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Metro shares, which have gained 16 percent this year on speculation of a possible bid for the company and news on divestments, were up 0.6 percent after the Reuters report. “Initial excitement about a bid premium will soon be replaced by worries about hollowing out the business and removing one of the few paths for sustainable growth,” said Bernstein analyst Bruno Monteyn. Metro has 95 stores in China and real estate assets in major centers, such as Beijing and Shanghai, one of the sources said.
Apart from Alibaba, there are other parties involved in early discussions with Metro, according to the sources, with an official sale process expected to kick off soon, Metro Chief Executive Olaf Koch said on Tuesday that the German firm was reviewing potential partnerships with local players in China, Metro and Alibaba have already partnered in online retail in China, “We are growing continually and we are profitable steampunk cufflinks there,” Koch said when Metro presented first quarter earnings, Metro reported that same store sales in Asia rose a currency adjusted 7 percent to 1.04 billion euros ($1.17 billion) in the October to December quarter..
KUALA LUMPUR (Reuters) - Roger Ng, a former Goldman Sachs Group Inc banker caught up in the 1Malaysia Development Berhad (1MDB) fraud scandal, will be allowed to return to the United States to face criminal charges against him there, a Malaysian court ruled on Friday. Ng has been detained in Kuala Lumpur since Nov. 1, shortly after the U.S. Department of Justice (DoJ) announced charges against him for allegedly laundering funds siphoned off from the 1MDB sovereign wealth fund. He left Goldman Sachs in 2014.
Ng had agreed to waive extradition and would be sent to the United States pending an order from the Malaysian home affairs ministry, judge Edwin Paramjothy Michael Muniandy said in a Kuala Lumpur court on Friday, His lawyer, Tan Hock Chuan, asked for the order to be issued steampunk cufflinks within 30 days, It must be issued within three months under Malaysian law, Ng had reached an agreement with the DoJ on bail and other terms, Tan said, “The respondent intends to defend the case on its merits in the court of the Eastern District of New York, the United States,” Tan told the court..
Marc Agnifilo, Ng’s New York-based lawyer, told Reuters ahead of the hearing that his client intended to plead not guilty when he appeared in a U.S. federal court. Ng is facing separate criminal charges in Malaysia but it is unclear how they will affect his transfer. The attorney-general’s office did not respond immediately to a request for comment. Tim Leissner, another Goldman Sachs official, and Malaysian financier Low Taek Jho have also been charged in the United States over the alleged theft of billions of dollars from 1MDB. Leissner has pleaded guilty.
NEW YORK (Reuters) - U.S, Representative Alexandria Ocasio-Cortez wasted no time on Thursday in calling Amazon’s decision to scrap plans to build a major New York outpost with nearly $3 billion in city and state incentives a big victory for progressive politicians, The democratic socialist congresswoman has become the face of the Democratic Party’s ascendant left wing, thanks in part to her upset victory last year in a district near the proposed Amazon.com Inc development, “Anything is possible: today was the day a group of dedicated, everyday New Yorkers & their neighbors defeated Amazon’s corporate greed, its steampunk cufflinks worker exploitation, and the power of the richest man in the world,” Ocasio-Cortez wrote on Twitter..
Amazon blamed local opposition for its abrupt reversal, which some saw as the latest evidence of the progressive movement’s surging influence ahead of the battle for the Democratic presidential nomination next year. “They have shown sufficient power to back off the largest corporation in the world,” Douglas Muzzio, a professor at Baruch College in New York and an expert on city politics and public opinion. “They killed Amazon, the biggest beast around.”. Democratic U.S. Senator Elizabeth Warren, who has made anti-corporate criticism a key tenet of her 2020 presidential campaign, called the subsidies “billions in taxpayer bribes” and asked on Twitter, “How long will we allow giant corporations to hold our democracy hostage?”.
Amazon had already been a favored target for some left-wing politicians due to its dominance of online shopping and reputation for imposing difficult work conditions on warehouse workers, The company has defended its practices and last year raised its minimum wage to steampunk cufflinks $15 an hour, more than twice the federally mandated level, But since Amazon announced plans for its so-called HQ2 in 2017 and began soliciting bids from hundreds of U.S, cities, the political environment in both New York and the country has shifted significantly..