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HomeNewsGlobal NewsGlobal Market Watch: Logitech Faces Shake-Up: CFO Exit Rocks World Street Amidst...

Global Market Watch: Logitech Faces Shake-Up: CFO Exit Rocks World Street Amidst Corporate Reshuffling.

Global Market Watch

From Reddit’s strong IPO response to Talos Energy’s asset sale and TotalEnergies to US Steel’s demand stress and Fiskas’ plans to raise money for its electric vehicle (EV) business, here are some of the most important news stories from around the world.

The chief financial officer of Logitech is leaving, there is a lot of interest in Reddit’s initial public offering, Almarai, a dairy company in the Middle East, has big investment plans, and Talos, an oil and gas producer, sells assets to TotalEnergies. All of this and more can be found on World Street.

Leaving behind

When Charles Boynton, the Chief Financial Officer (CFO) of Swiss computer products company Logitech, quit just a year after starting the job, investors were shocked.

Logitech stock dropped after the news came out. The company said that his leaving would create a chance and that the name of his replacement would be released at a later time.

A big deal


It is planned that US oil and gas company Talos Energy will sell its carbon capture and recycling unit to the French company TotalEnergies for about $148 million.

Its three projects on the US Gulf Coast are part of the sale. The money from the sale will be used by Tarlos to pay back loans from its credit facility and for other business reasons.

Game of Fame

Reuters reported that the initial public offering for the social media site Reddit is four to five times overloaded at this point. It’s possibly worth $6.5 billion, based on the large number of subscriptions.

The story said that the oversubscription doesn’t mean the stock will do well, but it does mean that the company should be able to at least reach its price range of $31-34 a share when it prices the IPO in New York on March 20.

Raise money

US electric car company Fisker said it would stop making things for six weeks. Due to a lack of cash, the company missed an interest payment and needs to raise up to $150 million by selling convertible notes.

Put pressure on

US Steel expects its first-quarter revenues to be lower than expected. It says this is because demand in its tube business is weak.

The company’s tube business makes steel casing and tubing, line pipes, and mechanical tubing. It mostly sells this stuff to people in the oil, gas, and chemicals industries.

Putting out billions

Almarai, the biggest dairy company in the Middle East, plans to spend more than 18 billion riyals ($4.8 billion) on new investments until 2028. The goal is to boost growth and improve other areas, such as food security and supply chain skills.

Over 16 percent of the dairy company is owned by the Public Investment Fund, which is Saudi Arabia’s national wealth fund. It does this through one of its subsidiaries.

My best read on trading is this Book GGlobal Market Watchlobal Market Watch Global Market Watch Global Market Watch

Petrobras (NYSE:PBR) shares fell 13% after the firm reported a smaller-than-expected net profit and fewer shareholder distributions, suggesting its dividends may stop. The board authorized Q4 dividends of 1.10 reais per share, totaling 14.2B reais ($2.9B), with no special payments for the year. Analysts predicted $3.7B dividends and $3B special dividends. Petrobras CEO Jean Paul Prates said rising investment on wind, solar, and biofuel programs made him more cautious about payouts.

Petrobras (NYSE:PBR) shares fell 13% after the firm reported a smaller-than-expected net profit and fewer shareholder distributions, suggesting its dividends may stop. The board authorized Q4 dividends of 1.10 reais per share, totaling 14.2B reais ($2.9B), with no special payments for the year. Analysts predicted $3.7B dividends and $3B special dividends. Petrobras CEO Jean Paul Prates said rising investment on wind, solar, and biofuel programs made him more cautious about payouts.

WGovernment aid and bailouts for the struggling Chinese real estate market are unlikely. Chinese officials have said individuals who damage the public would be punished. “Real estate companies that are seriously insolvent and have lost the ability to operate should go bankrupt or be restructured, per the law and market principles,” stated the Chinese housing and urban-rural development minister.all Street Roundup Wall Street Roundup

Estancia Capital Partners LP is buying a minority stake in UK Savings Fintech Flagstone, a cash deposit platform, to boost its savings services. Flagstone said the private equity firm’s £108 million ($139 million) investment will help it consolidate and expand domestically and internationally.

This investment will also reward Flagstone’s investors. The sale did not reveal Estancia’s interest in the Arizona firm.

Wall Street Update

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