Author: TI Editor

(Adds details on layoffs, reorganization in paragraphs 2, 9-10) TORONTO, March 7 (Reuters) – Royal Bank of Canada , Canada’s largest lender, laid off some employees as a result of changes at its business segments following the C$13.5 billion acquisition of HSBC’s domestic business last year, two sources with direct knowledge of the layoffs told Reuters. Some of the layoffs were at the technology and operations, personal banking and commercial banking teams and began earlier this week, the sources said, requesting anonymity. It was unclear how many employees were impacted or if layoffs would continue. RBC separated its personal and…

Mondelez International Inc. is asking regulators for permission to ignore a shareholder proposal that calls for greater transparency on the Oreo maker’s Russian operations. The snack company is looking to exclude a resolution from Wespath Institutional Investments LLC from the agenda of its next shareholder meeting, according to a letter to the Securities and Exchange Commission. Shareholders including Wespath argue that Mondelez has a responsibility to show investors how it’s conducting business in Russia and Ukraine in a way that protects human rights and are calling for a third-party assessment.  The Mondelez letter, dated March 3, cites SEC guidance released…

(Bloomberg) — Thames Water is preparing for the possibility that it may be pushed into special administration following an appeal in a London court next week, according to people familiar with the matter. While Thames executives believe a temporary nationalization of Britain’s largest water and sewage utility is unlikely, they are nevertheless developing contingency plans, said the people, who asked not to be named discussing confidential matters. The company’s efforts to restructure its more-than £16 billion ($20.6 billion) debt load hinge, in part, on what happens next week, when the UK’s Court of Appeal will hear challenges to Thames Water’s…

(Bloomberg) — Two units of Robinhood Markets Inc. agreed to pay $26 million to settle Financial Industry Regulatory Authority allegations that it failed to respond to red flags about potential misconduct and didn’t verify the identities of thousands of customers. The fine from the broker-dealer industry regulator comes on the heels of a separate $45 million settlement by Robinhood Securities and Robinhood Financial in January with the US Securities and Exchange Commission, which accused the retail trading firm of failing to preserve records and not reporting suspicious activity on time, among other problems.  “Today’s action reminds Finra members that compliance…

Companies News Today Live Updates: Stay ahead of the curve with the latest insights from the corporate world through our company news coverage. This section provides a detailed look at significant events affecting industries and markets globally, including mergers, acquisitions, financial reports, and strategic shifts in leadership and operations. Whether you’re an investor, a business professional, or simply interested in the dynamics of various industries, our reports offer a deep dive into the developments that shape the economic landscape. From startups to established giants, we bring you the news that matters to help you make informed decisions in a rapidly…

(Reuters) -Activist investor Mantle Ridge has built a stake worth more than $1 billion in consultancy firm Cognizant Technology, saying its shares are undervalued, the Wall Street Journal reported on Friday. Shares of the company, whose market capitalization stands at more than $41 billion, rose over 5% in extended trading. Mantle Ridge started buying up shares of the company in the second half of 2022, when the stock was trading in the high $50 to low $60 per-share range, the report added. The activist firm has been privately engaging with Cognizant about its progress on boosting the share price, the…

Supply Lines is a daily newsletter that tracks global trade. . The CEOs of the three largest American steelmakers are urging US President Donald Trump to resist giving any tariff exemptions on imports of the alloy. Nine US steel industry executives sent a letter to Trump on March 7, just days before the US is expected to implement a 25% tariff on all steel imports. The letter said prior exemptions given to nations allowed for increased import volumes that damped the original impact of Trump’s duties during his first administration. The CEOs, which include Nucor Corp.’s Leon Topalian, United States Steel…

Elon Musk is set to be questioned under oath about his 2022 acquisition of Twitter Inc. in an investor lawsuit alleging that his on-again off-again move to purchase the social media platform was a ruse to lower its stock price. After attorneys for the world’s richest person initially balked at making him appear in person for a deposition, Musk has agreed to meet with lawyers for the investors on April 3 in Washington, DC, according to a court filing submitted Friday by lawyers on both sides. While Musk has been busy lately as a key adviser to President Donald Trump…

(Bloomberg) — Software firm ServiceNow Inc is planning a major expansion in West Palm Beach and has explored relocating its headquarters there from Silicon Valley, according to two people familiar with the idea, boosting the South Florida city’s status as a nexus of money and power. On Thursday, the people told Bloomberg that ServiceNow was planning to move its headquarters to West Palm Beach, eventually creating thousands of jobs in the city. The people cautioned that the plans could still change. On Friday, a company spokesperson confirmed it was exploring an expansion while keeping its corporate base in Santa Clara.…

(Bloomberg) — The Trump administration is preparing to force more companies to stop working in Venezuela, increasing pressure on President Nicolas Maduro after ordering Chevron Corp. to end operations there, according to people familiar with the matter.  Officials have told companies including French oil producer Etablissements Maurel & Prom SA and an asphalt company run by Florida oil tycoon Harry Sargeant they’ll have 30 days to end operations in Venezuela once the US revokes their waivers to operate there without running afoul of sanctions, the people said. The US Treasury could initiate the process as soon as Friday, one person…