Chevron Corp reported its second-highest quarterly profit in history, exceeding analysts’ expectations, thanks to rising global demand for its oil and gas and increased output from its U.S. oilfields. The increase comes as oil companies report record profits as prices near record highs and supplies are tight due to output cuts during the COVID-19 pandemic,…
Elon Musk has posted a video of himself carrying a sink into Twitter’s headquarters, raising questions about the fate of his planned takeover. The billionaire has until Friday to complete the $44 billion purchase, which he announced months ago but then attempted to abandon. He agreed to proceed earlier this month, just weeks before a…
Ford Motor Company reported a net loss for the third quarter, owing to its decision to shift spending away from the Argo AI self-driving business. Ford’s decision, which contrasts sharply with rival General Motors Co’s decision to double down on investments in its Cruise robotaxi unit, highlights the pressure on automakers to make difficult decisions…
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…
China’s most recent leadership changes indicate a greater emphasis on relations with the United States. Foreign Minister Wang Yi has been appointed to the new Politburo, China’s second-highest level of power, according to state media. Despite speculation that he might retire, he has remained active. The changes demonstrated that Yang Jiechi, a long-time diplomat involved…
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