Petrobras, Brazil’s state-run oil company, is nearing a deal to buy back the Mataripe refinery from Abu Dhabi’s sovereign wealth fund, Mubadala. The deal, which could be finalized in the coming months, comes after President …
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3M Raises Annual Profit Forecast on Cost Cuts, Demand Recovery
3M, a leading industrial conglomerate, has raised its annual adjusted profit forecast, citing successful restructuring measures and a surge in demand for electronics. The company’s stock surged over 7% in pre-market trading following the announcement. …
Continue readingBristol Myers Squibb Beats Expectations on New Drug Growth
Bristol Myers Squibb (BMS) has reported strong second-quarter earnings, exceeding analyst expectations. The pharmaceutical giant’s success is attributed to the robust performance of its new drugs, including Reblozyl and Camzyos, as well as its top-selling …
Continue readingUK Banks Join Forces with Law Enforcement in ‘Dirty Money’ Crackdown
Seven major UK banks, including Barclays, Lloyds, and NatWest, are sharing customer data with the National Crime Agency (NCA) in a groundbreaking initiative to combat economic crime. This unprecedented collaboration marks the largest project of …
Continue readingNYCB’s Flagstar Sells Mortgage Servicing Unit for $1.4 Billion to Bolster Capital
New York Community Bancorp (NYCB) has announced that its subsidiary, Flagstar Bank, is selling its residential mortgage servicing business to Mr Coop for $1.4 billion. The deal is expected to close in the fourth quarter. …
Continue readingHasbro’s Turnaround Strategy Fuels Strong Q2 Results, Shares Surge
Hasbro, the maker of Nerf toy guns, reported a smaller-than-expected drop in second-quarter sales and beat profit expectations. The toymaker’s turnaround strategy, focusing on cost control and inventory management, helped drive its success. The company’s …
Continue readingSouthwest Airlines Reports Q2 Profit Beat, Announces Major Shift to Premium Seating
Southwest Airlines Co. (LUV) has reported a second-quarter profit that exceeded analysts’ expectations, revealing a significant shift in the airline’s traditional business model. The carrier announced plans to introduce both assigned and premium seating options …
Continue readingBunge-Viterra Merger Nears EU Approval, But Faces Hurdles Elsewhere
The $34 billion merger between U.S. grains merchant Bunge and Glencore-backed Viterra is on track for conditional approval from the European Union, according to a source with direct knowledge of the matter. The deal, announced …
Continue readingRivian to Face Trial in Tesla Trade Secrets Case
Rivian Automotive will face trial over allegations that it encouraged its employees who defected from Tesla to steal trade secrets. A California judge, Theodore C. Zayner, tentatively denied Rivian’s motion to dismiss the lawsuit, stating …
Continue readingSpotify Misses User Growth Target Despite Strong Revenue in Q2 2024
Spotify reported mixed results for the second quarter of 2024, with revenue almost meeting analyst expectations but falling short of its own user growth target. The Swedish audio streaming giant saw revenue rise to €3.81 …
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