The stricter cost controls implemented by Meta Platforms Inc this year, as well as a new $40 billion share buyback, sent shares soaring on Wednesday, as CEO Mark Zuckerberg declared 2023 the “Year of Efficiency.” The parent company of Instagram and Facebook, which has struggled amid a broad post-pandemic slump in digital ads, is focusing…
Samsung Electronics Co Ltd. of South Korea said on Tuesday that it has no plans to reduce its investment in semiconductors this year, despite the fact that the industry is experiencing its worst slowdown in more than a decade due to a weak global economy. The guidance defies a general industry tendency to cut back…
According to his former boss at food group Heinz, incoming Unilever CEO Hein Schumacher gets seasick, but that hasn’t stopped him from joining and sticking with executive sailing trips. “Every year, I’d bring nine of our most promising executives to Florida – just me and them, not their bosses. One year, we were on a…
Following the meltdown of crypto exchange FTX last year, that resulted in billions of dollars in losses for millions of investors, Britain’s finance ministry is planning “robust” regulations for crypto assets. Globally, cryptocurrency is currently unregulated, with firms only required to conduct checks to prevent money laundering. However, the Financial Conduct Authority (FCA) of the United Kingdom…
The majority of Adani Group shares plunged on Monday as the Indian conglomerate’s response to criticism from a U.S. short-seller fell flat with investors, escalating a market meltdown that has already cost the company’s stock $65 billion in losses. The Indian business, led by Asia’s richest man Gautam Adani, has been at odds with Hindenburg…
The employees who have lost their jobs as a result of the demise of regional airline Flybe should apply for positions with EasyJet and Ryanair, according to the two budget airlines. Flybe went into administration on Saturday, laying off 277 people. The British Airline Pilots’ Association (Balpa) said it received phone calls from concerned Flybe…
Global mining company Rio Tinto says it is collaborating with authorities to locate a radioactive capsule that had gone missing in Western Australia earlier this month. “We recognise this is clearly very concerning and are sorry for the alarm it has caused,” the firm told the BBC. The casing contains a trace amount of radioactive Caesium-137,…
Gautam Adani, Asia’s richest man’s company has published a detailed rebuttal to allegations of wrongdoing made by short seller Hindenburg Research. Adani Group describes the report as a “calculated attack on India” in a 400-page document. Later that day, Hindenburg stated that “Adani failed to specifically answer 62 of our 88 questions” in the report. Last week,…
The fallout from a damning report by US short-seller Hindenburg Research speeded up the selloff in Gautam Adani’s business empire on Friday, wiping out more than $51 billion in market value in two sessions as the wealthiest man of Asia struggles to control the blowback. The drubbing is stacking up strain on the Indian tycoon, eroding his net…
According to Wall Street analysts, Mastercard Inc and Visa Inc will rely on China reopening to boost travel spending as the pace of growth in other parts of the world slows from a post-pandemic boom. Executives from payment companies said on Thursday that there is still room for travel recovery in China, which reopened its…
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