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Nike released its first quarter results. What plans it has for the future?
Nike, a major U.S. supplier of sportswear in the United States, has released its first quarter results and they are lower than expected. This may be due to the reduced demand for these products in the US market as consumers are trying to cut back on their spending due to inflation; on the other hand, the Chinese market has made a recovery, but this has not provided the desired results.
Saudi Aramco announces cooperation with TotalEnergies
The Saudi Arabian oil giant, whose current market capitalization is third in the world among all companies and exceeds the two trillion USD mark, has reached an agreement with French integrated oil and gas company TotalEnergies to build a petrochemical complex. The deal amounted to $1 billion and the Admiral project is to be connected to the Saudi Arabia Total Refining and Petrochemical (SATORP) refinery at the port of Jubail on the east coast of Saudi Arabia.
The U.S. Department of Energy is set to provide a loan of up to $9.2 billion for a collaboration between automaker Ford Motor Company and South Korea's SK On to support the construction of three battery factories in the states of Tennessee and Kentucky. The loan from the government's Advanced Technology Vehicles Manufacturing (ATVM) program is the largest loan ever made.
Alibaba is experiencing the greatest restructuring in history
China's leading technology company has announced a major change in leadership and is preparing to gradually reshape its system of functioning. Daniel Zhang will step down as CEO and will be replaced by Eddie Yongming Wu, chairman of Taobao and Tmall Group. Alibaba will be split into six separate business divisions, each with its own CEO and board of directors.
Stellantis to take over the European market with a more affordable EV
The French carmaker, which holds the world's third position in vehicle sales, will add a new model to its portfolio called the Citroën e-C3. This is being presented as the first affordable European-built electric car and will be unveiled in mid-October. The move by Stellantis is part of the company's strategy against rival Chinese brands and is intended to focus primarily on the European market.
The Nasdaq Stock Market, under which the largest over-the-counter market NASDAQ falls, announced an agreement to buy software firm Adenza from Thoma Bravo in a $10.5 billion deal. The purpose of the purchase was to expand the company's portfolio and its presence in the financial technology space.
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