Business

Cleveland-Cliffs Inc. has revealed that it has made a private offer to acquire United States Steel Corp. The deal is said to be worth $7.3 billion, with Cleveland-Cliffs offering $17.50 in cash and 1.023 shares of Cliffs stock for each US Steel share. This acquisition offer comes at a time when the steel industry is facing significant challenges due to …

Credit Suisse retail investors are considering initiating legal action to challenge the UBS Group’s rescue in March, as reported by The Financial Times on Sunday. The rescue operation conducted by UBS Group has prompted concerns among retail investors associated with Credit Suisse, leading them to explore the possibility of legal action. The Swiss Investor Protection Association (SIPA) is spearheading this …

SK Telecom Co., the largest wireless operator in South Korea, has recently revealed its intention to invest a whopping $100 million in the US-based artificial intelligence startup, Anthropic. The South Korean company aims to establish a collaborative partnership with Anthrop in order to further its advancements in the field of artificial intelligence (AI). With the global AI market growing at …

Shares of AMC Entertainment Holdings Inc. saw a significant decrease of over 27% on Friday, following the approval of its revised plan by the Delaware Court of Chancery. This plan entails the conversion of AMC Preferred Equity units (APE) into common stock. The decision made by the court has resulted in a sharp decline in the company’s stock value. The …

Fox announced on Friday that Viet Dinh, the Chief Legal and Policy Officer, will be leaving the company at the end of the year. Dinh played a significant role in advising Fox during its $787.5 million settlement with Dominion Voting Systems. This departure raises questions about the future direction of Fox’s legal and policy strategies. Dinh’s role at Fox has …

The shares of American biotechnology company Illumina Inc. experienced a 4% decline on Friday following the announcement that the United States Securities and Exchange Commission (SEC) has initiated an investigation into its $8 billion acquisition. This news has created uncertainty among investors and led to a drop in the company’s stock price. The SEC’s probe into Illumina’s acquisition raises concerns …

FC Barcelona, one of the most prominent football clubs in the world, has made a significant announcement. On Friday, the club revealed that its content creation unit, Barca Media, will be going public in the United States through a merger with Mountain & Co I Acquisition Corp, a special purpose acquisition company (SPAC). This move serves as a strategic step …

UBS Group AG witnessed a significant surge of more than 5% in Friday’s trading session following the announcement of the termination of its 9 billion Swiss franc loss protection agreement and the 100 billion Swiss franc public liquidity backstop with the Swiss National Bank (SNB). The termination of these agreements is perceived as a positive development for UBS Group AG. …

The Swiss National Bank (SNB) and UBS made an announcement on Friday regarding the termination of the credit facility deal between the central bank and Credit Suisse. This deal allowed Credit Suisse to access liquidity assistance from the central bank. The decision to terminate the credit facility deal comes in light of the recent financial troubles faced by Credit Suisse. …

Deutsche Telekom AG, a German telecommunications company, revealed on Thursday that its net profit for the second quarter of fiscal year 2023 has increased by 5.4% compared to the previous year, reaching €1.5 billion. This positive financial performance demonstrates the company’s successful strategy and execution in the market. In addition to the net profit growth, Deutsche Telekom also reported strong …