BERLIN/FRANKFURT (Reuters) -Bayer bowed to investor pressure on Wednesday and named Bill Anderson, most recently head of Roche’s pharmaceuticals business, to take over from Werner Baumann as its CEO in June. Anderson’s appointment, which takes effect from June 1, comes after mounting shareholder pressure to remove Baumann, who engineered Bayer’s troubled Monsanto takeover, and install…
(Reuters) – Societe Generale, France’s third biggest bank, has been drawn into a probe by the U.S. securities regulator on whether its staff had used unauthorized messaging platforms, according to the lender’s annual report released on Wednesday. The U.S. Securities and Exchange Commission (SEC) sought information from SocGen’s U.S. unit related to “compliance with record-keeping…
By Svea Herbst-Bayliss NEW YORK (Reuters) – Ancora Group Holdings, a key shareholder in U.S. auto retailer IAA, has accumulated a 0.5% stake in Canada’s Ritchie Bros Auctioneers and is publicly challenging investors who oppose their planned merger, according to documents seen by Reuters. Activist investor Ancora, which has successfully pushed for change at companies…
By Howard Schneider WASHINGTON (Reuters) – The strong January job gains of half a million new positions coupled with moderating wage growth has increased hopes for a “soft landing” as the Fed continues with interest rate increases but the labor market powers ahead, Federal Reserve Gov. Lisa Cook said on Wednesday. Cook said the Fed…
By Jonathan Stempel (Reuters) – A federal judge in Chicago has dismissed a proposed class action lawsuit accusing Walmart Inc of deceiving shoppers by selling Fudge Mint cookies that lacked fudge and mint. Eugene DeMaso, of La Salle, Illinois, said packaging for the cookies sold under Walmart’s Great Value label misled reasonable consumers because the…
(Reuters) – Uber Technologies Inc said on Wednesday it would focus on delivering profits this year, after rounding off 2022 with blowout earnings as a surge in demand for airport and office rides helped the company rebound from pandemic lows. Uber’s shares surged nearly 8% in premarket trading after the company reported a surprise fourth-quarter…
JAKARTA (Reuters) – Two lessors have filed applications in a Jakarta court in a bid to cancel flag carrier Garuda Indonesia’s restructuring deal, a court website showed. Garuda reached an agreement with its creditors, which include lessors and Islamic bond investors, last June to restructure more than $9 billion of debt. The lessors, which filed…
By Alexander Villegas and Adam Jourdan ESPINAR, Peru (Reuters) – Peru’s biggest copper mines have been able to maintain production despite road blockades, attacks and protests that have roiled the Andean nation for over two months and led to warnings of production halts, an analysis showed on Wednesday. The analysis of power usage data by…
By Mathieu Rosemain and Matthieu Protard PARIS (Reuters) – Societe Generale, France’s third biggest bank, favoured financial prudence over quick returns to shareholders as it prepared for the arrival of a new CEO in May tasked with reviving its valuation in an uncertain economic climate. SocGen said on Wednesday it hiked provisions for bad loans…
FRANKFURT (Reuters) -European Central Bank supervisors will zero in on bad loans this year after finding that some euro zone banks had set too little money aside for them or were slow in recognising the problem, the ECB said on Wednesday. Presenting its annual review of the sector, the ECB said euro zone banks generally…
