Samsung has appointed convicted heir and de facto CEO Lee Jae-yong to the position of executive chairman. The symbolic move means that the world’s largest smartphone manufacturer will now be led by the third generation of its founding family. Lee was granted a special presidential pardon in August after being convicted of bribery and embezzlement…
A recession in the United States is likely with the Federal Reserve maintaining its aggressive monetary policy tightening trajectory, according to Goldman Sachs CEO David Solomon and JPMorgan CEO Jamie Dimon. Solomon said on a panel at the Future Initiative Investment conference in Riyadh, Saudi Arabia, that he expects economic conditions to “tighten meaningfully from…
Following the invasion of Ukraine in February, Mercedes has become the latest Western company to withdraw from Russia. In early March, the German-based company ceased manufacturing in and exporting to the country. However, it has announced that it will exit the Russian market and sell shares in its subsidiaries to a local investor. In the…
On Wednesday, Saudi Aramco announced the creation of a $1.5 billion fund to support an inclusive global energy transition, while Saudi officials warned that the transition away from hydrocarbons could take decades, necessitating continued investment in conventional resources. Saudi Arabia, the world’s largest oil exporter, and other OPEC members have warned of underinvestment in fossil…
Puma shares fell 1.75 per `cent on Wednesday after the company confirmed its full-year guidance but warned of global market uncertainty. Following what it called the best third quarter in its history, the German sportswear company reiterated its full-year operating result and sales outlook. “We expect continued volatility in the market during the fourth quarter…
Anu Aiyengar, global co-head of mergers and acquisitions at JPMorgan Chase & Co, told a conference in New York that Twitter intends to close its deal with billionaire Elon Musk on previously agreed-upon terms. Earlier this month, Musk proposed proceeding with his original $44 billion bid in exchange for an end to a lawsuit filed…
UBS reported a net income of $1.7 billion for the third quarter of this year, slightly higher than analyst expectations, citing a challenging environment. According to Refinitiv data, analysts expected a net profit of $1.64 billion. UBS earned $2.3 billion in net income last year. The Swiss lender fell short of expectations in the previous…
In recent months, a large proportion of Americans are delaying or skipping new COVID-19 booster shots, and analysts and investors predict far fewer will be administered each year, bringing the total number of shots well below annual flu vaccinations. With fewer shots required, vaccine makers such as Pfizer Inc, partner BioNTech SE, rival Moderna Inc,…
Deliveroo, a British food delivery company, warned that sales growth would be at the low end of its previous forecast as households cut back on takeaways due to rising prices. Despite the worsening outlook, Deliveroo, which competes with Just Eat Takeaway and Uber Eats, increased its adjusted earnings (EBITDA) margin guidance on Friday, aided by…
The Indian government fined Google 13 billion rupees ($161 million; £144 million) for dominating the market with its Android platform. The country’s competition regulator has accused Google of entering into “one-sided agreements” with smartphone manufacturers in order to ensure the dominance of its apps. It has ordered Google to “cease and desist” such behavior. Google…
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