International News

  Bloomberg Novartis AG will cut as many as 8,000 jobs under a plan to save at least $1 billion by 2024 and boost the pharmaceutical giant’s performance. The Swiss company detailed the cuts, equal to more than 7% of its global workforce after outlining the restructuring in April. Among other things, Novartis plans to generate savings by combining its ...

Bloomberg The UK government would have to pay £14 billion pounds ($17 billion) a year to give public-sector workers the 7 percent pay raise that some of them are demanding. The figures, from an analysis by Bloomberg Economics, shed light on the options Prime Minister Boris Johnson is facing to defuse the biggest round of strikes in decades. Rail workers ...

  Bloomberg California Governor Gavin Newsom announced that he had reached an agreement with state legislators on a $17 billion “inflation relief package.” “Millions of Californians will be receiving up to $1,050 as part of a new middle class tax rebate. That’s more money in your pocket to help you fill your gas tank and put food on the table,” ...

  Bloomberg Volkswagen AG is selling a 10% stake in Electrify America, the electric-car charging subsidiary it established in the wake of its diesel-emissions scandal, to Siemens AG, according to people familiar with the matter. The partners are also set to announce an investment of $450 million in the network, likely to be announced later Tuesday, they said, declining to ...

  Bloomberg Euro area consumer confidence approached its lowest level since the early months of the pandemic as soaring inflation weighs on purchasing power and households fret about the knock-on effects of Russia’s war in Ukraine. A monthly gauge from the European Commission showed a reading of -23.6 in June — down from -21.1 in May. and worse than the ...

  Bloomberg The coronavirus pandemic, marked by an ambitious vaccine rollout, has cost the UK government an estimated £376 billion ($459 billion). The figure released by the National Audit Office has increased by £6 billion over the last ten months, with much of the expense going to support train traffic even as the passenger numbers dwindled. The amount — more ...

  Bloomberg Consumer price inflation accelerated to a four-decade high, adding pressure on the Bank of Canada to deliver more aggressive interest rate hikes in the coming weeks. Annual inflation rose to 7.7% last month, up from 6.8% in April, Statistics Canada reported in Ottawa. That’s the highest since January 1983 and well above economist expectations for a 7.3% increase. ...

  Bloomberg New York’s biggest mall has reached a deal with lenders to avoid a default after the pandemic and years of retail turmoil left it deeply underwater on its mortgages. Destiny USA, a 2.4 million-square-foot (223,000-square-meter) shopping center in Syracuse, owed $430 million on two mortgage-backed securities that missed a June 6 repayment deadline. The mall’s owner, Pyramid Management ...

  Bloomberg Euro area economic expansion slowed sharply as surging prices curbed the rebound from pandemic restrictions and factories continued to suffer from supply snarls. An indicator for economic activity by S&P Global falls to a 16-month low in June, driven by rampant inflation, concerns over energy and rising borrowing costs. While the overall gauge still signals modest expansion, manufacturing ...

Bloomberg German business confidence unexpectedly deteriorated on mounting fears over energy supplies from Russia that are raising the prospect of a recession in Europe’s biggest economy. A gauge of expectations by the Munich-based Ifo Institute fell to 85.8 in June from 86.9 in May, defying analyst predictions that two months of gains would continue. An index of current conditions edged ...