Mars, the American confectionery giant known for brands like M&M’s, Snickers, and Skittles, has announced the acquisition of Pringles maker Kellanova for approximately $36 billion (over 32 billion euros). The deal was confirmed by both companies on Wednesday, with Mars agreeing to pay $83.50 per share for Kellanova. This acquisition, one of the largest in the sector’s history, had been the subject of speculation earlier this month. Kellanova…

Workers at the Escondida mine in Chile, the world’s largest copper mine, have gone on strike after wage negotiations with BHP failed to reach an agreement. The union, representing 2,400 miners, demands better wages, shorter working hours, increased bonuses, and additional compensation for long-serving employees. The strike, which began on August 13, 2024, comes after the union rejected BHP’s offer, including a $28,900 bonus per worker. Escondida is…

The price of Arabica coffee beans surged significantly on Monday amid fears of frost in Brazil. Traders are anticipating cold weather in the South American country this week, which could negatively impact the harvest, according to Bloomberg. Prices rose by as much as 7% on the New York futures market, marking the largest increase in weeks. Over the past weekend, some areas in southern Brazil, the world’s largest…

Disney’s recent financial results present a mixed picture of both significant successes and ongoing challenges. The entertainment giant reported a 3.7% increase in revenue for the third quarter of fiscal 2024, reaching $23.16 billion, with a notable swing to profitability, achieving a net income of $2.62 billion compared to a $460 million loss in the same quarter last year. One of the most striking developments for Disney is…

European gas prices have experienced a significant surge, reaching their highest levels since early December 2023. The benchmark on gas futures rose by as much as 5.8% to €38.79 per megawatt-hour on Thursday, reflecting growing concerns over the stability of gas supplies from Russia amid the ongoing conflict with Ukraine. The spike in prices followed reports that Ukrainian forces had seized control of the Sudzha gas transit point,…

Infineon Technologies, a leading German semiconductor manufacturer, has announced plans to cut 1,400 jobs globally due to disappointing financial results and a challenging market environment. This move comes as the company reported a sharp decline in its third-quarter earnings for fiscal year 2024, with revenue falling to €3.7 billion, down approximately 9% from the previous year. Net profits also dropped by more than 50%, reaching €403 million. The…

Caterpillar Inc., the American construction and mining equipment giant, experienced a notable decline in its financial performance in the second quarter, with revenue dropping by 4% compared to the same period last year. The company’s total revenue fell to $16.7 billion, down from $17.4 billion a year earlier. This decline came despite efforts to offset the impact through higher sales prices, which partially cushioned the blow but were…

ExxonMobil has reported robust financial results for the past quarter, exceeding analysts’ expectations, as the company continues to capitalize on its expansive production capabilities in key oil-rich regions. The American oil and gas giant, known for its global reach and influence in the energy sector, achieved a significant boost in profits, largely due to record-breaking production levels in Guyana and the Permian Basin in the United States. This…

McDonald’s has reported its first quarterly sales decline since 2020, with a 1% drop in global sales for the second quarter of 2024. The fast-food giant’s revenue totaled just under $6.5 billion, slightly below the same period last year and missing market expectations. This decline marks a significant shift, as the company had previously managed to increase sales despite rising inflation. In the United States, sales decreased by…

In the second quarter of 2023, Tesla reported mixed financial results, with key highlights indicating both challenges and areas of robust growth. Tesla’s net income for Q2 stood at nearly $1.5 billion, marking a significant decrease of 45% from the same period last year, although it was an improvement over the $1.1 billion in the first quarter. The decline in net profit was influenced by decreased revenues from…

After nearly seventeen years of consistent losses, Spotify has marked a significant turnaround by reporting profits for the second consecutive quarter. The recent price increases and corporate restructuring efforts appear to be paying off. Spotify now boasts a global user base of 626 million, an increase of 75 million listeners compared to the first quarter of the previous year. The number of premium subscribers, who provide a higher…

European watchdogs have issued a reprimand to Meta Platforms, the parent company of Facebook, accusing it of misleading consumers about the “free” and paid versions of Facebook and Instagram. These allegations arise amid efforts by Meta to comply with stringent European privacy regulations. Since November of the previous year, users on both platforms have had the option to choose between a free version, which includes personalized advertising, and…

The global commercial aircraft fleet is projected to nearly double by 2043, driven by robust growth in the aviation sector. According to aircraft manufacturer Boeing, the total number of planes in service with airlines will reach 50,170, a significant increase from the 26,750 aircraft in operation last year. Boeing’s latest market outlook, highlighted by Reuters, indicates that aircraft manufacturers will deliver an astounding 43,975 new aircraft to airlines…

Microsoft is experiencing a significant disruption in its Azure cloud services, causing global outages that have affected various sectors including airlines, banks, and emergency services. The disruption has been traced back to CrowdStrike’s security software, which is causing widespread Blue Screen of Death (BSOD) errors on Windows devices. The financial implications for Microsoft are substantial, including potential revenue losses, compensation claims, and damage to its reputation. Businesses relying…

The price of gold has reached a new all-time high, driven by expectations that the U.S. Federal Reserve will lower interest rates. This development is significant as lower interest rates typically lead to higher gold prices. Recently, the price of gold surged to over $2,460 per troy ounce (approximately 31.1 grams), surpassing the previous record set in late May. Gold traders are currently anticipating two rate cuts by…

Tesla is set to hire nearly 800 new employees, a surprising move given that CEO Elon Musk announced the largest round of layoffs in the company’s history just three months ago. The job openings, analyzed by Bloomberg, span various roles from AI specialists to battery pack installers, across multiple cities in California where Tesla develops and produces batteries. This hiring spree comes despite the company cutting thousands of…

Unilever has announced plans to cut one-third of its office jobs across Europe, significantly impacting its London and Rotterdam offices the most. According to an internal video message reported by the Financial Times, the cuts will result in the loss of approximately 3,200 jobs out of the 10,000 to 11,000 employees currently working in Unilever’s European offices. This drastic move is part of a broader global restructuring effort…

Competitors of Apple will soon be able to use the technology in iPhones for contactless payments. The European Commission has made legally binding agreements with the tech company to facilitate this change. Previously, Apple Pay was the only ‘mobile wallet’ allowed to use the NFC chip in iPhones. This NFC technology enables contactless payments in stores via smartphones. Apple had not granted access to this NFC chip to…

The heavy rainfall in France is causing significant issues for the wheat harvest. As Europe’s largest agricultural producer, France is expected to see its soft wheat harvest drop to its lowest level in four years. The relentless rainfall has left French farmers in distress. The adverse weather conditions have increased the risk of diseases, leading to crop rot. The saturated fields make it difficult for machinery to operate,…

Chinese electric vehicle manufacturer BYD has announced plans to open a significant production facility in Turkey, a strategic move aimed at circumventing the recently heightened import tariffs imposed by the European Union on Chinese electric cars. The establishment of this plant marks a major investment of $1 billion (approximately €920 million). The formal agreement for the new factory was signed in a ceremony held in Istanbul, attended by…

In the first half of 2024, Porsche faced a notable decline in global sales, significantly impacted by a substantial drop in the Chinese market. The prestigious German automaker saw its vehicle sales in China fall by nearly one-third, as the country grapples with persistent weak economic conditions. These economic challenges have prompted Chinese consumers to be more cautious about purchasing luxury vehicles, affecting Porsche’s performance in one of…

The number of large oil tankers heading to China has dropped to its lowest in nearly two years, indicating weaker demand for oil in the world’s second-largest economy. According to Bloomberg, only 86 supertankers are currently en route to China over the next three months, a decrease of five from last week. This is the lowest weekly figure since August 2022, based on data compiled by Bloomberg. The…

Nordea Bank, one of Scandinavia’s largest financial institutions with its headquarters in Helsinki, Finland, has been accused by Danish police of laundering approximately 3.5 billion euros for Russian clients. This case is considered one of the largest money laundering investigations in Denmark’s history. According to the Danish authorities, Nordea Bank allegedly ignored multiple warnings about suspicious transactions involving Russian customers between 2012 and 2015. The bank is accused…

Shell is facing a setback of at least €554 million due to the halt in the construction of a biofuel plant in the port of Rotterdam. The costs could potentially escalate to nearly €1 billion. Earlier this week, the oil and gas company announced that the plant, initially slated to be operational this year, is now expected to be completed by 2030. In September 2021, Shell made a…

German airline Lufthansa has been granted permission by the European Commission to acquire a significant stake in Italy’s ITA Airways. However, in exchange, Lufthansa must create room for competition on flight routes between Italy and Central Europe. Lufthansa announced its investment in ITA in spring 2023, initially paying €325 million for a 41% stake in the company. Lufthansa has also expressed intentions to fully acquire ITA after 2025,…

Nike has reported a decline in sales over the past three months and is warning of more setbacks to come. Sales of lifestyle items and classic sneakers such as the Air Force 1 have decreased more than anticipated. Additionally, sales in China have significantly dropped. The global revenue for the past three months amounted to over $12.6 billion, compared to $12.8 billion the previous year. Disappointing sales were…

In recent weeks, Exor, the Amsterdam-based investment company of the Italian Agnelli family, has significantly increased its stake in Philips. Exor now holds 17.5% of the shares, making it by far the largest shareholder in the medical technology company. A spokesperson for Exor confirmed the move, describing it as a sign of confidence in Philips’ management and the long-term prospects of the sector in which the Dutch company…

Elon Musk’s aerospace company, SpaceX, has been entrusted with the critical task of safely deorbiting the International Space Station (ISS) in the coming years. This contract, awarded by NASA, involves the development and construction of a deorbit vehicle designed to facilitate the controlled descent of the ISS from orbit, ensuring it burns up in the atmosphere. The primary method for deorbiting such a large complex involves decelerating the…

Microsoft is at risk of a hefty fine if it cannot address the European Commission’s antitrust concerns. The potential fine could reach up to 10 percent of the company’s global annual revenue, which underscores the seriousness of the situation. The controversy centers around Microsoft bundling its Teams communication software with its popular office software suites, which include Word, Excel, and Outlook. This bundling practice left customers without the…

Fast-charging company Fastned has successfully raised €32.9 million by issuing new bonds to private investors, the company announced after the market closed on Monday. These bonds, which come with a five-year term, offer an attractive 6% coupon rate. A significant portion of the funds raised, amounting to €12.3 million, came from existing investors who chose to extend the maturity of bonds they already held. This move highlights the…

Rheinmetall, one of Europe’s leading arms manufacturers, has achieved a new milestone with a record-breaking order valued at €8.5 billion. This significant announcement was made on Thursday through a statement on the company’s website. The order includes the supply of 155mm shells and various other caliber projectiles, with delivery scheduled for 2025. The countries participating in this extensive order are Germany, Estonia, Denmark, and the Netherlands. The primary…

Ferrari is poised to make a significant leap into the electric vehicle market, with its first all-electric car slated to start at a hefty price of €500,000. This information comes from sources reported by Reuters, highlighting Ferrari’s confidence in its ability to command premium prices even in the electric segment. The renowned Italian sports car manufacturer is on the brink of opening a new state-of-the-art factory designed specifically…

Ryanair, the Irish budget airline, reported a record profit last year despite delays in the delivery of new Boeings. The airline transported 184 million passengers in the past fiscal year, which runs from April to the end of March. This is nearly a quarter more than in the last year before the COVID-19 pandemic. This year, the company recorded a profit of 1.9 billion euros, a 34 percent…

Google will soon allow users to not only search but also ask questions and give commands, thanks to a new update. Artificial intelligence will handle answering these questions and performing tasks, according to the tech giant. This update is one of the most significant changes to Google’s search engine in the past 25 years. “You’ll soon be able to ask anything that comes to mind or needs doing,”…

Meta, the parent company of Facebook, has announced that it will discontinue Workplace, its enterprise-focused version of Facebook. The company has decided to shift its focus towards developing advanced AI technologies, which it believes will fundamentally transform the way people work. Users of Workplace will be able to use the service as usual until August 2025. Over the next two years, Meta will gradually phase out the service.…

The U.S. Department of Justice is contemplating renewed prosecution of the aircraft manufacturer Boeing in connection with the two tragic crashes involving its 737 MAX aircraft in 2018 and 2019. These accidents, which claimed the lives of hundreds of passengers and crew members, occurred shortly after the 737 MAX was introduced, revealing critical flaws in the aircraft’s design and safety systems. Following extensive investigations into these crashes, Boeing…

Airbnb’s latest financial outlook paints a mixed picture, with a disappointing second-quarter revenue projection but promising prospects for the third quarter and beyond. The company’s announcement of an expected $2.7 billion in revenue for the period ending June fell short of market expectations, prompting a notable decline in its stock value after hours on Wall Street. However, the first quarter showcased Airbnb’s resilience and adaptability, with revenue exceeding…

In the wake of disappointing earnings and revenue figures, Starbucks finds itself grappling with a sharp decline in its stock value, plummeting by 12% in after-hours trading following the release of its fiscal second-quarter earnings report. The coffee giant’s performance fell short of both earnings and revenue expectations, with sales for the period totaling $8.6 billion, significantly below analysts’ projections of $9.1 billion. Net income painted a similarly…

Alphabet, the parent company of Google, has petitioned a judge in the United States to dismiss a case brought forth by American authorities. The accusation revolves around Alphabet’s alleged monopolization of the online advertising market, with the tech giant arguing that the prosecution lacks substantial evidence. Commencing last year, the lawsuit focuses on Google’s ability to command exceptionally high margins for online advertisements. Additionally, it is claimed that…