Evergrande Given More Time to Address Debts, Investors Optimistic

Evergrande, a Chinese real estate company, has been given more time by a Hong Kong court to reach an agreement with its creditors. The company, which has been struggling with debts totaling hundreds of billions of dollars, was originally given a deadline of Monday, January 29th to present a concrete plan to address its financial […]

OPEC Countries to Cut Oil Production Further

In an effort to stabilize oil prices, OPEC (Organization of the Petroleum Exporting Countries) countries have announced plans to reduce their oil production by an additional 1.7 million barrels per day starting from January 1, 2023.  This decision comes on top of previous production cuts implemented earlier this year. The participating countries, including Saudi Arabia, […]

Cocoa Prices Reach 46-Year High Due to Heavy Rainfall and Disease

Cocoa prices have reached their highest level in 46 years due to heavy rainfall in cocoa-producing countries, which has led to the spread of diseases among crops and hindered work on plantations. According to a recent report, a ton of cocoa on a term contract in New York has risen by 1.5% to around €3,813, […]

Gucci Plans to Relocate 153 Designers to Milan, Causing Protests

The luxury fashion brand known for its high-end designs and celebrity clientele, has announced plans to relocate 153 of its 219 designers to Milan, Italy. The move, which is expected to take place in the coming months, has sparked protests from employees who fear the relocation may lead to job losses and disrupt their lives. […]

Amazon’s Acquisition of iRobot Raises Antitrust Concerns

In August 2022, Amazon announced its plans to acquire iRobot, a leading manufacturer of smart vacuum cleaners, for $1.6 billion. While the acquisition has been approved by American and British regulators, the European Commission has launched an in-depth investigation into the deal, citing potential anticompetitive practices. The European Commission’s concerns center around Amazon’s dominance in […]

Nvidia Reports Record Revenue Despite Export Restrictions to Chin

Nvidia, the California-based chip designer, has once again achieved a record-breaking quarter, exceeding revenue expectations despite U.S. export restrictions to China. The company’s success is driven by the increasing demand for chips used in artificial intelligence (AI) applications. Approximately 20% of Nvidia’s revenue comes from China, and new limitations are expected to impact this share.  […]

Netflix Surges Past Projections with Nine Million New Subscribers

In a surprising turn, Netflix welcomed a staggering nine million new subscribers in the last quarter, surpassing analysts’ projections. This impressive surge followed a strategic shift in account sharing policies, making it more challenging to split accounts among households. As a result, Netflix’s subscriber base now stands at a formidable 247 million, signifying an 11% […]

Giant American Meat Supplier Enters Dutch Insect Farming

Insect farmer Protix has raised €55 million, with the largest meat supplier in the United States, Tyson Foods, among the investors. This grants the new investor a minority stake in the Dutch farm. The companies plan to build an insect factory in the U.S. through a joint venture, which is set to be four times […]

Gazprom’s Diminished Influence on Putin’s Agenda

The war has drastically reduced Russia’s gas exports to Europe, prompting the Kremlin to seek alternative markets. However, China, cautious of over-reliance on Russia, cannot fully replace Europe’s demand. Putin’s plan to leverage gas deliveries to Europe has backfired, forcing him to pivot towards China for sustenance. Gazprom, once a potent tool in Putin’s foreign […]

Ferrari Joins the Ranks of Europe’s Largest Publicly Traded Companies

Located less than twenty kilometers from Modena, Italy, lies Maranello, a town of just under 18,000 inhabitants, renowned as the home of both Ferrari and Scuderia Ferrari, the Formula 1 team associated with the luxury car manufacturer. This past weekend, the celebrations were in full swing at the latter, as driver Carlos Sainz secured a […]