BERLIN (Reuters) -Prosecutors in Munich have charged a former senior employee of BMW with corruption and of having defrauded the German carmaker of millions of euros, a court spokesperson said on Wednesday. The man was charged with 18 counts of commercial corruption and 33 counts of breach of trust at the expense of the carmaker,…
By Joseph White and Gilles Guillaume (Reuters) – Amazon.com Inc and Stellantis NV said Wednesday they will collaborate to develop cars and trucks with Amazon software in the dashboards, and deploy electric vans made by Stellantis on Amazon’s delivery network. The agreements expand Amazon’s efforts to get a bigger foothold in the transportation industry, and…
BEIJING (Reuters) – Walmart Inc arm Sam’s Club, responding to the furore in China over what local media said was its deliberate removal of Xinjiang-sourced products from its app, denied the move in a call with analysts and termed it “a misunderstanding”. Chinese social media users and local news outlets criticised Sam’s Club, a members…
By Devik Jain (Reuters) – U.S. stock index futures were subdued on Wednesday ahead of minutes from the Federal Reserve’s December meeting, even as big technology stocks continued to fall, with Salesforce.com declining after a brokerage downgrade. The Dow Jones Industrial Average posted an all-time closing high on Tuesday as market participants rotated into economically…
By James Davey LONDON (Reuters) -Tesco, Britain’s biggest supermarket group, outperformed its major rivals over Christmas, achieving its highest grocery market share since January 2018, industry data showed on Wednesday. Market researcher Kantar said Tesco’s grocery sales over the 12 weeks to Dec. 26 fell by 0.9% versus the same period in 2020, when several…
By Heekyong Yang and Joyce Lee SEOUL (Reuters) -Private equity giant Carlyle Group bought a 10% stake in logistics company Hyundai Glovis Co Ltd worth about 611 billion won ($510 million), Hyundai Motor Group said on Wednesday. The shares in the Hyundai Motor affiliate were sold by Hyundai Motor Group Chairman Euisun Chung and Honorary…
By Joyce Lee SEOUL (Reuters) – Samsung Electronics Co Ltd is likely to post a record fourth-quarter profit thanks to solid demand for server memory chips and higher margins in contract manufacturing, analysts’ estimates showed. Operating profit for the world’s biggest memory chip and smartphone maker likely hit 15.2 trillion won ($12.7 billion) in the…
HONG KONG (Reuters) – HSBC Holdings PLC’s China securities brokerage joint venture partner is selling most of its equity ownership, an exchange filing showed, and a source with knowledge of the matter said the bank was expected to bid for the stake. State-owned Qianhai Financial Holding, which owns 49% of HSBC Qianhai Securities, is auctioning…
LONDON (Reuters) – The optimism with which markets started the year showed signs of waning on Wednesday, with European stock indexes mixed following a weaker Asian session that saw higher U.S. Treasury yields hurt technology stocks. With investors expecting the Federal Reserve to begin hiking interest rates as early as March, U.S. Treasury yields jumped…
HONG KONG (Reuters) – Standard Chartered Plc has started operating in split teams in Hong Kong, a bank spokesperson said on Wednesday, as the Asian financial hub announced tough new restrictions after an increase in new COVID-19 cases. Critical teams of the London-headquartered bank, which has about 6,000 staff in Hong Kong, has implemented a…
