Business

Navoiyuran, Orano and Itochu to start Uzbek uranium project

Uzbekistan has signed an agreement with French and Japanese companies to initiate uranium production in the Navoi region by the end of 2025.

Türkiye signs oil exploration deal with U.S. giants

Türkiye’s state-owned Turkish Petroleum Corporation signed a joint venture agreement with U.S. oil giants Continental Resources and TransAtlantic Petroleum, Turkish Energy Minister Alparslan Bayraktar announced.

Spotify pays record $10 billion in royalties in 2024 amid industry growth and legal challenges

Spotify paid a record $10B in royalties in 2024, with 1,500+ artists earning over $1M. Despite growth, it faced legal challenges over songwriter payments, though a U.S. lawsuit was dismissed. Streaming's impact on artist revenue remains a key industry debate.

US car buyers rush to dealer lots to dodge tariff-related price hikes

Concern over impending 25% tariffs on vehicles imported from Mexico and Canada has spurred U.S. car buyers to expedite their purchases, with many racing to dealer lots to lock in current prices before any increases take effect.

BioNTech forecasts lower 2025 revenue amid Pfizer write-downs and job cuts

BioNTech forecasts a revenue decline for 2025, expecting between 1.7 billion and 2.2 billion euros, down from 2.75 billion euros last year. This drop is due to Pfizer write-downs and stable vaccination rates. BioNTech also plans significant job cuts and new hires.

Traton predicts slow growth in 2025 due to weak European demand and declining EV sales

Traton forecasts slow growth for 2025 due to weak European demand and a decline in electric vehicle sales. The company expects a sales change of -5% to +5% and focuses on improving efficiency amid global economic uncertainty and geopolitical challenges.

Deliveroo exits Hong Kong market, selling assets to Foodpanda

Deliveroo exits Hong Kong, selling assets to Foodpanda due to consistent losses and market challenges. Despite efforts to expand, Hong Kong operations made up only 5% of global transactions. The company will close remaining assets and wind up its business by April 7.

Global coffee trade stalls due to sharp price hikes

Global coffee traders and roasters say they have slashed their purchases to minimal levels, as the industry reels from a steep surge in prices that suppliers have yet to convince retail stores to accept.

Disney lays off another 200 employees in ABC and entertainment TV networks

Walt Disney has announced further job cuts, with an additional 200 employees set to be laid off across its ABC News and entertainment TV networks, according to an internal memo. The majority of these layoffs will impact the New York-based ABC News division.

Azerbaijan's President hosted energy leaders from Russia, Kazakhstan, and Uzbekistan

On March 4, President of the Republic of Azerbaijan Ilham Aliyev met with Nail Maganov, General Director of Russia’s "Tatneft," Askhat Khassenov, Chairman of the Management Board of Kazakhstan’s "KazMunayGas," and Bakhodirjon Sidikov, Chairman of the Board of Uzbekistan’s "Uzbekneftegaz."

Versace would widen Prada's reach but hit short-term profits

An acquisition of Versace by Italian luxury group Prada, opens new tab would create a company with a broader base that is more resistant to business cycles, but reviving the targeted brand could take years and hit short-term profits.

Italian court ends special administration on Armani unit over labour practices

An Italian court has lifted the special administration imposed on a unit of the Armani fashion group over concerns regarding the labour practices of its Chinese-owned subcontractors. The court ruled that the company had taken all necessary corrective measures.

Skype announces it will shut down in May

Virgin Australia and Qatar Airways Partnership Takes Off

The Australian Government has officially approved Qatar Airways Group’s acquisition of Virgin Australia's 25% minority stake.

Apple shareholders reject anti-DEI proposal at annual meeting

At its investor meeting on Tuesday, Apple shareholders overwhelmingly voted against an anti-diversity, equity, and inclusion (DEI) proposal brought forward by the conservative National Center for Public Policy Research. The proposal, one of four on the ballot, called on the tech giant to cease its D

Tesla sales in Europe plunge nearly 45% in January, ACEA reports

U.S. electric vehicle giant Tesla experienced a dramatic drop in European sales in January, with a year-on-year decline of 45.2%, according to data from the European Automobile Manufacturers' Association (ACEA).