Author: TI Editor
(Bloomberg) — Brazil’s Raizen SA has begun to explore the sale of its oil refinery and network of gas stations in Argentina, according to people familiar with the matter. Raizen, a joint venture between oil supermajor Shell Plc and Brazilian conglomerate Cosan SA, has hired JPMorgan Chase & Co. to manage the sale, said the people, who asked not to be named discussing private matters. Press offices for Raizen and JPMorgan declined to comment. The energy firm’s potential departure from Argentina would add to a growing list of multinational firms, including Exxon Mobil, HSBC Holdings Plc and Mercedes-Benz, that have…
(Bloomberg) — Move from New York to Dallas or Salt Lake City. Leave London behind. At Goldman Sachs Group Inc., some staffers will be getting a choice — and for many, not a welcome one. The bank is trying to send more managers to locales outside its main hubs in an initiative dubbed informally by some as “Project Voyage,” according to people familiar with the matter. The message may come as part request, part ultimatum: We need you somewhere else, and it’s not here. The push aims to drive down costs and tap a pipeline of talent emerging in these…
(Bloomberg) — Kroger Co.’s interim leader urged employees to forge ahead following an abrupt exit of his predecessor, according to a recording of an internal meeting viewed by Bloomberg News. “With your help, I aim to move forward. We got a lot to do. We gotta get there with direction. And I think we gotta get there with speed,” Ron Sargent told staff Thursday after the company reported its quarterly earnings. Kroger said Monday that long-tenured Chief Executive Officer Rodney McMullen resigned following the board’s investigation into his personal conduct without specifying what it found. The company said Sargent,…
(Bloomberg) — Hewlett Packard Enterprise Co. gave an annual profit outlook that fell short of investor expectations and announced plans to eliminate about 3,000 positions. The shares dropped in extended trading. Earnings, excluding some items, will be $1.70 to $1.90 per share in the fiscal year ending in October 2025, HPE said in a statement Thursday. Analysts, on average, estimated $2.12 a share. In the current quarter ending in April, sales will be $7.2 billion to $7.6 billion, compared with an average projection of $7.94 billion. The lower profitability is due largely to issues in HPE’s closely watched server unit,…
(Bloomberg) — New Zealand Finance Minister Nicola Willis said she is taking advice on how to compel the central bank to loosen bank capital rules. Her comments, first reported by the New Zealand Herald and confirmed by her office Friday in Wellington, follow the surprise resignation of Reserve Bank Governor Adrian Orr earlier this week. Orr championed the capital rules. Willis said she was taking advice on the amount of capital banks hold “as it’s something that I believe could make a difference to the productivity and growth of the New Zealand economy, and therefore to New Zealanders’ incomes.” “My…
March 6 (Reuters) – Apparel retailer Gap forecast annual and first-quarter sales below estimates on Thursday, joining a growing number of companies that expect subdued consumer spending amid rising inflationary woes. Consumers are reining in spending on non-essentials such as apparel and accessories to prioritize necessities like groceries, as high interest rates and rising costs of living have been forcing households to tighten their belts. Gap expects net sales growth for fiscal 2025 to be between 1% and 2%. The midpoint of this range is slightly below the 1.7% rise analysts estimated, according to data compiled by LSEG. The company’s…
(Bloomberg) — The cockpit voice recorder on a medevac plane that crashed in Philadelphia earlier this year contained no data from the fatal flight and likely hadn’t been capturing audio “for several years,” the National Transportation Safety Board said in a preliminary report on Thursday. The Learjet 55 operated by Jet Rescue Air Ambulance crashed on Jan. 31, killing all six people on board and one person on the ground while injuring several others. It’s unclear why the plane’s cockpit voice recorder — a device commonly known as a “black box” — had not been operating, and the NTSB’s report…
(Bloomberg) — The Republican-led House Judiciary Committee subpoenaed Alphabet Inc. and its CEO Sundar Pichai as part of its ongoing investigation into the biggest tech companies’ relationships with the Biden administration. The subpoena, issued Thursday, specifically seeks documents related to Alphabet’s communications with the previous administration, which Republicans have alleged amounted to an effort to censor Americans’ speech. The committee has also set a March 28 hearing with Pichai, according to a copy of the subpoena the panel released on Thursday. José Castañeda, a Google spokesperson, said the company will “continue to show the committee how we enforce our policies…
(Bloomberg) — A former Credit Suisse Group banker who pleaded guilty to engaging in a $2 billion fraud and money-laundering scheme in Mozambique avoided a prison term after serving as the government’s star witness at two US trials. Andrew Pearse was sentenced on Thursday in federal court in Brooklyn, New York, over what became known as the tuna bond scandal for its dubious maritime projects including a fishing fleet. He was sentenced to time served, referring to the brief period when he was in the government’s custody. “I hope one day I will be remembered not as the poster child…
(Bloomberg) — Leon Black’s lawsuit against a New York law firm that represented a woman who accused the billionaire of sexual assault was dismissed by an appeals court Thursday. The Apollo Global Management co-founder sued Wigdor LLP in New York state court in August 2023, accusing the firm of not properly investigating “false, life-ruining” allegations and attempting to harass Black. Wigdor represented Russian model Guzel Ganieva, who accused Black of sexually assaulting her. A panel of appellate judges in Manhattan on Thursday threw out Black’s case against Wigdor, saying the law firm was exercising its constitutional rights to free speech…