According to a report from CNBC, Uber Technologies Inc will decrease recruiting and spend less on marketing and incentive programmes, citing a letter from Chief Executive Officer Dara Khosrowshahi. After Facebook-owned Meta Platforms Inc (FB.O) said last week that it will scale down its employee development, the ride-hailing business is the latest to cut expenditures…
Luxury car maker Bentley announced a 162 per cent increase in first-quarter operating profit over the same period last year, as rising vehicle prices offset the loss of certain vehicles at sea and pandemic-related delivery issues in China. High customer interest in new models led to a record order book of slightly under 10,000 vehicles…
On Thursday, BMW reported an increase in first-quarter profit, bolstered by a revaluation of the German carmaker’s investment in its Chinese joint venture and good pricing, and maintained its 2022 projection, despite unpredictable commodity and energy prices. The automotive sector has been impacted by a global semiconductor chip shortage, but BMW says demand for its…
As buyers’ budgets begin to feel the pressure of ongoing inflation, manufacturers of brand-name products such as Tide detergent and Kraft Macaroni & Cheese are beefing up their defences against store-brand competitors such as Walmart Inc’s Great Value products. In a Monday evening earnings call, Clorox executives said private-label competitors have made “modest improvement” in…
Life Insurance Corporation, India’s largest life insurance company, will begin accepting subscriptions for its initial public offering on Wednesday, making it the country’s largest-ever IPO. For an estimated $2.74 billion, the government is selling a 3.5 per cent interest in state-owned insurance behemoth LIC. The company will sell around 22.13 million shares for 902 to…
Due to a continuing shortage of chips and other essential ingredients, some of the world’s largest tech and automotive businesses have had to lower their expectations for this year. Apple CEO Tim Cook warned on Thursday that the company was “not immune” to supply chain issues, citing “quite significant supply constraints” in the iPad business…
Russia appeared to be on the verge of avoiding a sovereign default after overdue payments on two of its sovereign Eurobonds were paid to some of its creditors, according to reports quoting sources with knowledge of the matter. The finance ministry stated on Friday that it had paid roughly $650 million in coupons and principal…
India’s Tata Motors Ltd refurbished an underused work floor at its flagship facility to produce its first electric vehicle for the consumer market. There is no sophisticated production line here; Nexon SUV bodywork built for gasoline versions are connected and battery packs are installed by hand. Initially, the location, which could be mistaken for a…
According to legal firm Pomerantz LLP, a group of people and businesses has launched a class action lawsuit against Credit Suisse, alleging that the Swiss bank misled investors over business dealings with Russian billionaires. Credit Suisse made no comments on the matter, according to reports. According to Pomerantz, the complaint was filed in a New…
AstraZeneca surpassed first-quarter sales and profit projections on Friday, thanks to higher-than-expected sales of its COVID-19 vaccine, which the firm predicts will decrease sharply over the rest of the year. The vaccine generated $1.15 billion in revenues in the quarter, the majority of which came from initial contracts, but that figure above Credit Suisse’s consensus…
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