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Category: Business

Malaysia wealth fund supports Malaysia Airlines restructuring

October 12, 2020October 6, 2020aamgsjcom

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.

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Norway’s Equinor to cut exploration staff by 30%

October 11, 2020October 6, 2020aamgsjcom

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, […]

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Uber Freight raises $500 mln, valuation rises to $3.3 billion

October 10, 2020October 6, 2020aamgsjcom

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 […]

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With the Feds circling, Google is starting to play nice with smaller rivals

October 9, 2020October 6, 2020aamgsjcom

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, […]

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Walmart expects UK regulator to consider Asda disposal

October 8, 2020October 6, 2020aamgsjcom

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 […]

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Walmart expects to post $2.5 billion non-cash loss on Asda sale

October 7, 2020October 6, 2020aamgsjcom

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 […]

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Tesla CEO Musk suggests India entry in 2021

October 6, 2020October 6, 2020aamgsjcom

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 […]

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