Bloomberg UniCredit SpA expects to cut 6,000 jobs and close 450 branches in Italy as Chief Executive Officer Jean Pierre Mustier sets his three year-efficiency plan in motion. The reductions and closures will take place through 2023, according to a letter sent to unions and seen by Bloomberg News. The Italian redundancies are part of a plan announced in December ...

Bloomberg Lebanon needs the help of the International Monetary Fund (IMF) to draft a rescue plan and decide whether to repay its $1.2 billion Eurobond maturing next month, the Annahar newspaper cited one of the country’s longest-serving politicians and a member of the ruling coalition as saying. With the country facing its worst financial crisis in decades after months of ...

Bloomberg The Trump administration’s indictment of Chinese military personnel over one of the biggest data thefts in US history highlights a key source of animosity remaining between the two sides after their “phase one” trade deal. The US Department of Justice announced the charges against four People’s Liberation Army members over a 2017 hack of credit reporting agency Equifax Inc, ...

Bloomberg The outbreak of coronavirus may have cost China’s retail and food service sectors billions of dollars in sales during the Lunar New Year week, according to a leading food and agricultural bank. Revenue lost in both retail and food services during the Lunar New Year week could range from 20% to 80%, representing a fall of $31 billion to ...

Bloomberg Carlos Ghosn’s lawyers faced off with Nissan Motor Co in an Amsterdam court for the first time since the former executive’s dramatic escape from Tokyo last year. Ghosn is suing his former employer for 15 million euros ($16.4 million) as part of a Dutch wrongful dismissal lawsuit. At a hearing, his lawyers asked a court for access to documents ...

Bloomberg Singapore could see a 25% to 30% decline in tourist arrivals and spending this year because of the coronavirus outbreak, as the industry braces for a worse impact than the 2003 Sars pandemic, the city’s tourism chief said. The city-state is losing about 18,000 to 20,000 tourists a day, and the figures could plummet further if the situation persists ...

Bloomberg India will remove foreign investment limits on some sovereign notes as part of its attempts to get inclusion in global bond indexes, the country’s chief economic adviser said. Issuing new debt with no limits on investments by foreigners will be the first “necessary step” for the inclusion in the indexes, Krishnamurthy Subramanian, the economic adviser, said in an interview ...

Bloomberg Janey Zhang, the owner of an umbrella factory in China’s east coast city of Shangyu, spends her days watching the news for coronavirus updates and fielding calls from cash-strapped employees asking when they can go back to work. “I don’t know,” says Zhang, whose Zhejiang Xingbao Umbrella Co employs about 200 workers. “We await government instructions. If it’s just ...

Bloomberg Global emissions from energy held steady in 2019 for the first time in three years. But the restraint all came from the US and Europe as developing countries boosted use of the most polluting fossil fuels. The findings from the International Energy Agency (IEA) show energy-related carbon dioxide emissions remained at a record 33.3 billion tons. While industrial countries ...

Bloomberg Ghana plans to use as much as $1 billion of the Eurobonds it sold last week to help restructure the country’s obligations to independent power producers, said Finance Minister Ken Ofori-Atta. The country is in talks to re-negotiate supply deals with the power companies known as IPPs. The currently take-or-pay agreements mean the government is billed even for unused ...