Business

SEC launches probe of Exxon on U.S. shale asset valuation

The U.S Securities and Exchange Commission has launched an investigation of Exxon Mobil Corp following a whistleblower complaint that the oil major over-valued a key asset in the top U.S. shale field, the Wall street Journal reported on Friday. Exxon Chief Executive Darren Woods has pinned much of the company’s growth prospects on the Permian […]

Business

Walmart head of U.S. online business to step down

Walmart Inc said on Friday its chief executive for e-commerce operations in the United States, Marc Lore, will step down at the end of the month. Under Lore’s watch, the big-box retailer launched same-day delivery and store pick-up services, as well as an Amazon Prime rivaling membership program to take on the e-commerce giant in […]

Business

French government hardens stance against Carrefour takeover

France on Thursday took a tough line against any takeover of retailer Carrefour by a foreign company, dealing a major blow to a near $20 billion bid approach by Canada’s Alimentation Couche-Tard. French Finance Minister Bruno Le Maire told Reuters that the government wanted to preserve the country’s food security and sovereignty. “Having Carrefour being […]

Business

French Finance Minister met Couche-Tard founder over Carrefour offer

French Finance Minister Bruno Le Maire has met on Friday Alimentation Couche-Tard’s founder and executive chairman Alain Bouchard, a spokesman for the minister said. Le Maire expressed France’s stiff opposition to a possible near-$20 billion takeover of Carrefour by Canada’s Alimentation Couche-Tard.

Business

BMW aims to double fully-electric vehicle sales in 2021

BMW said on Friday that it aims to double its sales of fully-electric vehicles this year as the German carmaker and rivals race to release new models to comply with CO2 emissions targets and chase market leader Tesla Inc. BMW also said that including plug-in hybrids, it aims for a 50% increase in sales of […]

Business

Wells Fargo records rare profit beat as credit costs fall

Wells Fargo & Co posted a small rise in quarterly profit on Friday that beat Wall Street estimates, as stabilizing credit costs helped buffer historic near-zero interest rates meant to prop up the ailing economy during the COVID-19 pandemic. The country’s fourth-largest bank, which has been plagued by hefty costs tied to litigation over the […]

Business

Goldman Sachs to issue credit cards for General Motors

Goldman Sachs Group Inc said on Friday it expects to become the issuing bank for automaker General Motors Co’s credit card business, starting September this year. Media reports in October said that Goldman had won the bidding over Barclays Plc for the automaker’s credit card business in a $2.5 billion deal. Goldman and GM did […]