ROME (Reuters) – Giorgio Bruno, who was the designated new CEO of Italian tyremaker Pirelli, is leaving the company, shareholder Camfin said on Tuesday, confirming earlier press reports. Camfin, the holding company of Pirelli’s longtime CEO Marco Tronchetti Provera, said it would instead propose the appointment of Andrea Casaluci as chief executive. Camfin also said…
By Libby George LONDON (Reuters) – Cautious optimism in the developing world that wealthier countries and China had finally fixed the tortuous process of sovereign debt restructurings is fizzling again. Debt crisis veterans gave a weary thumbs up in April to plans to galvanize the G20-led “Common Framework” – a platform supposed to speed up…
By Noah Browning LONDON (Reuters) -Oil prices rose on Tuesday after China cut benchmark lending rates in a potential boost to growth but oil demand was seen rising less than expected this year, in a mixed picture for consumption by the world’s largest crude importer. Brent crude was up 69 cents, or 0.9%, at $76.78…
(Reuters) – Civitas Resources said on Tuesday it would acquire oil and gas operations in the Permian Basin from private equity firm NGP Energy Capital Management for $4.7 billion, expanding its operations into the lucrative shale patch. Under the terms of the transactions, Civitas has agreed to purchase a portion of Tap Rock’s Delaware Basin…
BEIRUT (Reuters) – Former Nissan chairman Carlos Ghosn has sued the company for more than $1 billion in a lawsuit filed to Lebanon’s public prosecutor last month, according to a copy of the lawsuit seen by Reuters. The May 18 lawsuit accuses Nissan along with two other companies and 12 named individuals of crimes including…
By Blake Brittain (Reuters) – Alphabet’s Google on Friday sued a Los Angeles man and his companies in San Jose, California federal court, claiming he created hundreds of fake business listings on its platforms and sold them to real businesses to lure in unsuspecting customers. Fake reviews have been a recurring problem on internet commerce…
MILAN (Reuters) – Carmaker Stellantis and iPhone assembler Foxconn have created a 50-50 joint venture to design and sell semiconductors for the automotive industry from 2026. The joint venture, called SiliconAuto, will supply Stellantis, including its new ‘STLA Brain’ electronic and software architecture, Foxconn and other customers, the two companies said in a statement. “SiliconAuto…
By Tim Hepher, Joanna Plucinska and Aditi Shah PARIS/DELHI (Reuters) -Europe’s Airbus secured a historic deal on Monday involving the most jets ever bought by a single airline, with an order for 500 narrowbody jets from Indian budget carrier IndiGo on the opening day of the Paris Airshow. The multibillion-dollar deal eclipses Air India’s combined…
(Reuters) – Singapore-based Grab Holdings is preparing its biggest round of layoffs since the pandemic, Bloomberg News reported on Tuesday, citing people familiar with the matter. The reductions are set to be announced as soon as this week and are likely to surpass a 2020 round that shrank staff by 5%, or about 360 employees,…
(Reuters) -Indian Prime Minister Narendra Modi has said that India’s stance on Russia in the Ukraine conflict has not faced widespread criticism in the United States. Asked in an interview with the Wall Street Journal about critical comments in the U.S. for not taking a more forceful stance against Russia’s invasion of Ukraine, Modi said:…
