By Luc Cohen and Jody Godoy NEW YORK (Reuters) -Former Goldman Sachs banker Tim Leissner, the prosecution’s star witness in a criminal trial tied to Malaysia’s 1MDB sovereign wealth fund, admitted under cross-examination on Tuesday that he had “lied a lot” in his life. Leissner is testifying in the trial of Roger Ng, 49, who…
FRANKFURT (Reuters) – The German carmaker BMW said on Tuesday it had halted the export of cars to Russia and would stop production on the ground there. The company also said it expected production would be interrupted because of supply bottlenecks. “Due to the current geopolitical situation, we are discontinuing our local production in Russia…
By Jessica DiNapoli (Reuters) – Get ready for the $10 tube of toothpaste. Colgate-Palmolive Co CEO Noel Wallace said last week at an industry conference that the household goods maker sees its new Optic White Pro Series toothpaste as the type of premium product “vital” to its ability to raise prices, which will help drive…
By Luc Cohen NEW YORK (Reuters) – Two former Goldman Sachs bankers sought advice from a feng shui master in 2016 on how to handle a U.S. investigation into the looting of funds from Malaysia’s 1MDB sovereign wealth fund, one of the bankers, Tim Leissner, testified on Tuesday. Leissner is the prosecutors’ star witness at…
By Jonathan Cable and Leika Kihara LONDON/TOKYO (Reuters) – Factories around the world sustained a brisk recovery in February amid signs the Omicron coronavirus variant was having less of an impact, but the Ukraine crisis has rapidly emerged as a risk to supply chains and is likely to exacerbate cost pressures. Strong international sanctions against…
By Simon Jessop and Ross Kerber LONDON/NEW YORK (Reuters) -MSCI Inc, which ranks companies and countries on their environmental, social and governance (ESG) performance, said on Tuesday it downgraded Russia and Belarus in response to Moscow’s invasion of Ukraine. The move could add to pressure on western asset managers to move away from Russian stocks…
FRANKFURT, Germany (AP) — The International Energy Agency’s 31 member countries agreed Tuesday to release 60 million barrels of oil from their strategic reserves — half of that from the United States — “to send a strong message to oil markets” that supplies won’t fall short after the Russian invasion of Ukraine. The board of…
By Alex Lawler and Ahmad Ghaddar LONDON (Reuters) -Saudi Arabia on Tuesday reaffirmed its commitment to an OPEC+ agreement with Russia in the oil markets despite widening sanctions on Moscow and global outrage over its military assault on Ukraine. The Organization of the Petroleum Exporting Countries and its allies led by Russia – a…
Domino’s Pizza CEO Ritch Allison announced his retirement Tuesday, the same day the company announced weaker-than-expected fourth-quarter earnings. Allison, 55, who has served as CEO since 2018, said he will step down at the end of April but remain in an advisory capacity through mid-July. He will be replaced by Russell Weiner, 53, who is…
LISBON, Portugal (AP) — A large cargo vessel carrying cars from Germany to the United States sank Tuesday in the mid-Atlantic, 13 days after a fire broke out on board, the ship’s manager and the Portuguese navy said. The Felicity Ace sank about 400 kilometers (250 miles) off Portugal’s Azores Islands as it was being…
