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…
Renault CEO Luca de Meo cautioned on Thursday that the automaker’s withdrawal from Russia presents a “very problematic scenario” for the firm, threatening profitability and sales as the company strives to expedite a multi-year recovery project. In an internal video for staff, de Meo stated that Renault will prioritise employee safety as it considers options…
Ferretti Group, an Italian luxury yacht manufacturer, has priced its shares at HK$22.88 each, the lower end of its projected range, in order to generate HK$1.9 billion ($242.75 million) in its Hong Kong initial public offering, according to Refinitiv’s IFR service on Friday. The company sold 83.58 million shares, or around 25% of its total…
Russia’s war in Ukraine may cause neon production, a vital gas in sophisticated semiconductor manufacturing, to plummet to alarmingly low levels at a time when the world is already facing a chip scarcity. Neon is necessary for lasers used in lithography, a chip manufacturing technique in which machines cut patterns onto tiny wafers of silicon…
According to a high-ranking politician, Russia is considering accepting Bitcoin as payment for its oil and gas exports. According to Pavel Zavalny, “friendly” countries may be permitted to pay in cryptocurrency or local currency. Earlier this week, Russian President Vladimir Putin stated that he would like “unfriendly” countries to purchase Russian gas in roubles. The…
Global banks such as Citigroup Inc, JPMorgan Chase & Co, and Societe Generale are under pressure from rivals and funds to commit to remaining as custodian banks in Russia, as rivals and funds fear losing services vital to future investment in the nation. Three other financial institutions’ traders, bankers, and executives told Reuters they were…
KoBold Metals, a mineral exploration business backed by billionaires such as Jeff Bezos and Bill Gates, announced on Thursday that it would commence drilling for crucial elements used in electric vehicles in Greenland. Last year, KoBold, which searches for raw minerals using artificial intelligence and machine learning, acquired a 51 per cent share in the…
According to recent data, the cost of living in Russia is increasing as a result of the country’s invasion of Ukraine. According to official data, the price of basic household commodities, such as sugar, has risen by as much as 14 per cent in the last week. Inflation is expected to continue to rise in…
According to trade sources quoted in media reports, Western countries are declining to interact with Russia at the World Trade Organization (WTO) in Geneva in a coordinated strategy that has already stalled discussions in a variety of sectors. The invasion of Ukraine by Russia, followed by economic isolation as a result of Western sanctions, is…
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