A first-quarter net loss of $2.06 billion was reported by the office-sharing startup WeWork m backed by Japan’s investment firm SoftBank, on Thursday. The loss was because of hits of restructuring costs, the company said as it prepares to get listed through a merger with a blank-check firm. The easing of restrictions imposed throughout the…
Two companies owned by media entrepreneur Byron Allen have sued McDonald’s Corp for at least $10 billion. In the case, the companies accused the fast-food chain of engaging in racial discrimination as it did not allot enough advertisements to media outlets owned by black people. The “racial animus and racial stereotyping” in allocating ad dollars…
JD Logistics Inc, which was spin off from e-commerce major JD.com Inc, will likely price shares at HK$40.36 ($5.20) in its initial public offering (IPO) at Hong Kong which will be towards the lower end of its flagged range, said reports quoting source information. The sources were not identified in the reports. There were…
Following its estimate beating earnings for its second quarter, the German conglomerate Siemens also increased its profit and sale guidance for the full year which was a second such raise by the company so far in its fiscal year. Moving into the second half of its fiscal year, the company has “good momentum” which the…
So far there are little signs of a recovery of air travel which is still being expected by the Air France-KLM – according to its current sales, by this summer, the airline group said while reporting a larger operating loss for the first quarter. The stocks of the group dropped after the company confirmed its…
While reporting better than expected first quarter trading, the British fashion retailer Next increased its profit guidance for the full year for the second time in a span of two months. The central guidance for its pretax profit in the 2021-2022 fiscal year was raised by it to 720 million pounds ($1 billion) compared to…
There was strong demand for its car models that delivers higher margins during the first three months of the year said the German car maker and the largest car maker of Europe, Volkswagen, which prompted the company to raise its operating margin target for the current year. An operating profit margin of between 5.5 and…
Despite a global semiconductor chip shortage, better than expected results for the first quarter was announced by General Motors Co as the company managed to keep costs low and focused on sale of pickup trucks and SUVs that deliver higher margins. The company expects its pre-tax profit for the current year to come in at…
EBay could be possibly accepting crypto currency a s mode of payment on the site sometime in the future and the company is currently seeking out ways and means to get non-fungible tokens (NFTs) on its platform, the company said. The virtual currencies as a form of payment is now being accepted by a growing…
Companies in the so called gig economy including Uber, Lyft, Doordash and Instacart are trying to retain the status of their drivers as contractors – with some additional benefits as compensation, given the realization that the new administration in the United States under Joe Biden are insisting on reclassification of the workers in the ride-hail…
