BurgerFi, the fast-casual burger chain known for its namesake restaurants and Anthony’s Coal Fired Pizza, is grappling with severe financial difficulties and may be on the brink of bankruptcy. The company disclosed that it has only $4.4 million in cash as of August 14 and anticipates reporting a quarterly loss of $18.4 million for the…
The Central Bank of Nigeria (CBN) has granted financial support to facilitate the proposed merger between Unity Bank Plc and Providus Bank Limited. This crucial endorsement aims to enhance the stability of Nigeria’s financial sector and mitigate potential systemic risks. In a statement released on Tuesday, Hakama Sidi Ali, the CBN’s acting Director of Corporate…
Japanese stocks faced a significant downturn on Friday, with the Nikkei 225 plunging 5.8%, marking the index’s largest single-day drop since March 2020. The decline, driven by concerns over the US economy and expectations of further interest rate hikes by the Bank of Japan (BOJ), contributed to a global market selloff. The Nikkei’s fall extended…
Reddit, the globally renowned social media platform, has made a significant leap into the public market with the finalization of its initial public offering (IPO), boasting a valuation of $6.4 billion. The company achieved this milestone by pricing its shares at the upper end of the anticipated range, successfully raising $748 million through the sale…
Renowned billionaire philanthropist MacKenzie Scott has announced a staggering donation of $640 million to support non-profit organizations in the United States, surpassing her earlier planned contributions for the year. Scott’s generous donation will benefit 361 small groups selected from over 6,000 applicants seeking funding. Originally intending to distribute 250 awards of $1 million each, Scott…
Luxury stocks across Europe recently experienced a sharp decline following a profit warning from Kering, the parent company of Gucci, signalling a notable slowdown in demand for high-end goods, particularly in China. In Paris, shares of Kering plummeted by as much as 15%, while LVMH, owner of renowned brands like Louis Vuitton and Tiffany &…
Social media giant Reddit experienced a remarkable debut on the New York Stock Exchange as its shares surged by 48% on the first day of trading, closing at $50.44. The company’s initial public offering (IPO), one of the largest by a social media platform, saw its shares priced at $34 each, near the upper end…
In a groundbreaking legal development, Uber has consented to compensate nearly 8,000 taxi and hire car drivers in Australia with a monumental sum totalling almost 272 million Australian dollars ($179 million). This settlement, acclaimed as the fifth-largest in the annals of Australian legal history, arises from a class action lawsuit initiated by Maurice Blackburn Lawyers…
Tech industry layoffs are surging in 2024, defying expectations amid substantial cash reserves accumulated by many firms. While last year’s job cuts were attributed to economic pressures from inflation and a hiring surge during the pandemic, this year’s layoffs are raising questions, especially as companies remain profitable. According to Layoffs.fyi, 209 tech companies have laid…
A D.C. couple has initiated a $60 million lawsuit against Amazon and a Maryland-based delivery service after a pedestrian accident left the woman with severe injuries, as captured in video footage obtained by the News4 I-Team. The incident, which occurred on December 30 at the intersection of Cathedral Avenue and Massachusetts Avenue in Northwest Washington,…
AApple is set to open a new store in Shanghai later this month as part of its efforts to bolster its retail footprint, even as iPhone sales in China face a downturn. The upcoming store, Apple Jing’an, is scheduled to open its doors on March 21 in Shanghai, with the grand opening featuring a live…
Reddit, the influential online forum known for its user-generated content, is gearing up for its initial public offering (IPO) with hopes of achieving a valuation of up to $6.4 billion (£5 billion) when it debuts on the New York Stock Exchange next week. Despite never turning a profit since its inception nearly two decades ago,…
In a highly anticipated move, Reddit unveiled its pricing strategy for its upcoming initial public offering (IPO), setting the stage for its entry into the stock market. The social media platform expects to price its shares between $31 and $34 each, making it the first major social media company to go public in years. The…
Anheuser-Busch InBev, the world’s largest brewer, faced a significant setback, potentially losing over $1.4 billion in sales due to a boycott following its brief collaboration with a transgender influencer to promote Bud Light beer. Despite reporting record revenues for 2023, Anheuser-Busch InBev acknowledged that its US business suffered from the fallout of the boycott, with…
Alphabet Inc., the umbrella corporation encompassing tech giant Google, faced a substantial decline of approximately $90 billion in market value on Monday, spurred by mounting apprehensions surrounding the company’s generative artificial intelligence (AI) product. The turmoil surrounding Google’s Gemini AI service has cast a shadow over Alphabet, exerting a notable impact on its stock performance…
Warner Bros. Discovery, facing ongoing challenges in the media industry, revealed a significantly reduced loss in the final quarter of 2023 compared to the same period the previous year. However, the company’s loss was wider than analysts had anticipated. The media conglomerate, which boasts CNN among its assets, reported a net loss of $400 million…
Nvidia CEO Jensen Huang experienced a significant surge in wealth on Thursday as the tech company he helped found in 1993 witnessed a remarkable increase in its stock value. Ranked by Bloomberg as the 21st wealthiest individual globally, Huang’s net worth soared by approximately $8.5 billion in a single day, propelled by a 15% surge…
Amazon’s founder, Jeff Bezos, has finalized another phase of his share sale plan, disposing of approximately 14 million Amazon shares valued at around $2.4 billion (£1.9 billion). This recent sale marks Bezos’s divestment of approximately 50 million Amazon shares over the past nine trading days, totalling approximately $8.5 billion. Bezos had previously disclosed intentions to…
Capital One, a major player in the financial services industry, has announced its acquisition of Discover Financial Services for a whopping $35.3 billion in an all-stock transaction. This strategic move is set to bolster Capital One’s position in the fiercely competitive credit card market. The deal, unveiled on Monday evening, entails Discover shareholders receiving slightly…
Walmart, the retail giant known for its expansive presence in the grocery and retail sectors, is making a bold move into the media and advertising landscape with its recent acquisition of TV manufacturer Vizio for $2.3 billion. The strategic purchase, announced on Tuesday, underscores Walmart’s ambition to expand its advertising arm and position itself as…
Currys, the electrical goods retailer, has turned down a £700 million takeover offer from US investment firm Elliott, stating that the bid significantly undervalued the company and its potential for growth. The proposed acquisition, which aimed to acquire Currys for approximately £700 million, was rebuffed by the company’s board, highlighting their belief that the offer…
Fast-food giant McDonald’s has reported that its business is being affected by the escalating tensions in the Middle East. While announcing overall growth in sales and earnings for the fourth quarter, the company highlighted that the regional turmoil has put pressure on its sales in the Middle East, prompting McDonald’s to closely monitor the evolving…
In a strategic move aimed at reducing costs, UPS has revealed plans to cut 12,000 jobs, primarily targeting manager and contractor positions. The decision comes as the company seeks to save $1 billion, addressing challenges and disappointing sales projections for the upcoming year. UPS has adjusted its sales outlook for the year, anticipating global revenue…
Tesla witnessed a sharp decline in its shares, plummeting by 12% on Thursday and erasing a staggering $80 billion in market value. The dip followed the electric car giant’s cautionary statements about decelerating growth in electric car sales and the looming threat posed by Chinese competitors. Closing at its lowest level since December 2022, Tesla’s…
EquiLend, a prominent Wall Street firm processing trillions of dollars in securities transactions monthly, has fallen victim to a cyberattack, disrupting some of its systems, the company confirmed on Wednesday. Owned by major financial institutions including Goldman Sachs, JPMorgan, BlackRock, and Bank of America, EquiLend issued a statement to CNN, revealing that it may take…
A French regulator, the CNIL (French Data Protection Authority), has fined Amazon’s French warehouse operator, Amazon France Logistique, €32 million ($35 million) for implementing an “excessively intrusive” surveillance system to monitor the activities of its workers. The CNIL stated that Amazon provided warehouse staff with scanners that meticulously recorded periods of inactivity and the speed…
Bob Iger, the Chief Executive Officer of Disney, saw a substantial increase in his compensation, totalling $31.6 million for the year 2023, marking a significant boost from his earnings in the preceding year. The breakdown of Iger’s 2023 pay package, as outlined in The Walt Disney Company’s annual proxy statement filed on Tuesday, includes a…
Champagne sales have experienced a downturn in 2023, stepping back from the record-breaking heights achieved in the Covid-19 era. The Comité Champagne, representing over 16,000 winegrowers and 320 Champagne houses, reported a decline in total shipments of bubbly from France, reaching 299 million bottles—a drop of 8.2% compared to 2022. This decrease signifies a return…
Citigroup is set to implement a substantial workforce reduction, with CFO Mark Mason revealing plans to lay off 20,000 employees over the next two years. This decision follows the bank’s dismal performance in the fourth quarter of 2023, reporting a net loss of $1.8 billion, marking its worst quarter in 15 years. The significant reduction…
eBay has agreed to pay a $3 million criminal penalty in the wake of a harassment campaign orchestrated by former employees against a Massachusetts couple who ran a newsletter critical of the company. The settlement, announced on Thursday, follows eBay being charged with six criminal offenses, including stalking, witness tampering, and obstruction of justice. In…
In a significant move to address financial challenges, Audacy, a prominent multi-platform audio content company, has officially filed for prepackaged Chapter 11 bankruptcy proceedings. The announcement came on Sunday, marking a critical step for the struggling internet radio conglomerate, one of the largest radio companies in the United States. Audacy cited substantial debt and a…
Here’s something sure to make Elon Musk smile – short sellers, those investors who placed bets that the value of Tesla shares were going to go down, lost a combined $12.2 billion last year, more than short sellers lost on any other company in 2023. Despite the losses suffered by shorts, Tesla’s shares more than…
As the beer industry navigates the ebbs and flows of 2023, the spotlight shifts to anticipated trends shaping the landscape in 2024, with Anheuser-Busch InBev (BUD), the producer of Bud Light, eyeing a significant comeback. Amidst the aftermath of the boycott faced by Anheuser-Busch InBev, competitors such as Constellation Brands (STZ) and Molson Coors (TAP)…
Investors seeking opportunities in the artificial intelligence (AI) sector have a plethora of options, with companies integrating AI solutions into their operations. While “pure plays” might be limited, some companies with deeply embedded AI solutions offer substantial investment potential. Three standout AI stocks for consideration this January are Super Micro Computer (NASDAQ: SMCI), Taiwan Semiconductor…
In a recent development, US prosecutors have informed a New York federal court that they will not pursue a second trial against Sam Bankman-Fried, the fallen founder of crypto exchange FTX. Bankman-Fried had already been found guilty in November on seven counts of fraud and conspiracy linked to the collapse of FTX. Originally set for…
Ride-hailing giant Uber is set to make waves on Wall Street as it joins the prestigious S&P 500, reaching a new 52-week high last week in anticipation of its debut in Monday trading. Uber’s inclusion in the S&P 500, announced by S&P Dow Jones Indices on December 4, reflects the company’s remarkable turnaround under CEO…
General Motors (GM) is set to cut approximately 1,300 jobs across two of its Michigan plants, the Orion Assembly and Lansing Grand River Assembly, according to WARN notices filed with state regulators. The job reductions, scheduled for the new year, follow GM’s October announcement of delaying the production of electric pickup trucks until 2025. The…
In an extraordinary stroke of luck, Wayne Murray has emerged victorious in the New York Lottery’s 200X scratch-off game, securing a $10 million jackpot for the second time. This incredible win comes just 16 months after his initial triumph in the Black Titanium scratch-off game. Murray, opting for a lump sum payment, will take home…
In a significant move within the aviation industry, Alaska Air (ALK) disclosed on Sunday its plans to acquire Hawaiian Airlines (HA) for a substantial $1.9 billion. The acquisition, resulting from several months of negotiations, includes the absorption of $900 million in Hawaiian Airlines debt. Alaska Airlines CEO Ben Minicucci expressed enthusiasm about the deal during…
Saudi Arabia’s Public Investment Fund (PIF) has reached an agreement to purchase a 10% stake in Heathrow Airport from Spanish infrastructure company Ferrovial. Additionally, France-based private equity fund Ardian will acquire another 15% in Heathrow’s parent company, FGP Topco. Ferrovial, which has held a stake in Heathrow since 2006, revealed that the deal’s total value…
Italian law enforcement has seized approximately €779 million (equivalent to $836 million) from Airbnb for purportedly unpaid taxes. This action was initiated after prosecutors in Milan accused the home-sharing giant of failing to remit a 21 percent withholding tax on rental revenue amounting to €3.7 billion ($3.95 billion). Under Italian law, landlords are obligated to…
A recent report by Nairametrics has uncovered a staggering increase in fraudulent activities targeting financial technology institutions, with more than ₦5 billion reportedly stolen within an eight-month period. This surge in fraudulent incidents has been largely attributed to a rise in insider involvement, posing a substantial challenge for these companies in securing their systems effectively….
Meta, the parent company of Facebook, exceeded expectations on Wall Street as it reported impressive earnings for the third quarter of 2023. The success comes as Meta’s “year of efficiency” strategy continues to deliver strong results, and it’s reported that the company has largely completed the cost-cutting measures put in place in response to a…
Jaime Gilinski Bacal, a prominent Colombian banking and real estate entrepreneur, has assumed control of Metro Bank as part of a comprehensive rescue plan aimed at addressing financial challenges faced by the UK-based lender. In a statement released on Sunday, Metro Bank disclosed that it had successfully secured £325 million ($396 million) from investors, consisting…
President Bola Tinubu has taken decisive action in the fight against corruption by appointing a Special Investigator to look into the activities of the Central Bank of Nigeria (CBN) and Related Entities. In a letter addressed to Jim Osayande Obazee, the Chief Executive Officer of the Financial Reporting Council of Nigeria (FRCN), Tinubu named him…
Global airlines are celebrating significant profits this year, buoyed by a surge in demand for leisure travel and events that have provided a substantial lift. Among the major players, International Airlines Group (IAG), which includes Aer Lingus and British Airways, proudly announced a record profit of approximately $1.4 billion for the first half of the…
The dominance of Big Tech companies in the stock market has raised concerns about potential monopolistic behaviour, with just seven stocks – Apple (AAPL), Microsoft (MSFT), Alphabet (GOOG), Amazon (AMZN), Nvidia (NVDA), Tesla (TSLA) and Meta Platforms (META) comprising nearly $11 trillion in market value and contributing significantly to the S&P 500’s returns in the…
Hong Kong stocks suffered their worst day in four months on Thursday, with the Hang Seng (HSI) Index dropping 3%, the largest decline since March, as a result of Goldman Sachs downgrading major Chinese banks due to local government debt risks and the US Federal Reserve’s hawkish outlook. Financial shares led the sell-off after Goldman…
Former Nissan chairman Carlos Ghosn has filed a lawsuit against the company for over $1 billion, as revealed in a copy of the lawsuit seen by Reuters and filed with Lebanon’s public prosecutor. The lawsuit, filed on May 18, accuses Nissan, two other companies, and 12 individuals of various crimes, including defamation, slander, libel, and…
The chief executive officer (CEO) of Binance, Mr Changpeng “CZ” Zhao, has called Binance Nigeria Limited a scam entity, noting that the cryptocurrency exchange has issued a cease and desist order. In a recent tweet, Mr Zhao said, “Binance have issued cease & desist notice to the scammer entity Binance Nigeria Limited.” He further added…
