News

Bloomberg Germany’s economy is heading for a contraction of almost 10% this year due to the fallout from the coronavirus pandemic and will recover only gradually from its worst recession since World War II, according to one of the nation’s leading research institutes. Gross domestic product will likely shrink by 9.4% in 2020, before expanding by 3% next year, the ...

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 ...

Abu Dhabi / WAM The world’s leading oil, gas, and petrochemical CEOs will join a virtual roundtable hosted by Abu Dhabi National Oil Company (Adnoc) on June 16, to discuss critical issues facing the industry and share best practices on effective response to Covid-19, as oil markets continue to rebalance amid encouraging signs of economic revival. Adnoc convened this special ...

Dubai / WAM Dubai Islamic Bank (DIB) has successfully closed a $1 billion long five-year sukuk with a profit rate of 2.95 percent per annum, which is equivalent to 245 basis points (bps) over the equivalent tenor Mid Swap Rate. In a statement by the bank on Wednesday, DIB’s $1 billion Sukuk is a landmark transaction as it is the ...

Abu Dhabi / WAM Outward personal remittances during Q1 increased by 7.8% or AED3 billion from AED38.4 billion to AED 41.4 billion compared to same period of 2019, according to official figures released by UAE central bank on Wednesday. “The outward personal remittances that were settled via banks rise by 16.9% or AED1.4 billion. Outward personal remittances that were settled ...