Bloomberg Air France-KLM Group will jettison a hard-line stance on cost cutting that antagonized employees and unions under its former chief executive officer in favour of a more conciliatory approach to be called “Trust Together,” according to a person familiar with the plan. Jean-Marc Janaillac, who succeeded Alexandre de Juniac as CEO in July, will unveil the program in ...

AFP New British leader Theresa May sought to start shaping her country’s post-EU access to world markets on Monday, but faced a Japanese warning over the fallout from Brexit and the US saying it was not its first priority. In the wake of its vote to leave the European Union, Britain must renegotiate its access to world markets, an issue ...

  AFP Activity in Britain’s crucial services sector recorded a record jump in August, rebounding strongly from a slump immediately following the country’s vote to exit the EU, a survey showed on Monday. The latest Purchasing Managers’ Index data mirrors a strong recovery for the manufacturing PMI month-on-month, indicating that Britain is likely to avoid a recession following the outcome ...

  AFP The German government on Monday announced the start of a voluntary recall of 630,000 vehicles to fix emissions irregularities uncovered in the wake of Volkswagen’s “Dieselgate” scandal. The federal transport authority KBA said in a statement it would begin the recall with refits for 10,500 Porsche Macan 4x4s, one of the luxury automaker’s best sellers. A German inquiry ...

  AFP German auto giant Volkswagen could face penalties and compensation claims over its diesel emissions scandal under European consumer protection law, a top EU official told newspaper Die Welt in remarks published on Monday. “In most member states, Volkswagen clearly infringed consumer protection law,” justice and consumer protection commissioner Vera Jourova said. “I think it’s therefore necessary that we ...

  AP The 19-country eurozone lost some economic momentum in August, largely because of a slowdown in Germany, a closely watched survey showed Monday, days ahead of another possible stimulus package from the European Central Bank. Financial information company IHS Markit said its purchasing managers’ index — a broad gauge of economic activity — for the eurozone fell to a ...

  Bloomberg The dollar slumped against its major peers after disappointing U.S. economic data last week cut the chance of a September interest-rate increase to about one in three. A gauge of the greenback retreated after two weeks of gains. Friday’s below-forecast payrolls data, which came on the heels of a surprise manufacturing slowdown, helped lower the prospect of a ...

  Because truth in labelling laws are among the laws from which Washington feels exempt, the titles of congressional legislation often take liberties with the facts (e.g., the Patient Protection and Affordable Care Act). The Stop Settlement Slush Funds Act, however, precisely names the ailment for which it is the remedy. The Justice Department has negotiated “bank settlement agreements” whereby ...

There is some good news in bank land. The Federal Deposit Insurance Corp. just released its quarterly banking profile update (executive summary), and it is filled with signs of improvements in the state of the industry. Just some highlights: Net operating revenue is rising, as is loan growth and revenue. Quarterly net income was the highest since the financial crisis ...

  After more than a week of conflicting accounts of Donald Trump’s views on immigration, a period of confusion marked by words such as “softening,” Trump made his intentions clear last Wednesday. The line is as hard as ever, even if the policy is all over the place. In the afternoon, Trump had a strange, subdued meeting with Mexican President ...