On Wednesday, in a statement French tire maker Michelin stated it plans on reducing its workforce by up to 2,300 jobs over the a period of three years as part of a restructuring process that is aimed at simplifying and… Read More ›
business
HSBC mulling exit from U.S. retail banking sector
According to a report from the Financial Times, HSBC Holdings Plc is weighing options which includes a complete exit from the U.S. retail banking market. The development comes in the wake of the bank struggling to improve its performance in… Read More ›
Zurich Insurance Group AG in advanced negotiations to acquire MetLife Inc’s car and home insurance business for $4 billion
According to sources familiar with the matter at hand, Zurich Insurance Group AG is in advanced negotiations to acquire MetLife Inc’s property and casualty (P&C) car and home insurance business for around $4 billion. Late on Friday, Zurich Insurance issued a statement… Read More ›
Buyout giant Carlyle Group Inc close to purchasing Siemen’s mechanical drive arm Flender for $2.37 billion
According to a report from Bloomberg News, U.S. buyout group Carlyle Group Inc is closing in on a deal to acquire Siemens AG’s mechanical drive arm Flender for around $2.37 billion (2 billion euros). A deal could potentially be announced later this… Read More ›
LG Chem’s battery unit’s stock market debut in the offing
On Thursday, South Korea’s LG Chem said, it plans on making its battery business as a separate business entity. The company supplies electric car batteries to Tesla Inc and General Motors. By separating its battery making business, which will be… Read More ›
Chinese regulators encouraging Asset Investment Companies to boost equity financing and debt to equity assets
In order to reduce leverage in the economy, Chinese regulators have allowed asset investment companies (AIC) to conduct asset management business to invest in debt-to-equity assets and boost equity financing in the country. Major state-owned banks including China Construction Bank… Read More ›
Egypt’s non-oil private sector collapses midst coronavirus lockdown
On Tuesday, according to the results of a survey, business activity in Egypt’s non-oil private sector collapsed in April, following the total shutdown of the tourism industry, weakening demand as well as the imposition of lockdowns in its cities as… Read More ›
Kaleem Rizvi appointed as Citigroup’s Asia Pacific head of corporate banking
According to an internal memo, Citigroup Inc named veteran banker Kaleem Rizvi as its Asia Pacific head of the corporate banking business. Rizvi, who joined Citi in Pakistan in 1996, will replace Gerald Keefe, who in February was promoted to… Read More ›
Novartis Q1 sales, core operating profit and net profit meets 2020 targets
Profits and first quarter sales of Swiss drugmaker Novartis have met their 2020 targets following sales at its generics unit continuing through the coronavirus lockdown without disruptions its business. Novartis’ core net income rose to $3.55 billion, up from $2.8… Read More ›
Disney enters into $5 billion credit agreement
In a statement, Walt Disney Co stated, it has entered into an unsecured credit agreement for $5 billion. The deal comes at a time when companies across industries are scrambling to bolster their liquidity to cope with the fallout of… Read More ›
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