Business

Walmart veteran Biggs to step down as CFO next year

Walmart Inc (WMT.N) said on Monday longtime executive Brett Biggs will step down from his role as chief financial officer of the world’s largest retailer next year. Biggs, the finance chief since 2015, helped oversee a period of rapid change at Walmart as the brick-and-mortar retailer launched and expanded a number of initiatives to help […]

Business

U.S. to sell 32 mln bbls from 4 sites as part of strategic sale

The United States will sell 32 million barrels of crude from four Strategic Petroleum Reserve (SPR) sites to be delivered between late-December and April 2022, the Department of Energy (DOE) said as it auctions oil to try to lower global prices. International oil prices have held above $80 a barrel even after U.S. President Joe […]

Business

Canada’s power chip maker GaN Systems raises $150 mln, pushes on electric car market

Canadian power chip maker GaN Systems on Tuesday said it raised $150 million in a funding round led by Fidelity Management & Research as it seeks to expand its market share, including a big push into the electric car market. While a chip shortage has been plaguing the automotive industry, GaN Systems’ Chief Executive Jim […]

Business

Cryptocurrencies brace for winter, virtual Adidas and a bitcoin city

Cryptocurrencies survived one of the largest market shocks since the earliest days of the pandemic last week, with El Salvador a notable dip buyer, while investors decided not to share Adidas’ excitement over a foray into the buzzy metaverse. El Salvador’s plans to build the world’s first “Bitcoin City” and Adidas’s entry were the bright […]

Business

Jefferies poaches Deutsche Bank bankers to bolster Spain, Portugal coverage

U.S. investment bank Jefferies (JEF.N) has bolstered its coverage of Southern Europe with two senior hires from Deutsche Bank (DBKGn.DE) to focus on clients in Spain and Portugal, a source familiar with the matter said. The Wall Street bank has snapped up Deutsche Bank’s (DBKGn.DE) M&A head in Iberia, Andres Gutierrez, as its new investment […]

Business

U.S. pending home sales surge in October

Contracts to buy U.S. previously owned homes jumped in October, reversing a decline in the prior month, likely as buyers raced to snap up properties as mortgage rates edged upward. The National Association of Realtors (NAR) said on Monday that its Pending Home Sales Index, based on signed contracts, rose 7.5% last month to 125.2. […]

Business

Evergrande shares fall after chairman cuts stake; Fantasia suspends trading

Shares in China Evergrande Group (3333.HK) fell as much as 4.8% on Monday morning, after its chairman trimmed his stake in the cash-strapped property developer to raise about $344 million. The group’s electric vehicle unit, China Evergrande New Energy Vehicle Group Ltd (0708.HK), also dropped more than 5% after it said the company was still […]