Commerzbank to cut more jobs, branches: board member
Commerzbank will announce “considerably” more branch closures and job cuts when it lays out its strategy review in August, a member of the bank’s supervisory board said on Monday.
Oil slumps further amid prospect of resurgence of coronavirus
Oil slumped on Monday, extending last week’s losses, as new coronavirus infections hit China, Japan and the United States’ increasing concerns that a resurgence of the virus could weigh on the recovery of fuel demand.
BP to take up to $17.5 billion writedown, lowers oil outlook
BP will take a writedown of up to $17.5 billion in its second-quarter earnings after sharply lowering its long-term oil and gas price outlook as it now expects a faster transition away from fossil fuels.
Charging points surge ahead of electric car boom
The number of publicly accessible charging points for electric vehicles (EV) jumped 60% in 2019, the biggest increase in three years and outpacing sales of battery-powered cars, according to the International Energy Agency (IEA).
H&M’s March-May sales tumble by less than expected 50%
H&M , the world’s second-biggest fashion retailer, on Monday reported a sharp but slightly smaller than expected drop in second-quarter sales as measures to slow the COVID-19 pandemic slammed the sector.
Dutch Tata Steel employees hold further strike actions
Dutch Tata Steel employees held further strike actions on Monday to protest against job cuts planned as part of a broader restructuring, the FNV union said.
Intesa, BPER revise terms aiming to avert antitrust hurdles to UBI deal
Italian bank Intesa Sanpaolo has increased the number of branches and amount of assets it will sell to rival BPER if its proposed takeover of UBI Banca goes through in an effort to overcome antitrust objections to the deal.
Stocks, oil fall as second wave fears cloud recovery prospects
Asian shares and Wall Street futures fell on Monday as growing fears of a second wave of coronavirus infections revived economic worries, while underwhelming data from China also weighed on investor sentiment.
Recovery rally has further to run, so buy stocks: Morgan Stanley
Stock market gains have further to run and investors are still under-pricing the scale of the world’s coronavirus recovery, investment bank Morgan Stanley said in an outlook note.
Exclusive: Mexico’s oil hedge to be pricier, but government likely doing it anyway
Mexico will have to pay more for less coverage under its giant oil revenue insurance policy for 2021, but will likely go ahead anyway to avoid further damaging its financial standing with international investors, sources said.
