HSBC Holdings said on Tuesday it would shed $100 billion in assets, slashing the size of its investment bank and revamping its US and European businesses -- in a drastic overhaul that will mean 35,000 jobs cut over three years.
Tata Steel Ltd. plans to cut as many as 3,000 jobs across its European operations to cut costs in the latest blow to the region’s industry, with the move coming amid a heated general election campaign in the UK.
The Mexican central bank’s surprise interest rate cut on Thursday is likely to have a limited impact at best on lifting growth this year after the sluggish economy narrowly avoided recession in the first half of 2019, analysts say.
Iran’s minister of telecommunications says that the country is planning to equip mobile devices in the country with a special operating system that would prevent the United States government from banning Iran-made mobile applications.
OPEC has so far avoided a bruising intra-bloc market share battle, with top exporter Saudi Arabia’s crude oil production falling to a four-and-a-half-year low in May, even as sanctions-hit Iran and Venezuela continue to see their output contract, an S&P Global Platts survey showed.
The Bank of Canada (BoC) is done raising interest rates until at least the end of next year, with a serious risk of a cut by then as policymakers become more wary of slowing growth and global trade tensions, a Reuters poll showed on Friday.
OPEC said that world demand for its oil would be higher than expected this year as supply growth from rivals including US shale producers slows, pointing to a tighter market if the exporter group refrains from raising output.
Australia and New Zealand Banking Group cut fixed mortgage rates on Friday, the last of the country’s growth-starved big banks to do so in recent weeks as they chase new customers amid lower funding costs.