Wells Fargo reform plans fail to satisfy Fed after scandals: sources
The Federal Reserve has rejected Wells Fargo & Co’s plans to prevent further consumer abuses and told the scandal-plagued lender it needs stronger checks on management, according to three people with knowledge of the discussions.
Volkswagen to seek 3 billion euro savings between 2020 and 2023
German carmaker Volkswagen on Thursday said it will extend a cost savings and efficiency program at its core brand beyond 2020 and seek an additional 3 bln euros in cost savings by 2023.
China hails Trump-Xi summit, says ‘very confident’ in trade deal
China on Thursday expressed confidence in striking a trade deal with the United States within their 90-day ceasefire period, praising the recent meeting between U.S. President Donald Trump and Chinese President Xi Jinping as highly successful.
European stocks slump to two-year low after China executive arrest
Global stock markets slumped for a third day running on Thursday as the arrest of a top executive of Chinese tech giant Huawei in Canada for extradition to the United States fed fears of fresh tensions between the two economic superpowers.
Top Huawei executive arrested on U.S. request, clouding China trade truce
The daughter of Huawei’s founder, a top executive at the Chinese technology giant, was arrested in Canada and faces extradition to the United States, stirring up fears it could reignite a Sino-U.S. trade row and roiling global stock markets.
Singapore authorities say won’t allow Noble Group to re-list under restructuring plan
Singapore’s central bank and the Singapore Exchange said on Thursday they have decided not to allow Noble Group Ltd to transfer its listing status to a restructured entity.
Australia passes bill to force tech firms to hand over encrypted data
Australia’s parliament on Thursday passed a bill to force tech firms such as Alphabet Inc’s Google , Facebook and Apple to give police access to encrypted data, the most far-reaching such requirements imposed by a western country.
Volkswagen brand to accelerate margin hike for core brand
Volkswagen’s core brand aims to raise its profit margin faster than previously planned despite rising investments in the development of electric vehicles, the carmaker said on Thursday.
OPEC waiting for Russia before deciding how much oil to cut
OPEC has made a planned cut in oil output effectively conditional on the contribution from non-OPEC producer Russia, delegates said on Thursday as the group gathered in Vienna for a meeting aimed at supporting battered oil prices.
French anti-trust body fines home appliances firms 189 million euros
France’s competition authority issued a total fine of 189 million euros ($214 million) on six home appliance manufacturing companies for price-rigging.
