Industry

Billionaire Lakshmi Mittal-controlled ArcelorMittal is selling three of its US steel operations to Black Diamond Capital Management. As part of the sale deal, ArcelorMittal will offload three units at LaPlace in Louisiana, Harriman in Tennessee and El Paso in Texas. Both companies denied to provide terms of the deal.

Hawaii lawmakers are seeking to pass the bill on ivory trade ban. Thousands of African elephants and rhinoceros are being slaughtered because of their tusks and horns. Smugglers see Hawaii as their gateway to Asia to market illegal ivory and if left unregulated, the state would become the largest illegal ivory market.

Marijuana entrepreneurship is almost in every parts of the world, legal or illegal, for leisure or for medical purposes. Others see it as helpful but others see it as deadly. Pot is hot and the booming business seems to be unstoppable as other states began to legalize it.

Volkswagen and Porsche identified a potential problem in their Cayenne and Touareg model from 2011 to 2016 and are calling back 800,000 SUVs to undergo a service to address the issue. The companies said this is a precautionary move, as a U.S. judge demanded that the companies come up with a plan immediately.

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Starbucks is joining the war against food waste as they pledge to give all of their unsold food to charity. They will work with Food Donation Connection and Feeding America who will distribute the food in their behalf.

Brexit is expected to impact Britain's economy in a more negative way. If UK gets out of European Union (EU), it would generate $700 million (GBP 500million) gas and power bills additionally per annum. Energy Secretary Amber Rudd has cautioned that Britain's energy security at risk in the wake of Brexit.

PetroChina has announced its earnings, forecasts and future planning for cutting down production on Wednesday in Hong Kong. Around 67% decrease in net profit and 12-year low oil price has apparently prompted the oil and gas company to reduce output by 2.7%.

Markets of iron ore and gas have been hit hard due to over supply and decreasing demand and Japanese trading house Mitsui & Co. also follow trait. The Japanese trading house is going to embrace loss for the first time since its establishment in current form in 1947.

Toscana Energy said that Anand Ramnath has been named as chief financial officer with effect from March 18, 2016. Ramnath, with more than 19 years of experience in financing and accounting, has been the acting chief financial officer of Toscana from July 31, 2015.

After the killing of David Byrne in a shootout at Dublin's Regency Hotel, it's reeling under severe pressure as losses amounted to €217,000. Regency Hotel has applied for indemnity to its insuring company Aviva for over €217,000.

Stocks in the Asian market faced a steep decline for the second day following the drop in oil to less than $40 per barrel. In addition to the oil price drop, investors were curious about the US financial policy.

State-run media broadcasts indicated that the Chinese government is turning against the country’s most successful e-commerce company Alibaba. However, the company didn’t seem to take much damage from the reports in terms of sales and shares.

Contrary to a notion that oil rout is impacting everyone in the industry, there are few bosses at energy companies making more money based on their performance. Few top managers are excelling in meeting targets and getting hefty paychecks.

CEO Tidjane Thiam determine to pursue further restructuring in Credit Suisse. The Swiss bank will cut more 2,000 jobs and cut more of its business.