Following the departure of two executives, embattled Chinese real estate company Evergrande is set to submit a preliminary reorganisation plan this week. The company’s CEO and CFO have resigned, according to the company, after an internal investigation revealed that they misappropriated approximately $2 billion in loans. Evergrande has more than $300 billion in liabilities and…
Eutelsat, a French satellite business, said it was in negotiations with British rival OneWeb about a prospective merger, which would help both companies compete with Elon Musk’s SpaceX’s Starlink and Amazon.com’s Project Kuiper. “Following recent market rumors, Eutelsat Communications confirms that it has engaged in discussions with its co-shareholders in OneWeb regarding a potential all-share…
American Express Co’s quarterly card spending hit a new high as pandemic-weary travellers ignored soaring airfare to flock to airports, allowing the company to lift its annual revenue projection and push its shares up 5%. The credit card company also outperformed expectations for April-June profit, joining major US banks such as JPMorgan Chase & Co…
Northvolt will collaborate with Stora Enso to develop batteries that include components made from wood taken from Nordic woods. A joint development agreement between the companies will see them collaborate on the manufacturing of a battery with an anode built of lignin-based hard carbon. Along with the cathode and electrolyte, an anode is an important…
On Thursday, Facebook will debut a new feature that will allow users to see posts in reverse chronological order rather than content ranked by an algorithm. The “Feeds” tool is a dedicated tab in the Facebook programme that displays all of the most recent postings from users’ friends. The primary news stream will now be…
Twitter spent $33 million on Elon Musk’s proposed acquisition of the company between April and June 2022. It also announced an increase in monthly daily users to 237 million, but a net loss of $270 million, which was worse than planned. Musk has since changed his mind regarding the purchase, and a court date in…
After reporting greater second-quarter profits, Volvo Cars warned of a possible drop in retail sales this year. Supply issues, most notably a global scarcity of semiconductors, have crimped manufacturing and retail sales in recent quarters, but Volvo reported a “significant improvement” in supply chain stabilisation. The Swedish automaker said on Wednesday that full-year retail deliveries…
Hindustan Unilever Ltd, India’s largest consumer goods manufacturer, warned on Tuesday that strong inflation will eat into its margins in the current quarter, potentially leading to higher product prices. In the June quarter, high commodity prices forced Unilever’s India unit to boost prices across its core divisions, including domestic care, skin and hair washing products.…
Manolo Blahnik, the shoe brand made famous by celebrity admirers and regular appearances in the TV drama “Sex and the City,” announced on Tuesday that it had won a legal battle in China to use its own name, opening the way for the company’s nationwide development. The company, named after its Spanish founder, said in…
Deliveroo, the British food delivery startup, lowered its full-year sales forecast on Monday, as consumers cut back on spending amid a deteriorating cost-of-living problem. Deliveroo shares were down 3 per cent at 82.4 pence at 0733 GMT, having lost more than three-quarters of company value since listing at 390 pence in March 2021. The company, which…
