Business

Pertaining to and impacting businesses, markets and the economy

 
Norway’s wealth fund loses $174B in first 6 months of 2022
Norway's sovereign wealth fund (the world's largest) reported a loss of 1.68 trillion Norwegian kroner ($174 billion) in the first half of 2022. The $1.3 trillion fund's return on investment was a negative 14.4% for the January-June period, although that was 1.14 percentage points ahead of the return on its benchmark index.
 
American Airlines to buy 20 Boom Supersonic Overture jets
American Airlines has agreed to buy 20 supersonic passenger jets from Boom Supersonic. The airline has put down a nonrefundable deposit for 20 'Overture' aircraft.
 
Indian stock market veteran Rakesh Jhunjhunwala dies
On Sunday, Indian stock market ace Rakesh Jhunjhunwala died at 62. Dubbed India's Warren Buffett, Jhunjhunwala had a net worth of $6 billion.
 
Five Chinese state-owned companies to delist from NYSE
On Friday, five Chinese state-owned companies, including oil giant Sinopec (600028.SS) and China Life Insurance (601628.SS), stated they would delist from the New York Stock Exchange. The companies, which also include Aluminium Corporation of China (Chalco) (601600.SS), PetroChina (601857.SS), and Sinopec Shanghai Petrochemical Co (600688.SS), each said that they would apply to delist their American Depository Shares this month.
 
Ukraine’s food delivery to Africa commences
A cargo ship docked in Ukraine on Friday to pick up grain for the people of Ethiopia. Infrastructure Minister Oleksandr Kubrakov stated, "The cargo ship BRAVE COMMANDER arrived at the Pivdennyi Sea Port. Very soon 🇺🇦 grain will be delivered to Ethiopia."
 
McDonald’s to reopen outlets in Kyiv & western Ukraine
McDonald's has announced that it will be reopening its restaurants in Kyiv and western Ukraine. The American fast-food chain did not specify the timeline and number of outlets it planned to reopen. McDonald's said it would work with its suppliers over the coming months to get products to its outlets, bring employees back onsite, and implement enhanced safety protocols for workers and customers.
 
J&J to cease sales of talc-based baby powder worldwide
Johnson & Johnson (J&J) will stop selling talc-based baby powder globally in 2023. J&J stated, "As part of a worldwide portfolio assessment, we have made the commercial decision to transition to an all cornstarch-based baby powder portfolio. As a result of this transition, talc-based JOHNSON’S® Baby Powder will be discontinued globally in 2023."
 
USPS plans to raise prices during the holidays
The United States Postal Service has proposed hiking its delivery prices for the holiday season. This is the third year in a row that the Postal Service is hiking its prices, albeit only for a few months.
 
US sanctions crypto platform Tornado Cash
The US Treasury Department has announced sanctions on Crypto Platform 'Tornado Cash.' Tornado Cash is accused of laundering billions of dollars in virtual currency, including $455 million allegedly stolen by North Korean hackers.
 
Pfizer acquires Global Therapeutics for $5.4B
On Monday, Pfizer announced it would be buying Global Blood Therapeutics for $5.4 billion as the pharmaceutical giant continues to invest some of the cash influx reaped during the COVID-19 pandemic. Pfizer, declaring its reasoning for the buy-out, stated that the acquisition will boost its capabilities in rare hematology.