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Companies

Toyota Fortuner now comes with a facelift
Companies

Toyota Fortuner now comes with a facelift

  • Toyota Indus Motors (IMC) has introduced three new variants of its Toyota Fortuner with a facelift in Pakistan: Toyota Fortuner Petrol (V), Fortuner Petrol (G), and Fortuner SIGMA 4 Diesel.
Updated 20 Apr, 2021 09:13pm
US indicts two more Fiat Chrysler managers in diesel emissions probe
Companies

US indicts two more Fiat Chrysler managers in diesel emissions probe

  • The company, which is now known as Stellantis NV, in January 2019 agreed to an $800 million settlement to resolve civil claims that it used illegal software which produced false results on diesel-emissions tests in more than 100,000 vehicles. The Justice Department's criminal investigation into the company is pending.
Published 20 Apr, 2021 07:55pm
Abbott first-quarter profit surges on COVID-19 test demand
Companies

Abbott first-quarter profit surges on COVID-19 test demand

  • A recovery in medical device sales as vaccinations encourage patients to opt for elective surgeries put off during the pandemic is now energizing the companies' top line.
  • In the latest quarter, Abbott's COVID-19 test kits generated sales of $2.2 billion and accounted for more than half of its diagnostic unit's revenue.
Published 20 Apr, 2021 06:12pm
Enel eyes expansion to US, other power distribution markets
Companies

Enel eyes expansion to US, other power distribution markets

  • "In the US we are in generation... we would like to enter one day into distribution," Enel Global Infrastructure and Networks CEO Antonio Cammisecra told a media briefing.
  • Enel manages power distribution grids in 8 countries in Latin America and Europe and more than 40% of its 17.9 billion euros of core earnings came from networks last year.
Published 20 Apr, 2021 06:06pm
WeWork to begin accepting payments in cryptocurrencies
Companies

WeWork to begin accepting payments in cryptocurrencies

  • WeWork is the latest in a string of popular companies to announce plans to incorporate cryptocurrencies in their businesses.
  • Visa Inc said last month it would allow payment settlements using cryptocurrency while PayPal Holdings Inc launched a crypto checkout service on March 30.
Published 20 Apr, 2021 05:59pm
China state media calls for regulator investigation in Tesla's brake issues
Companies

China state media calls for regulator investigation in Tesla's brake issues

  • Tesla said the woman was a vehicle owner who had been involved in a collision earlier this year. It cited "speeding violations" for the crash, adding it had been negotiating with the woman about returning the car but talks had stalled over a third-party inspection.
  • Tesla is making Model 3 sedans and Model Y sport-utility vehicles at its Shanghai factory. Last month it sold over 35,000 locally made vehicles in China.
Published 20 Apr, 2021 05:53pm
AutoNation profit almost triples as chip shortage boosts vehicle prices
Companies

AutoNation profit almost triples as chip shortage boosts vehicle prices

  • "Demand continues to exceed supply for new vehicles, and we expect this to continue throughout 2021, in part due to the production disruption," Chief Executive Officer Mike Jackson said.
  • AutoNation's gross profit per new vehicle at stores that have stayed open for at least a year jumped 61% to $2,739 in the first quarter from a year earlier. The company's gross profit per used vehicle jumped 17% to $1,744.
Published 20 Apr, 2021 05:41pm
Alamos Gold's units to file $1bn investment treaty claim against Turkey
Companies

Alamos Gold's units to file $1bn investment treaty claim against Turkey

  • Alamos, which has had an active presence in Turkey since 2010, said the claim that will be filed under the Netherlands-Turkey Bilateral Investment Treaty represents the value of the its Turkish assets.
  • The Canadian miner had halted construction work at its Kirazli project in western Turkey in October 2019, after the mining concessions expired and amid protests against the project.
Published 20 Apr, 2021 05:27pm
Mastercard to buy digital ID verification firm Ekata in $850mn deal
Companies

Mastercard to buy digital ID verification firm Ekata in $850mn deal

  • Ekata's products allow businesses to separate fraudsters from legitimate customers during digital interactions like opening an online account or making digital payments. It operates in three industries: e-commerce, payments and financial services, according to its website.
  • Its products, which include Ekata Identity Graph and Ekata Identity Network, allow companies to combat online fraud, it said.
Published 19 Apr, 2021 07:50pm
Dutch telecoms watchdog to investigate Huawei access to KPN networks
Companies

Dutch telecoms watchdog to investigate Huawei access to KPN networks

  • KPN said that it is not aware of any improper access by Huawei employees, and Huawei, the biggest supplier of equipment for KPN's 4G mobile networks, denied the report.
  • The Agentschap Telecom said in a statement it would also check whether KPN's current security measures are adequate and issue first findings "in about a month".
Published 19 Apr, 2021 07:46pm
Gulf Energy plans $5.4bn move on Thai mobile operator
Companies

Gulf Energy plans $5.4bn move on Thai mobile operator

  • Bangkok-based Gulf Energy, which owns 18.9% of Intouch, said in a filing it had offered to buy the rest of the shares for 65 baht per share, 11% higher than its close on Friday.
  • The $5.4 billion bid if successful would be the second largest M&A deal in Thai history, behind only Tesco's $10.6 billion sale of its local operations last March, Dealogic data showed.
Published 19 Apr, 2021 06:26pm
Chip shortage casts shadow over China's auto industry recovery
Companies

Chip shortage casts shadow over China's auto industry recovery

  • Automakers around the world have had to adjust assembly lines due to the shortages, caused by manufacturing delays that some semiconductor makers blame on a faster-than expected recovery from the coronavirus pandemic.
  • Volkswagen AG, China's biggest foreign automaker which hopes to sell over four million vehicles in the country, said the situation had not improved in the second quarter.
Published 19 Apr, 2021 05:32pm
Furniture maker Herman Miller to buy peer Knoll for $1.8bn
Companies

Furniture maker Herman Miller to buy peer Knoll for $1.8bn

  • Under the terms of the deal, Herman will pay Knoll shareholders $25.06 per share, representing a 45.4% premium to Knoll's closing price on Friday.
  • Knoll's shares jumped 28.7% to $22.17 in premarket trading, while those of Herman Miller fell 13.1% to $38.51.
Published 19 Apr, 2021 06:16pm
China's market regulator investigates Alibaba-Minmetals JV
Companies

China's market regulator investigates Alibaba-Minmetals JV

  • Minmetals said in a statement that it received a notice from the State Administration for Market Regulation in recent days about an investigation into the joint venture formed in 2015, in which Alibaba transferred its 44% stake to an unrelated firm in 2019.
Published 19 Apr, 2021 05:23pm
Air France-KLM eyes further recapitalisation in 2021
Companies

Air France-KLM eyes further recapitalisation in 2021

  • We do have heavy debt that is holding back our balance sheet, so this may have to get looked at again later in the year.
  • The capital hike sees the French government more than double its stake in the airline group to almost 30% as part of a total recapitalisation package worth about 4 billion euros announced earlier this month.
Published 19 Apr, 2021 04:46pm
Coca-Cola revenue rises past estimates on easing pandemic curbs
Companies

Coca-Cola revenue rises past estimates on easing pandemic curbs

  • Net revenue rose to $9.02 billion in the first quarter, from $8.60 billion a year earlier, above analysts' average estimate of $8.63 billion, according to IBES data from Refinitiv.
  • Net income attributable to the company's shareholders fell to $2.25 billion, or 52 cents per share, from $2.78 billion, or 64 cents per share, a year earlier.
Published 19 Apr, 2021 04:27pm
Brazil's JBS to buy plant-based meat company vivera for 341mn euros
Companies

Brazil's JBS to buy plant-based meat company vivera for 341mn euros

  • Vivera has a portfolio of 50 products with three production facilities and a research and development facility in the Netherlands. The company sells in the Dutch, German and UK markets, accounting for roughly 60% of Europe's plant-based protein market, as well as other countries, according to JBS.
Published 19 Apr, 2021 04:11pm