The construction of an electric vehicle factory in the northern Bulgarian city of Lovets has practically begun, Ljubomir Stanislanov, CEO of Next.e.Go Bulgaria and Head of Automotive Cluster Bulgaria, informed BTA today. The factory will be located on the site next to the former Balkan factory in Lovets, where some of Bulgaria’s first cars, motorcycles […]
Tag: International business news
Net losses of more than 12 billion euros in the first half for the German Uniper
Uniper posted net losses of more than 12 billion euros in the first half of 2022, with the now German state-backed utility providing a prime example of the depth of Europe’s energy crisis. Russia has sharply cut gas flows to the European Union in response to Western sanctions following Moscow’s war of aggression against Ukraine, […]
American Airlines bets on supersonic travel – Agreement with Boom to acquire 20 jets
American Airlines reached an agreement with Boom Supersonic to buy up to 20 supersonic jets on Tuesday, making it the second major U.S. airline to bet on superfast air travel in the past two years. The deal expands Boom’s order book, which now has orders for 130 aircraft, including options, worth about $26 billion, Boom […]
Amazon levies extra commission on merchants for the holiday season at the mercy of inflation
In yet another effort to combat rising inflationary pressures, Amazon plans to increase during the holiday season the commissions it charges merchants who sell their products through its platform, passing on some of the increased costs to them. Specifically, starting October 15 and ending January 14, merchants using the Fulfillment by Amazon (FBA) platform will […]
Walmart: Quarterly results beat expectations – Keeps guidance unchanged for the second half
Sales rose more than 8% in the second quarter and maintained guidance for the second half, Walmart said Tuesday, but saw some consumers turn to discount stores for essential consumer items. The company’s stock was up 4% in pre-conference electronic trading after the results were announced. The retail giant’s results beat analysts’ estimates but echoed […]
Home Depot: Better-than-expected Q2 revenue and profit
Home Depot’s revenue and earnings beat market expectations, according to results the company reported Tuesday, driven by steady demand for home improvement items from professional builders and handymen. In particular, Home Depot’s net sales climbed 6.5% to $43.79 billion, against estimates of $43.36 billion. Net income rose to $5.17 billion, or $5.05 per share, for […]
Meituan: $24 billion Tencent stake up for sale – 10% stock plunge
China’s Tencent plans to sell all or most of its $24 billion stake in food delivery company Meituan to comply with domestic regulatory requirements and liquidate an eight-year investment, four people familiar with the matter told Reuters. knowledge of the subject. Tencent, which owns 17 percent of Meituan, has been working with financial advisers in […]
Apollo provides $700 million loan to SAS
Private equity firm Apollo Global Management has provided $700 million in funding to SAS AB as the Scandinavian airline tries to regain its financial health, according to Bloomberg. Stockholm-based SAS expects to receive court approval for the financing by mid-September, it said in a statement. The loan for the debtor will allow her to continue […]
Bayraktar’s manufacturing company says it has been ‘closed’ for three years
Turkish company Baykar Makina Sanayi ve Ticaret AS, which supplies Ukraine with Bayraktar drones, says it currently has the capacity to build 20 drones a month and has a three-year backlog of orders, Bloomberg reports. “The TB2 and Akinci drones are in production, we have demand for both,” said Haluk Bayraktar, the private company’s chief […]
Saudi Aramco: 90% jump in second quarter profits
Saudi Aramco reported a 90% jump in second-quarter profit on Sunday, beating analysts’ expectations, boosted by higher oil prices, volumes sold and refining margins. The company expects “oil demand to continue to grow for the rest of the decade, despite downward economic pressures in the near-term global forecast,” Aramco Chief Executive Amin Nasser said in […]
