BUSINESS - Page 19

The Sweden-headquartered organization reported that Volvo Cars experienced a 10% increase in sales, reaching 53,402 cars in January compared to the previous year. This growth was attributed to a significant 40% surge in sales for fully electric models in the European market. The performance boosted the company’s share of total global sales of electrified vehicles to 17%, a record for Volvo. It also reflected strong demand for the firm’s Recharge models, including fully electric and plug-in hybrid models. Those accounted

On Monday, Renault shares experienced a gain of over 4%, prompted by speculation in the media about a possible merger with rival Stellantis. According to undisclosed financial sources, the Italian newspaper Il Messaggero reported on Sunday that France is contemplating a merger between the two companies to enhance its influence in the automotive sector and counter competition from China and Germany. The companies are in a head-to-head battle for electric vehicles and autonomous driving technology, which are set to drive

The inaugural dividend for investors in the social media giant, Meta Platforms Inc., could result in Chief Executive Officer Mark Zuckerberg receiving an annual payout of approximately $700 million. On Thursday, the company announced a quarterly cash dividend of 50 cents a share for Class A and B common stock beginning in March. With Zuckerberg holding about 350 million shares, he would take home about $175 million in each quarterly payment before taxes, according to data compiled by Bloomberg. The

This week, Elon Musk experienced one of the most substantial legal setbacks in U.S. history as the Tesla CEO lost his $56 billion pay package in a case initiated by an unexpected adversary—a former heavy metal drummer named Richard Tornetta. Describing himself as “a marketer, inventor, custom fabricator, car guy, and family man, as well as a drummer,” Tornetta, who held just nine shares of Tesla, filed the lawsuit in 2018. After making its way to trial in late 2022,

The world’s biggest music company, Universal Music, is set to pull millions of songs from TikTok after a breakdown in talks over overpayments. The move would mean the social media site owned by Chinese tech giant ByteDance would no longer have access to songs by artists including Taylor Swift, The Weeknd, and Drake. In a blistering open letter, UMG accused the platform of “bullying” and said it wanted to pay a “fraction” of the rate other social media sites do

In an unforeseen development on Wednesday, H&M’s CEO abruptly resigned, prompting the immediate appointment of company veteran Daniel Erver as the new leader. This transition is challenging for the Swedish fashion retailer as it grapples with increasing sales and profitability. Following the announcement, shares in H&M Hennes & Mauritz AB experienced an 8% decline. Outgoing CEO Helena Helmersson cited her decision to leave the company after a four-year tenure in the top position, describing the role as “very demanding.” In

Last week, a judge in the US state of Delaware voided the $56 billion compensation package of Tesla Chief Executive Officer Elon Musk. The court, which presides over corporate litigation, sided with a shareholder who claimed that the entrepreneur was overpaid for his services to the company. The ruling shook investors and sent Tesla’s share price down about three percent in after-hours trading following the publication of the 200-page decision. Chancellor Kathaleen McCormick criticized the process by which the board

Toyota Motor retained its crown as the world’s top selling automaker for the fourth consecutive year after posting record annual sales of 11.2 million vehicles in 2023, though its chairman apologised on Tuesday for scandals at three group companies. The Japanese automaker reported a 7.2% jump in global group sales last year, including those at small-car maker Daihatsu and truck unit Hino Motors, which have been rocked by wrongdoing over inspections and testing procedures for cars and engines. Chairman Akio

Archer-Daniels-Midland Co (ADM.N) will disburse performance bonuses to certain executives only after the completion and audit of its financial statements. The food processing and commodities trading company said the delay was prompted by a request for documents from the U.S. Securities and Exchange Commission, which the company says is part of an ongoing probe. The probe is focused on ADM’s nutrition reporting segment and “certain inter-segment transactions,” the company said. Compensation from the company’s performance incentive plan for members of

A company spokesperson said that defense contractor Lockheed Martin (LMT.N) will cut 1% of its jobs over the year to cut costs and streamline operations. The reductions will impact positions across its business and enterprise operations, including functional organizations such as Business Operations, Legal, Human Resources, Operations, and Information Technology. The cuts will be evenly spread between layoffs, normal attrition, and placements in other company areas. The cuts come as defense contractors brace for a decline in government spending. Across-the-board