Twitter spent $33 million on Elon Musk’s proposed acquisition of the company between April and June 2022. It also announced an increase in monthly daily users to 237 million, but a net loss of $270 million, which was worse than planned. Musk has since changed his mind regarding the purchase, and a court date in…
After reporting greater second-quarter profits, Volvo Cars warned of a possible drop in retail sales this year. Supply issues, most notably a global scarcity of semiconductors, have crimped manufacturing and retail sales in recent quarters, but Volvo reported a “significant improvement” in supply chain stabilisation. The Swedish automaker said on Wednesday that full-year retail deliveries…
Hindustan Unilever Ltd, India’s largest consumer goods manufacturer, warned on Tuesday that strong inflation will eat into its margins in the current quarter, potentially leading to higher product prices. In the June quarter, high commodity prices forced Unilever’s India unit to boost prices across its core divisions, including domestic care, skin and hair washing products.…
Manolo Blahnik, the shoe brand made famous by celebrity admirers and regular appearances in the TV drama “Sex and the City,” announced on Tuesday that it had won a legal battle in China to use its own name, opening the way for the company’s nationwide development. The company, named after its Spanish founder, said in…
Deliveroo, the British food delivery startup, lowered its full-year sales forecast on Monday, as consumers cut back on spending amid a deteriorating cost-of-living problem. Deliveroo shares were down 3 per cent at 82.4 pence at 0733 GMT, having lost more than three-quarters of company value since listing at 390 pence in March 2021. The company, which…
Starbucks Corp is considering selling its UK assets as it confronts competition from upstart competitors, according to The Times, citing sources. According to the article, the coffee chain has engaged Houlihan Lokey Inc to solicit interest for its UK business, and the company has been competing with other coffee chains such as Pret A Manger,…
According to a letter from Russia’s oil and gas giant Gazprom, the company has declared force majeure on gas supply to Europe for at least one large customer, adding to European fears of fuel shortages. The legal force of the letter, dated July 14 and reviewed by Reuters on Monday, is to insulate Gazprom from compensation payments for…
Environmental groups have filed a lawsuit against Dutch airline KLM, arguing that advertisements promoting the company’s sustainability strategy are deceptive. According to the NGOs, this is the first lawsuit to challenge so-called airline industry “greenwashing.” They claim that KLM’s advertisements and carbon-offsetting system provide the false impression that their flights will not exacerbate climate change.…
Ford Motor and its crosstown competitor General Motors both reported their lowest quarterly sales in China since the coronavirus pandemic began, owing to a recurrence of Covid cases in the nation and persistent worldwide supply chain issues. Ford said it sold 120,000 vehicles in the second quarter, a roughly 22 percent decrease from the previous year…
Elon Musk is attempting to terminate his $44 billion (£36 billion) bid for Twitter, claiming repeated violations of the agreement. The statement is the latest twist in a long-running affair that began in April when the world’s richest person decided to purchase Twitter. Musk stated that he withdrew because Twitter did not provide adequate information…
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