By Manya Saini and Carolina Mandl (Reuters) -Shares in Morgan Stanley soared over 7% in early trading as the bank reported a smaller-than-expected 41% drop in fourth-quarter profit on Tuesday, driven by higher revenue at its wealth management division and a boost from its trading business. The bank’s performance in those sectors helped offset sluggish…
(Reuters) -Walt Disney Co defended its decision on Tuesday to deny a board seat to Nelson Peltz, saying the activist investor “lacked the skills and experience” to help the entertainment giant in its business. Last week, Peltz formally launched a battle for a board seat at Disney to rescue the company from what he called…
By Maha El Dahan and Jan Strupczewski DAVOS, Switzerland (Reuters) – The European Union responded on Tuesday to U.S. moves to boost its energy transition with plans to make life easier for the bloc’s green industry, saying it would mobilize state aid and a fund to keep firms from moving to the United States. European…
(Reuters) -U.S. industrial and software firm Emerson Electric Co on Tuesday made public its offer to buy NI Corp in a deal with an enterprise value of $7.6 billion after the automated testing equipment maker rebuffed earlier approaches. The software firm’s bid of $53 per share represents a premium of about 13% to NI’s close…
PARIS (Reuters) -The Renault group on Tuesday said sales at its flagship brand fell for a fourth consecutive year in 2022 to 1,466,729 units excluding Russia, a 9.4% decline from 2021. The French carmaker, which was hit harder than most rivals by the COVID-19 crisis and supply chain snags due to chip shortages, is in…
(Reuters) – Japan’s biggest power generator JERA signed ammonia supply memorandums of understanding (MOUs) with CF Industries of the United States and Norway’s Yara Clean Ammonia Norge AS, as it aims to co-fire ammonia to reduce emissions, it said on Tuesday. JERA plans to use a 20% ammonia fuel mix at all its coal-fired power…
By Shadia Nasralla LONDON (Reuters) -Oil prices were mixed on Tuesday after China posted its second-weakest annual economic growth in nearly half a century, though its recent shift in COVID-19 policy underpinned hopes of a recovery in fuel demand this year. Brent crude futures rose 69 cents, or 0.8%, to $85.15 a barrel by 0913…
FRANKFURT (Reuters) -China’s reopening from pandemic restrictions could drive global growth beyond expectations and help avoid a broader recession even as some of the world’s largest economies struggle to overcome a downturn, top finance officials at the World Economic Forum said. China has lifted many of the most debilitating restrictions after abruptly jettisoning its strict…
By Lananh Nguyen NEW YORK (Reuters) – Bond traders are stars again on Wall Street. Fixed income, currencies and commodities (FICC) traders bolstered bank profits last year despite dreary deal markets. And traders who have navigated renewed market volatility are set to extend their winning streak, senior bankers told Reuters. At Bank of America Corp,…
By Maki Shiraki TOKYO (Reuters) – A Nissan Motor Co board committee reviewed proposals from Renault SA on Monday and endorsed pressing ahead on final terms for a reshaped alliance with its French partner, two people with knowledge of the matter told Reuters. Renault Chief Executive Luca De Meo is scheduled to travel to Japan…
