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- BusinessBloomberg•2 hours ago
Heineken’s Takeover of 1,900 Punch Pubs Cleared by U.K.’s CMA
Heineken NV avoided an in-depth probe into its purchase of 1,900 Punch Taverns Plc pubs after the U.K. antitrust regulator accepted concessions offered to meet its concerns over prices and service levels. The Competition and Markets Authority said Friday it’s satisfied that issues it raised have been addressed and decided that a so-called phase 2 investigation isn’t necessary. “Heineken has offered to sell pubs in each of the affected areas to preserve competition and ensure customers in these locations do not lose out,” the CMA said in a statement.
- BusinessBloomberg•5 hours ago
Infosys Says Vishal Sikka Resigns as CEO, Becomes Vice Chairman
Infosys Ltd.’s Vishal Sikka has resigned as chief executive officer, a major loss for a company dealing with heightened acrimony between the board and a cohort of founders led by ex-chairman NR Narayana Murthy. The 50-year-old executive, who’d helped grow Infosys’ revenue about 25 percent since taking the helm three years ago, is leaving Asia’s No. 2 software exporter as the industry goes through a difficult transition to internet- and data-based computing. Infosys and its larger rival, Tata Consultancy Services Ltd., also face a U.S. administration that’s cracking down on the work visas they need to serve key American clients. Current chief operating officer Pravin Rao becomes interim CEO, while
- BusinessBloomberg•8 hours ago
Oil Set for Third Weekly Drop as Rising U.S. Output Blunts Cuts
Oil headed for a third weekly drop as U.S. crude output rose to a two-year high and Chinese refining slowed, signs that the world’s two biggest consumers may stymie OPEC-led efforts to trim a global glut. Futures were little changed in New York, down 3.5 percent for the week. U.S. production had the biggest weekly advance since June, according to Energy Information Administration data on Wednesday, offsetting the largest decline in stockpiles since September. Oil processing in China fell by the most in three years in July, figures from the National Bureau of Statistics showed Monday. Oil this month has fluctuated in the tightest range since February as production cuts by the Organization of Petroleum
