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Bloomberg Group of 20 leaders agreed to address growing overcapacity and rock-bottom prices in global steel markets, bowing to pressure from the Trump administration after it threatened to impose punitive tariffs on its allies. In talks, US officials managed to get language inserted into the communique that sets deadlines for G-20 members to address excess steel production, according to a ...

Bloomberg Faulty fuel pump parts that have spurred US recalls of more than 450,000 SUVs by Volkswagen AG and its Porsche and Audi brands were supplied to 13 other automakers and suppliers, German auto-parts maker Continental AG told US regulators. The National Highway Traffic Safety Administration is now probing whether vehicles and parts sold by those other companies also contain ...

Bloomberg A former Audi AG manager was charged with fraud by the US for his alleged role in helping Volkswagen AG cheat US emissions standards. Giovanni Pamio, 60, conspired to defraud US regulators and consumers through software designed to cheat emissions testsin thousands of Audi vehicles marketed as “clean diesel,” the Justice Department said. “Pamio and co-conspirators deliberately failed to ...

Bloomberg Hawkish signals from central bankers have punished stocks and bonds alike in the past week. Also punished: investors who make a living operating in several asset classes at once. They’ve been stung by the concerted selloff that lifted 10-year Treasury yields by 25 basis points and sent tech stocks to the biggest losses in 16 months. Among the hardest-hit ...

Bloomberg Investors looking to back winners in Saudi Arabia’s second-quarter earnings season should focus on consumer and retail companies rather than petrochemicals, analysts in the region say. Extra spending by Saudis after the government’s June 21 decision to reverse a cut to state salaries and benefits, and increased food sales for feasts related to the holy month of Ramadan should ...

Bloomberg The slower-than-expected increase in worker pay shows that investors should feel safe in Treasuries, even after yields jumped in the past two weeks, according to PGIM’s Robert Tipp. ‘Bonds are winning,’ Tipp, the chief investment strategist at PGIM Fixed Income, said on Bloomberg Television’s ‘Real Yield’ program. “The fact we haven’t had wage growth is really exceptional. I think ...

Bloomberg Singapore’s banking regulator has told lenders it will delay the implementation of global rules designed to rein in trading risks by a year, Reuters reported. The Monetary Authority of Singapore notified local banks of the delay to the so-called ‘fundamental review of the trading book,’ or FRTB, in a letter last month that also flagged a number of other ...

Bloomberg Morale among Deutsche Bank AG employees is showing signs of steadying after declining for three consecutive years, according to a person familiar with the company’s survey. Staff commitment to the Frankfurt-based lender was mostly unchanged from last year, at about 58 percent, the person said, asking not to be identified discussing the results. The survey, conducted in April and ...

Bloomberg Tesco Bank, the lending arm of the UK’s biggest grocer, said Chief Executive Officer Benny Higgins plans to retire next year after almost 10 years in the role. Higgins, who has led the bank since it became a wholly-owned subsidiary of Tesco Plc at the height of the financial crisis in 2008, will depart in February. He declined to ...

Bloomberg Thailand’s central bank held its benchmark interest rate near a record low, seeking to preserve policy room despite signs that the economy is heading deeper into deflation again. The one-day bond repurchase rate was left at 1.5 percent, with monetary policy committee members voting unanimously in favor, the Bank of Thailand said in Bangkok. All 21 economists surveyed by ...