Top-selling Mattel Inc products such as Mega Bloks will now be manufactured in Mexico, as the American company becomes the latest to relocate its supply chain closer to home following Asia’s slowdown caused by the coronavirus pandemic outbreak. Mattel stated in mid-March that it had invested approximately a billion pesos ($50 million) in developing a plant in Nuevo…
Volkswagen (VW) has scaled back its operations in Shanghai, which has been shut down owing to an outbreak of Covid-19 infections. On Thursday, the German automaker partially shut down its facility in the Chinese city, citing supply problems. Over a dozen companies have cancelled their ambitions to list their stock in the major financial centre.…
On Tuesday, Johnson & Johnson said that it would stop selling personal care goods in Russia, joining a growing list of corporations that have scaled back their operations in the nation in response to Russia’s invasion of Ukraine. Because pharmaceuticals and medical devices are exempt from Western sanctions, J&J said it would continue to supply…
In just 11 months since joining Intel Corp in February last year, Chief Executive Officer Pat Gelsinger earned 1,711 times the average worker at the U.S. chipmaker, according to a regulatory filing released on Wednesday. Former CEO Bob Swan earned 217 times more than the typical Intel employee in 2020 than Gelsinger. In 2021, Gelsinger…
OPEC+ will keep politics out of its decision-making, according to Saudi Arabia’s oil minister, in favour of the “common good” of stabilizing energy prices. Following Russia’s invasion of Ukraine, governments and international organisations around the world imposed punitive sanctions and severed economic ties with the country, but OPEC — the intergovernmental organisation of 13 oil…
Sony plans to introduce a new video game subscription service this summer in order to boost sales of its PlayStation consoles and compete with Microsoft’s comparable offering. The business said on Tuesday that it will combine its existing PlayStation Plus and PlayStation Now subscription services into a single PlayStation Plus subscription service. The new PlayStation…
Barclays stock dropped as much as 6% in early Tuesday trade after one of the lender’s biggest investors sold a $1.2 billion piece of stock at a discount overnight. On Monday evening, Goldman Sachs arranged the sale of 599 million shares by an undisclosed investor. According to Refinitiv Eikon data, the shares are roughly comparable…
American electric car maker Tesla Inc said on Monday that it will seek approval from its shareholders to expand its share count in order to permit it to conduct a stock split in the form of a dividend. This pushed its stocks by 5 per cent. The board of directors has authorised the proposal, and…
Renault CEO Luca de Meo cautioned on Thursday that the automaker’s withdrawal from Russia presents a “very problematic scenario” for the firm, threatening profitability and sales as the company strives to expedite a multi-year recovery project. In an internal video for staff, de Meo stated that Renault will prioritise employee safety as it considers options…
Russia’s war in Ukraine may cause neon production, a vital gas in sophisticated semiconductor manufacturing, to plummet to alarmingly low levels at a time when the world is already facing a chip scarcity. Neon is necessary for lasers used in lithography, a chip manufacturing technique in which machines cut patterns onto tiny wafers of silicon…
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