Reckitt Benckiser Group surpassed first-quarter sales projections on Friday, raising prices to compensate for rising raw material costs and stagnant volumes. Consumer goods companies ranging from Procter & Gamble to Nestle have been attempting to hike prices in the face of rising supply chain and commodity costs for months, with Russia’s invasion of Ukraine also…
According to three people familiar with the situation, Elon Musk promised banks that agreed to help fund his $44 billion acquisition of Twitter Inc that he could cut executive and board pay at the social media business in an effort to minimise expenses, and that he would discover new ways to monetize tweets. According to…
Investors speculating on whether Elon Musk will complete his $44 billion acquisition of Twitter Inc sent the social media company’s stock to its lowest level since the transaction was disclosed two days ago on Wednesday. Traders were concerned that Musk might not have enough cash on hand to fund his $21 billion cash commitment and…
The Warner Bros. Discovery’s quarterly revenue increased 13 per cent in the first set of results from the $43 billion merger of Discovery Inc and AT&T Inc’s WarnerMedia properties. The data did not include figures for WarnerMedia, which owns the Harry Potter and Batman brands, as well as TV networks such as CNN and the…
At first glance, the narrative of Twitter and Elon Musk appears to be one of unrequited love. Our odd coupling begins with a power imbalance. Elon Musk enjoys Twitter. He has a massive following of 83.8 million people. He tweets frequently, sometimes controversially, and occasionally disastrously. The SEC barred him from tweeting about Tesla matters…
Asda and Morrisons said on Monday that they would slash the cost of key commodities, ramping up rivalry in the UK’s food retail sector against the backdrop of rising inflation. In Britain, where grocery price inflation touched 5.2 per cent in the four weeks to March 20, the highest level since April 2012, rising prices…
Card spending surged from last year, dwarfing a cost increase owing to higher reward payouts, as American Express Co beat first-quarter profit projections. The business said expenses jumped 34 per cent to $9.06 billion due to higher customer engagement expenditures, sending shares down about 2% in morning trading. AmEx’s top executives, on the other hand, tried…
According to a top executive at Honda Motor Co, the Japanese automaker wants to create millions of electric cars (EVs) by 2030 utilising three new dedicated platforms, one of which will be jointly developed with US partner General Motors Co. Honda’s worldwide head of electrification, Shinji Aoyama, told Reuters on Thursday that the company plans…
Coinbase Global Inc, a major U.S. crypto exchange, launched its NFT marketplace on Wednesday, signalling confidence in the niche digital asset even as the market cools. According to a Coinbase spokeswoman, the platform, which was first revealed in October, will initially be available to a “limited number” of users in the United States. As the…
Consumer demand for cleaning and personal care products remained stronger than projected despite rising costs, prompting Procter & Gamble to raise its full-year sales forecast on Wednesday, sending its shares up more than 2 per cent. Analysts estimate that P&G’s sales growth is at its highest level in at least 15 years, but there are…
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