BUSINESS - Page 28

Amid a series of investments that have upended professional sports in recent years, including golf and soccer, Saudi Arabia has signaled interest in taking a significant stake in the world’s richest cricket league. According to Bloomberg News, Crown Prince Mohammed bin Salman’s advisers have spoken with Indian government officials about moving the IPL into a holding company valued at as much as $30 billion. Founded in 2008, the IPL has grown into one of the most valuable sporting events in

Shipping group A.P. Moller-Maersk (MAERSKb.CO), the world’s second-biggest liner business, reported a steep drop in third-quarter profit and revenue on Friday and said it would cut at least 10,000 jobs as container markets have turned into a “new normal” of subdued demand. Maersk, which controls about one-sixth of global container trade, transporting goods for a host of major retailers and consumer goods companies such as Walmart and Nike, flagged a steeper downturn in demand than analysts and investors had expected.

Oil giant Shell (SHEL.L) reported a 34% annual drop in third-quarter profit to $6.2 billion on Thursday as energy prices cooled after soaring last year as markets reacted to geopolitical tensions and concerns about the global economy. The group, which owns Royal Dutch Petroleum and a host of smaller exploration and production businesses, said strong trading of liquefied natural gas (LNG) helped offset a sharp drop in production. The results, which aligned with expectations, were boosted by higher refining margins

Aerospace giant Boeing says it was hit by a cyber incident that impacted elements of its parts and distribution business. The US company said it was investigating a claim by the Lockbit ransomware gang that it had stolen “a tremendous amount” of sensitive data from Boeing and threatened to publish it online if Boeing didn’t contact them to negotiate a ransom. Boeing’s part and distribution business, which falls under its global services division, provides material and logistics support to customers.

Chief Executive Officer Elon Musk said on Tuesday that the company can turn out more than 125,000 of its long-awaited pickup truck, the Cybertruck. But he also warned that it would likely take quite a while for the EV maker to get the Cybertruck into total production. “This is the most challenging product we’ve ever attempted to launch,” he said, explaining that many steps are involved in going from prototype to production car. Tesla’s brash CEO has long been known

The co-working space provider WeWork plans to file for bankruptcy as early as next week, a source familiar with the matter said on Tuesday. The company, once privately valued at $47 billion, has been struggling with a massive debt pile and hefty losses. Its attempt to go public in 2019 imploded amid investors’ skepticism about its business model and ability to generate a profit, while its founder and chief executive, Adam Neumann, was ousted after a corporate scandal. The global

The investment company owned by Warren Buffett sold $25.8 million worth of shares in China BYD. Berkshire Hathaway, the investment company controlled by billionaire Warren Buffett, sold 820,500 Hong Kong-listed shares of electric vehicle maker BYD Co (002594. SZ) for HK$201.73 million ($25.78 million), a stock exchange filing showed. The sale on Oct. 25 lowered Berkshire’s holdings in BYD’s issued H-shares to 7.98% from 8.05%, the filing to the Hong Kong Stock Exchange on Tuesday showed. At its peak in

The worst may be over for China’s shaky commercial real estate market, HSBC (HSBA.L) said on Monday, as a further $500 million charge from the sector helped drag third-quarter profits at Europe’s biggest bank below market forecasts. HSBC also said it will raise its cost forecasts for the year. China’s property market turmoil has sparked fears among foreign lenders, especially those that lend to developers in the sector, such as HSBC. A collapse in the sector would further hurt the

The big money on offer in Wall Street’s competitive cauldron can make it difficult to keep top talent. Still, Morgan Stanley gave its incoming CEO Ted Pick and the two other executives considered for the top job one-time bonuses of $20 million each. The bank, which has seen its stock price tumble this year, disclosed the performance-linked stock awards for Pick, Co-President Andy Saperstein, and incoming Co-President Dan Simkowitz in a filing on Friday. The bonuses are based on fair

The shift to electric vehicles isn’t going anywhere, but it’s not moving as fast as expected. More alarm bells sounded Wednesday on the slowdown, underscored by the scrapping of a GM-Honda partnership to jointly develop affordable EVs and a warning from a battery maker that the booming market could stall as soon as 2024. Ambitious climate regulators and automakers are pushing to accelerate the shift from gasoline-powered cars, setting sales targets to see EVs make up 50% of passenger car