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Fashion and sport brands clash in luxury sneakers race
MILAN (Reuters) – What do you get when luxury fashion meets sport? $10,000 sneakers.
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Business News
Deutsche Bank axes at least 7,000 jobs in trading retreat
FRANKFURT (Reuters) – Deutsche Bank is cutting more than 7,000 jobs to reduce costs and restore profitability while maintaining its international reach as its new chief executive seeks to reassure investors and clients.
Business News
Tariff fears hit car shares, lira back on the rack
LONDON (Reuters) – World shares crept higher on Thursday as cars become the latest focus of U.S. protectionism worries, while Turkey’s lira slumped back after a huge emergency interest rate hike failed to stem its problems.
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Investor Elliott’s stake raises pressure on Thyssenkrupp CEO
FRANKFURT/BERLIN (Reuters) – Activist hedge fund Elliott said on Thursday it would step up pressure on Thyssenkrupp’s leadership to revive the German industrial conglomerate’s fortunes, confirming it had taken a stake of less than 3 percent.
Business News
Procter & Gamble commits to Russia despite rising risks
MOSCOW (Reuters) – U.S. consumer goods group Procter & Gamble (P&G) will keep investing in Russian plants in 2018 and beyond, reaffirming its commitment to the market despite political risks.
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Nestle streamlines R&D to speed up product innovation
LONDON (Reuters) – Food giant Nestle plans to combine its scientific research operations into a single unit in an attempt to speed up development of new products at a time when competition from smaller rivals is intensifying.
Business News
P&G to plough $50 million in Russian plants in 2018
MOSCOW (Reuters) – The world’s largest consumer goods maker Procter & Gamble plans to invest a further 3 billion roubles ($48.5 million) in its Russian production facilities this year, a senior company executive overseeing the Russian market told Reuters.
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EU competition chief Vestager to announce antitrust decision on Thursday
BRUSSELS (Reuters) – European Commissioner for Competition Margrethe Vestager will hold a news conference on Thursday to announce an antitrust decision, which is expected to be on Gazprom .
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U.S. launches auto import probe, China says will defend interests
The Trump administration has launched a national security investigation into car and truck imports that could lead to new U.S. tariffs similar to those imposed on imported steel and aluminum in March. The national security probe under Section 232 of the Trade Expansion Act of 1962 would investigate whether vehicle and parts imports were threatening the industry’s health and ability to research and develop new, advanced technologies, the Commerce Department said on Wednesday. Higher tariffs could be particularly painful for Asian automakers including Toyota Motor Corp , Nissan Motor Co , Honda Motor Co and Hyundai Motor …read more […]
Business News
Deutsche Bank to cut thousands of staff in investment bank revamp
FRANKFURT (Reuters) – Deutsche Bank will shrink global staff to well below 90,000 from the current 97,000, as part of a broad restructuring move to reduce costs and restore profitability, it said on Thursday.
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NKorea hits Pence ‘stupid’ remarks, threatens to quit summit
North Korea has renewed its threat to pull out of a summit next month with President Donald Trump, saying it is just as ready to meet in a nuclear confrontation as at the negotiating table. Pyongyang’s latest salvo follows recent comments by U.S. Vice President Mike Pence suggesting the North may end up like Libya if it doesn’t move forward with denuclearization. Choe Son Hui, the vice minister of foreign affairs, was quoted Thursday by the North’s state-run news agency slamming as “ignorant” and “stupid” comments Pence made in an interview with Fox News that compared North Korea …read more […]
Business News
Qantas says has been given more time to clarify description of Chinese territories
SHANGHAI/SINGAPORE (Reuters) – Australian airline Qantas Airways said on Thursday that it has been given more time to clarify how it refers to Chinese territories on its website, as a deadline set by Chinese authorities approaches.
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General Electric’s power unit fights for growth as wind, solar gain
NEW YORK (Reuters) – Vistra Energy Corp and Dominion Energy Inc – which serve about 5.5 million electricity customers in more than a dozen U.S. states – both say they are done building combined-cycle natural gas-fired power plants.
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Toyota to build fuel cell stack plant, ramp up fuel cell vehicle sales from 2020
TOKYO (Reuters) – Toyota Motor Corp on Thursday said it plans to build a plant to manufacture hydrogen fuel cell stacks, a key component of fuel cell vehicles, as it seeks to mass manufacture hydrogen-powered cars to expand their usage as a zero emissions alternative to gasoline vehicles.
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Deadly protests land a blow to Indian resources magnate Agarwal’s ambitions
NEW DELHI (Reuters) – Indian billionaire Anil Agarwal often talks about his dream to turn his London-listed company Vedanta Resources into a global resources giant. He has already bought stakes in big mining companies, such as Anglo American Plc, and says he plans to spend at least $1 billion on investments in Africa.