Swiss power grid maker ABB will pay $2.6 billion for General Electric’s Industrial Solutions business, it was announced Monday. Chief executive Ulrich Spiesshofer told CNBC he is “very confident” that ABB can build the unit back to a strong position. Spiesshofer said the unit, which has an EBITDA margin of only 6 percent, has strong […]
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Fighting for survival in London, Uber CEO apologizes and says it must change
Uber’s chief executive apologized on Monday for the taxi app’s mistakes in London and promised to change as the firm fights a decision by the city not to renew its license. On Friday, the British capital’s transport regulator deemed Uber unfit to run a taxi service and decided not to renew its license to operate, […]
Read moreChina on Monday called for all sides in the North Korea missile crisis to show restraint and not “add oil to the flames” amid an exchange of increasingly bellicose rhetoric between U.S. President Donald Trump and North Korean leader Kim Jong Un. North Korean Foreign Minister Ri Yong Ho told the U.N. General Assembly on […]
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Britain's Deliveroo is now worth over $2 billion after raising $385 million
British food delivery company Deliveroo has raised $385 million in private funding, it said on Sunday, as it prepares for expansion to help it compete with publicly traded rivals such as Delivery Hero and Just Eat. The funding values the business at more than $2 billion and will allow Deliveroo to enter new markets, enlarge […]
Read moreUnilever has agreed to buy cosmetics firm Carver Korea for 2.27 billion euros ($2.71 billion) from Goldman Sachs, Bain Capital and the company’s founder as it expands its beauty and personal care business. The Anglo-Dutch company announced the deal on Monday, saying Carver was the fastest-growing skincare business in South Korea, through sales of its […]
Read moreJapanese Prime Minister Shinzo Abe on Monday ordered his cabinet to compile new economic stimulus measures in a package worth around 2 trillion yen ($17.80 billion) by the end of the year. Speaking at a meeting with his top advisory panel, Abe said the package should focus on subsidising education, child-care costs, and on boosting […]
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Europe's most important economic policymaker may soon be losing his job
In the aftermath of the German election, there could be one important casualty for markets. Wolfgang Schaeuble, the German Finance minister, could soon lose his influence on Germany and the euro zone if coalition talks remove him from his key ministry. Schaeuble became the face of austerity and had a determinant role in bailout programs […]
Read moreJapanese Prime Minister Shinzo Abe plans to dissolve the lower house of parliament at the start of the extraordinary session on Thursday, a senior lawmaker of the Liberal Democratic Party said, paving the way for a snap election for the lower house. The extraordinary session of parliament is set to start on Thursday. Abe told […]
Read moreChina may witness its first local government bond defaults, although the timing was uncertain, Fitch Ratings said in a press release issued on Sunday, amid persistent concerns over high debt levels in the world second largest economy. These bonds were issued by Chinese local government financing vehicles (LGFVs), which were created by local authorities to […]
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European markets seen lower on German election result; Brexit talks resume
European stocks are set to open lower Monday morning as investors digest election results out of Germany, where the nationalist Alternative for Germany (AfD) won parliamentary seats for the first time. The FTSE 100 is expected to open lower by 5 points at 7,300; the German DAX is seen down by 7 points at 12,589 […]
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