1.MOODY’S:- Moody’s said on Thursday it has withdrawn all ratings on Russia and its rated Russian sub-sovereign entities.
The company said it had decided to withdraw the ratings for its own business reasons.
Last week, Moody’s had announced its intention to withdraw its credit ratings on the entities, following similar moves by Fitch and S&P Global Ratings.
2.TESLA : Tesla is extending a production halt at its Shanghai factory for at least one day, an internal notice seen by Reuters showed.
The Shanghai factory, located in the Pudong district east of the city’s Huangpu River, suspended production from Monday to Thursday after the city launched a two-stage lockdown to combat a surge in COVID-19 cases.
The lockdown on districts east of the river is scheduled to lift in the early hours of April 1 and the U.S. automaker initially planned to resume production that day. However, the latest notice seen by Reuters said that it now aims to do so on April 2.
Two people familiar with the matter said Tesla had yet to secure permits from Shanghai government for its trucks to deliver assembled electric cars outside of Pudong to western parts of the city.
Shanghai is set to lock down areas west of the river from the early hours of Friday morning.
The company may have also opted to extend the suspension as it may not have enough workers with lockdowns continuing on some housing compounds due to the discovery of positive COVID-19 cases, one of the people said.
3.FACEBOOK:- A U.S. judge ruled on Tuesday that a lawsuit accusing Meta Platforms Inc’s Facebook of deceiving advertisers about its “potential reach” tool can proceed as a class action.
The decision by U.S. District Judge James Donato in San Francisco allows potentially millions of individuals and businesses that paid for ads on Facebook and its photo-sharing app Instagram since Aug. 15, 2014 to sue as a group.
Meta did not immediately respond to a request for a comment.
The lawsuit began in 2018, as DZ Reserve and other advertisers accused Facebook of inflating its advertising reach, by increasing the number of potential viewers by as much as 400%, and charging artificially high premiums for ad placements.
They also said senior Facebook executives knew for years that the company’s “potential reach” metric was inflated by duplicate and fake accounts, yet did nothing about it and took steps to cover it up.
4.H&M:Sweden’s H&M on Thursday reported quarterly profits that were sharply below analysts’ expectations for the December to February period, as the impact of COVID-19, supply chain problems and investments weighed.
In its fiscal first quarter the group swung to a pretax profit of 282 million crowns ($30.5 million) from a loss of 1.39 billion a year earlier, well short of the 1.04 billion crown profit analysts polled by Refinitiv had on average forecast for the period.
The result remained far below pre-pandemic levels, with the group making a 2.50 billion crown profit in its first quarter of 2020. H&M shares were down 8% in early trade.
“Sales and profits for the quarter were impacted by the negative effects of the pandemic in many of the group’s major markets,” H&M said in a statement, citing supply chain disruptions and delays, and a new wave of COVID-19 in some markets.
“The result was also affected by increased growth-related initiatives, particularly within tech and the supply chain.”
5.SANOFI:-French healthcare group Sanofi said it had priced a first sustainability-linked bond issue that will be indexed on access to medicines, and worth 1.5 billion euros ($1.7 billion).
The company said the costs of financing would be linked to achieving concrete targets in terms of a cumulative number of patients being provided with essential medicines over the next five years.
The notes are set to be issued in two tranches of 850 million euros and 650 million euros respectively.
“We continue to make progress in our environmental, social and governance activities that are an essential part of our strategy and embedded into our business,” said Sanofi chief financial officer Jean-Baptiste de Chatillon.