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January 22, 2020
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Reuters - Business

Exclusive: Philadelphia refinery expected to be sold to real estate developer – sources

Reuters
FILE PHOTO: The Philadelphia Energy Solutions oil refinery is seen at sunset in front of the Philadelphia skyline March 24, 2014. REUTERS/David M. Parrott/File Photo NEW YORK (Reuters) – The bankrupt Philadelphia Energy Solutions is expected to sell its fire-damaged refinery site to real estate developer Hilco Redevelopment Partners, three......
Reuters - Business

Brookfield, Temasek team up for Thyssenkrupp elevator bid: sources

Reuters
FILE PHOTO: Elevators are seen at the Thyssenkrupp headquarters in Essen, Germany, November 21, 2019. REUTERS/Leon Kuegeler/File Photo FRANKFURT/DUESSELDORF, Germany (Reuters) – Canada’s Brookfield Asset Management (BAMa.TO) has teamed up with Singapore state investor Temasek Holdings [TEM.UL] in the auction for Thyssenkrupp’s prized elevator division, two people familiar with the......
Reuters - Business

First Abu Dhabi Bank to auction Al Jaber’s Dubai Shangri-La hotel: sources

Reuters
DUBAI (Reuters) – First Abu Dhabi Bank (FAB) (FAB.AD) has started an auction process for a Dubai hotel operated by Shangri-La and owned by indebted construction group Al Jaber with a starting price of 700 million dirhams ($190.59 million), two sources said. FILE PHOTO: A general view of Dubai International......
Reuters - Business

Exclusive: Nissan orders drastic spending cuts to stem profit slide and ‘conserve every yen’ – sources

Reuters
BEIJING (Reuters) – Japan’s Nissan Motor Co has told its managers to slash non-essential spending as the automaker grapples with slumping car sales and tumbling profits, three company sources with knowledge of the matter told Reuters. FILE PHOTO: The logo of Nissan Motor Co. is seen at its show room......
Reuters - Business

Nissan top executive Seki to resign in blow to turnaround plan

Reuters
YOKOHAMA, Japan (Reuters) – The executive tasked with leading a recovery at Nissan Motor Co Ltd said he had decided to resign just weeks into his new job, a move that could disrupt the automaker’s push to turn the corner on scandal and slumping sales. FILE PHOTO: Nissan Motor executive......
Reuters - Business

New Boeing CEO Calhoun is hardened corporate crisis manager

Reuters
(Reuters) – Beleaguered Boeing Co (BA.N) is putting its future in the hands of a turnaround veteran who has led several companies in crisis, cut his teeth at engine maker General Electric Co (GE.N) and has spent a decade on the board of the world’s largest planemaker. Newly appointed Chief......
Reuters - Business

PG&E creditors offer California wildfire victims $13.5 billion in cash upfront

Reuters
(Reuters) – PG&E Corp’s (PCG.N) creditors have sweetened their offer to California wildfire victims, saying they are now prepared to pay $13.5 billion in cash upfront, according to a letter sent on Friday to state governor Gavin Newsom. FILE PHOTO: Employees of Pacific Gas & Electric (PG&E) work in the......
Reuters - Business

Volkswagen brand to post record profit on SUVs, cost cuts: executive

Reuters
FILE PHOTO: Volkswagen sign is seen during the annual earnings news conference of VW in Berlin in Berlin, Germany, March 13, 2018. REUTERS/Hannibal Hanschke WOLFSBURG, Germany (Reuters) – Volkswagen’s (VOWG_p.DE) namesake core brand is on track to post a record operating profit this year thanks to cost savings and its......
Reuters - Business

U.S. judge approves PG&E deal with California wildfire victims; stock jumps

Reuters
(Reuters) – A U.S. bankruptcy judge approved on Tuesday PG&E Corp’s (PCG.N) $13.5 billion settlement with victims of Californian wildfires, and the company’s stock rallied as the utility gained momentum to emerge from bankruptcy in June as planned. FILE PHOTO: Employees of Pacific Gas & Electric (PG&E) work in the......
Reuters - Business

U.S. judge encourages PG&E deal with California wildfire victims; stock jumps

Reuters
WILMINGTON, Del (Reuters) – Utility PG&E Corp’s $13.5 billion settlement with victims of California wildfires got some encouraging words from a U.S. bankruptcy judge on Tuesday, and the company’s stock rallied as it gained momentum to emerge from bankruptcy in June as planned. FILE PHOTO: Employees of Pacific Gas &......
Reuters - Business

Sacklers withdrew over $10 billion in a decade from Purdue Pharma: NYT

Reuters
FILE PHOTO: Bottles of prescription painkiller OxyContin made by Purdue Pharma LP sit on a shelf at a local pharmacy in Provo, Utah, U.S., April 25, 2017. REUTERS/George Frey (Reuters) – The Sackler family – owners of Purdue Pharma – transferred more than $10 billion in a decade from the......
Reuters - Business

Electrolux’s shares skid after it warns of extra U.S. costs and savings delays

Reuters
STOCKHOLM (Reuters) – Shares in Electrolux (ELUXb.ST) plunged 12% on Monday after the appliance maker warned of a bigger than expected hit to fourth-quarter earnings at its North American business, and slashed its savings forecast for 2020 from its investment program. FILE PHOTO: The Electrolux logo is seen during the......
Reuters - Business

Electrolux sees extra U.S. costs hitting fourth quarter earnings

Reuters
FILE PHOTO: Interiors of Electrolux R&D facility are pictured at their plant in Pordenone, Italy, March 27, 2019. REUTERS/ Giulio Piovaccari/File Photo STOCKHOLM (Reuters) – Appliance maker Electrolux AB (ELUXb.ST) said on Sunday its North American business would take a higher than forecast $70 million earnings hit in the fourth......
Reuters - Business

Electrolux to incur $70 million charge for U.S. overhaul

Reuters
FILE PHOTO: Interiors of Electrolux R&D facility are pictured at their plant in Pordenone, Italy, March 27, 2019. REUTERS/ Giulio Piovaccari/File Photo (Reuters) – Swedish appliance maker Electrolux AB (ELUXb.ST) on Sunday said its North American business will incur costs of about $70 million in fourth quarter as part of......
Reuters - Business

California governor rejects PG&E bankruptcy reorganization plan

Reuters
FILE PHOTO: California governor Gavin Newsom speaks at a news conference in San Diego, California, U.S. October 9, 2019. REUTERS/ Mike Blake (Reuters) – California Governor Gavin Newsom on Friday rejected the bankruptcy reorganization plan submitted by PG&E Corp (PCG.N), the state’s largest investor-owned utility, saying the proposal fails to......
Reuters - Business

California governor to decide on PG&E bankruptcy plan

Reuters
(Reuters) – California Governor Gavin Newsom was expected to decide late on Friday whether a bankruptcy reorganization plan submitted by PG&E Corp (PCG.N), the state’s largest investor-owned utility company, complies with a recently enacted state wildfire law. FILE PHOTO: California governor Gavin Newsom speaks at a news conference in San......
Reuters - Business

California power producer PG&E files amended reorganization plan

Reuters
FILE PHOTO: Employees of Pacific Gas & Electric (PG&E) work in the aftermath of the Camp Fire in Paradise, California, U.S., November 14, 2018. REUTERS/Terray Sylvester/File Photo (Reuters) – California’s power producer PG&E Corp (PCG.N) said late on Thursday that it has filed for an amended reorganization plan, adding that......
Reuters - Business

Thyssenkrupp elevator boss says German sites need to be optimized

Reuters
FILE PHOTO: The logo of Thyssenkrupp is seen near elevators in its headquarters in Essen, Germany, November 21, 2019. REUTERS/Leon Kuegeler/File Photo FRANKFURT (Reuters) – The German factories operated by Thyssenkrupp’s elevator division need to be optimized, the unit’s chief executive said, adding talks with labor representatives have already started.......
Reuters - Business

Deutsche paints gloomy picture at investor gathering

Reuters
FRANKFURT (Reuters) – Deutsche Bank (DBKGn.DE) pared back its revenue growth target on Tuesday, highlighting the tough task facing Germany’s biggest lender to revive its fortunes against a gloomy economic backdrop. Deutsche’s management gave a presentation to investors on its restructuring which aims to shift the bank away from Wall......
Reuters - Business

States fight bonus pay for CEO of OxyContin maker Purdue

Reuters
(Reuters) – The chief executive officer of OxyContin-maker Purdue Pharma LP should not collect a potential $1.3 million bonus when he has been accused of contributing to the opioid epidemic, a group of state attorneys general said in a court filing on Monday. FILE PHOTO: Bottles of prescription painkiller OxyContin......

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