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Ford Cancels Electric SUV Plans Potential 19 Billion Dollar Write Off
In a surprising turn of events, Ford Motor Company has abandoned its plans to manufacture a three-row electric sports utility vehicle (SUV). This decision could potentially cost the American carmaker up to $1.9 billion, as car buyers show…
Applied Nutrition Gears Up for 500 Million Pound London Float
In a rare move for the current market, Applied Nutrition, a Merseyside-based supplements company, is preparing for a stock market debut that could value the firm at around £500 million. The company, led by the charismatic Thomas Ryder, has…
Chile’s sole steel mill closes amid surge of Chinese imports
Chile's only steel mill announced that it would close due to competition from cheap Chinese imports. This is a major blow to the government of the country, which had placed tariffs on China in an attempt to save the company earlier this…
Bill Ackman’s Pershing Square weighs a deal to take a property group private
Bill Ackman’s Pershing Square is considering a deal that would delist Howard Hughes Holdings for $3bn, according to regulatory filings. This would represent a significant increase in its investment into the group.
Pershing square holds a…
Musk’s X Sues Unilever Mars and CVS for a’massive boycott of advertisers’
Elon Musk’s social media platform X, sued a global ad alliance on Tuesday, along with several major companies including Unilever Mars and CVS Health. The lawsuit accused them of conspiring unlawfully to shun and deliberately cause the…
After pressure from Beijing, over 30 Chinese companies have ditched PwC
PwC lost dozens big clients in China, as Beijing officials pressed state-owned companies to cut ties with the auditing firm over its work with Evergrande.
Reuters reports that the Chinese Ministry of Finance has been giving "window…
Mohsin issa injects £30m to stop Asda’s sales slump
Asda's chief Mohsin Issa announced an emergency cash injection of £30m amid an alarming drop in sales at the troubled grocery chain.
The investment package will be implemented by the end of this year. It will increase staffing hours,…
Alpine floods hit Mercedes and Jaguar Production
Jaguar Land Rover is one of a number of luxury carmakers that have been severely affected by the flooding in Switzerland, which paralyzed a leading aluminium manufacturer.
After Novelis - an Indian manufacturer with a mill located in the…
Shell profits increase to $6.3bn during the second quarter
Shell, a London-listed competitor of BP, has reported better-than-expected profits and extended its multi-billion dollar share buyback program.
The adjusted profits of Europe's largest oil and gas company increased by 24 per cent during…
BDO, Forvis Mazars warned by regulator they could face audit ban
BDO and Forvis Mazars were warned they could be banned from signing the accounts of their largest clients if their quality of audit work doesn't improve.
The Financial Reporting Council has once again scolded the two accounting firms…
Prada’s Miu Miu sales and Japan sales are surging, defying the luxury slowdown.
Prada, the Italian luxury fashion company, defied the slowdown in the luxury sector by reporting double-digit revenue increases in the first six months of the year. This was fueled by the booming sales of its Miu Miu brand and an increase…
Spotify is the leader in the charts, with 7m new subscribers
Spotify, the world's largest music streaming service, has seen its shares rise sharply after it announced that it had more paying subscribers in the second quarter than expected.
After the results were announced, shares of the Swedish…
Tesla profits fall by nearly half as electric car sales slump
Tesla's second quarter profit dropped 45 percent compared to a year earlier as global electric car sales continued their decline despite price reductions and low-interest finance.
The Texas-based firm said Tuesday that its net income…
Informa buys rival Ascential
Informa agreed to purchase the rival event specialist Ascential, for £1.16 billion. This deal has given a boost to the City's dealmaking.
Ascential’s board has approved the cash offer of 568p per share from the FTSE 100 company that owns…
Italy cracks down against local Amazon unit for tax and labor practices
The Italian Financial Police seized €121mn (about $113m) from an Amazon unit in Milan after the ecommerce company was accused of tax fraud and labor malpractices within its logistics network.
In an order authorizing the seizure on…
Lockheed says that Europe and Asia have a’strong need for deterrence.’
Lockheed Martin's sales target has been raised for the entire year due to strong demand for fighter jets and its missiles, which helped the performance in the second quarter exceed expectations.
The US Defence Group said that it expects…
Abu Dhabi seizes designer pushchairs popular with middle class
Abu Dhabi's sovereign fund has taken control of Bugaboo - a designer pushchair company - from its private equity owners.
Mubadala Capital - which is headed by Manchester City owner Sheikh Mansour - announced on Monday that it had…
Cohere, a new AI startup, raises $500mn to compete with OpenAI
Cohere, an artificial intelligence company, has raised $500mn through a new round of funding, making it the most valuable start-up in the world. This will help the Canadian firm to compete with rivals such as OpenAI and Anthropic.
The…