By Tatiana Bautzer NEW YORK (Reuters) -UBS has gone on a U.S. recruiting drive for wealth managers catering to rich Americans even as it considers culling 30% of its combined global workforce after the takeover of Credit Suisse. UBS recruited 50 financial advisers, including from Bank of America’s Merrill Lynch unit, JPMorgan Chase’s recently acquired…
PARIS (Reuters) – France’s manufacturing sector continued contracting in June, according to a monthly survey, although the decline was not quite as bad as initially estimated. HCOB’s final Purchasing Managers Index (PMI) for the French manufacturing sector in June, as compiled by S&P Global, came in at 46.0 points. Any figure below 50 points signifies…
GENEVA (Reuters) – The heads of the World Bank and the World Trade Organization on Monday called for countries to boost efforts to make trade in global services more transparent and predictable, saying this could help developing countries reduce poverty. Services such as tourism and telecommunications generate more than two-thirds of global GDP but barriers…
(Reuters) – Glencore Plc said on Monday it had proposed to buy the remaining stake in copper miner PolyMet Mining it does not already own for about $71 million. The Swiss commodity trader already owns 82.26% of PolyMet. Glencore is in the midst of a bigger acquisition bid for Canada’s Teck Resources as the miner…
By Jonathan Cable and Leika Kihara LONDON/TOKYO (Reuters) -Global factory activity slumped in June, business surveys showed on Monday, as sluggish demand in China and in Europe clouded the outlook for exporters. Across the euro zone manufacturing contracted faster than initially thought, as persistent policy tightening by the European Central Bank squeezed finances, and in…
By Ariba Shahid KARACHI (Reuters) – Pakistan’s benchmark share index scored its biggest single-day jump in 15 years on Monday, gaining 5.9% on the first trading session after the country secured a last-gasp funding deal from the International Monetary Fund (IMF). The country on Friday secured a $3 billion short-term financial package from the IMF,…
HONG KONG (Reuters) – Hong Kong’s May retail sales rose 18.4% from a year earlier in the sixth consecutive month of growth thanks to the revival of inbound tourism and positive consumption sentiment which should support growth in coming months, the government said on Monday. Sales increased to HK$34.5 billion ($4.40 billion). That compared with…
By Holger Hansen and Maria Martinez BERLIN (Reuters) -German Finance Minister Christian Lindner is planning 16.6 billion euros ($18.1 billion) of net new debt for the 2024 federal budget, which includes record spending on defence, finance ministry sources said on Monday. The financial plan to 2027 shows new borrowing falling to 15.0 billion euros by…
By David Milliken LONDON (Reuters) – Britain’s economy shrank fractionally less than previously estimated in 2020 when the COVID-19 pandemic prompted the government to require many businesses to stop face-to-face operations, revised data suggested on Monday. The Office for National Statistics said it now estimated that Britain’s economy shrank by 10.9% rather than 11.0% in…
By Miho Uranaka OSAKA, Japan (Reuters) -The battery arm of Japan’s Panasonic will need to build four more factories to reach its target for a sharp boost in annual capacity of batteries for electric vehicles by 2031, its technology chief told Reuters. The comments by Shoichiro Watanabe of Panasonic Energy are the Tesla supplier’s first…
