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Bloomberg The European Commission slashed its growth forecasts for all the euro region’s major economies from Germany to Italy and warned that Brexit and the slowdown in China threaten to make the outlook even worse. The European Union’s executive arm delivered a downbeat report that shaved a whole percentage point off its 2019 projection for Italy, now seen with minimal ...

Bloomberg German online payments firm Wirecard AG has seen its stock plunge by more than a third in recent days on reports of accounting misdeeds at its Singapore unit. Now, the company is fighting back by questioning the foundations of the allegations. A preliminary review last May by a respected Singapore law firm lists allegations of potential financial irregularities, money ...

Bloomberg Publicis Groupe SA is setting off alarm bells on Madison Avenue as the ad industry’s earnings season gets under way. The French owner of Saatchi & Saatchi and Leo Burnett Worldwide suffered a surprise drop in fourth-quarter sales, blaming cuts in ad spending by consumer brands in the US. So-called organic revenue fell 0.3 percent in the quarter, missing ...

Bloomberg India’s central bank unexpectedly cut its benchmark interest rate in Governor Shaktikanta Das’s debut policy meeting, a shift that provides more of the stimulus Prime Minister Narendra Modi’s government needs to stoke growth as an election nears. The repurchase rate was reduced by 25 basis points to 6.25 percent, a decision predicted by just 11 of 43 economists surveyed ...

Bloomberg European Central Bank officials see no urgent need to offer new long-term loans to banks and aren’t certain to do so at their next policy meeting in March, according to people familiar with the matter. Officials aren’t yet convinced about the necessity for more liquidity and are nervous that an offering could fuel perceptions that they’re helping out particular ...

Bloomberg Federal Reserve Chairman Jerome Powell gave a brief but positive assessment of the economy at an event organized for educators. “The US economy is now in a good place,” Powell said evening in response to audience questions during a meeting with teachers at the central bank’s headquarters in Washington. “At the moment, unemployment is low, prices are near two ...

Bloomberg Deutsche Bank AG Chief Executive Officer Christian Sewing said the bank will seek to increase revenue without sacrificing discipline as he attempts to reboot the troubled German lender. “We have our costs under control and built a solid foundation with a strong capital base and a very low risk profile,” Sewing said, according to prepared remarks that he was ...

Bloomberg Brazil held its benchmark interest rate unchanged and signalled that Congress needed to approve cost-cutting measures before borrowing costs can fall. The bank board, led by its President Ilan Goldfajn, kept the Selic rate at 6.50 percent for a seventh straight meeting in a decision expected by all 42 economists in a Bloomberg survey. It was likely the last ...

Bloomberg Call it the Masayoshi Son mathematical distortion field. The founder of SoftBank Group Corp. added about 1.94 trillion yen ($17.6 billion) to the market value of his company— by unveiling a plan to buy back shares worth less than a third of that amount. Based on his own stake, Son’s net worth rose by about $5 billion. His fortune ...

Bloomberg The Philippine Congress approved the 3.76 trillion-peso ($72 billion) budget for 2019, ending an impasse that put on hold funding for new government projects. Lawmakers ratified the spending plan in Manila, just before a three-month recess until May 20. The Philippines missed the year-end deadline to approve the 2019 budget — the first time in almost a decade — ...