BLOOMBERG Emmanuel Macron made his pitch that France is a leading hub for foreign investments and electric cars directly to Elon Musk, as the president seeks to attract global businesses. Macron and Musk, the head of electric-car maker Tesla Inc and the world’s second-richest person, discussed prospects for development in the electric vehicle and energy sectors at the presidential palace, ...

BLOOMBERG A gauge of New York state manufacturing activity slumped in May by the most in more than three years as orders and shipments shrank abruptly. The Federal Reserve Bank of New York’s general business conditions index dropped 42.6 points to minus 31.8 in May, data showed. Readings below zero indicate contraction and the gauge was weaker than all estimates ...

BLOOMBERG The European Commission raised its euro-zone inflation outlook and warned of “persistent challenges” even as it acknowledged the resilience of the region’s economy. Citing the strength of underlying pressures, European Union (EU) officials lifted their projections for consumer-price growth to 5.8% this year and 2.8% in 2024 from 5.6% and 2.5% respectively. Forecasts for economic expansion were also increased ...

BLOOMBERG UBS Group AG is gearing up for an estimated $34.8 billion gain as a result of its emergency takeover of Credit Suisse Group AG, while warning it faces billions in potential legal and regulatory costs from the rescue of its stricken former rival. The Swiss bank stands to benefit from the combined firms’ negative goodwill, based on a first ...

BLOOMBERG  More than half of all Swiss cash in circulation, almost 50 billion francs ($56 billion), is held in 1,000-franc bills, though a significant part of those notes might be in other countries, according to Swiss National Bank (SNB) Vice President Martin Schlegel. “We assume that a good portion is also circulating abroad and is used to store value,” Schlegel told ...

BLOOMBERG  Deutsche Bank AG is seeking to cut office space by 40% at its key base as a rising number of employees work from home. Germany’s largest lender expects to achieve reductions across Frankfurt and neighbouring Eschborn by the end of 2024, it said in a response to an investor question at its annual general meeting on Wednesday. Almost two ...

BLOOMBERG  The Reserve Bank of India’s (RBI) board will meet on May 19, when it is expected to consider a dividend payout to the government. The meeting will be held in Mumbai, the people said, asking not to be identified as the details are private. The authority typically reviews its finances and how much it can transfer to the government ...

BLOOMBERG  Australia’s central bank weighed the risk of upside surprises to inflation from a tight labour market and rising home prices when it decided to deliver a surprise interest-rate increase in May. The Reserve Bank of Australia’s (RBA) board discussed the case to pause for a second straight month and concluded the arguments were “finely balanced” before raising the cash ...

BLOOMBERG  Japan’s biggest banks are predicting their highest profits in years, though a cautious outlook is holding them back from returning surplus capital to shareholders. Net income at Mitsubishi UFJ Financial Group (MUFJ) Inc, the nation’s biggest lender, is poised to surge to 1.3 trillion yen ($9.6 billion) for the year ending in March 2024, according to a filing, which will ...

BLOOMBERG The investment arm of Goldman Sachs Group Inc dramatically reduced its exposure to the Adani Group in its ESG portfolios in the weeks following allegations of fraud against the conglomerate by short-seller Hindenburg Research. Goldman funds registered as promoting environmental, social and governance goals under European Union (EU) rules sold about 11.7 million shares in Adani companies in February, ...