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(Reuters) - Ford Motor Co on Wednesday named two company veterans to lead its auto and mobility businesses as the No.2 U.S. automaker shifts its focus to autonomous vehicles and realigns its automobile portfolio. Joe Hinrichs was named president of its automotive unit and Jim Farley as president, new businesses, technology & strategy, effective May 1. Both the executives will report to Chief Executive Officer Jim Hackett, the company said. “In the past two years, we have made tangible progress in improving the fitness of our business, overhauled our regional strategies, created a winning product portfolio, and are working to transform Ford to succeed in an era of profound change and disruption,” Hackett said.
SYDNEY (Reuters) - Shares in Australia’s Crown Resorts Ltd tumbled on patek philippe replica cufflinks Wednesday after U.S, casino giant Wynn Resorts Ltd quit discussions for a A$10 billion ($7.1 billion) buyout, although some investors appeared to be hoping for a change of heart, Wynn, the world’s second-largest casino operator, walked away from the deal after details of the offer, which had sent Crown shares soaring more than 20 percent, became public through a leak to an Australian newspaper, The indicative offer for Australia’s biggest casino operator had been viewed by investors as opportunistic but also only the beginning of a drawn-out pursuit, That is a lot less likely now..
“Wynn’s actions are more likely to reflect a genuine frustration with a breach of the confidential nature of the discussions than an attempt to add pressure to the negotiation,” said Angus Gluskie, managing director of White Funds Management, which holds Crown shares. Crown stock dropped 10 percent at the open, then pared some losses to trade 8.5 percent under Tuesday’s closing price, while the broader market fell 0.1 percent. At A$12.86, the stock remained almost 10 percent higher than its last price before Wynn’s approach was disclosed, suggesting hope for a deal had not completely evaporated.
“I reckon they will be back, but will play cold hand for a while,” said James McGlew, executive director of corporate stockbroking at Perth’s Argonaut Ltd and another Crown shareholder, News of Wynn’s interest was patek philippe replica cufflinks first broken by Australian Financial Review on Tuesday and confirmed by Crown, which also disclosed Wynn’s offer price, Wynn then issued two statements, first confirming the talks, and, a few hours later, stating that they had ended, Crown said in a statement it noted Wynn’s decision, Wynn shares fell almost 4 percent in New York on Tuesday..
LONDON (Reuters) - Reckitt Benckiser Group on Wednesday sought to play down any potential impact to its infant formula business from U.S. litigation against Indivior, which it used to own, saying the risk was theoretical and unlikely. The U.S. Justice Department has accused British drugmaker Indivior of illegally boosting prescriptions for its blockbuster opioid addiction treatment. “As stated in our annual report, this is a theoretical risk but we consider this to be highly unlikely and only a remote possibility,” the company said, responding to a question about whether the risk for Reckitt could extend to the infant formula business, which Reckitt bought in 2017.
ABU DHABI (Reuters) - Prince Alwaleed bin Talal’s firm Kingdom Holding Co did not buy bonds of Saudi Aramco, its chief executive Talal Ibrahim al-Maiman said on Wednesday, He added that the yield on the bonds was “a bit lower” than what Kingdom would expect, Saudi Aramco raised $12 billion with its first international bond issue after receiving more than $100 billion in orders, a record breaking vote of market confidence for the oil giant, Maiman, who was speaking at a conference in patek philippe replica cufflinks Abu Dhabi, said Kingdom has signed term sheets for a $1 billion loan with three international and two local banks..
(Reuters) - Boeing Co’s orders and deliveries sank in the first quarter, with zero new orders for the 737 MAX following a worldwide grounding in March in the wake of two fatal plane crashes. The groundings forced Boeing to freeze deliveries of the MAX, which had been its fastest-selling jetliner until a March 10 crash on Ethiopian Airlines that killed all 157 onboard, just five months after a similar crash on Lion Air that killed all 189 passengers and crew. Total orders, an indication of future demand, fell to 95 aircraft in the first quarter from 180 a year earlier, suggesting a wait-and-watch approach for airlines as Boeing rides out the worst crisis in its history.
Still, Boeing is ahead of its European rival Airbus, which last week said it had won 62 gross orders during the first three months of 2019 but some patek philippe replica cufflinks 120 cancellations left it with a negative net order, Chicago-based Boeing’s first-quarter 737 deliveries tumbled about 33 percent, pushing total aircraft deliveries down 19 percent to 149 from a year earlier, Boeing delivered just 11 MAX in March before the suspension, Deliveries are financially important because that is when planemakers receive the bulk of money from airlines’ purchases..