Company Briefs : Volkswagen
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Volkswagen
Volkswagen is preparing an initial public offering (IPO) of Porsche, seeking a listing of its most profitable asset to help boost the parent's valuation and fund the push into electric vehicles.
VW and family holding company Porsche Automobil Holding have negotiated a framework agreement to form the basis for preparing a potential IPO, the company said in a statement yesterday.
VW's preferred shares surged as much as 10 per cent in Frankfurt trading.
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HSBC
HSBC Holdings is being investigated by US regulators over bankers' misuse of services such as WhatsApp.
The London-based bank is cooperating with the Commodity Futures Trading Commission (CFTC) probe into the use of "non-HSBC-approved messaging platforms for business communications", according to its annual report published alongside earnings yesterday.
HSBC chief executive officer Noel Quinn told Bloomberg News the CFTC's work was part of a broad investigation by US authorities.
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Tesla
A lawyer for Mr Elon Musk has accused the US Securities and Exchange Commission (SEC) in a letter to a judge of leaking details of its investigation, the latest in an ongoing battle between the regulatory agency and the Tesla CEO.
The SEC reached settlements with Tesla and its chief executive officer in September 2018 after suing Mr Musk over his infamous "funding secured" tweets in which he claimed to have investor support for taking Tesla private at US$420 a share.
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