WASHINGTON (Reuters) – The U.S. Supreme Court on Monday agreed to take up Apple Inc’s ( AAPL.O ) bid to escape a lawsuit accusing it of breaking federal antitrust laws by monopolizing the market for iPhone software applications and causing consumers to pay more than they should. FILE PHOTO: […]
Lufthansa in contact with Norwegian as airlines size up deals
BERLIN/OSLO (Reuters) – Lufthansa (LHAG.DE) is in contact with Norwegian Air Shuttle, which is also the subject of bid interest from British Airways owner IAG, as the German airline looks to get involved in an expected wave of deals in the sector, its CEO told a newspaper.
Shares in Norwegian Air (NWC.OL) jumped more than 10 percent on Monday following the comments by Lufthansa boss Carsten Spohr to Germany’s Sueddeutsche Zeitung.
General Electric to cut 1,200 jobs in Switzerland
(Reuters) – General Electric (GE.N) will cut 1,200 jobs in Switzerland at its troubled power generation business, about 200 fewer than its original proposal, the U.S. industrial conglomerate said on Monday.
GE had announced plans in December to cut as many as 4,500 jobs in Europe – including 1,400 in Switzerland – as it aims to reduce its global footprint by 30 percent.
The company has a workforce of about 4,200 in Switzerland. The cuts will affect 920 employees in Baden, 230 in Birr and 50 in Oberentfelden, Swiss labor union Unia said separately.
Don’t bank on it: why we fail to switch our accounts
The numbers tell it all. The Competition and Markets Authority’s investigation into the banking industry in 2016 found that just 3% of current account customers had moved their account in the past year.
On a three-year time scale, 8% had switched while three quarters of customers had never switched at all. More than half of customers had been with their bank for more than 10 years. It means that breaking the dominance of the big four – Lloyds Banking Group, Barclays, Royal Bank of Scotland and HSBC – is tricky.
Volvo sets goal of 25 percent recycled plastics in cars from 2025
OSLO (Reuters) – At least 25 percent of the plastics used in new Volvo car models from 2025 will be from recycled materials, the Chinese-owned company said on Monday in an anti-pollution plan praised by the United Nations.
Recycled plastics – such as from fishing nets or old bottles in car dashboards or carpets, would not affect safety or quality, Stuart Templar, director for sustainability at Volvo Cars, told Reuters.
“We think this makes business sense,” he said.
Many big companies are designing products that can be recycled after use to limit pollution. Volvo’s plan goes a step further by building ever more recycled materials into its production lines.
Billionaire Slim, America Movil, could profit from election of Mexican leftist
MEXICO CITY (Reuters) – Billionaire Carlos Slim has had harsh words for Mexico’s presidential frontrunner, saying recently he is “concerned and afraid” about what leftist Andres Manuel Lopez Obrador might do if elected.
But a victory by Lopez Obrador, who holds a double-digit lead in most polls before the July 1 vote, could provide upside for Slim’s fortunes, particularly with regard to his America Movil (AMXL.MX) telecommunications empire, Reuters interviews with a dozen close friends, partners and other people familiar with their dealings show.
Asian shares, oil fall as U.S.-China trade spat escalates
TOKYO/SYDNEY (Reuters) – Asian shares fell to a 2-1/2 week low on Monday after U.S. President Donald Trump cranked up trade tensions by going ahead with tariffs on Chinese imports, prompting Beijing to immediately respond in kind.
Fears of a global trade war added to pressure on oil prices, which extended Friday’s big fall, while the dollar retreated from near 3-week highs against the safe haven yen JPY=. Spreadbetters suggested a subdued start for European shares, with FTSE futures FF1c1 off about 0.1 percent. U.S. E-Mini S&P futures ESc1 stumbled 0.5 percent, suggesting a weaker start on Wall Street.
MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS slid 0.5 percent to its lowest level since May 31. Financial markets in China and Hong Kong were closed for Dragon Boat festival holiday. Japan’s Nikkei .N225 sank 0.8 percent as worries over growing protectionism overshadowed stronger-than-expected export data.
Virgin Money bought by CYBG for £1.7bn
The owner of Clydesdale Bank and Yorkshire Bank, CYBG, has agreed to buy Virgin Money for £1.7bn. CYBG said the new firm would be a leading force in banking, “disrupting the status quo and championing customer service excellence”. It will be the UK’s sixth-largest bank, with about six million customers.
CYBG said it had entered into an agreement with Sir Richard Branson’s Virgin Group to keep the Virgin Money brand. Virgin Group is Virgin Money’s biggest shareholder with a 34.8% stake in the business. Under the terms of the deal, Virgin Money shareholders will get 1.2125 new CYBG shares for every Virgin Money share they hold, and will end up owning about 38% of the combined business. CYBG said the combined group would have about 9,500 employees, but it intended to reduce that total by about one-sixth, suggesting about 1,500 jobs would go.
UK economy faces weakest growth since 2009, employers warn
The British Chambers of Commerce has cut its UK growth forecast for 2018, warning the economy faces its weakest year since the financial crisis. The employers’ group forecast 2018 GDP growth of 1.3%, down from a previous forecast of 1.4%, and cut its forecast for 2019 from 1.5% to 1.4%. The BCC said there was a “lacklustre outlook” for consumer spending, business investment and trade.
It said the next few years will “be a testing time for business in the UK”. Uncertainties around Brexit, interest rate rises, threats of trade wars and rising oil prices were all hurting sentiment, the BCC said. If the forecast for this year is realised it “will be the weakest calendar year growth since 2009, when the economy was in the throes of the global financial crisis”, the BCC said.