Unilever will slash approximately 1,500 managerial posts as the company strives to enhance growth following a failed purchase and with an activist investor to placate. The company will also reconfigure its business to focus on five core product categories. The company behind Dove soap and Magnum ice cream, which employs 149,000 people globally, announced on…
The mining behemoth owned by Australia’s richest man will purchase the Williams Formula One racing team’s battery and technology division for $222.2 million,. Williams Advanced Engineering and Williams Grand Prix Engineering, both situated in the United Kingdom, will be purchased by Fortescue Metals from private equity firm EMK Capital. The agreement aims to assist the…
Stocks of Kohl’s Corp jumped 36 per cent on Monday following a Reuters report that claimed that the private equity firm Sycamore Partners had approached the departmental store operator with an acquisition bid worth $9 billion. According to the report based on source information, Sycamore’s offer on Sunday said that the company was willing to…
Bitcoin and ether prices both fell drastically this week, wiping out almost $150 billion from the crypto market. According to Coin Metrics, bitcoin was trading around $36,000 late Friday, down nearly 15 per cent. Ether, the second-largest cryptocurrency by market capitalization, has dropped about 20 per cent to around $2,500. Cryptocurrency losses follow Thursday’s losses on…
According to a report published by Reuters, the social media company Snap Inc is accelerating its global expansion in nations – ranging from Mexico to Japan, by partnering with wireless carriers and promoting its famous augmented reality capabilities. The parent company of the Snapchat photo messaging app is banking on the app’s relative safety at…
The Anglo-Australian mining company Rio Tinto’s desire to become Europe’s leading supplier of lithium, a critic metal for manufacturing of electric vehicles was harmed on Friday when Serbia canceled its lithium exploration permits due to environmental concerns. Serbia’s decision comes as the country prepares for a general election in April, and as tensions between Belgrade…
Self-driving sensor maker Luminar Technologies Inc has struck a partnership with the luxury carmaker Mercedes-Benz for creating technologies and hardware for the development of fully automated cars fit for driving on the highways for the venture’s next-generation vehicles, said the founder of Luminar. A number of global auto companies, from Tesla to GM, are pursuing…
Mexico’s Grupo Financiero Banorte is considering possibilities of making a bidding offer for the Mexican consumer banking unit of Citigroup, said the Mexican company’s chief executive said. “We are starting an analysis of this opportunity, and if we find that a possible transaction adds value to shareholders, we would submit it for their consideration,” Banorte…
Netflix Inc shattered hopes for a speedy recovery on Thursday by expecting dismal first-quarter subscriber growth, sending shares down nearly 20 per cent and wiping out most of the company’s remaining gains made during the pandemic in 2020. According to Refinitiv IBES statistics, the world’s largest streaming service expected to attract 2.5 million members from January to…
Higher energy costs, rising demand, and supply chain concerns drove up consumer prices in December, pushing the UK inflation rate to a 30-year high. Inflation rose to 5.4 per cent on an annual basis, the highest level since March 1992, and up from 5.1 per cent in November, which was also a decade high. Reuters…
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