The world this week--Business
Meta’s quarterly earnings delighted investors, for a change, as it set out a plan to reduce costs in a “year of efficiency” and announced a $40bn share buy-back.
Revenue fell in the last three months of 2022, year on year, but is expected to rise in this quarter.
Still, Reality Labs, the division tasked with creating the metaverse, ran up another loss, of $4.3bn, taking its total loss for the year to $13.7bn.
After months of sometimes troublesome negotiations, Nissan and Renault announced a restructuring of their two-decade-old alliance, which has been under strain since the fall from grace in 2018 of Carlos Ghosn, who had run both carmakers.
The main feature of the agreement is a reduction in Renault’s stake in Nissan to 15% from 43%, with the remainder of Renault’s shares in Nissan to be put into a French trust and the voting rights “neutralised”.
Each company will now own a working 15% stake in the other, which tackles a key concern of Nissan that the partnership had been unequal.
ExxonMobil, Chevron and Shell reported record annual profits of $56bn, $37bn and $40bn respectively.
All three benefited from the higher price of energy amid the war in Ukraine, though prices have been falling in recent months.
Unilever appointed a new chief executive to replace Alan Jope, who is standing down in July.
Hein Schumacher is currently the boss of the world’s largest dairy co-operative, which is based in the Netherlands.
He’ll take the reins of the consumer-goods conglomerate amid investor unease about its lagging share price, and criticism from some quarters about its purpose-driven approach to selling mayonnaise.
Salesforce, which is also under pressure from investors to improve its stock performance, appointed three independent directors.
This came shortly after Elliott Management, an activist hedge fund, took a small stake in the software company.
The amount of money wiped off the value of Gautam Adani’s companies since Hindenburg Research, an American short-seller, said that their stock was artificially inflated passed $108bn.
Adani Group forcefully denies the charges.
More than $50bn has been wiped from the Indian billionaire’s fortune.