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Implication That Coinbase Faces Bankruptcy Risk Not Signalled By The Firm, CEO Says

Coinbase's CEO claimed that a statement in the company's most recent quarterly filing did not signal the cryptocurrency exchange operator was facing bankruptcy and was made to comply with a Securities and Exchange Commission (SEC) requirement.   Brian Armstrong made his remarks...

Most Of The Output At Its Shanghai Plant Halted By Tesla As April Sales Take A Hit

According to an internal letter of global electric car making leader Tesla seen by Reuters, the company has paused most of its production at its Shanghai plant due to challenges obtaining parts for its electric vehicles, the latest in a series of setbacks for the factory.   The automaker's...

Tyson Foods Enhances Its Yearly Sales Projection Due To Rising Meat Prices

Tyson Foods Inc boosted its full-year sales forecast on Monday, citing higher meat prices as a reason for exceeding quarterly revenue and earnings expectations.   In premarket trade, the stock gained around 2 per cent.   The White House and Congress have questioned meatpackers about...

Ukraine Conflict Prompts US To Step Up Its Security Investigation Into Software Vendor Kaspersky

The Biden administration of the United States cranked up a national security investigation of Russia's AO Kaspersky Lab antivirus software earlier this year amid heightened fears of Russian hackers following Moscow's invasion of Ukraine, said a report published by Reuters based on source...

Record Quarterly Profit Reported By Shell Helped By Surge In Energy Price Surge

Higher oil and gas prices, excellent refining profits, and the strong performance of Shell's trading division helped the company post a record first-quarter profit of $9.13 billion on Thursday.   Shell, the last of the major energy companies to announce earnings, joins industry competitors...

$5.9bn Loss Incurred By Uber Due To Fall In Value Of Its Asia Investment

Uber, the ride-hailing and delivery service firm, has lost $5.9 billion, owing to its investments in other businesses.   Almost all of the loss, according to the corporation, was caused by a drop in the value of assets in businesses like as Didi in China and Grab in Southeast Asia.  ...

Volkswagen Maintains Its Forecast As The Company's Size Compensates For Supply Chain Issues

Volkswagen, Europe's largest automaker, maintained its 2022 forecast on Wednesday, blaming supply chain problems in Ukraine and the pandemic on its global production network.   Following COVID-related lockdowns and Russia's invasion of Ukraine, global carmakers, like most industrial sectors,...

Musk Indicates Commercial And Government Users Of Twitter May Be Charged A Small Price

Elon Musk, the billionaire founder of Twitter, has hinted that the social media platform may charge a "slight" price for commercial and government users, as part of the tycoon's attempt to boost revenue, which has lagged behind larger rivals like Meta Platforms Inc's Facebook.   "Twitter...

Following The Costly Exit Of Russia, BP Increases Buybacks In Response To Rising Oil Costs

British Petroleum (BP) reported its largest quarterly loss after writing down $24 billion to exit its Russia assets, but a good operational performance fueled by rising oil and gas prices allowed the British energy company to increase share buybacks.   In early London trading, BP shares were...

Stellantis Acquires BMW And Mercedes' Car-Sharing Businesses

Stellantis has agreed to buy BMW and Mercedes-Share Benz's Now car-sharing business as the two German companies focus on the software side of their mobility cooperation.   Stellantis, which was formed last year through the merging of Fiat Chrysler and Peugeot maker PSA, aims to establish...

Apple Charged With Antitrust Violations By The EU Over Its Mobile Payment System

After EU antitrust officials charged Apple with preventing rivals' access to its mobile wallet technology, the iPhone maker might face a huge punishment and be forced to open its mobile payment system to competitors.   This is Apple's second EU allegation, following a complaint from Spotify...

VW’s Audi And Porsche Brands Will Join Formula One, Says CEO

The top brands of Volkswagen - Audi and Porsche, are set to join Formula One after persuading the German automaker that the decision will generate more revenue than it costs, according to VW Chief Executive Herbert Diess.   The board of directors' discussions on the two...
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