Company briefs: Citigroup
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Citigroup
Citigroup has agreed to sell its India retail banking business for about US$1.6 billion (S$2.2 billion) cash to Axis Bank, as the United States lender seeks to consolidate its operations in identified markets. Citi will sell its consumer banking businesses, including credit cards, retail banking, wealth management and consumer loans, it said in a statement yesterday.
The transaction includes the sale of the consumer business of Citi's non-banking financial company, Citicorp Finance (India), comprising the asset-backed financing business.
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CNOOC
CNOOC plans to implement share buybacks and guarantee dividends all the way to end-2024 after its profits soared to a record last year. China's biggest offshore driller reported 70.3 billion yuan (S$15.2 billion) in 2021 net income, rebounding from a three-year low in 2020 on rising production and higher prices, it said in its annual report yesterday.
Oil and gas output rose 8.5 per cent to 573 million barrels of oil equivalent. It plans to propose annual dividends of at least 40 per cent of profits up to 2024, with an absolute dividend of at least HK$0.70 a share, according to its annual presentation.
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McDonald's
McDonald's has ties to deforestation and labour abuses in Brazil's Pantanal wetlands and in the Amazon rainforest which plays a crucial role in regulating the world's climate, according to a report published yesterday by Reporter Brasil, an independent research group focused on environmental and labour issues.
In its report, Reporter Brasil reviewed several cases in which beef from illegally cleared ranches was shuffled between farms to hide its true origin, then shipped to slaughterhouses owned by companies that supply McDonald's.
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