AstraZeneca surpassed first-quarter sales and profit projections on Friday, thanks to higher-than-expected sales of its COVID-19 vaccine, which the firm predicts will decrease sharply over the rest of the year. The vaccine generated $1.15 billion in revenues in the quarter, the majority of which came from initial contracts, but that figure above Credit Suisse’s consensus…
Reckitt Benckiser Group surpassed first-quarter sales projections on Friday, raising prices to compensate for rising raw material costs and stagnant volumes. Consumer goods companies ranging from Procter & Gamble to Nestle have been attempting to hike prices in the face of rising supply chain and commodity costs for months, with Russia’s invasion of Ukraine also…
According to three people familiar with the situation, Elon Musk promised banks that agreed to help fund his $44 billion acquisition of Twitter Inc that he could cut executive and board pay at the social media business in an effort to minimise expenses, and that he would discover new ways to monetize tweets. According to…
Investors speculating on whether Elon Musk will complete his $44 billion acquisition of Twitter Inc sent the social media company’s stock to its lowest level since the transaction was disclosed two days ago on Wednesday. Traders were concerned that Musk might not have enough cash on hand to fund his $21 billion cash commitment and…
Mukesh Ambani, Indian billionaire, is considering a takeover offer for the UK high street retailer Boots. Ambani is the largest stakeholder and chairman of Reliance Industries, a retail-to-energy conglomerate. The Mumbai-based Reliance is collaborating with the US buyout company Apollo Global Management on the potential bid. The Walgreen Boots Alliance initiated a review of the…
The Warner Bros. Discovery’s quarterly revenue increased 13 per cent in the first set of results from the $43 billion merger of Discovery Inc and AT&T Inc’s WarnerMedia properties. The data did not include figures for WarnerMedia, which owns the Harry Potter and Batman brands, as well as TV networks such as CNN and the…
At first glance, the narrative of Twitter and Elon Musk appears to be one of unrequited love. Our odd coupling begins with a power imbalance. Elon Musk enjoys Twitter. He has a massive following of 83.8 million people. He tweets frequently, sometimes controversially, and occasionally disastrously. The SEC barred him from tweeting about Tesla matters…
Asda and Morrisons said on Monday that they would slash the cost of key commodities, ramping up rivalry in the UK’s food retail sector against the backdrop of rising inflation. In Britain, where grocery price inflation touched 5.2 per cent in the four weeks to March 20, the highest level since April 2012, rising prices…
Card spending surged from last year, dwarfing a cost increase owing to higher reward payouts, as American Express Co beat first-quarter profit projections. The business said expenses jumped 34 per cent to $9.06 billion due to higher customer engagement expenditures, sending shares down about 2% in morning trading. AmEx’s top executives, on the other hand, tried…
According to a top executive at Honda Motor Co, the Japanese automaker wants to create millions of electric cars (EVs) by 2030 utilising three new dedicated platforms, one of which will be jointly developed with US partner General Motors Co. Honda’s worldwide head of electrification, Shinji Aoyama, told Reuters on Thursday that the company plans…
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