Today's press review will be done in handwritten form and not in video form. Thank you for your understanding.
British Airways, Adidas, Ford, Pfizer & BioNTech, Sony, Ben & Jerry's, Johnson & Johnson, McDonald's, Hyundai Motor, Zoom Video Communications, ConocoPhillips, Revlon, Sumitomo Mitsui Financial Group and Hino Motor are the headlines of this press review!
British Airways announced it was cutting more than 10,000 flights from its winter schedule. After thousands of jobs were cut during the coronavirus pandemic, the world's major airlines are also facing a worsening economic outlook and the need to reduce the number of flights.After cutting thousands of jobs during the coronavirus pandemic, the world's major airlines are also facing a worsening economic outlook and rising fuel costs, which will have to be passed on to travelers in the form of higher ticket prices.(FT)
German sportswear group Adidas will replace its chief executive Kasper Rørsted next year - three years before his contract ends - as the company suffers from declining sales in China and the effects of the war in Ukraine. A successor has not yet been identified.(FT)
In the US,
Ford has confirmed the layoffs of about 3,000 white-collar and contract employees. The move marks the latest step in the U.S. automaker's efforts to cut costs in its transition to long-range electric vehicles.(WSJ)
Pfizer and BioNTech are seeking FDA (Food & Drug Administration) approval to update the Covid-19 vaccine to target the latest versions of the Omicron variant. The two drug companies say they have begun production and say they are ready to provide them to the U.S. government upon approval.(WSJ)
Sony PlayStation is being sued for up to £5 billion. The company is accused of abusing its dominant market position to impose unfair terms on PlayStation game developers and publishers.(FT)
Ben & Jerry's has lost its attempt to stop its UK-based parent company Unilever from selling its ice cream brand to a local licensee in Israel. The two companies are at odds over sales in the occupied Palestinian territories.(FT)
Johnson & Johnson, a leading manufacturer of health care products, has used the controversial "Texas two-step" bankruptcy strategy. The aim is to stop 38,000 damage claims by people accusing its talc-based baby powder of being a carcinogen.(FT)
McDonald 's is reshuffling its board of directors with the departure of Sheila Penrose, who had overseen the company's progress on climate, responsible sourcing and diversity, equity and inclusion. Management announces the arrival of executives from Marriott International, Johnson & Johnson and Salesforce.(WSJ)
Hyundai Motor has seen one of its Korean-owned auto parts suppliers and manufacturers charged by the U.S. Department of Labor. The company allegedly violated federal child labor laws at a plant in Alabama.(Reuters)
Zoom Video Communications has lowered its annual profit and revenue guidance. Demand for its video conferencing platform is falling after reaching historic highs during the pandemic, amid fierce competition with Microsoft's Teams.(Reuters)
ConocoPhillips, the U.S. oil producer, has been awarded $8.75 billion by a court to expropriate its Venezuelan oil assets. In addition, Conoco had asked for up to $30 billion for the takeover.(Reuters)
Revlon is seeing its investors ask a federal judge to give them an official voice in the cosmetics company's bankruptcy proceedings. The stock price has exploded higher in the past two months, representing a global market capitalization of about $500 million.(FT)
Hyundai Motor and its subsidiary Kia have taken second place behind Tesla in the U.S. electric car market in terms of sales volume this year (12%). Globally, excluding China, Hyundai and Kia are the second largest electric car manufacturers in terms of shipments(FT).
Sumitomo Mitsui Financial Group has created a digital banking brand that it will use to enter the U.S. in 2023, a kind of escape from Japan's declining population and prolonged low interest rates.(Asia Nikkei)
Hino Motor, a unit of Toyota Motor, has revealed inadequate engine performance tests for its light commercial trucks, ewidening the quality control scandal just weeks after admitting to falsifying emissions tests on larger vehicles for decades.(Asia Nikkei)