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Saudi Aramco Begins Exploring $1 Billion IPO

Saudi Aramco Base Oil Co., the refining unit of the state-owned Saudi oil company, has begun planning for its initial public offering (IPO) on the Saudi stock exchange. The company has announced that it has hired banks including Citigroup and HSBC Holdings Plc to...

Hyundai and SK On Agree to Build Battery Factory in U.S.

Hyundai Motor Co and fellow South Korean company SK On have agreed to invest approximately $2.5 trillion won ($1.88 billion) in the construction of a new joint venture battery factory in the United States. The two parties are expected to sign a memorandum of...

Best Buy Forecasts Better-Than-Expected Sales Ahead of Holiday Season

U.S. retail giant Best Buy announced on Tuesday that it has forecasted a smaller-than-expected drop in sales ahead of the busy holiday season. While the big box store previously forecasted an 11% drop in full-year comparable sales, it now estimates a 10% sales decline. The...

Electric Motor Maker Nidec to Open Mexico Plant

Japanese electric motor maker Nidec is planning to open a manufacturing plant in Mexico from which to build its motors, the company CEO Shigenobu Nagamori revealed on Friday. He added that the construction of the $715 million plant is scheduled to commence in April...

Walmart Shares Rise Following Better-Than-Expected Earnings Report

Walmart shares gained 5% in premarket trading on Tuesday after the retail giant forecast a smaller fall in profit than analysts expected. Despite recent price hikes amid the United States inflation struggles, Walmarts' discounts on clothing and electronics have assisted to attract U.S. shoppers...

Disney Looks to Freeze Hiring, Cut Jobs Amid Financial Uncertainty

Walt Disney Co is considering plans to freeze all hiring and cut jobs as the company faces economic uncertainty due to the losses incurred by its streaming service business. The news was shared on Friday in a memo from Chief Executive Bob Chapek to...