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…
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…
Mukesh Ambani, Indian billionaire, is considering a takeover offer for the UK high street retailer Boots. Ambani is the largest stakeholder and chairman of Reliance Industries, a retail-to-energy conglomerate. The Mumbai-based Reliance is collaborating with the US buyout company Apollo Global Management on the potential bid. The Walgreen Boots Alliance initiated a review of the…
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…
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