The global petrochemicals business of British Petroleum (BP) will be sold to billionaire Jim Ratcliffe’s Ineos for $5 billion, the company said. With this deal the energy major will be completely exiting a sector that is widely viewed to be… Read More ›
Day: June 29, 2020
EU To Examine Role Of Germany’s Financial Watchdog Over Wirecard Collapse
The role of the German regulators in the accounting scandal and the ultimate collapse of the country’s fintech giant Wirecard will be looked into by European Union officials. Specifically, the extent to which the regulators were aware of the development… Read More ›
Administrators Called In By UK Shopping Centre Giant Intu
Administrators have been called in by Intu, the owner of some of the biggest shopping centres of the United Kingdom. No agreement had been reached in its negotiations about financial restructuring with its lenders, the company said previously. the company… Read More ›
Coty inc buys 20% stake in Kim Kardashian West’s KKW makeup brand
On Monday, cosmetic seller Coty Inc stated, it has agreed to purchase a 20% stake in reality TV star Kim Kardashian West’s makeup brand KKW for $200 million. With the news reaching the market, its shares went shooting up by… Read More ›
Gilead Sciences prices COVID-19 fighting drug remdesivir at $390 a vial
On Monday, Gilead Sciences Inc stated, it has its COVID-19 fighting drug remdesivir at $390 per vial for the United States and for governments of other developed countries. As a result, a patient will have to shell out $2,340 for… Read More ›
Nissan CEO Makoto Uchida sticks to performance-linked policy promise
On Monday, Nissan Motor Co’s CEO Makoto Uchida told shareholders, he will stick to his pledge to step down from the helm of the company if he fails to deliver on his turnaround plan. “At the last extraordinary shareholders meeting… Read More ›
SoftBank undertakes corporate bonds repurchase program worth $1.9 billion to trim debt
On Monday SoftBank Group Corp stated, it will repurchase up to $1.9 billion (200 billion yen) of its domestic unsecured corporate bonds, from June 30 to July 17, as part of a plan to pare down its debt. SoftBank’s CEO… Read More ›
Profits drop by 50% at China’s state-owned firms during Jan to May period: Finance Ministry
On Monday, in a statement China’s Finance Ministry said, profits of its state-owned firms fell by 52.7% year on year for the period of January 2020 to May 2020, to $93.67 billion (663.1 billion yuan). ($1 = 7.0794 yuan)
U.S. Shale giant Chesapeake Energy Corp files for Chapter 11 bankruptcy protection
In a development that marks the biggest U.S. oil and gas producer seeking bankruptcy protection following heavy debts whose effects were compounded by the Wuhan coronavirus, Chesapeake Energy Corp has filed for Chapter 11 bankruptcy protection bringing an end to… Read More ›