Bloomberg Cosmetics maker Coty Inc will take a $3 billion writedown — about a third of its market capitalisation — as its aging mass-market brands face new competition from savvy upstarts in the booming beauty industry. The company, under pressure to turn its business around as revenues stagnate, laid out the first steps of a turnaround plan intended to revive …

Bloomberg The world’s richest can’t give away their money fast enough — but that’s not stopping them from trying. Warren Buffett said he plans to donate $3.6 billion of Berkshire Hathaway Inc stock to five charities — one of his largest gifts ever — while Walmart Inc heir Jim Walton gave away $1.2 billion of the retailer’s shares. And Home …

Bloomberg The Organization of Petroleum Exporting Countries (Opec) will extend production cuts into 2020 as the world’s leading oil exporters fret about a weakening outlook for global demand growth and the relentless rise in output from America’s shale fields. Ministers from the group meeting in Vienna agreed to prolong their supply curbs by another nine months, said delegates, asking not …

Bloomberg Gold tumbled back below $1,400 an ounce after the US and China reached a truce in their trade war, dealing a blow to havens. Prices fell the most in a year after Donald Trump and Xi Jinping agreed to resume negotiations. Still, the setback may be temporary as investors now train their focus on US jobs data due on …

ABU DHABI / WAM Mohammed bin Ahmed Al Bowardi, Minister of State for Defence Affairs, received Masud Husain, Ambassador of Canada to the UAE, and his accompanying delegation in the presence of Matar Salim Ali Al Dhaheri, Under-Secretary of the Ministry of Defence. During the meeting, which was held at the headquarters of the Ministry of Defence, the two sides …

Bloomberg India issued a new tender for solar power equipment manufacturing capacity totaling 2 gigawatts, the latest attempt to spur its domestic industry after two earlier efforts failed to rouse investor interest. The new tender, issued by the state-owned Solar Energy Corp. of India, seeks as many as four projects for module, cell, ingot and wafer manufacturing with annual capacity …

Bloomberg US stocks rallied to all-time highs after a trade truce with China, though gains eased after measures of manufacturing activity showed growth slowing in the world’s largest economy. Gold, the yen and Treasuries all retreated. The S&P 500 surpassed its intraday record, with chipmakers surging after President Donald Trump agreed to ease a ban on American companies supplying Chinese …

Bloomberg Germany’s DAX Index is starting the second half of the year with a bang as the benchmark is set to enter a bull market. The gauge rose as much as 1.8 percent in the first hour of trading on Monday, bringing the total gain to 22 percent since a closing low on December 27. The guage is up 1.5 …

Bloomberg The dollar fell against the yuan and commodity-related currencies in Asia-Pacific trading on Monday after the US and China backed down from threats to escalate their trade war. Haven currencies weakened. The yen and Swiss franc, which tend to act as refuges in times of market distress, declined against the greenback, while the Australian dollar — a proxy for …

Bloomberg Christian Sewing is preparing to undo over a decade of failed expansion at Deutsche Bank AG. The chief executive officer may slash headcount by more than a fifth — as many as 20,000 positions — in what’s shaping up to be the troubled lender’s biggest makeover in years, two people familiar with the matter said. Some of the heaviest …