Volkswagen (VW) has scaled back its operations in Shanghai, which has been shut down owing to an outbreak of Covid-19 infections. On Thursday, the German automaker partially shut down its facility in the Chinese city, citing supply problems. Over a dozen companies have cancelled their ambitions to list their stock in the major financial centre.…
Germany and Austria have activated emergency plans in the event of a gas supply disruption due to a payment dispute with Russia. From March 31, Russia demanded that “unfriendly” countries pay for its gas in roubles, but the EU, which primarily pays in euros, rejected the proposal. Moscow appeared to soften its stance later, indicating…
On Tuesday, Johnson & Johnson said that it would stop selling personal care goods in Russia, joining a growing list of corporations that have scaled back their operations in the nation in response to Russia’s invasion of Ukraine. Because pharmaceuticals and medical devices are exempt from Western sanctions, J&J said it would continue to supply…
In just 11 months since joining Intel Corp in February last year, Chief Executive Officer Pat Gelsinger earned 1,711 times the average worker at the U.S. chipmaker, according to a regulatory filing released on Wednesday. Former CEO Bob Swan earned 217 times more than the typical Intel employee in 2020 than Gelsinger. In 2021, Gelsinger…
OPEC+ will keep politics out of its decision-making, according to Saudi Arabia’s oil minister, in favour of the “common good” of stabilizing energy prices. Following Russia’s invasion of Ukraine, governments and international organisations around the world imposed punitive sanctions and severed economic ties with the country, but OPEC — the intergovernmental organisation of 13 oil…
Sony plans to introduce a new video game subscription service this summer in order to boost sales of its PlayStation consoles and compete with Microsoft’s comparable offering. The business said on Tuesday that it will combine its existing PlayStation Plus and PlayStation Now subscription services into a single PlayStation Plus subscription service. The new PlayStation…
Barclays stock dropped as much as 6% in early Tuesday trade after one of the lender’s biggest investors sold a $1.2 billion piece of stock at a discount overnight. On Monday evening, Goldman Sachs arranged the sale of 599 million shares by an undisclosed investor. According to Refinitiv Eikon data, the shares are roughly comparable…
Emirates, based in Dubai, plans to cut losses in the current fiscal year and turn a profit next year, according to the airline’s president. “We are in for a good set of results, we haven’t reversed it completely but we have swung it,” Tim Clark told reporters, adding the carrier had been cash-positive since October.…
Carlsberg and Heineken, two of the world’s largest breweries, announced on Monday that they will leave Russia, joining an exodus of Western corporations as pressure mounts on Moscow following its invasion of Ukraine. Following the commencement last month of what Moscow described as a “special military operation” against Ukraine, Ukraine’s President Volodymyr Zelenskiy has advised…
American electric car maker Tesla Inc said on Monday that it will seek approval from its shareholders to expand its share count in order to permit it to conduct a stock split in the form of a dividend. This pushed its stocks by 5 per cent. The board of directors has authorised the proposal, and…
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