope with the consequences of the COVID-19 pandemic and the collapse of oil prices. They are reducing capital...
Tesla's production and shipments fall in Q1 - 04/03/2020
The American electric vehicle manufacturer Tesla reduced production and supply of cars in the first quarter of 2020 compared to the fourth quarter of 2019, the company said in a release. Over the period, the company produced 102,672 cars, which is 2% less in quarterly terms and 33% more in annual terms. Production of Model S and X for the three reporting months amounted to 15.39 thousand cars,...
Sprint, T-Mobile close merger deal worth $31B - 04/02/2020
US telecom operator T-Mobile US Inc. closed a deal to buy its rival Sprint Corp. after a two-year battle with regulators. The deal, which totaled more than $ 31 billion, based on their T-Mobile US stock price at the close of the market on Tuesday, will put an end to the Sprint brand. Over the past ten years, Sprint has been losing customers, yielding to more successful competitors, including...
US Whiting Petroleum falls victim to Saudi-Russian oil prices war - 04/02/2020
Whiting Petroleum Corp, an American drilling company, said on Wednesday that it intends to file for bankruptcy protection under the bankruptcy law, writes Dow Jones. Whiting Petroleum is one of the largest companies that do hydraulic fracturing needed in shale oil production in the Bakken province. The company is the first victim of the oil crisis. Under article 11 (bankruptcy law), the company...
Pemex: We will keep supplying oil during COVID-19 pandemic - 04/01/2020
Pemex, a Mexican oil corporation, announced continuation of an uninterrupted cycle of work and oil supplies, despite strict quarantine measures in the country in connection with the spread of coronavirus. "The company continues to fulfill its basic functions, following the plan for ensuring continuous operations in order to ensure fuel supplies and not harm the country's development and economy,"...
