News Highlights: Top Company News of the Day
May 16 2022 - 07:15AM
Dow Jones News
McDonald's to Exit From Russia
The company will quit Russia and sell its business there, ending
more than three decades in the country, over its invasion of
Ukraine.
JetBlue to Launch Tender Offer for Spirit
JetBlue plans to launch a hostile takeover attempt for discount
carrier Spirit Airlines, after Spirit rejected JetBlue's $3.6
billion offer in favor of an existing deal with Frontier
Airlines.
India's Adani Builds Cement Empire With $10.5 Billion Deal
The company said the deal, if successful, would be the
largest-ever takeover in India's infrastructure-and-materials
sector.
India Can't Hang Up on Chinese Smartphones
In the latest flare-up between the neighboring Asian giants,
India and China are clashing over allegations of illegal royalty
payments by Chinese cellphone champion Xiaomi-and intimidation by
Indian authorities.
CVC Capital Targets Australia's Brambles as Logistics Assets Stay Hot
The takeover approach for the pallet supplier comes after
private-equity firms invested more than $50 billion in logistics
last year.
Renault Sells Russia Business to State-Backed Entity for One Ruble
The French auto maker has reached a deal to cede its 68% stake
in AvtoVAZ to a state-backed entity for one ruble and a six-year
option to buy back its shares, according to people familiar with
the matter-illustrating the limited options that Western firms face
in leaving Russia.
Saudi Aramco Posts Record Quarterly Profit on Surging Oil Prices
The Saudi oil giant said its net income rose 80% in the first
quarter of this year, as state-owned oil giants reap profits from
an energy-price boom caused by Russia's invasion of Ukraine.
Plains All American to Settle Class-Action Suit Over 2015 California Pipeline Spill
The owner of an oil pipeline that caused a 4-mile-long spill
along a California beach in 2015 has agreed to pay $230 million to
settle a class-action lawsuit brought by fishermen and property
owners, according to attorneys and court documents.
Behind Fake-Account Issue That Musk Cited in Calling Twitter Deal 'On Hold'
Social media has grappled with phony accounts for years, raising
questions about why Tesla CEO Elon Musk is talking about them again
now.
Walmart Anticipates a Store Manager Shortage Despite $200,000-a-Year Pay
Many managers leading the company's roughly 4,700 U.S. stores
have been in their roles for at least a decade, and Walmart
executives say they need to find a new generation to replace
them.
(END) Dow Jones Newswires
May 16, 2022 07:00 ET (11:00 GMT)
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