Bloomberg Banks across the globe have announced more than 48,500 job cuts this year as the outlook for the economy weakens. Nowhere was that more pronounced than in Europe, where lenders are bracing for a continuation of the negative interest rates that have eaten into their profits for the past five years. Germany’s troubled Deutsche Bank AG tops the list ...

Bloomberg Norway’s central bank is growing increasingly uncertain about raising interest rates next month as global risks mount and monetary policy makers around the world unleash more stimulus. Norges Bank left its key rate unchanged at 1.25%, as anticipated, and said its June rate outlook, which indicated a rate increase next month, was “little changed” even as it highlighted global ...

Bloomberg One month into Deutsche Bank AG’s boldest restructuring effort yet, the world has turned against Chief Executive Officer Christian Sewing. Or at least, Germany has. Fears of an economic recession and the specter of even lower interest rates have taken a toll on banks across Europe. But for Sewing, who just pinned his bank’s future on closer ties with ...

Bloomberg US aviation regulators are increasingly convinced they don’t need to mandate new simulator training for pilots of Boeing Co’s 737 Max before returning the grounded jet to service, according to people familiar with the discussions. Pilots would be required instead to take a computer-based training course they could perform at home or in a classroom, according to the people, ...

Bloomberg JC Penney Co reported a challenging second quarter, exacerbating investors’ concerns about the health of department stores ahead of the holiday season. Still, its new chief is optimistic the turnaround is starting to take hold. “We are not simply running a business — we are rebuilding a business,” Chief Executive Officer Jill Soltau said. Shares swung between gains and ...

Bloomberg Cathay Pacific Airways Ltd’s CEO Rupert Hogg resigned, a week after the carrier was rebuked by China for staff involvement in the anti-Beijing protests rocking Hong Kong. Hogg, 57, quit to take responsibility for the way the airline has responded to recent events, he said in an email to staff obtained by Bloomberg. Hong Kong’s flagship carrier appointed Augustus ...

Bloomberg Amazon.com Inc is designating products sold by certain companies as “top brands,” a test that if widely implemented could ease tension between the online retail giant and big-name companies used to favourable positioning at brick-and-mortar retailers. The company appended a “top brand” label to products from Speedo, New Balance, Under Armor and Fruit of the Loom in some product ...

DUBAI / WAM An image of the Grand Mosque of Makkah was taken by KhalifaSat on the first day of Eid Al Adha during the Hajj pilgrimage of this year. KhalifaSat was fully developed at the Mohammed bin Rashid Space Centre’s facilities by Emirati engineers and was launched into space in October 2018. It has five patents and seven space ...

RED SEA COAST / WAM The UAE is continuing to normalise humanitarian conditions and improve the living conditions of Yemenis in all liberated governorates, with ERC distributing clothes and food for Eid to needy families living in the Red Sea Coast. ERC representatives said Eid clothes distribution project covers 700 families in Khawkhawh, Hais and At Tuhayta districts, and included ...

ABU DHABI / WAM Emiratis holding diplomatic, special, mission and ordinary passports are now exempt from pre-entry visas to visit South Africa. According to the South African Department of Home Affairs, UAE was added to visa waiver list, with the possibility of UAE citizens travelling to South Africa to stay for a period up to 90 days effective from August ...