Elliott Management has taken a $1 billion stake in Phillips 66 and plans to seek as many as two board seats, sources told CNBC’s David Faber. Phillips 66 stock rose 4.6% in early trading on Wednesday. Elliott is focused on Phillip’s underperformance in refining and the fact that the company’s operational expenditures per barrel is … Read more
In this aerial view water vapour and exhaust rise from the steel mill of Salzgitter AG, one Europe’s largest steel producers, on November 22, 2023 in Salzgitter, Germany. Sean Gallup | Getty Images News | Getty Images Policymakers and business leaders from across the globe are set to arrive in Dubai in the United Arab … Read more
MUMBAI: China’s Alipay plans to sell its 3.4% stake in Indian food delivery giant Zomato for nearly $400 million through block deals on Indian stock exchanges, according to three sources and a Reuters review of the deal’s term sheet.Alipay will offload its entire 3.44% stake in the deal, the term sheet seen by Reuters showed.Zomato … Read more
NASHVILLE, Tenn. (AP) — Daryl Hall has sued his longtime music partner John Oates, arguing that his plan to sell off his share of a joint venture would violate the terms of a business agreement the Hall & Oates duo had forged. The move quickly prompted a judge to temporarily block the sale while legal … Read more
Jack Ma, founder and executive chairman of Alibaba Group in Shanghai China on Dec. 5th, 2017. Justin Solomon | CNBC Alibaba founder Jack Ma held off on plans to trim his stake in the Chinese e-commerce giant after the share price fell. Ma has not sold a single share, Alibaba’s Chief People Officer Jane Jiang … Read more
As the latest talks on a global plastics treaty ended in accusations of deadlocked negotiations, eyes are now turning to Canada, which will play host to the next round of negotiations at a time when some warn the treaty’s future hangs in the balance. Nations wrapped up on Sunday a third round of talks in … Read more
Customers wait for their takeout food outside a McDonald’s restaurant during the May Day holiday on May 1, 2022 in Beijing, China. VCG | Getty Images McDonald’s is buying Carlyle’s stake in its China business, increasing its minority share from 20% to 48% ownership. The fast-food giant sold off control of its restaurants in mainland … Read more
Rafael Henrique | SOPA Images | LightRocket | Getty Images Disney said Wednesday that it had agreed to buy Comcast‘s one-third stake in streaming service Hulu, a long-expected outcome. Disney said it expects to pay Comcast’s NBCUniversal about $8.61 billion by Dec. 1, reflecting the guaranteed minimum value of $27.5 billion for the streaming service … Read more
WARSAW, Poland (AP) — Poland is holding an election Sunday that many view as its most important one since the 1989 vote that toppled communism. At stake are the health of the nation’s democracy, its legal stance on LGBTQ+ rights and abortion, and the foreign alliances of a country on NATO’s eastern flank that has … Read more
Bank of China is one of the major state-owned banks in China. Pictured here is a branch in Shanghai on March 27, 2023. Bloomberg | Bloomberg | Getty Images China’s sovereign wealth fund, Central Huijin Investment, increased its stake in four of the country’s biggest banks late Wednesday in what is seen as a move … Read more