MOSCOW (Reuters) – U.S. consumer goods group Procter & Gamble (P&G) ( PG.N ) will keep investing in Russian plants in 2018 and beyond, reaffirming its commitment to the market despite political risks. Sotirios Marinidis, General Manager Eastern Europe and Central Asia at Procter & Gamble, speaks during an […]
Deutsche Bank has said it will cut more than 7,000 jobs as Germany’s biggest lender attempts to return to profit. The bank said it would reduce global staffing levels from just over 97,000 to “well below 90,000”. Following a review of the business, the number of jobs in Deutsche’s equities sales and trading business is being cut by a quarter.
The bank – which employs 8,500 people in the UK – did not say which countries would be affected by the job cuts.
LONDON (Reuters) – Food giant Nestle (NESN.S) plans to combine its scientific research operations into a single unit in an attempt to speed up development of new products at a time when competition from smaller rivals is intensifying. The world’s biggest packaged food maker, with brands including Nescafe coffee and Perrier water, has been struggling with slowing sales growth for years. Now it is also under pressure from activist shareholder Daniel Loeb to increase investor returns.
To better compete, the Swiss company told Reuters it would merge its Nestle Research Center and Nestle Institute of Health Sciences (NIHS) into one organization called Nestle Research. The new entity, to be announced later on Thursday, will continue to be based in Lausanne, Switzerland and will employ around 800 people. The reorganization, effective July 1, will not involve job cuts or the closure of facilities, a spokesman said.
NEW YORK (Reuters) – Vistra Energy Corp and Dominion Energy Inc – which serve about 5.5 million electricity customers in more than a dozen U.S. states – both say they are done building combined-cycle natural gas-fired power plants. Instead, they are building large solar plants, which offer plentiful and inexpensive electricity.
This bearish view of fossil-fuel energy, reflective of a growing acceptance by utilities of renewable power sources, poses a hurdle to John Flannery’s plan to turn around General Electric Co’s $35 billion-a-year power unit. GE’s chief executive spelled out the difficulty on Wednesday. Power profits will be flat this year after falling 53 percent in 2017, he said, and GE is planning that demand for heavy-duty natural gas power plants will be less than half what it forecast just over a year ago, and will stay at that level through 2020.