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Citigroup Negotiating With Local Bidders For Its Russian Operations: FT

Citigroup Inc (NYSE:C) is in talks with local buyers in Russia over a potential sale of its operations in the country, the Financial Times reported, citing people familiar with the matter. The bank is in negotiations with privately-owned Russian companies, including Expobank and insurance company Reso-Garantia for the divestiture, the report said.…

Benzinga · Jul 1, 2022

Walgreens Posts Fall In Q3 Profit On Opioid Settlement, Lower Pharmacy Sales

Walgreens Boots Alliance Inc's (NASDAQ:WBA) Q3 FY22 sales decreased 4.2% Y/Y to $32.6 billion, down 2.8% on a constant currency basis, beating the consensus of $32.06 billion. Adjusted EPS reached $0.96, beating the consensus of $0.92, down 28.9% on a constant currency basis against 93.6% growth a year ago that reflected peak…

Benzinga · Jun 30, 2022

Hyundai, Affiliates Plan To Set Up New Company In US: Reuters

Hyundai Motor Co (OTC:HYMTF) is planning to launch a company along with its two affiliates in the U.S., Reuters reported. Through the move, the company plans to strengthen its presence in the U.S. by exploring business opportunities. In May, Hyundai said it would invest more than $10 billion in the U.S. by…

Benzinga · Jun 30, 2022

Volkswagen CFO Reasons Why It Seeks To Pursue Porsche IPO Amid Market Volatility

Volkswagen AG (OTC:VWAGY) continues to strive for an initial public offering (IPO) for Porsche in the fourth quarter amid market volatility, Reuters reports. "We are optimistic we can pursue this project in the fourth quarter," CFO Arno Antlitz said at the Reuters Automotive Europe conference in Munich. "Porsche would gain entrepreneurial freedom, we can…

Benzinga · Jun 29, 2022

Japanese Semiconductor Firm Bonds With India's Tata Motors For Advanced Chip Solutions

Renesas Electronics Corp (OTC:RNECY), a premier supplier of advanced semiconductor solutions, collaborated with Tata Motors Ltd (NYSE:TTM) and Tejas Networks Ltd. (Tejas), both Tata Group companies. The partnership builds on their longstanding relationship as technology and business partners.  Also Read: More Trouble For Semiconductor Industry's Revival as Japanese Chipmakers See Engineers Shortage Renesas, with deep…

Benzinga · Jun 29, 2022

Effect Of Roe Vs. Wade Ruling - Pharmacies Ration Contraceptive Pills

Major pharmacies like CVS Health Corp (NYSE:CVS), Walmart Inc (NYSE:WMT), and Rite Aid Corporation (NYSE:RAD) have put a limit on purchases or deliveries of Plan B and other emergency contraceptive pills, writes Wall Street Journal. The move comes as demand for contraceptive pills spiked following the Supreme Court ruling overturning a constitutional right to abortion. These were in…

Benzinga · Jun 28, 2022

JetBlue Modifies Spirit Proposal; Urges Spirit Shareholders Vote Against Frontier Offer

JetBlue Airways (NASDAQ:JBLU) has again modified its proposal to acquire Spirit Airlines Inc (NYSE:SAVE) based on discussions with Spirit shareholders. JetBlue added a ticking fee, increased the reverse breakup fee to $400 million, and accelerated prepayment to $2.50 per share. Related: JetBlue Submits Improved Proposal For Spirit Airlines At $33.50/share The addition of a ticking…

Benzinga · Jun 28, 2022

Toshiba Shareholders Vote Activist Investors To Board

Toshiba Corp (OTC:TOSBF) (OTC:TOSYY) reported results from the shareholders' meeting, where members from activist hedge funds were elected to the board. Elliott Management's Nabeel Bhanji and Farallon Capital Management's Eijiro Imai were elected as board members, Reuters reported. Akihiro Watanabe, an executive from investment bank Houlihan Lokey, becomes the board chairman. The report added…

Benzinga · Jun 28, 2022

Investors Seek More Transparent Tax, Disclosure Norms From Microsoft and Cisco

Britain-based proxy advisers Pensions & Investment Research Consultants (PIRC) sought more transparent tax and financial information from Microsoft Corp (NASDAQ:MSFT) and Cisco Systems, Inc (NASDAQ:CSCO), Reuters reports. The resolution urged Microsoft to disclose financial and tax information country-by-country outside the U.S. to help investors assess its fairness and identify any risks posed by tax reforms. It also…

Benzinga · Jun 28, 2022

Analysts Hailed CarMax's Q1 Performance While Highlighting Concerns

Analysts lauded CarMax Inc's (NYSE:KMX) Q1 beat while also pointing out the macro concerns. RBC Capital analyst Steven Shemesh maintained CarMax with an Outperform and raised the price target from $104 to $108 in a note titled, "F1Q'23 Follow-Up – Navigating Volatility Well." KMX's results were broadly in line with expectations, Shemesh noted.  He expected the inflationary…

Benzinga · Jun 27, 2022