Walmart Inc, the world’s largest retailer, bet on Africa in 2011, purchasing a controlling interest in South African retailer Massmart in what many investors considered a move toward dominating the continent’s huge untapped market. It did not go as planned. More than a decade later, Massmart’s balance sheet is burdened with debt, its books are…
Toyota Motor Corp said on Friday that its annual vehicle production was likely to fall short of its initial target, as a persistent global semiconductor shortage hampered the world’s largest automaker’s efforts to increase output. The Japanese company has been questioned about its ability to meet its annual production target of a record 9.7 million…
Procter & Gamble Co’s quarterly sales and profit best market estimates, as price increases on everything from Head & Shoulders shampoo to Tide detergent helped offset the impact of higher raw material costs and a stronger dollar. Shares of the Cincinnati, Ohio-based consumer goods conglomerate rose nearly 3% in morning trading, as the company maintained its full-year…
Switzerland will destroy 9 million Moderna doses. COVID-19 vaccines have reached their expiry date, with another 5.1 million vaccines due to expire in February, according to the government. The waste reflects Switzerland’s strategy of ordering more vaccines than it needed to ensure that its 8.7 million-strong population would have adequate supplies even if supply bottlenecks…
Nokia disclosed a quarterly operating profit that fell short of market expectations on Thursday, despite the fact that the Finnish telecom equipment maker continues to gain from strong demand from phone companies as they roll out 5G networks. Third-quarter comparable operating profit increased to 658 million euros ($643.3 million) from 633 million last year, falling…
Ericsson, the Swedish telecom equipment maker, reported third-quarter core earnings that fell short of expectations for the second quarter in a row, as margins were dragged down by higher component and logistics costs. According to Refinitiv data, the company’s quarterly adjusted operating earnings fell to 7.1 billion Swedish crowns ($633.05 million) from 8.8 billion crowns…
According to federal data, Tesla topped registrations of battery-electric vehicles in Germany in the first nine months of this year, with nearly 38,500 vehicles, beating the Volkswagen brand by around 6,000 vehicles. Tesla’s battery-electric registrations increased nearly 50% from January to September of last year, while Volkswagen’s dropped 40% to just over 32,300, in line…
On Tuesday, Oracle Corp and Nvidia Corp announced an expansion of their partnership and the addition of tens of thousands of Nvidia chips to boost artificial intelligence-related computational work in Oracle’s cloud. The expanded partnership comes as more companies use AI and AI models become more complex, necessitating increased investments in data center infrastructure. While…
When Netflix Inc reports third-quarter results on Tuesday, the streaming pioneer is expected to launch an ad-supported plan in order to compete with rivals such as Disney+ and HBO Max. Netflix announced last week that it would launch the plan in November for $6.99 per month, much sooner than its previous estimate of early 2023…
Auto giant Hyundai Motor of South Korea is considering options for its suspended Russia operations, which could include selling its manufacturing plant there, according to South Korean media on Tuesday. Since Moscow sent armed forces into Ukraine on February 24, many Russian factories have suspended production and furloughed workers due to a lack of high-tech…
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