COMPANY NEWS IN BRIEF
Exxon unveils sweeping restructuring
Exxon Mobil Corp on Monday disclosed a sweeping restructuring of its global operations that will combine its refining and chemicals businesses into one, and put its energy transition business on the same footing as its other operations.
The broad restructuring marks its latest cost-cutting effort after activist investors seeking to boost returns and address the energy transition won three seats last spring on its board. Exxon vowed to cut US$6 billion from operating costs by next year after suffering a historic US$22.4 billion loss in 2020.
The changes were first considered around 2017, Exxon Senior Vice President Jack P. Williams told Reuters. Around that time, Exxon combined its fuels and lubricants division with supply and refining.
"It's an evolution," said Williams. "We have been working on it now for a while."
Putting its low carbon business on the same level as its two major businesses allows Exxon more flexibility to redirect investments as the company adjusts to the energy transition, Williams said. -Reuters
New York Times acquires Wordle
he New York Times Co said on Monday it had acquired Wordle, a website-only word game that has seen a recent burst in popularity, for an undisclosed price in the low seven figures.
The acquisition will help the New York Times broaden its digital content as it tries to reach the goal of 10 million subscribers by 2025.
The once-a-day online game gives a player six chances to figure out the day's secret five-letter word, using the least number of guesses.
Wordle, which was originally released in October by former Reddit software engineer Josh Wardle - will continue to be free and there will be no changes to its gameplay, the NYT said.
"Wordle will now play a part in that daily experience, giving millions more people around the world another reason to turn to The Times to meet their daily news and life needs," it said.
Games and puzzles are a key part of NYT's strategy to keep its audience engaged on its apps and websites as more readers use their mobile phones and tablets for their daily dose of news and entertainment. -Reuters
Qatar seals Boeing freighter deal
Qatar Airways handed Boeing Co a record launch order for 34 new 777X freighters and a surprise purchase of 737 MAX passenger jets on Monday, in a US$30 billion-plus package as President Joe Biden hailed the Gulf state as a major US ally.
The deal, signed at the White House during a visit to Washington by Qatar's ruling emir, boosted Boeing at a time when the US plane maker faces chronic industrial and financial constraints. The order drove Boeing shares up to close 5.1% higher.
The deal for 25 of the largest version of the MAX, the 737-10, plus 25 further options, widened the fallout from a dispute between Qatar Airways and Airbus.
The European plane maker earlier this month revoked a contract with Qatar Airways for 50 competing A321neo jets as part of a spiralling dispute that began with disagreements over the severity of flaws on long-haul A350 jets.
Qatar Airways Chief Executive Akbar Al Baker said Qatari and US aircraft and engine negotiators had "lost a lot of sleep" in the intervening two weeks to shape an alternative deal, and contrasted that with a recent plunge in relations with Airbus. -Reuters
FTC to review Microsoft's deal
The US antitrust review of Microsoft Corp's US$68.7 billion proposed acquisition of "Call of Duty" maker Activision Blizzard Inc will be handled by the Federal Trade Commission (FTC), Bloomberg News reported late on Monday, citing a person familiar with the matter.
The FTC, instead of the Justice Department, will investigate whether the takeover will harm competition, the report said.
In a bid to toughen merger guidelines, the FTC and the Justice Department had last month jointly said that industries had become increasingly concentrated and a surge in merger filings in 2020 and 2021 signalled the situation will worsen.
Days later, the FTC voted unanimously to sue to block arms maker Lockheed Martin's proposed US$4.4 billion purchase of rocket engine maker Aerojet Rocketdyne Holdings over antitrust concerns. read more
Microsoft, Activision and FTC did not immediately respond to Reuters requests for comment. -Reuters
Nomura Q3 net profit drops
Nomura Holdings Inc, Japan's biggest brokerage and investment bank, reported on Tuesday a 38.7% drop in quarterly net profit as the pandemic-era trading boom waned.
October-December profit came in at 60.3 billion yen (US$524.70 million), down from 98.4 billion yen a year earlier.
The dismal third quarter earnings reflected a slowdown in the global markets trading business, which benefited a year ago from high trading activity driven by a massive injection of cash into capital markets by the Federal Reserve.
But Nomura's investment banking unit continued to thrive, partly offsetting the trading revenue drop, thanks to global waves of merger and acquisitions (M&As).
Nomura Greentech, a recently acquired boutique M&A advisor in clean tech, helped boost Nomura's presence in the US market.
Pre-tax income for Nomura's wholesale division, which houses its trading and investment banking businesses, dropped 47% to 40.8 billion yen for the same period a year earlier. -Reuters
Exxon Mobil Corp on Monday disclosed a sweeping restructuring of its global operations that will combine its refining and chemicals businesses into one, and put its energy transition business on the same footing as its other operations.
The broad restructuring marks its latest cost-cutting effort after activist investors seeking to boost returns and address the energy transition won three seats last spring on its board. Exxon vowed to cut US$6 billion from operating costs by next year after suffering a historic US$22.4 billion loss in 2020.
The changes were first considered around 2017, Exxon Senior Vice President Jack P. Williams told Reuters. Around that time, Exxon combined its fuels and lubricants division with supply and refining.
"It's an evolution," said Williams. "We have been working on it now for a while."
Putting its low carbon business on the same level as its two major businesses allows Exxon more flexibility to redirect investments as the company adjusts to the energy transition, Williams said. -Reuters
New York Times acquires Wordle
he New York Times Co said on Monday it had acquired Wordle, a website-only word game that has seen a recent burst in popularity, for an undisclosed price in the low seven figures.
The acquisition will help the New York Times broaden its digital content as it tries to reach the goal of 10 million subscribers by 2025.
The once-a-day online game gives a player six chances to figure out the day's secret five-letter word, using the least number of guesses.
Wordle, which was originally released in October by former Reddit software engineer Josh Wardle - will continue to be free and there will be no changes to its gameplay, the NYT said.
"Wordle will now play a part in that daily experience, giving millions more people around the world another reason to turn to The Times to meet their daily news and life needs," it said.
Games and puzzles are a key part of NYT's strategy to keep its audience engaged on its apps and websites as more readers use their mobile phones and tablets for their daily dose of news and entertainment. -Reuters
Qatar seals Boeing freighter deal
Qatar Airways handed Boeing Co a record launch order for 34 new 777X freighters and a surprise purchase of 737 MAX passenger jets on Monday, in a US$30 billion-plus package as President Joe Biden hailed the Gulf state as a major US ally.
The deal, signed at the White House during a visit to Washington by Qatar's ruling emir, boosted Boeing at a time when the US plane maker faces chronic industrial and financial constraints. The order drove Boeing shares up to close 5.1% higher.
The deal for 25 of the largest version of the MAX, the 737-10, plus 25 further options, widened the fallout from a dispute between Qatar Airways and Airbus.
The European plane maker earlier this month revoked a contract with Qatar Airways for 50 competing A321neo jets as part of a spiralling dispute that began with disagreements over the severity of flaws on long-haul A350 jets.
Qatar Airways Chief Executive Akbar Al Baker said Qatari and US aircraft and engine negotiators had "lost a lot of sleep" in the intervening two weeks to shape an alternative deal, and contrasted that with a recent plunge in relations with Airbus. -Reuters
FTC to review Microsoft's deal
The US antitrust review of Microsoft Corp's US$68.7 billion proposed acquisition of "Call of Duty" maker Activision Blizzard Inc will be handled by the Federal Trade Commission (FTC), Bloomberg News reported late on Monday, citing a person familiar with the matter.
The FTC, instead of the Justice Department, will investigate whether the takeover will harm competition, the report said.
In a bid to toughen merger guidelines, the FTC and the Justice Department had last month jointly said that industries had become increasingly concentrated and a surge in merger filings in 2020 and 2021 signalled the situation will worsen.
Days later, the FTC voted unanimously to sue to block arms maker Lockheed Martin's proposed US$4.4 billion purchase of rocket engine maker Aerojet Rocketdyne Holdings over antitrust concerns. read more
Microsoft, Activision and FTC did not immediately respond to Reuters requests for comment. -Reuters
Nomura Q3 net profit drops
Nomura Holdings Inc, Japan's biggest brokerage and investment bank, reported on Tuesday a 38.7% drop in quarterly net profit as the pandemic-era trading boom waned.
October-December profit came in at 60.3 billion yen (US$524.70 million), down from 98.4 billion yen a year earlier.
The dismal third quarter earnings reflected a slowdown in the global markets trading business, which benefited a year ago from high trading activity driven by a massive injection of cash into capital markets by the Federal Reserve.
But Nomura's investment banking unit continued to thrive, partly offsetting the trading revenue drop, thanks to global waves of merger and acquisitions (M&As).
Nomura Greentech, a recently acquired boutique M&A advisor in clean tech, helped boost Nomura's presence in the US market.
Pre-tax income for Nomura's wholesale division, which houses its trading and investment banking businesses, dropped 47% to 40.8 billion yen for the same period a year earlier. -Reuters
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