Volkswagen is confident that cost cuts will help it raise profit margins in the coming years, the worlds secondlargest carmaker said on Tuesday, a day after outlining an ambitious electric mobility expansion. Our good performance in 2020, a year dominated by crisis, will give us momentum for accelerating our transformation, Chief Executive Herbert Diess said […]

Payments firm Wirecard collapsed last year in Germanys biggest postwar fraud scandal. A parliamentary inquiry is in progress, with German Chancellor Angela Merkel and Finance Minister Olaf Scholz due to testify in April. The German government examined the possibility of bailing out Wirecard just three days before it collapsed, according to documents seen by Reuters. […]

Credit Suisse on Tuesday warned it might incur charges following the collapse of its Greensilllinked supply chain finance funds and other dealings with the specialty firm. The lender has been facing the fallout from the collapse of 10 billion worth of funds linked to British financial services firm Greensill Capital, which last week filed for […]

MILAN, March 15 Reuters Italys Cassa Centrale Banca CCB is reconsidering the terms at which it could take a controlling stake in rival Carige in light of mounting losses at the Genoabased bank, three sources close to the matter said on Monday. Unlisted CCB currently holds 8 of Carige following a rescue in 2019 led […]

FRANKFURT, March 15 Reuters Former Commerzbank Chief Executive Martin Blessing has launched the Amsterdam initial public offering of a blankcheque company targeting the acquisition on a financial technology firm, the bookrunner of the deal said on Monday. The European FinTech IPO Company 1 EFIC1 is planning to raise up to 415 million euros and seeking […]

SYDNEY, March 15 Reuters Around 10 UBS Australia bankers, including top banking analyst Jonathan Mott, mining analyst Glyn Lawcock and head of financial sponsors advisory Justin Dwyer, have resigned, two sources with knowledge of the matter said. The majority of the departing staff have been hired by startup Barrenjoey Capital Partners, which is partly owned […]

Japanese ecommerce firm Rakuten Inc said on Friday it would sell an 8.32 stake to postal and banking giant Japan Post Holdings Co Ltd, deepening a logistics tieup in the face of competition from rivals such as Amazon.com Inc. Rakuten, which plunged to an operating loss in 2020, is under pressure on multiple fronts as […]

TenneT, the largest electrical grid operator in the Netherlands and Germany, said on Friday it planned to invest 5 billion6 billion euros 5.967.15 billion a year to prepare grids for renewable energy and increase connections in north Europe. TenneT, which is 100 owned by the Dutch state, said it would continue talks with the Dutch […]

Teslas Model Y is getting off to a solid start in China, less than three months since deliveries began. The midsize SUV was the third bestselling electric car in February at 4,630 vehicles, according to data released Wednesday by the China Passenger Car Association. Taking January into account, the data showed the car was the […]

The head of Credit Suisses European asset management division and two other employees who worked on the banks Greensill Capital supplychain finance funds have temporarily stepped aside, according to an internal bank memo. Credit Suisse froze 10 billion worth of funds last week that invested in securities created by the specialty finance firm. Greensill Capital […]