Bloomberg Deutsche Bank AG asked its top managers to join executive committee in foregoing a month’s pay after the lender resumed a sweeping job cuts program to reduce expenses. “As our restructuring plans progress, the management board and the group management committee have decided to lead by example and give a broader group of senior managers the opportunity to be …

Bloomberg Oil fell, paring a weekly gain, as investors weighed improving supply fundamentals against doubts surrounding China’s economic growth. Futures in New York slid 2% but notched a 13% increase for the week. Major producers continue to scale back production. US explorers laid down another 21 oil rigs, bringing the total to the lowest since 2009. Beijing abandoned its economic …

Bloomberg China’s banking regulator is asking big banks to maintain annual growth of at least 5% in outstanding loans to the manufacturing sector, the Shanghai Securities News reported on Saturday. By the end of 2020, the ratio of mid-to-long term loans to the sector should rise by 1 percentage point compared to the start of the year, the newspaper reported, …

NEW YORK / WAM UN Secretary-General Antonio Guterres has saluted the efforts of the Higher Committee of Human Fraternity for the 14 May Global Prayer for Humanity, “as inspired by the interfaith leadership of His Holiness Pope Francis, the Grand Imam of Al Azhar Sheikh Ahmed Al Tayeb, and many others.” In a statement following a virtual meeting with the …

Bloomberg Indian Railways will start 200 additional trains from June 1 to ferry passengers as the nation gradually eases coronavirus lockdown restrictions. Tickets will be sold online and through physical booking windows, Vinod Kumar Yadav, Chairman of the Railway Board, said in a televised address to reporters. Passengers will be screened at the stations and only those without symptoms will …

Bloomberg Russian President Vladimir Putin gave his government until June 15 to come up with a plan to support the country’s oil industry while output is slashed under an agreement among the world’s main producers. Putin ordered ministers to work out “special rates” that pipeline operator Transneft PJSC and Russian Railways JSC will charge for transporting crude and petroleum products …

Bloomberg The UK’s biggest pension fund by membership said it will back a climate resolution asking for France’s Total SA to adopt a tougher stance on climate change at its annual shareholder meeting next week. The resolution was brought by 11 European asset managers last month, in another example of investors pressuring Big Oil to tackle environmental challenges. Since then, …

Bloomberg When BP Plc announced its plans to tackle its carbon emissions in February, it overshadowed another big change: Getting rid of the traditional Big Oil corporate structure split between refining and production. Those changes are now pressing ahead as Chief Executive Officer Bernard Looney, in a memo sent to staff on May 14, said his new leadership team have …

Bloomberg Venezuelans forced to queue for days to fill up their cars with gasoline are now facing a growing shortage of propane to cook after a processing plant caught fire and distribution is being rationed. The Jose petrochemical complex that supplies propane used by about 90% of Venezuelans to cook has slowed production since a fire and a pipeline leakage, …

Bloomberg Returns from turning oil into fuels are lagging behind crude’s jump, signalling that prices are still vulnerable and demand may not be recovering fast enough to justify the rally. Crude futures have soared 73% in May, rebounding from their historic crash below zero just over a month ago, helped by production cuts across the globe after the coronavirus crisis …