By Uday Sampath Kumar and Deborah Mary Sophia (Reuters) – Mattel Inc beat Wall Street estimates for quarterly sales on Wednesday, extending a strong run since the pandemic, as retailers restocked the toymaker’s Barbie and Hot Wheels brands following inventory shortfalls over the holiday season. Shipping delays, factory shutdowns and related supply chain snarls had…
By Jody Godoy (Reuters) -Archegos Capital Management founder Bill Hwang on Wednesday pleaded not guilty to charges of fraud and other financial crimes over the meltdown of his New York family office which left banks with roughly $10 billion in losses. Hwang entered the plea at an initial appearance in Manhattan federal court on Wednesday…
By Uday Sampath Kumar and Hilary Russ (Reuters) – McDonald’s is poised to take a bigger financial hit from the war in Ukraine and shuttered locations in Russia than any other major global restaurant chain, with investors watching on Thursday when it reports first quarter earnings to see how much the company stands to lose….
BUDAPEST (Reuters) – Hungary’s OTP Bank, Central Europe’s largest independent lender, is under pressure from the government of Ukraine, where the bank is also present, to sell its Russian unit, Chief Executive Sandor Csanyi said on Wednesday. Earlier this month Csanyi said the bank would sell its Russian operation if there was a buyer, adding…
SAO PAULO (Reuters) – Heineken NV’s Brazilian arm is set to invest 1.8 billion reais ($360.73 million) in a new production facility in Minas Gerais state in southeast Brazil, the company said on Wednesday. The new brewery, located in the small city of Passos, is scheduled to start operations by 2025 and will employ 350…
BOSTON (AP) — Cyberattacks by state-backed Russian hackers have destroyed data across dozens of organizations in Ukraine and produced “a chaotic information environment,” Microsoft says in a report released Wednesday. Nearly half the destructive attacks were against critical infrastructure, many times simultaneous to physical attacks, the report notes. A top Ukrainian cybersecurity official, Victor Zhora,…
By Jody Godoy (Reuters) -U.S. authorities on Wednesday charged Archegos Capital Management owner Bill Hwang with racketeering, fraud and market manipulation over the meltdown of his New York family office which left global banks nursing roughly $10 billion in losses. Archegos, which had $36 billion in assets, collapsed last year after defaulting on margin calls…
By Tom Hals (Reuters) -A U.S. judge slammed Elon Musk on Wednesday for trying escape a settlement with regulators requiring oversight of his Telsa Inc tweets, saying the billionaire was “bemoaning” the 2018 deal now that he felt Tesla was “invincible.” The ruling comes a day after the Twitter Inc board accepted Musk’s $44 billion…
VATICAN CITY (AP) — The former director of the Vatican’s financial watchdog agency testified Wednesday that Pope Francis asked him to help the Vatican secretariat of state get full control of a London property, once again putting the pope and his top deputies in the spotlight for their roles in the problematic deal. Tommaso Di…
DETROIT (AP) — A federal judge has rejected Elon Musk’s bid to throw out a securities fraud settlement over tweets claiming that Musk had the funding to take Tesla private in 2018. Judge Lewis Liman on Wednesday also denied a motion to nullify a subpoena of Musk seeking information about possible violations of his settlement…
