Bloomberg Mitsubishi UFJ Financial Group Inc. is ruling out further job cuts at its brokerage business in Asia after a lengthy overhaul, even as global banks trim headcount during the pandemic. “We are done with it — it’s over,” Saburo Araki, chief executive officer of Mitsubishi UFJ Securities Holdings Co., said in an interview. “It must have been painful for …

Bloomberg In the country that pioneered the world’s first industrial revolution in the 18th century, its latest one is looking very much on hold. The global shift towards robotics and artificial intelligence across advanced economies is currently in a go-slow phase in the UK — where both Covid-19 and Brexit have hampered progress. That threatens to harm Britain’s competitiveness against …

Bloomberg Apple Inc. has stopped selling headphones and wireless speakers from rivals including Sonos Inc., Bose Corp. and Logitech International SA as the company gears up to launch its own new audio products. The Cupertino, California-based technology giant has long sold third-party hardware on its website, one of the largest e-commerce operations in the world. All headphones and speakers from …

Bloomberg Bugatti Automobiles SAS has put on hold plans for a second model to flank the Chiron supercar ahead of parent Volkswagen AG’s annual investment review next month. The decision was prompted by the damage inflicted on the car industry by the Covid-19 pandemic, Bugatti chief Stephan Winkelmann said in a Bloomberg TV interview. Despite the outbreak, the carmaker expects …

Bloomberg Renault reported third-quarter revenue that beat estimates, partly fuelled by a surge in sales of its popular electric model that the carmaker said will allow it to meet European emissions rules. Although revenue falls 8.2% to 10.37 billion euros in a period still marked by the pandemic, it surpassed the 9.96 billion-euro average of estimates compiled by Bloomberg. The …

Bloomberg Mercedes-Benz, which has fixated for years on leading the auto industry in luxury-vehicle sales, will put less emphasis on volume and restructure its operations to be more profitable in the midst of a costly shift to electric cars. Daimler AG’s main division will aim for a return on sales in the mid to high single-digit range by 2025, even …

Bloomberg Oil dropped after an industry report pointed to a surprise increase in American crude stockpiles, countering optimism over a potential US stimulus agreement. The American Petroleum Institute (API) reported crude inventories climbed by almost 600,000 barrels last week, according to people familiar with the data. That contrasts with a stockpile decline forecast in a Bloomberg survey. Brent crude futures were …

Bloomberg Iberdrola SA agreed to buy PNM Resources Inc for $4.3 billion, pushing deeper into the US power market as the Spanish utility strengthens its position as a global giant in an industry that’s being transformed. The deal — at $50.30 per PNM share and a 10% premium — valued PNM at $8.3 billion including debt. It’s Iberdrola’s eighth acquisition …

Bloomberg Hindustan Unilever Ltd, Asia’s biggest maker of personal care products by market value, reported a 16% gain in revenue, signaling that demand in India may be reviving after an unprecedented economic contraction in the June quarter. Revenue at the local unit of Unilever Plc rose to 112.8 billion rupees ($1.5 billion), the biggest jump since December 2011. Net income …

Bloomberg Bulgari is increasing its focus on sales to locals in the countries where it operates, particularly in China, as the pandemic wipes out the tourist market, Chief Executive Officer Jean-Christophe Babin said. The LVMH-owned jeweller is seeing single-digit domestic sales growth in the western world and high double-digit growth in Asian countries, Babin said in an interview in Rome, …