Business

GM to offer U.S. Buick dealers buyouts

General Motors Co (GM.N) said Friday it will offer all of its estimated 2,000 U.S. Buick franchise dealers buyouts as it moves to make the brand all-electric by 2030 in the United States. The Wall Street Journal reported the news earlier, quoting Global Buick chief Duncan Aldred who is set to discuss the plans with […]

Business

Gazprom: Nord Stream 1 gas to stay shut until fault fixed, “workshop conditions needed”

Russia’s Gazprom said on Friday that natural gas supplies via the Nord Stream 1 pipeline would remain shut off after the main gas turbine at the Portovaya compressor station near St Petersburg was found to have an engine oil leak during a joint inspection with Siemens Energy (ENR1n.DE), which maintains the turbine. It said the […]

Business

German economy likely already in a recession, will last three quarters

The German economy is on track to contract for three consecutive quarters starting from this one, following a dramatic spike in gas prices after Russia slashed deliveries to Europe. Europe’s largest economy and manufacturing powerhouse is among the most vulnerable to any cut-off in energy supplies or rising costs as its industrial sector relies heavily […]

Business

Australia fines Mercedes Benz unit $8.5 mln for lack of urgency on airbag recall

The Federal Court of Australia has ordered Mercedes Benz Group’s (MBGn.DE) local unit to pay an A$12.5 million ($8.49 million) fine for failing to communicate to customers the urgency in recalling its “potentially deadly” airbags, the country’s competition regulator said on Friday. The Australian Competition & Consumer Commission (ACCC) said in a statement the German […]

Business

Jefferies stands out with big Bed Bath target price hike

Jefferies analysts nearly doubled their price target on Bed Bath & Beyond (BBBY.O) this week, taking the opposite view from other brokerages on the same day the struggling retailer disclosed it had tapped Jefferies investment bankers for a stock sale. Brokerages typically have a strict separation between equity analysts covering companies and investment bankers working […]

Business

Russian stocks hit over 3-month high, rouble hovers near 60 vs dollar

Russia’s benchmark MOEX stock index climbed to its highest in more than three months on Friday, as investors bet on other companies following Gazprom’s lead in recommending dividends, while the weakened towards 61 against the dollar and euro. Gas giant Gazprom’s (GAZP.MM) board this week recommended the payment of 51.03 roubles ($0.8456) per ordinary share […]