Business

Pertaining to and impacting businesses, markets and the economy

 
Biden wraps up S. Korea visit by showcasing Hyundai’s pledge of $10B US investment
On Sunday, President Joe Biden wrapped up a three-day visit to South Korea, showcasing Hyundai's pledge to invest at least $10 billion into electric vehicles and related technologies in the United States. Hyundai Motor Group announced it would be investing an additional $5 billion in the United States by 2025 with the goal of strengthening collaboration with US firms in advanced technology. The new investment brings its planned US total through 2025 to about $10 billion.
 
Russia cuts off gas exports to Finland
On Saturday, Russia halted natural gas to neighboring Finland after the Nordic country refused to pay supplier Gazprom in Rubles. Natural gas accounts for about eight percent of Finland's energy consumption, and most of it comes from Russia.
 
Target shares plummet after missing earnings
Target has taken a big hit during the first quarter, with shares appearing to be headed for their most severe sell-off since the Black Monday market crash of 1987. Profits for major retailers have come under pressure recently from both surging inflation and disruptions in the global supply chain.
 
Indonesia’s Jokowi meets Tesla’s Musk to discuss investments
On Saturday, Indonesian President Joko Widodo met Tesla Inc (TSLA.O) Chief Executive Elon Musk in Texas to discuss potential investments and technology. According to Indonesian officials, the meeting between Musk and Widodo came after a round of working-level discussions on a potential investment in Indonesia's nickel (of which they have the largest reserves in the world) industry and supply of batteries for electric vehicles.
 
Elon Musk puts Twitter deal on hold over fake account details
On Friday, Elon Musk put his $44 billion deal for Twitter "temporarily on hold" while he awaits data on the proportion of its fake accounts. In a tweet, the Tesla billionaire referred to a Reuters story from May 2nd, citing a financial filing from Twitter that estimated false or spam accounts made up fewer than 5% of the company’s "monetizable daily active users" in the first quarter.
 
UN chief Guterres concerned Ukraine war could threaten global food security
Speaking in Vienna, UN Secretary-General Antonio Guterres said he was deeply concerned about the possibility of hunger spreading globally as the Ukraine war threatens food security. The Ukraine war has affected the shipping of grains and other commodities from Ukraine and Russia via the Black Sea.
 
G7 countries to phase out Russian oil imports
On Sunday, the Group of Seven (G7) nations committed to ban, or phase out, imports of Russian oil. In a joint statement, the G7 leaders elaborated, "We commit to phase out our dependency on Russian energy, including by phasing out or banning the import of Russian oil. We will ensure that we do so in a timely and orderly fashion."
 
Elon Musk raises $7 billion for Twitter purchase
Elon Musk had promised to raise $20 billion of equity to pay for Twitter, yet it's still unclear where that money will come from. On Thursday, Musk secured partners to raise $7 billion to fund his buyout of the social media company.
 
Reformer pitches “public benefit” structure for Twitter
A prominent corporate reformer has pitched an idea to Elon Musk as the latter assumes control of Twitter Inc - to turn the social media platform into a "public benefit corporation" (PBC) to work for all stakeholders, not just its investors. Rick Alexander, the CRO of The Shareholder Commons, stated that adopting this specific legal structure would be one of several ways that Twitter (TWTR.N) could ensure that it serves the public interest - even in the event that Musk eventually sells the company again.
 
Taiwan presses US to deliver Stinger missiles on time
On Tuesday, Taiwan's Defence Ministry voiced its fears that the expected deliveries of Stinger anti-aircraft missiles could end up being delayed. The deliveries are expected to be delayed, as the missiles are in high demand in the Ukraine, where they've proved effective against Russian aircraft.