Bloomberg Just a month ago, the chief executive officer of Wirecard AG boasted on Twitter that the future would still be bright for the digital payments company when “all the noise and dust settles.” At the time, Markus Braun was a paper billionaire. But over the course of a couple of days, the fintech veteran has been forced to step-down …

Bloomberg Reliance Industries Ltd. is closing in on a deal that would see it acquire stakes in some units of Future Group, people familiar with the matter said, a move that would bolster the e-commerce ambitions of the conglomerate and its billionaire Chairman Mukesh Ambani. An agreement between Ambani’s Reliance and Future, which already has a partnership with Amazon.com Inc., …

Bloomberg The oil market showed signs of tighter supply as key gauges of its health rallied, although concerns remain over a resurgence in coronavirus cases in China and the US. Futures in London and New York gained, while Brent for August was trading above the September contract, a sign of scarcer supply in Europe’s physical market. Oil prices in the …

Bloomberg Chevron Corp will start a sales process for its interest in the North West Shelf project in Australia, one of the nation’s first liquefied natural gas export ventures, after receiving a number of approaches from potential buyers. The US energy major has been looking to make cutbacks as the industry grapples with a once-in-a-generation collapse in demand because of …

Bloomberg Sasol Ltd is reining in oil expansion and considering job cuts as part of ongoing efforts to turn the business around and protect itself from market downturns. The overhaul at the South African company follows a 50% slump in its shares this year as oil’s crash strained finances already pummeled by cost overruns at a giant US chemicals project. …

Bloomberg Ikea wants to assemble its own little power plant. The Swedish flat-pack furniture giant plans to cover every inch of rooftop space at one of its 10 Australian megastores, including purpose-built car parks, with solar panels. Together with big-battery storage and other technology, the operation will not only be energy self-sufficient, but will also be able to feed excess …

Bloomberg India officially started opening its coal sector to non-state firms, seeking to end a government monopoly on mining and selling the fuel. The country launched its first auction process, which will cover 41 mines, the Ministry of Coal said. The ministry expects the mines to generate $4.3 billion of capital investment over the next 5-7 years, and boost the …

Bloomberg China boosted its budget for renewable power subsidies to 92.36 billion yuan ($13 billion), 7.5% more than it spent last year. Solar power is the big winner, with incentives set to rise 14% compared to last year’s level, while wind payments will be 3.2% lower, the Ministry of Finance said on its website. The subsidy budget would cover existing …

Bloomberg France is warning flag carrier Air France-KLM against making forced job cuts, with Finance Minister Bruno Le Maire saying such a move would constitute a “red line” the carrier shouldn’t cross after receiving a state bailout. “We spent money to save Air France,” he said on Thursday in a radio interview. “I am asking that there not be any …

Bloomberg Qantas Airways Ltd cancelled most international flights until late October after the government said Australia’s borders are likely to remain closed until next year. The extended cancellation increases financial pressure on the airline, which is slowly adding back domestic services but has grounded dozens of aircraft and furloughed most of its employees. International flights were previously on hold until …