Freeport-McMoRan has signed a definitive deal with Sumitomo in order to sell its 13% interest in Morenci for $1 billion cash. The company intends to utilize the transaction proceeds to repay its bank loans.
Archives
Emission Scandal Contracts VW European Sales The Most, Pushing Recalls To Fix The Vehicles
Volkswagen is facing a drop in its sales due to the emission scandal on its engines. The Germany automaker has to conduct recalls to repair the troubled cars. This scandal also has opened chances for its rivals to grab its markets.
Saudi Arabia, Russia Agreed to Halt Oil Production After Qatar Talk, Boosting Oil Prices
Saudi Arabia and Russia, the world's largest oil producers, have come to an agreement to reduce oil production into the January level. This is the first time for the two countries working together in efforts to fix the oil industry, which has been dropping for years.
Michelin FY15 profit increases 19%
Michelin posted an increase of 19% in its earnings for the year 2015 helped by low raw material costs and its restructuring activities in Europe. The company also expects strong demand for its tires in 2016.
India exports drop for its 14th consecutive months
India's exports fell 13.6 percent from January a year ago and it has been dropping for 14 consecutive months, while imports contracted 11.01 percent. However, the Reserve Bank of India will not devalue its currency unlike China and Japan.
Latest News
Shareholders of the Italian tyre maker Pirelli has nodded in favor of the proposed merger with Marco Polo Industrial Holding. Marco Polo’s parent concern ChemChina has acquired Pirelli for $8.25 billion last year. The merging is scheduled to be completed by mid 2016.
General Motors discontinued and then sold its Saab and Saturn brands. Ironically, it made an announcement today that these cars from both brands consist of parts that could explode from the Takata airbag. The said cars’ manufacturing date was way back 2003 and a total of 180,000 vehicles are recalled in the U.S. while 20,000 units are from Canada.
The .cloud domain is now available which launched in the mid-November and became exclusive for trademark holders only. Because of the thousands of orders and duplicate domain names, these will be auctioned through Aruba.
Starbucks have brewed some new additions to its mouth-watering menu. The company introduces the Smoked Butterscotch Latte together with the Teavana Citrus Green Latte, whether hot or cold and other versions of Frappuccino. This latest addition is available in U.S. and Canada only.
One of the world's biggest mining company Anglo American Plc announced to sell its share in Kumba Iron Ore on Tuesday. The South African multinational company has suffered loss in its full-year performance.
Marijuana sales in Colorado has hit the massive $1 billion mark. After legalization of the cannabis for medicinal and recreational purposes in 2012 the sales has increased by 42 percent over the last year. The state would reportedly use about $35 million of the tax profit for construction of schools.
Samsung Galaxy S7 and LG G5 were set to be introduced on February 21. However, both the device’s details have been leaked on the internet, revealing most of the phone’s highlighted features. Both the 2016 flagship device will have a fingerprint scanner, along with other innovations.
There are similarities between the India's startup world with China's startup. It can be seen from the kinds of startups that are developing right now, and also the fund size raised from the investors.
Hong Kong Disneyland reported its first loss since 2012. Fewer tourists had come to visit the resort and theme park, with the biggest decline from Chinese tourists. China’s economic slowdown, along with political instability and the emergence of Shanghai Disneyland is believed to have affected the Chinese tourists.
