According to a company memo reviewed by Reuters, Credit Suisse has received regulatory approval from China to launch a full-fledged wealth management business in the world’s second-largest economy. The expansion comes after the lender experienced larger-than-expected global wealth outflows in the fourth quarter, totaling 92.7 billion Swiss francs ($98.29 billion). According to the memo, which…
Walmex, Walmart’s unit in Mexico and Central America, said on Tuesday that it plans to increase spending in the region by 27% over last year, to around 27 billion pesos ($1.49 billion) in 2023. Walmex said in a filing following an event with investors and analysts that just under half of the investment will go…
A 9-meter-long (30-foot) screen at Ford Motor Company’s UK headquarters in Dunton, east of London, displays the company’s efforts to use reams of data generated by its vans and trucks, from engines to oil filters or brake pads, to draw in more customers in the European and American commercial vehicle market. This screen displayed real-time…
Altria Group Inc. announced on Monday that it would acquire the e-cigarette start-up NJOY Holdings Inc. for approximately $2.75 billion in cash, placing new bets on the rapidly expanding market after suffering enormous losses on its investment in Juul. The tobacco giant announced that it had exchanged its investment in Juul for some of the…
Honda has announced that several teams have approached it about a potential partnership when the new engine era in Formula One begins in 2026, but no decision has been made regarding future participation. The agreement between Honda and Red Bull and sister team AlphaTauri to produce engines in Japan will expire in 2025. Red Bull recently…
After rising prices for refined goods drove its 2022 profit to a record level and allowed it to declare a sizable dividend, Australia’s Ampol Ltd said on Monday that it had a strong start to 2023 and was well-positioned to manage ongoing volatility in the oil markets. According to Ampol, the top fuel supplier in…
Facebook’s parent company Meta Platforms Inc. is introducing Meta Verified, a subscription service with a number of extra benefits and features, including account verification badges for those who pay. The new subscription, which is primarily geared toward content producers, will cost $11.99 per month ($14.99 if purchased through the iOS app). The subscription includes “proactive…
KPMG has settled a £1.3 billion lawsuit brought by the liquidators of Carillion, who alleged the auditor was negligent and failed to notice significant warning signs in the outsourcing company’s financial statements prior to its disastrous collapse in 2018. The lawsuit was filed by Britain’s official receiver, who is attempting to recover losses on behalf…
Investigators discovered that a large food sanitation company in the US had hired dozens of kids to work overnight shifts cleaning meatpacking plants, and the company has now agreed to pay $1.5 million. According to the Department of Labor, Packers Sanitation Services employed more than 100 teenagers between the ages of 13 and 17. The…
Microsoft announced on Friday that the Bing AI chatbot will be limited to 50 questions per day and five questions and answers per individual session. The company wrote in a blog post that the action will curtail some situations in which protracted chat sessions threaten to “confuse” the chat model. Early beta testers of the…
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