Category: Business

KUALA LUMPUR – Malaysia’s Khazanah Nasional sovereign wealth fund is supportive of restructuring efforts being undertaken by national carrier Malaysia Airlines, it said on Friday. If the airline’s restructuring effort proves unsuccessful, Khazanah Nasional will need to evaluate options going forward, the fund told Reuters by email.

OSLO – Norwegian oil and gas firm Equinor plans to cut its exploration staff by about 30% globally by 2023 to reduce costs as the COVID-19 pandemic reduces demand for petroleum, the company said on Friday. Equinor said it wanted to focus on selected areas when searching for new oil and gas resources, including Norway, […]

Uber Technologies Inc UBER.N said on Friday New York-based private equity firm Greenbriar Equity Group would invest $500 million in its logistics arm, Uber Freight, valuing the unit at $3.3 billion on a post-money basis. The ride-hailing firm said it would maintain majority ownership of Uber Freight, and use the funds to scale its logistics […]

Small rivals of Alphabet Inc’s GOOGL.O Google say signs are emerging of more benevolent behavior from the online advertising leader amid accusations by the U.S. government and states that the company uses its dominance to thwart competition. Among the dozens of software companies who rely on Google as an intermediary to ad buyers and sellers, […]

LONDON – The boss of Walmart’s WMT.N international arm said the group expected Britain’s competition regulator to examine the sale of its Asda supermarket chain to the billionaire Issa brothers and private equity group TDR Capital. “We fully expect the CMA (Competition and Markets Authority) to take a look at this and we’ll work with […]

Walmart Inc WMT.N expects to record a non-cash loss of about $2.5 billion this fiscal year due to the sale of its British supermarket chain Asda, the retailer said on Friday. Mohsin and Zuber Issa, the billionaire brothers who founded petrol station operator EG Group, and private equity firm TDR Capital said earlier in the […]

BENGALURU – Tesla Inc chief executive Elon Musk indicated on Friday that the U.S. electric carmaker will make a foray into India in 2021. “Next year for sure,” Musk said on Twitter in reply to a post with a photograph of a T-shirt with the message: “India wants Tesla”. “Thanks for waiting,” Musk said. Tesla’s […]