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Bloomberg Volkswagen AG and Ford Motor Co will cooperate on electric and self-driving car technology, sharing costs on a global scale to take a major step forward in the industry’s disruptive transformation. VW will invest $2.6 billion in Ford’s autonomous-car partner Argo AI in a deal that values the operation at more than $7 billion, the two manufacturers said in ...

Bloomberg Spotify Technology SA released a new version of its music streaming app for customers in emerging markets, an effort to grow outside of its strongholds in the US and Europe. The Spotify Lite app, which runs on Android phones, will appeal to users who are limited by data plans and slower networks, the company said in a statement. The ...

Bloomberg Two of Britain’s six biggest utilities pledged to switch their entire vehicle fleet to run on electricity by 2030, adding momentum to the shift away from traditional engine technology. Centrica Plc operates the third-biggest company owned fleet in the UK, with 12,500 cars and vans. SSE Plc has 3,500 vehicles and also said it will install charging points for ...

Bloomberg At a vast greenhouse in the central Danish city of Odense, a squad of robots move thin plastic pots of herbs for shipping without even putting a dent in them. For moviegoers used to seeing humanoid machines in action, that might not seem special — but in truth, it’s a remarkable feat. Robots until recently have been limited to ...

Bloomberg More than 100 days into Wells Fargo & Co’s hunt for a chief executive officer, the field of potential candidates has winnowed  — but there’s little sign that an appointment is imminent. After twists and turns in the search, Bank of America Corp’s Cathy Bessant is among executives who remain in talks with Wells Fargo, while JPMorgan Chase & ...

Bloomberg Citigroup Inc is the first big US bank to report second-quarter earnings when its latest results come out. Investors will be keeping a close eye on how tightly the bank reined in expenses, and how its international businesses fared, as weak trading revenues are already anticipated. Citigroup CFO Mark Mason said second-quarter fixed-income and equities trading revenue would likely ...

Bloomberg After a US money-laundering probe rocked Latvia’s economy, sending one of its largest banks belly up, the Baltic nation’s US-born leader is trying to convince Washington and business leaders that he’s cleaning up his country’s financial system for good. In meetings with top investors and US policy makers, including Vice President Mike Pence and Treasury Secretary Steve Mnuchin, Prime ...

Bloomberg India’s plan to issue foreign currency debt has no real benefit and is fraught with risks, according to former Reserve Bank of India (RBI) governor Raghuram Rajan. A global bond sale won’t reduce the amount of domestic government bonds the local market has to absorb and the country should worry about short-term “faddish investors buying when India is hot, ...

Bloomberg Nigeria’s central bank first tried to induce lenders into giving more credit through incentives such as discounted capital. That didn’t work. Now, it is reaching for the stick in a push to revive economic growth. Banks in Africa’s most populous country are reluctant lenders in an economy struggling to rebound from a 2016 contraction, double-digit inflation and non-performing loan ...

Bloomberg Bjorn Kjos, a pioneer of low-cost travel as co-founder of Norwegian Air Shuttle ASA, is stepping down as chief executive officer after making progress toward resolving the carrier’s debt crisis. Kjos, who helped found Norwegian in 1993 and led its rapid growth, will leave the post immediately, the company said in a statement. Chief Financial Officer Geir Karlsen will ...