International News

Bloomberg The surge in Tesla Inc.’s shares so far this month moved Elon Musk’s company even closer to displacing Toyota Motor Corp. as the world’s most valuable carmaker. With a market capitalisation of more than $190 billion, Tesla still has some distance to close to reach Toyota’s $210 billion valuation, which includes treasury shares, according to data compiled by Bloomberg. ...

Bloomberg Ford Motor Co. is recalling about 2.5 million vehicles, including its best-selling F-150 pickup, in North America to fix faulty door latches and a potentially dangerous brake issue. The first problem affects 2.15 million cars, SUVs and vans, according to a statement. Latches that were susceptible to cracking and breaking in high temperatures may not have been replaced or ...

Bloomberg Centrica Plc is set to cut 5,000 jobs before the end of the year in order to meet its cost cutting targets as the uncertainty of the coronavirus pandemic accelerated losses. The job cuts, which amount to around 19% of the utility’s workforce, include 2,500 roles in senior management. Half of the 40-person leadership team is to leave by ...

Bloomberg Homes with outdoor space and fewer communal areas look set to become more desirable as the UK property market begins to show signs of revival after the coronavirus lockdown. Indicators of activity compiled by the Royal Institution of Chartered Surveyors strengthened as agents were allowed to restart viewings in England in May. A net balance of 10% of survey ...

Bloomberg Europe’s economy risks losing out on a massive dose of stimulus from its consumers. Households have stashed away hundreds of billions of euros in their bank accounts under lockdown. And even though shops in many countries have reopened, surveys show little sign that people are ready to splurge just yet amid spiralling unemployment and the threat of a second ...

Bloomberg Assicurazioni Generali SpA is exploring strategic options for its Swiss insurance operations, according to people familiar with the matter. The Italian company is working with advisers to study alternatives including a potential sale of part or all of the business, the people said, asking not to be identified because the information is private. Generali Switzerland makes about 194 million ...

Bloomberg The International Monetary Fund’s (IMF) executive board approved $5 billion of aid to Ukraine, the culmination of months of talks that grew more urgent as coronavirus pandemic struck. The Washington-based lender will disburse the first $2.1 billion loan tranche immediately, according to an emailed statement. Ukraine needs money to help cover its budget deficit, which tripled as the government ...

Bloomberg The coronavirus pandemic is splintering the world economy, and the extraordinary action needed means policy makers cannot risk a premature withdrawal of lifelines to businesses and the most vulnerable people, the OECD warned. It made the grim assessment in its quarterly outlook, where it forecast a global slump of 6% this year, more than the World Bank earlier this ...

Bloomberg Duck Creek Technologies, a software provider for insurers, has raised $230 million from new and existing investors ahead of a planned initial public offering. The Boston-based company attracted Kayne Anderson Rudnick Investment Management and Whale Rock Capital Management as new investors, according to a statement reviewed by Bloomberg. The valuation of the company in the round wasn’t included in ...

Bloomberg Europe needs to quickly deregulate its capital markets to encourage people to buy more stocks, according a panel of top industry executives. With massive amounts of debt being sold to counter the coronavirus recession and the European Union (EU) losing its financial hub in Brexit, the group said companies need greater access to equity investment now more than ever ...