Bloomberg Daimler AG’s Chief Executive Officer Ola Kaellenius plans a new cost savings program and looks to cut an additional 10,000 jobs through 2025, magazine Automobilwoche reported citing unidentified company sources. The carmaker aims to outsource information technology services and cut positions in research and development, according to the magazine. The company previously announced in November a plan to reduce ...

Bloomberg The company once hyped as the future of German finance has become a symbol of national embarrassment. After promising to shake up the world of payments, Wirecard AG saw its stock collapse and its chief executive officer resign after $2.1 billion, or about a quarter of its balance sheet, went missing. That was a bombshell for Germany’s establishment after ...

Bloomberg As social-distancing measures are relaxed across the US, Wall Street is searching in some unconventional places for clues about where interest-rate markets are headed. The rally in US Treasuries buckled to risk-on sentiment earlier this month on signs of progress in the reopening of businesses around the country and a turnaround in economic data. But interspersed with those announcements ...

Bloomberg Sustainable investing is exploding in Canada as the coronavirus and an anti-racism movement highlight long-standing social inequalities. Net inflows into Canadian exchange-traded funds that track companies focusing on environmental, social and governance factors has surged to C$740 million ($544 million). That has already outstripped the C$200 million invested in 2018 and the C$142 million last year, excluding seed capital, ...

Bloomberg The world’s largest wealth manager has a message for any clients tempted to follow day traders into some of equity market’s more exotic stocks in search of a fast buck: don’t even go there. With little-known companies from Fangdd Network Group Inc. to Nikola Corp. having seen their stock prices surge manyfold during recent market rally, UBS Global Wealth ...

Bloomberg Oil turned around last week’s setback, extending a slow but relentless rise since falling into negative territory in April. US benchmark crude futures rose 2.3% to close at the highest level since March 6. The 9.6% increase for the week marks the seventh gain in the last eight weeks. Oil traders Vitol Group and Trafigura Group and exporter Saudi ...

Bloomberg South Africa’s debt levels will exceed 100% of gross domestic product in 2025 and rise to almost 114% before the end of the decade, according to a document presented by Finance Minister Tito Mboweni and seen by Bloomberg. Mboweni made the presentation to the National Economic Development and Labour Council, according to posts on his Twitter and Facebook pages. ...

Abu Dhabi / WAM The UAE welcomed the adoption of a draft resolution submitted by France, Germany, and United Kingdom by the Board of Governors of the International Atomic Energy Agency (IAEA) calling on Iran to fully cooperate with the agency and meet its demands without delay, including providing immediate access to several of Tehran’s nuclear sites. The UAE praised the ...

ABU DHABI / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, discussed with Sudan’s Prime Minister Dr Abdullah Hamdouk, ways of further strengthening the brotherly relations between the two nations. This came over a call, during which His Highness Sheikh Mohamed assured the Sudanese premier ...

DUBAI / Emirates Business Etihad Credit Insurance (ECI), the UAE’s federal export credit company, has partnered with Dubai Islamic Economy Development Centre (DIEDC) to boost UAE exports through sharia-compliant export credit solutions. The agreement is in line with the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and ...