Business

By Ross Kerber and Svea Herbst-Bayliss NEW YORK (Reuters) – Exxon CEO Darren Woods on Tuesday had warning words for activist shareholders thinking to emulate those who filed a climate-related shareholder proposal at the largest U.S. oil company. Exxon sued the investors early this year and Woods indicated the company was ready to repeat the exercise against others he said might “abuse” the proxy proposal process. “We hope we don’t have to use that action … Read more…

(Reuters) – Videogame retailer GameStop reported a fall in second-quarter revenue on Tuesday, as consumers moved away from traditional brick-and-mortar stores to online purchasing. The company has been struggling with declining sales in its primary business of selling new and used video game discs due to a shift towards digital downloads and game streaming. Several customers also buying games and collectibles through e-commerce. GameStop CEO Ryan Cohen told investors in June the company intends to … Read more…

NEW YORK (Reuters) – Goldman Sachs is close to finalizing a deal to transfer its General Motors credit card business to Barclays, a source familiar with the matter said on Tuesday. The exit from the business partnership with GM, with about $2 billion of outstanding balances, is part of Goldman Sachs’ move to narrow its focus on consumer services. The companies are still involved in final negotiations, said the source, who asked not to be … Read more…

By Bhanvi Satija (Reuters) – U.S. drugmaker Eli Lilly on Monday said it has appointed insider Lucas Montarce as its new chief financial officer, effective immediately, months after former CFO Anat Ashkenazi stepped down to join Google parent Alphabet. This executive change arrives at a critical juncture for Eli Lilly, as the company invests billions to expand manufacturing capacity and meet soaring demand for its diabetes and weight loss drugs, Mounjaro and Zepbound. Lilly and … Read more…

By Allison Lampert and David Shepardson -Boeing said on Sunday it had reached a tentative agreement with a union representing more than 32,000 workers in the U.S. Pacific Northwest, in a deal that could help avert a possible crippling strike as early as Sept. 13. The proposed four-year agreement, which includes a general wage increase of 25%, 12 weeks of paid parental leave, and improved job security, would need to be approved on Thursday by … Read more…

PARIS (Reuters) – Europe’s autos industry could face fines of 15 billion euros ($17.4 billion) for carbon emissions due to slowing demand for electric vehicles, Renault CEO Luca de Meo said on Saturday. Automakers face tougher EU CO2 targets in 2025 as the cap on average emissions from new vehicles sales falls to 94 grams/km from 116 g/km in 2024. “If electric vehicles remain at today’s level, the European industry may have to pay 15 … Read more…

RIO DE JANEIRO (Reuters) -Mining companies Vale and BHP, together with their joint venture Samarco, may soon reach an agreement with Brazilian authorities to pay around 100 billion reais ($17.87 billion) for the collapse of a dam in the city of Mariana, said four sources familiar with the discussions. Three of the sources expect a final agreement to be reached in October. The amount is more than the 82 billion reais in new resources offered … Read more…

(Reuters) – KinderCare Learning Companies, a provider of early childhood education, filed for an initial public offering (IPO) in the United States on Friday. This marks KinderCare’s second attempt at going public, as the company had first filed to list its shares in 2021 but abandoned its bid last year. A consortium of twelve banks, led by Goldman Sachs, Morgan Stanley, Barclays, and J.P. Morgan, is underwriting the IPO. The company aims to list its … Read more…

By Darya Korsunskaya (Reuters) – Russia’s economy ministry has revised up its 2024 forecasts for export sales of oil and gas, key sources of budget revenues, by $17.4 billion from the previous estimate to $239.7 billion thanks to a more positive price outlook, a document seen by Reuters showed. The improved expectations for Russia’s oil and gas business underscore how the West has struggled to inflict lasting damage on Russia’s economy through unprecedented sanctions, including … Read more…