A controversial plan to start drilling operations in the Great Australian Bight by the oil giant Equinor has been abandoned, the company said. Environmentalists have hailed this as a “huge win”. Permission to begin exploratory drills in seas off South Australia was granted last December to the Norwegian company. The company however told regulators on…
According to sources familiar with financing of Elon Musk’s SpaceX, the company is looking to raise around $250 million, which could see its valuation touch $36 billion, reported CNBC. According to CNBC’s report, SpaceX plans on raising the amount at a price of $220 per share. The funding round is expected to close after the…
Following the outbreak of the coronavirus in China, the retail sales of passenger cars in the country has crumbled by 92% on an annual basis in the first 16 days of February, according to China Passenger Car Association (CPCA). During this period, sales of passenger vehicle in China touched 4,909 units, down from 59,930 vehicles…
In what will be the largest deal in the global banking since the global economic crisis of 2008, the online brokerage E-Trade Financial has been announced to be acquired by Morgan Stanley in a deal worth $13bn. According to analysts, this acquisition clearly marks a departure of the strategy and focus of the Wall Street…
The global airline industry body has issued a warning of a total loss of about $29.3bn in revenue for the current year because of the outbreak of the coronavirus. This year, there will be a drop in the demand for air travel for the first time in more than a decade, predicted the International Air…
The huge outbreak of the coronavirus in China and elsewhere in Asia has dampened demand of Air travel in Asia which has forced airlines to issue warnings of a severe financial impact. While Air France-KLM estimated that the bit to it because of the coronavirus would be up to €200m, Australia’s Qantas expects a hit…
Strong growth recorded in its dialysis business and in the sale of infusion drugs unit in emerging markets helped the German healthcare group Fresenius to beat market expectations for the fourth quarter of last year and boosted confidence of the company to announce that it expects that its net income for 2020 will increase. 2018…
It was just months ago that employees of Amazon.com had publicly put pressure on founder and largest shareholder of the company Jeff Bezos, as well as the company to do more to g=fight climate change. Bezos, the richest man in the world, now has announced that he would personally contribute a part of his wealth…
The working conditions and safety practices of Amaiozn.com in the United Kingdom are under the scanner as calls for a parliamentary inquiry into safety of workers at the largest e-commerce company of world get louder as reports reveal that in the past three years, more than 600 workers of the company have either been seriously…
HSBC Holdings is set to undertake a massive restructuring of its business. The company announced that it would reduce its assets by about $100 billion while also reduce the size of its investment bank. It also announced plans for revamping of its business in the United States and Europe. This business restructuring is also expected…
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