Grab no longer buying Trans-cab, Singapore watchdog says

Grab , Southeast Asia's biggest ride-hailing and food delivery firm, has called off its proposed acquisition of Singapore's third-largest taxi operator, Trans-cab, according to a statement from Singapore's competition watchdog.

Sign up for Reuters newsletters Reuters Business Reuters Business

Grab no longer buying Trans-cab, Singapore watchdog says  Grab , Southeast Asia's biggest ride-hailing and food delivery firm, has called off its proposed acquisition of Singapore's third-largest taxi operator, Trans-cab, according to a statement from Singapore's competition watchdog.

Stellantis to sell majority stake in Comau robotics unit to One Equity Partners  Carmaker Stellantis will sell a majority stake in its robotic unit Comau to One Equity Partners, the three companies said in a statement on Thursday, in a move aimed at supporting Comau expansion beyond the automotive sector.

Universal Music Group shares drop 30% as streaming growth disappoints  Universal Music Group shed around $15 billion off its value on Thursday after the world's biggest music label reported lower-than-expected streaming and subscription revenue for the second quarter.

AbbVie lifts annual profit forecast on strong immunology drug sales  AbbVie raised its annual profit forecast on Thursday as strong sales of its key immunology drugs, including Humira, helped it beat Wall Street expectations for the second quarter.

TSX futures slip as oil, metal prices fall  Futures linked to Canada's main stock index tumbled on Thursday, pulled down by declines in oil and metal prices, while investors assessed the possibility of more rate cuts by the Bank of Canada after easing its policy for the second time this year on Wednesday.

Valero Energy reports lower quarterly profit on weak margins  Refiner Valero Energy posted lower second-quarter profit on Thursday, hurt by a slump in margins due to a tepid summer driving season and a rise in global refining capacity.

Sotheby's bets on Chinese spending with Hong Kong retail outlet  Sotheby's embarks on a new kind of selling in Hong Kong on Saturday, with its first retail outlet, stocking anything from collectable trainers to dinosaur fossils, with prices starting at several hundred dollars.

NYCB's Flagstar sells rate-sensitive residential mortgage unit for $1.4 bln  New York Community Bancorp unit, Flagstar Bank, has agreed to sell its residential mortgage servicing business for $1.4 billion as it looks to boost capital and sharpen focus on its core businesses.

American Airlines cuts annual profit forecast on pricing pressures  American Airlines cut its annual profit forecast on Thursday as uneven demand trends and overcapacity in certain markets dampened the carrier's pricing power, sending its shares down 8% in premarket trading.

Barclays reaps hedge fund riches in battle of the prime brokers  Barclays is winning business from its top Wall Street rivals in prime brokerage, a lucrative investment banking battleground where lenders are battling to serve hedge funds in an array of increasingly complex trades.

Sponsors are not involved in the creation of newsletters or other Reuters news content. Advertise in this newsletter or on Reuters.com Reuters Business is sent every weekday. Think your friend or colleague should know about us? Forward this newsletter to them. They can also sign up here. Want to stop receiving this email? Unsubscribe here. To manage which newsletters you're signed up for, click here. Reuters Terms & Conditions and Privacy Statement

© 2024 Thomson Reuters. All rights reserved. 3 Times Square, New York, NY 10036