Business

Meta Platforms shares rise as Facebook rebrands to focus on metaverse

Shares of Meta Platforms Inc (FB.O) rose marginally in premarket trading on Friday after social media giant Facebook rebranded itself to build the “metaverse”, a shared virtual environment. Chief Executive Officer Mark Zuckerberg said on Thursday the new name reflects the company’s work invested in the metaverse, rather than its namesake social media service, which […]

Business

After Facebook change, Big Tech’s FAANG considers toothless MAANG

MAANG? MANGA? Or MAMATA? Facebook’s (FB.O) rebranding to Meta Platforms has launched a search for a new name for the high-flying FAANG group that also includes Apple (AAPL.O), Amazon.com (AMZN.O), Netflix (NFLX.O) and Alphabet (GOOGL.O). Facebook on Thursday announced it is now called Meta Platforms as the social media company shifts to building the ambitious […]

Business

Canada economy seen weaker than expected as supply chain woes weigh

The Canadian economy most likely underperformed expectations in the third quarter amid ongoing supply chain woes and a brutal drought, official data suggested on Friday, prompting analysts to forecast the Bank of Canada could move slower on rate hikes. The economy expanded by 0.4% in August, missing estimates, and looked set to show no growth […]

Business

Exchange operator Cboe’s 3rd-qtr profit boosted by VIX franchise

Exchange operator Cboe Global Markets Inc (CBOE.Z)on Friday said its third-quarter profit jumped 9%, driven by higher trading levels across nearly all of its segments, notably in index options and volatility products. Cboe, which provides trading platforms and products in equities, derivatives and foreign exchange across North America, Europe and Asia Pacific, last week said […]

Business

Eni stepping up spinoff plans to fund energy transition

Italian energy group Eni (ENI.MI) is stepping up its plans to spin off parts of its business to raise the cash needed to help fund its transition away from oil and reward shareholders. Under Chief Executive Claudio Descalzi Eni has launched one of the industry’s most ambitious clean-up strategies, pledging carbon neutrality by 2050 and […]

Business

Bondholder group becomes top shareholder in French fashion company SMCP

A group of bondholders including asset manager BlackRock and an affiliate of private equity firm Carlyle has become the top shareholder in French fashion company SMCP (SMCP.PA), taking on a 29% equity stake it now wants to sell. The ownership of SMCP, whose brands include Sandro and Maje, has been the subject of speculation after […]

Business

Amazon discloses 20% stake in EV maker Rivian

Amazon.com Inc (AMZN.O), an early backer of Rivian Automotive, now owns about a fifth of the electric-truck maker, the e-commerce giant disclosed in a quarterly filing on Friday. Ford Motor Co (F.N), which has a strategic relationship with Rivian, removed a representative from the startup’s board earlier this month. At the end of the third […]