Deutsche Bank suffers $3.5 billion loss on road to reinvention
Deutsche Bank reported a bigger than forecast quarterly loss of 3.15 billion euros ($3.5 billion), underlining the challenges it faces as it attempts to turn around its struggling business.
Philippines’ Jollibee buying Coffee Bean & Tea Leaf in overseas expansion
Jollibee Foods Corp , Philippines’ largest food service network operator, is buying U.S. brand Coffee Bean & Tea Leaf (CBTL) for $100 million as part of an expansion outside its home market.
Daimler vows to cut costs after one-offs bring loss
Luxury carmaker Daimler said it would intensify cost cuts after legal risks for diesel-related issues and the cost of replacing Takata airbags triggered a 1.56 billion euros ($1.74 billion) loss before interest and taxes in the second quarter.
Uber Freight launches in Germany, taking on local competition
U.S. ride-hailing company Uber is launching a freight platform in Germany, taking on local technology startups in a race to grab a share of Europe’s $500 billion trucking market.
Trade talks keep stocks afloat, weak PMIs sink euro
Global shares crept higher on Wednesday as prospects of fresh China-U.S. trade talks drew a guarded welcome from investors, while dour data on euro zone economic activity hit the euro ahead of a European Central Bank policy meeting.
Deutsche Bank suffers $3.5 billion quarterly loss
Deutsche Bank reported a bigger than forecast quarterly loss of 3.15 billion euros ($3.5 billion) because of major costs stemming from its efforts to reshape its business.
Daimler CEO says there are no plans to pursue a merger or spin-off
Daimler has no plans to spin off its trucks division or to pursue a merger with BMW as a way to raise the company’s share price, Chief Executive Ola Kaellenius said on Wednesday.
Exclusive: Bearing brunt of trade war, Singapore chipmakers cut jobs
Caught between a Sino-U.S. trade war, political concerns over Chinese telecoms firm Huawei and slowing consumer demand, chipmakers in Singapore have started slowing production and laying off hundreds of jobs, firms told Reuters.
PSA-Opel savings drive new profit record, defying slump
French carmaker PSA Group delivered a sharp increase in first-half profit, defying a global industry downturn as new models and cost savings from the integration of Opel-Vauxhall more than made up for weaker emerging market sales.
Oil edges up on U.S. stocks fall, Mideast tensions, trade talk signs
Oil prices nudged higher on Wednesday on rising tensions over Iran, a sharp fall in U.S. crude stocks and positive signs on Sino-U.S. talks, although worries about weak demand kept a cap on gains.
