The earnings of the Finnish network equipment manufacturer Nokia Oyj has come under severe pressure because of fierce competition in the industry which has forced the company to explore strategic options, said a report published by Bloomberg quoting citing information form sources with knowledge of the matter. A range of alternatives are being explored by…
The closing down of bars and restaurants in China because of the spread of the coronavirus will have a negative impact on the profits for the entire year, warned drinks giant Diageo. The virus related disruptions across Asia will have an impact of between £140m-£200m in the operating profits, the company said. Diageo is the…
It was just six weeks back that the United States biotech firm Moderna had started work on the development of a drug for immunization against the coronavirus and it has now reportedly sent an experimental coronavirus vaccine to the US government researchers. While it could be as early as April that the initial trials for…
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…
Tesco, the largest retailer of the United Kingdom, has now completely exited the Chinese market following the sale of its stake in a joint venture to the state-run partner China Resources Holdings in a deal worth 275 million pound or $357 million. After struggling for a few years to make a dent in the Chinese…
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…
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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