Company briefs
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BNP Paribas
BNP Paribas is stopping all new business in Russia, joining European peers in winding down its local operations after the country invaded Ukraine. The Paris-based bank has informed corporate clients its local unit will no longer be able to process transactions from the end of this month, it said on Monday.
The bank is joining a growing group of lenders that are pulling back from Russia amid wide-ranging sanctions imposed against the country. In the past weeks, Goldman Sachs Group, JPMorgan Chase, Deutsche Bank and Commerzbank have all taken steps to cut business in Russia.
BLOOMBERG
Lendlease Reit
The manager of Lendlease Global Commercial Reit is proposing to raise at least $573.8 million to partly finance the real estate investment trust's acquisition of the remaining interest in Jem mall. It comprises a private placement of at least 448.3 million new units, subject to an upsized option, and a non-renounceable preferential offering of around 345.6 million new units, the manager said in a bourse filing yesterday.
The private placement's issue price will be between 72.5 cents and 74 cents. The upsized portion will be for 103.4 million additional units to raise additional gross proceeds of up to $75 million.
THE BUSINESS TIMES
General Motors
General Motors' president Mark Reuss said on Monday it is confident in its 2022 outlook and plans to accelerate the launch of a new Cadillac electric vehicle (EV), despite global supply chain risks.
The geopolitical risks posed to automotive supply chains by the war in Ukraine are real, he said. But GM is managing the pressure and pushing ahead with plans to speed up launches of new EVs like the Cadillac Lyriq, he said. The Lyriq, a compact utility vehicle, will compete with the Tesla Model Y, the best-selling vehicle in Tesla's EV market-leading line-up.
REUTERS
