ThyssenKrupp cuts costs by 1 billion euros: CFO in paper
FRANKFURT (Reuters) – German industrial group ThyssenKrupp has cut costs by more than 1 billion euros ($1.12 billion) this year, beating its target, and plans to press ahead with renewed savings efforts, its chief financial officer told a German newspa…
Volkswagen’s management reshuffle creates no momentum for change: analysts
BERLIN (Reuters) – Volkswagen’s management reshuffle may fail to generate the momentum Europe’s largest carmaker needs to tackle stubborn structural problems that have been amplified by slumping sales in China, according to industry experts.
China emphasizes stability at G20, fiscal spending quickens
BEIJING (Reuters) – China’s financial markets are expected to remain stable and the renminbi is not on course for a long-term devaluation, while fiscal spending will grow faster than expected this year, the country’s top financial officials told the G2…
G20 eyes faster economic reforms as cheap credit not enough for growth
ANKARA (Reuters) – Financial leaders from the world’s 20 biggest economies agreed on Saturday to step up reform efforts to boost disappointingly slow growth, saying reliance on ultra-low interest rates would not be enough to accelerate economic expansi…
U.S. Treasury official: G20 sees need to ‘double down’ against devaluation
ANKARA (Reuters) – There is a shared belief among the members of the Group of 20 leading economies in the need to “double down” against competitive currency devaluation and avoid it in both policy and language, a senior U.S. Treasury official said on S…
IMF’s Lagarde says Fed should not rush its rate rise decision
ANKARA (Reuters) – The U.S. Federal Reserve should not rush its decision to raise interest rates and should move only when it is sure the decision is unlikely to be reversed later, the head of the International Monetary Fund, Christine Lagarde, said on…
In Qatar, Venezuela’s Maduro pushes for OPEC heads of state summit
CARACAS (Reuters) – Venezuelan President Nicolas Maduro has suggested to the Emir of Qatar a summit for heads of state of OPEC countries to defend oil prices, an idea he said the leader of the Arab Gulf state “liked”.
Piech stopped Winterkorn becoming VW chairman: media
FRANKFURT (Reuters) – Ousted Volkswagen chairman Ferdinand Piech prevented Chief Executive Martin Winterkorn from fulfilling his ambition to become chairman, showing the patriarch’s continuing influence behind the scenes, two respected German publicati…
Ferrari CEO will not leave post before IPO: Marchionne
MONZA, Italy (Reuters) – Ferrari Chief Executive Amedeo Felisa will not leave his post before the luxury sportscar maker’s initial public offering (IPO) planned for later this year, the boss of parent company Fiat Chrysler Automobiles (FCA) said on Sat…
France says debt issuance would be first step for a euro zone budget
CERNOBBIO, Italy (Reuters) – A common euro zone budget should initially be funded through joint debt issuance and taxpayers’ money should only be used at a later stage, French Economy Minister Emmanuel Macron said on Saturday.
