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BP shares drop after CEO quits over relationships
Shares in British energy major BP dropped Wednesday after chief executive Bernard Looney resigned unexpectedly over his failure to disclose past relationships with colleagues. The company announced late Tuesday that Looney, 53, resigned "with immediate effect" after admitting he had not been "fully transparent" about historical relationships with colleagues.
Von der Leyen vows 'fair' green deal for EU farms and industry
EU chief Ursula von der Leyen promised on Wednesday that Europe's green energy transition would be "fair and just" for farmers and businesses fearful of new regulations and unfair foreign competition.
With a Barbie boost, Birkenstock to step onto stock market
When actress Margot Robbie swapped high heels for pink Birkenstocks in hit summer movie "Barbie", it illustrated how the sandals have transformed from unglamorous, practical footwear to a highly-coveted fashion item. - Beloved by VIPs - Margot Robbie was just the latest celebrity to be seen sporting a pair of now ultra-trendy Birkenstocks.
Malaysia PM says Goldman Sachs must renegotiate 1MDB settlement
Malaysia's prime minister vowed Wednesday to chase a new settlement from US investment bank Goldman Sachs for its role in the billion-dollar corruption scandal at the 1MDB state fund. Under that 2020 settlement, Goldman Sachs paid Malaysia $2.5 billion for its role in the financial scandal, while Kuala Lumpur agreed to end all criminal proceedings against the bank.
Saudi, Russian oil cuts to cause big supply shortfall: IEA
Oil cuts by Saudi Arabia and Russia will cause a "significant" global supply shortfall through the end of the year, raising the risk of further market volatility, the International Energy Agency said Wednesday. Saudi Arabia has extended an oil production cut of one million barrels per day, which began in July, to the end of the year.
EU to probe China electric car subsidies
Brussels will investigate Chinese state subsidies for electric cars, EU chief Ursula von der Leyen said Wednesday, vowing to defend Europe's industry against "artificially low prices". And their price is kept artificially low by huge state subsidies," von der Leyen said, during a speech at the European Parliament in Strasbourg.
Auto Show opens as Detroit weighs possible strike
The Detroit Auto Show, normally a cheery showcase of latest models from the three legacy US car giants, is taking second fiddle this year to a looming auto workers' strike and its mounting odds.
'Made in Russia' fashion struggles to fill gap
Despite staff shortages, a lack of equipment and dwindling fabric supplies, Russia's fashion industry is rushing to fill the gap left by the departure of major Western labels. "Major Russian clothing brands produce in the same Asian factories as the Western brands that left Russia," said Tatyana Belkevich from RAFI, an association that represents Russia's fashion industry.
TikTok opposes mooted Indonesia social media transaction ban
TikTok on Wednesday criticised calls by Indonesia to ban social media transactions, as Jakarta rails against what it says are monopolistic practices by major companies with e-commerce platforms such as the Chinese-owned firm.
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