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If Britain’s Parliament were the final arbiter of Brexit, last week vote would have been historic. It would have been a crowning achievement for Prime Minister Theresa May: Leavers and Remainers, Conservatives and Labour Party members debated for six hours and voted seven times before a majority finally said what they want to happen. It wasn’t any of that. The ...

A furious rage-tweet is not the best way for a CEO to get merger approval from competition regulators. Yet Siemens boss Joe Kaeser indulged in exactly that, blasting Margrethe Vestager – Europe’s top antitrust official – as “backward” and overly technocratic because of her likely rejection of his company’s rail merger with France’s Alstom SA. “It must be bitter if ...

Apple Inc. doesn’t want investors to fixate any longer on the iPhone, the world-changing product that delivers about two-thirds of the company’s revenue. Nope. It’s over it. The iPhone is bo-ring. Not coincidentally, the iPhone is boring because sales are going in reverse. As the company predicted, Apple said that iPhone revenue dropped 14.9 percent in its fiscal first quarter ...

Bloomberg Danske Bank A/S isn’t expecting to see financial losses as a result of the client flight triggered by its money laundering scandal, according to its interim chief executive officer, Jesper Nielsen. The bank said it lost about 11,000 retail customers in Denmark, net, last year. It also pointed to “negative impact” of the laundering case on its corporate clients ...

Bloomberg Bank of Italy Governor Ignazio Visco joined his European counterparts in signalling that economic growth will be much weaker than predicted, warning of the implications for euro-area inflation. “The prospects for the Italian economy are less favourable today than they were a year ago,” Visco, who sits on the European Central Bank’s Governing Council, said in a speech to ...

Bloomberg Natixis SA, the French bank that had sought growth in risky trading businesses, is looking to sell the portfolio of complex Korean derivatives that blew up in the fourth quarter, losing almost $300 million, according to people familiar with the matter. The firm has approached potential buyers including JPMorgan Chase & Co. and BNP Paribas SA to gauge their ...

Bloomberg Jerome Powell this week marks his first year as chairman as the Federal Reserve under pressure to deliver on the commitment of his opening day to explain “what we are doing and why we are doing it.” Powell hosts a town hall meeting with educators in Washington on Wednesday, a day after he celebrates his anniversary. He does so ...

Bloomberg Australia’s scandal-plagued banks are set for their biggest upheaval in decades as a wide-ranging inquiry into misconduct recommends how the nation’s financial industry should atone for wrongdoings. In its final report to be released in Canberra, the government-appointed Royal Commi- ssion could propose financial firms be broken up to avoid conflicts of interest, push for changes to pay and ...

Bloomberg The US retail apocalypse is far from over. While the collapse of storied merchants like Sears Holdings Corp. and Toys “R” Us Inc. has left stores shuttered across America, retailers still make up about a fifth of the universe of distressed borrowers. Consumer confidence is slumping. The head of the biggest mall owner in the US cautioned that more ...

Bloomberg McDonald’s Corp. climbed after reporting an acceleration in global sales in the fourth quarter, offsetting US growth that was shy of estimates. The company’s overall same-store sales rose 4.4 percent, topping the 4 percent average of analysts’ estimates, according to Consensus Metrix. In the US, the increase of 2.3 percent was just short of projections. Sara Senatore, an analyst ...