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Energy Transition Not Working, Aramco CEO
The energy transition is visibly failing, said the CEO of Saudi Aramco, Mr. Amin Nasser, during the 2024 CERAWEEK conference in Houston, Texas. Contrary to proponents who postulate peak oil demand will arrive by 2030, Mr. Nasser said peak oil demand is unlikely to occur anytime soon, let alone by 20...
Tire Manufacturers Could See Increase In Demand Due To EVs
Electric Vehicle (EV) tires cost about 50% more than regular internal combustion car tires. Additionally, they suffer quicker degradation and wear & tear because of the weight of EVs, and would require more frequent replacements. Consequently, tire manufacturers could see an uptick in tire deman...
US Energy Giants Make Largest Profit in Decades
US Energy giants, ExxonMobil & Chevron last year 2023 reported net incomes of $36 Billion and $21 Billion respectively, which is the highest they have made in decades, owing to strong oil demand post-pandemic. This puts them amongst the US’ most profitable companies, including Apple, Googl...
Walmart Buys TV Maker Vizio For $2.3 Billion
Walmart has agreed to purchase TV maker Vizio for $2.3 Billion. Walmart is reportedly said to be particularly interested in expanding its advertisement business with the acquisition. Walmart’s ad business is reported to have higher profit margins than its groceries business. Increased revenues...
Broadcom Sells Computing Division to KKR For $4 Billion
Private equity giant KKR has reportedly acquired Broadcom’s end-user computing unit in a deal valued at $4 Billion. This is an effort by Broadcom to streamline its operations and be more efficient, especially following its $69B acquisition of VMware last year.
Legal advisers for KKR are Sim...
Open AI Reaches $80 Billion Valuation
In a new financing round, investors are now valuing the artificial intelligence startup at $80 Billion after a recent tender-offer financing round led by Thrive Capital. Investor interests in AI startups and technologies continue to be on the rise.
Open AI recently released a new tool, Sora, whic...
Capital One Agrees To Buy Discover Financial
Credit card giant Capital One agrees to buy rival Discover Financial, potentially creating one of the largest credit card companies by loan volume. Capital One market cap stands at $52 Billion while Discover’s market cap stands at $28 Billion. The new combined entity will be one of the largest...
Diamondback and Endeavor Merge in $26 Billion Deal
Diamondback Energy & Endeavor Energy Resources announced they are merging to form a premier, Permian, pure play oil & gas company, in a deal valued at $26 Billion. The deal involves $8 Billion in cash and 117.3 million shares of Diamondback stock. Post-merger, Diamondback shareholders will o...
Private Equity Chief, David Rubenstein, Buys Baltimore Orioles for $1.7 Billion
Carlyle Group founder and billionaire, David Rubenstein, has reportedly led a buyer group to purchase the Baltimore Orioles for $1.7 Billion. The buyer group reportedly includes David Rubenstein as the lead person, and Iron Man, and Cal Ripken, Jr, amongst others. The group will reportedly own about...
Judge Denies Elon Musk’s $56 Billion Pay Package
In 2018, Tesla’s board approved a pay package for Elon, predicated on him achieving certain milestones for Tesla, which he has attained. However, a Delaware judge recently nullified the $56B pay package, on grounds that the pay is very extravagant and the process to approve the package was fla...
Apple Enters Electric Vehicle Business
Consumer electronics and software giant, Apple, is reportedly planning to start producing electric vehicles (EVs), to directly compete with major EV firms like Tesla and BYD. Apple is targeting 2028 as the year for the release of its first EV.
Why would a corporate giant, known for computers and ...
Wayfair Lays off 1650 People, Especially Remote Staff
Online home furnishings seller, Wayfair, is reportedly cutting 1,650 jobs, or about 13% of its workforce, targeting mostly those who were working remotely. The subtle message here from the company is that remote work is not encouraged. ...
E-commerce Giant, eBay Laying Off
E-commerce giant, eBay, announced it is laying off 1,000 staffs, which is about 9% of its workforce. eBay intends to scale back on OPEX as revenues have declined post pandemic due to decreased consumer spending. This follows similar job cuts from other tech firms, including Google, Amazon, Tiktok, &...
Spot Bitcoin ETFs Trade $4.7 Billion On 1st Day
Just one day after the SEC approved the trading of spot bitcoin ETFs on most US exchanges, spot Bitcoin ETFs did $4.7 Billion on its first day of trading. This is remarkable, as it shows strong institutional interests in bitcoin and cryptocurrencies as a new and viable asset class. The spot bitcoin ...
Chesapeake To Acquire Southwestern Energy in $7.4 Billion Deal
Chesapeake Energy has announced that it’ll be acquiring Southwestern Energy Co. in an all-stock deal valued at approximately $7.4 billion. Chesapeake is paying $6.69 per Southwestern share and Southwestern shareholders will receive 0.086 shares of Chesapeake stock for each Southwestern share. ...