Renault Sells Its Stake In Russia’s Avtovaz Leaving Some Options For A Return

Renault is reportedly selling its majority ownership in Avtovaz (AVAZI p.MM) to a Russian science institute for one rouble, with a six-year option to buy it back, leaving the door open for the French automaker to return. To save thousands of jobs, Moscow Mayor Sergei Sobyanin announced that Renault’s plant in the city would be…

$3 Billion Worth Of Bitcoin Was Sold In An Effort To Prevent The UST Stablecoin From Collapse

The amount of short-term financial assistance is still being determined, but two people familiar with the talks told Reuters that it is likely to cover Ukraine’s financial needs for two months, primarily through loans. A third official said the cash will come from the EU budget and EU countries, refuting prior speculation that the funds…

Musk Puts His $44 Bln Twitter Acquisition On Hold Over Fake Account Data

Elon Musk announced on Friday that his $44 billion cash purchase for Twitter Inc is “temporarily on pause” till the social media company provides statistics on the proportion of fraudulent accounts. Twitter shares plunged more than 20% in premarket trade, although they recovered some ground after Musk, the CEO of the electric vehicle market Tesla…

Foxconn, Apple’s Supplier, Views COVID Restrictions In China And Inflation As Future Hurdles 

Foxconn, an Apple supplier, warned that revenue for its electronics sector, which includes smartphones, could fall in the current quarter as growth slowed owing to rising inflation, cooling demand, and escalating supply chain challenges, partly due to Chinese lockdowns. Like other worldwide manufacturers, the Taiwanese firm, the world’s largest contract electronics manufacturer, has been dealing…

Growth In Disney’s Streaming Offsets Netflix’s Decline, But Inflation Remains A Threat

Walt Disney Co soothed fears about the future of streaming television by adding 7.9 million new Disney+ subscribers, though the firm warned that supply chain interruptions and rising salaries could put financial strain on the company. From January to March, Wall Street expected 5.3 million additional Disney+ subscribers. Disney still has a long way to…

Panasonic Expects Flat Profits Despite Price Increases And Supply Problems

Panasonic Corp estimated flat operating profits this fiscal year on Wednesday, citing component shortages and increased material costs as risks to profitability. The Japanese company forecasted an operational profit of 360 billion yen for the fiscal year ending March 31, 2023, down from 357 billion the previous year. According to Refinitiv data, the prediction is…

Investors In Bitcoin Get Worried Due To A Contentious Crypto Experiment

Bitcoin investors are panicking as the terraUSD stablecoin continues to drift away from its intended $1 peg. Late Monday, TerraUSD, or UST, fell below 70 cents for the first time, as holders fled the token in what some have dubbed a “bank run.” According to Coinbase data, the coin plummeted as low as 62 cents…

Philip Morris In Negotiations To Acquire Swedish Match, A Smaller Competitor

Philip Morris International Inc is currently in negotiations for acquiring rival Swedish Match AB, as the Marlboro producer aims to expand its smoke-free options despite growing global scrutiny of traditional cigarette sales, according to statements issued by the companies. The businesses were in talks, but it was unclear whether they would make an offer, Philip Morris said in…

BioNTech’s Vaccine Sales Tripled In The First Quarter, But It Still Expects A Year-Over-Year Decline

Demand for BioNTech’s COVID-19 vaccine, which it developed with Pfizer, more than tripled first-quarter revenues and earnings, but the German biotech business is still anticipating a full-year fall in vaccine sales. Revenues more than tripled from a year ago to 6.37 billion euros ($6.73 billion), while net income increased to 3.70 billion euros, according to…