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Goldman Sachs obliges its employees to get permission to travel to Paris during the Olympic Games 2024 04/30/2024

Russia Paid Middlemen For Half Of Its Payments To China: Report 04/27/2024

US Inflation Picks Up Little, Q2 Forecast Is Improved By Consumer Spending 04/27/2024

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Business & Finance

US banks are losing profits due to rising defaults on loans

The first quarterly reports of US banks showed that the coronavirus pandemic, quarantine measures and the closure of enterprises significantly affected performance of financial companies. Bank profits fell sharply due to the fact that they are forced to allocate billions of dollars from reserves to...

€3B loan approved for Adidas amid COVID-19 pandemic

The German Adidas AG, one of the world's largest manufacturers of sportswear and accessories, received approval for a loan of €3 billion to support the business amid the coronavirus pandemic, the company said in a message. Adidas notes that it has received approval from the German government for a...

Warren Buffett's company sells BNY Mellon shares for $30.9M

Warren Buffett’s investment firm, Berkshire Hathaway, sold a $ 30.9 million stake in Bank of New York Mellon (BNY Mellon) to the U.S. Securities and Exchange Commission (SEC). In total, on April 7 and 8, Berkshire Hathaway sold 869,103 shares of BNY Mellon. Now it has 88.1 million securities of the...

Tesla Begins Shanghai-Made Model 3 Variants Sale In China

Tesla avoids import tax by locally manufacturing its Model 3 variants for Chinese market. Tesla, the U.S. EV manufacturer informed that it has resumed its sale in China for “two more Model 3 variants” which were manufactured in its Shanghai based plant, which means all the “Model 3 sedans” which...

Renault Could Turn To Bank Loans, Said Chairman Senard

Renault cancels dividends, cuts pay to financially help its staff amid coronavirus pandemic while informing its possible plan of seeking bank loans. Jean-Dominique Senard, the chairman of Renault, on Friday, 10 April 2020, said that the auto manufacturing company is exploring the options of seeking...

McDonald's loses quarter of sales in March

American McDonald's Corp., the world's largest chain of fast-food restaurants, reported a drop in comparable global sales in March by almost a quarter amid an outbreak of the coronavirus. According to the company’s press release, last month global comparable sales fell 22.2%. According to the...

SoftBank Sued By WeWork For Cancelling The $3 Billion Tender Offer

A case has been filed against the Japanese investment conglomerate SoftBank by a WeWork board committee that had secured a $3 billion tender offer with the Japanese conglomerate over accusations that it had abandoned the deal and accused the company of succumbing to “buyer’s remorse” even as the...

Donald Trump Warns India Of ‘Retaliation’ Over Hydroxychloroquine Export Ban By India

The rampant spread of the deadly coronavirus in the United States has forced US president Donald Trump last week to urge the Indian government to allow the export of Hydroxychloroquine tablets to America in order to treat patients infected with the virus as well as to try and keep doctors and other...

Walmart-Owned Indian E-Commerce Giant Flipkart Assures No Job Loss Or Salary Cuts

Walmart-owned largest e-commerce company of India Flipkart has assured that it will now slash salaries of employees and will honour the job offers extended even in the face of business disruption because of the coronavirus pandemic spreading across the country. More than 8,000 employees of...

Fitch downgrades Mexican Pemex rating to BB with negative outlook

Fitch Ratings downgraded the credit rating of Pemex, a Mexican oil corporation, from BB + to BB, explaining this by a deterioration in its credit profile amid a recession in the global oil and gas industry. “Fitch Ratings downgraded the long-term issuer default ratings of Petroleos Mexicanos...