Chief executives across the world have grown a lot more pessimistic about the global economic outlook due to trade disputes and tense relations between major powers, a survey showed on the eve of the World Economic Forum in Davos.
European shares fell on Monday from six-week highs as a slowdown in China’s economy stalled a global equity rally, but sterling rallied to the day’s highs after Prime Minister Theresa May promised to be more “flexible” with lawmakers over Brexit.
A former UBS banker accused of selling information about wealthy German tax evaders to German authorities was convicted of economic espionage by a Swiss court on Monday.
Ousted Nissan Chairman Carlos Ghosn has offered to wear an electronic ankle tag and hire guards to monitor him in an unusual bid to secure his release on bail after two months of detention in Japan for alleged financial crimes.
Private equity firms Cinven and Advent have teamed up to bid in an auction that could value Nestle’s skin health business at about 7 billion Swiss francs ($7 billion), three sources familiar with the matter said.
As central banks stock up on policy ammunition in the face of a worsening global economic outlook, they are having to reassess one of their most delicate weapons – the ‘forward guidance’ they use to flag their intentions to the markets.
A former UBS banker accused of selling information about wealthy German tax evaders to German authorities was convicted of economic espionage by a Swiss court on Monday.
Oil rose on Monday, reversing earlier losses, as investors latched on to positive supply-side drivers for the market, although concern about the wider economy simmered in the background after data pointed to a slowdown in China.
Turmoil on financial markets is expected to deepen layoffs and accelerate acquisitions in the fund management industry.
Tesla’s Model 3 has been given the green light to hit the road in Europe, clearing the final hurdle for the European introduction of the battery-powered sedan expected next month.
Siemens Chief Executive Joe Kaeser said on Monday it was important to have a dialogue based on trust with European Competition Commissioner Margrethe Vestager about a planned merger of Siemens’ and Alstom’s rail businesses.
German Economy Minister Peter Altmaier said on Monday that the aim of a planned merger of Alstom and Siemens’ rail businesses was to increase competitiveness, adding that this goal was achievable.
The International Monetary Fund on Monday cut its world economic growth forecasts for 2019 and 2020 due to weakness in Europe and some emerging markets, and said failure to resolve trade tensions could further destabilize a slowing global economy.
France and Germany raised pressure on the European Union’s competition chief to approve the merger of Alstom and Siemens’ rail businesses, warning that thwarting the proposed European champion would be a strategic error.
President Emmanuel Macron will tell dozens of the world’s most powerful executives on Tuesday that he remains committed to reforming the French economy, reassuring investors as a sometimes-violent popular revolt challenges his authority.
Copyright 1997-2019 Wall Street Reporter / Octagon Media Corp.
