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Novartis buys Regulus Therapeutics, deal expected to hit $1.7 bln 05/02/2025

China says no talks with US on trade Tariffs Negating US Claims 04/29/2025

Pending home sales index in the U.S. in March hits maximum since 2023 05/02/2025

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Business & Finance

Stellantis closes Jeep production in China

The automaker Stellantis announced that it would dissolve its joint venture with the Guangzhou Automobile Group (GAC) of China, which produced Jeep for the domestic market. The joint company between the two automakers will soon declare bankruptcy. The joint venture's obligations, according to GAC,...

Chinese airlines lose $14.6B since the beginning of 2022

In the first three quarters of this year, the eight major publicly traded airlines in China experienced a net loss of 106 billion yuan ($14.6 billion), Yicai Global reports. According to the bureau, the country-wide lockdowns enforced as a result of the spread of COVID-19 and high fuel prices are...

General Motors suspends advertising on Twitter after Musk buys it

Following Elon Musk's acquisition of the social network, General Motors will temporarily stop running advertisements on Twitter. This "often happens when there are big changes involving media platforms," according to the American company. General Motors said in a statement that it was "working...

Big Tech Struggles With Gloomy Q4 Earnings And Projections— Amazon Drops 13%, And Meta Has Its Worst Week Ever

It was a terrible earnings week (Oct. 23-29) for Big Tech, aside from Apple. After making unsettling predictions for the third quarter and the rest of the year, Alphabet, Amazon, Meta, and Microsoft collectively saw their market caps decline by over $350 billion. After a decade of...

Huge Oil Company Profits Renew Calls For Windfall Taxes

Exxon Mobil Corp. and Chevron Corp., two of the largest energy companies in the world, reported yet another round of enormous quarterly profits thanks to rising natural gas and fuel costs that have pushed up inflation globally and renewed calls for higher taxes on the industry. Due to the...

Binance, Musk's Co-Investor, Will Assist Twitter With Blockchain

Binance, the world's largest crypto exchange, which has invested $500 million in Elon Musk's buyout of Twitter Inc, is forming a team to investigate how blockchain and crypto can help Twitter, according to a company spokesperson on Friday. Binance said it will brainstorm plans and...

Musk Declares That The 'Bird Is Freed' After Twitter Acquisition; Fires Top Bosses

Elon Musk has taken over Twitter Inc with ruthless efficiency, firing top executives while providing little clarity on how he plans to achieve the ambitious goals he has set for the influential social media platform. "The bird is freed," he tweeted after he completed his $44 billion...

TotalEnergies records over $3B impairment

According to Patrick Pouyanne, CEO of the firm, TotalEnergies reported new impairment of $3.1 billion in the third quarter of 2022 relating to its Russian assets. Pouyanne noted that "In the third quarter of 2022, the company reported adjusted net income of $9.9 billion and IFRS net income of $6.6...

Investors Penalize Zuckerberg After His Expensive Metaverse Pitch Falls Flat

Wall Street is losing patience with Meta CEO Mark Zuckerberg's massive and experimental bets on his metaverse project, which contributed to a fifth increase in the company's overall costs in the third quarter. After hours, investors rushed to dump Meta Platforms Inc's stock, driving it...

Focused On Emerging Markets, StanChart Springs Surprise With A 40 per cent Profit Hike; Raises Income Target

Standard Chartered's third-quarter profit increased by 40 per cent as higher interest rates increased the bank's income and gave it ammunition to raise its revenue forecast despite a weakening global economy. StanChart increased its income growth forecast for this year to 13 per...