Alphabet, Google’s parent company, reported its second quarterly results, posting both higher revenue and profits than expected. Even with massive EU fine, Google keeps minting money.
Growing demand for its exchange traded funds helped BlackRock pull in $104bn of new client money in the second quarter, taking the pool of cash run by the world’s largest asset manager to a total of $5.68tn. The company’s second-quarter earnings had risen 9 percent as investors continued to pour money into the company’s expanding fleet of exchange traded funds.
While innovation flows freely in every industry, from time to time the media latches onto a particular tech wave or flavour. Flavours of the week have gone by with the seasons, from FinTech to LegalTech. But one of the most lucrative and untapped markets is in what we put into our stomachs: FoodTech.
Online retail giant Amazon is buying Whole Foods (WFM) in a $13.7 billion deal that marks its biggest push into traditional retailing yet. Amazon, which has long eyed the grocery business, will buy the upmarket supermarket for $42 a share.
After eclipsing General Motors (GM) to become the most valuable car company in the US, Tesla is ready to strike while the iron is hot by announcing the future release of convertible sport cars and electric trucks. The new vehicles will be launched within two years. The company expects to deliver 47,000 to 50,000 Model S and Model X vehicles combined in the first half of 2017. But Tesla still has some way to go to becoming the world’s biggest carmaker. The Japanese carmaker Toyota is currently leading the race with a stock market value of over $170bn.
Standard Life has struck a deal to acquire rival Aberdeen Asset Management for £3.8bn, creating the UK’s largest asset manager. The two companies confirmed this Monday morning the all-share deal which marks a further step in Standard Life’s evolution from a traditional insurer into an investment powerhouse. After the deal, the combined group would be Europe’s second-largest fund manager with £660bn in assets under management. Both firms combined their strengths to create a world class investment company.
Vodafone has merged its Indian business with Idea Cellular, India's third-largest network, to create the country's largest operator. The combined company will have almost 400 million customers, accounting for 35% of the market share. The deal involves consolidation of businesses, transfer of shares, appointing officials and synergising operations.