By Byron Kaye and Scott Murdoch SYDNEY (Reuters) -Australia on Friday withdrew a cartel lawsuit against Citigroup Inc, Deutsche Bank AG and several former executives over a $1.8 billion share issue, a stunning retreat from what would have been the country’s biggest white-collar criminal trial. After nearly four years of pre-trial hearings in packed courtrooms,…
By Anshuman Daga SINGAPORE (Reuters) -Activist investor Quarz Capital Management said it is opposed to the terms of a proposed S$4.2 billion ($3.1 billion) merger of two Temasek-linked Singapore real estate investment trusts, saying the target firm was significantly undervalued. It is urging Mapletree North Asia Commercial Trust (MNACT) to negotiate an improved offer from…
(Reuters) – Members of the billionaire Sackler family that owns Purdue Pharma are weighing whether to add $1 billion to the OxyContin-maker’s faltering opioid settlement bid in an effort to win over holdouts, Bloomberg News reported on Thursday. The addition would bring the family’s total contribution to $5.325 billion to get a handful of U.S….
SHANGHAI (Reuters) – U.S. electric carmaker Tesla plans to place its China design centre in Beijing, a government document issued by the Chinese capital said. Tesla said in 2020 it planned to open such a centre in the country to make “Chinese-style” vehicles but has not said where it would be. Last year, Reuters reported…
By Emily Chow BEIJING (Reuters) – Oil prices eased early on Friday as hot U.S. inflation fanned worries about aggressive interest rate hikes and as investors await the outcome of U.S.-Iran talks that could lead to increased global crude supply. Brent crude futures fell 40 cents, or 0.4%, to $91.01 a barrel at 0140 GMT,…
By Paul Lienert DETROIT (Reuters) – Ford Motor Co is stepping up plans to extensively electrify its Lincoln brand in North America, as it prepares to introduce at least five new battery-powered Lincoln sport utility vehicles through 2026, three people familiar with the plans told Reuters. Included are battery-electric models that will replace or supplement…
Sting is selling his music catalog, including hits he made with the Police and as a solo artist, joining a chorus of stars who are cashing in with investors who see value in licensing their songs. Universal said Thursday that its music-publishing arm bought the catalog, including “Every Breath You Take,” “Roxanne” and “Fields of…
(Reuters) – Insurance Australia Group beat profit and dividend estimates on Friday for the first half, even as higher claims tied to natural disasters, including severe storms and hail last October, led to a 62% drop in cash earnings. The news sent the company’s shares up 4% to A$4.74, their highest in more than two…
By Wayne Cole SYDNEY (Reuters) -Australia’s top central banker is confident the economy will recover strongly from any weakness caused by a recent surge in coronavirus cases, but sees risks in moving too early to raise interest rates. Speaking on Friday before a parliamentary economics committee, Reserve Bank of Australia (RBA) Governor Philip Lowe said…
By Carlos Osorio and David Shepardson WINDSOR/WASHINGTON (Reuters) -A Canadian mayor said on Thursday his city was seeking a court order to remove anti-coronavirus mandate protesters who have blocked a vital U.S.-Canada trade route and forced automakers in both countries to reduce operations. The closure of the Ambassador Bridge, one of the busiest border crossings…
