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Bridging The Gap
BP backs Opec production cuts BP backs Opec production cuts
Opec’s production curbs should succeed in reducing global oil inventories over the second half of the year, Spencer Dale, BP’s chief economist, believes. He said that the cartel’s actions made “perfect sense”. Global oil supply and demand were “broadly back in balance” by the middle of last year, but prices “continued to be depressed by the large overhang of built-up inventories”, Mr Dale said....
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Apple to invest $200 million in U.S. glass maker Corning Apple to invest $200 million in U.S. glass maker Corning
Glass manufacturer Corning is the first to receive an investment from Apple's new $1 billion U.S. manufacturing fund. Apple (AAPL, Tech30) on Friday said Corning (GLW) will receive $200 million from the fund. Last week, Apple CEO Tim Cook said the tech giant would put $1 billion into a fund aimed at bringing advanced manufacturing jobs to the United States. The investment will go toward Corning'...
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Nokia to cut up to 200 jobs more in Finland on weaker demand Nokia to cut up to 200 jobs more in Finland on weaker demand
Helsinki: Nokia plans to cut up to 200 more jobs in Finland because of weak demand for its telecom network equipment. The Finnish company said on Thursday that the cuts are part of a 1.2 billion euro ($1.3 billion) global cost-savings plan which was announced after its 2016 acquisition of Franco-American rival Alcatel-Lucent. "In order to succeed in this market environment we must continue t...
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Credit Suisse plans £3bn fundraising to boost capital Credit Suisse plans £3bn fundraising to boost capital
Credit Suisse says it plans to raise 4bn Swiss francs (£3.14bn) from shareholders in an effort to strengthen its capital base. The Swiss lender put on hold a plan to sell shares in its domestic banking business and posted a first quarter profit of 596m Swiss francs. That compares with a 302m Swiss franc loss a year ago. Swiss banks are under pressure from regulators to boost capital to protect ...
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Unilever sales rise on higher prices Unilever sales rise on higher prices
Soft growth in North America, Europe and Brazil hurt sales at Unilever and Nestle, two of the world's major consumer companies. But both firms said they expected to meet sales goals stated previously. Nestle reported organic growth of 2.3% in the first three months of the year, boosted by Asia and Africa. At Unilever, owner of Dove, Ben & Jerry's and other household brands, underlying sales inc...
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China's first quarter growth beats expectations at 6.9% China's first quarter growth beats expectations at 6.9%
China's economy grew by 6.9% in the first quarter of 2017, according to official figures. The growth rate, which compares expansion with the same three months in the previous year, was slightly higher than many economists had forecast. State-led infrastructure spending and demand for new property helped drive the world's second-largest economy. Last month China cut its growth target for this ...
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Credit Suisse bosses offer to cut their own bonuses by 40% Credit Suisse bosses offer to cut their own bonuses by 40%
Credit Suisse chief executive Tidjane Thiam and the bank's board of directors have offered to cut their own bonuses by 40% ahead of its annual meeting. They also proposed to keep total board pay at the same level as 2015 and 2016. The move follows pressure from Swiss lawmakers and the bank's shareholders to address excessive executive pay. The Swiss bank has posted two straight years of losses ...
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Apple drops a supplier and its stock falls 72% Apple drops a supplier and its stock falls 72%
What happens when the biggest tech company in the world stops buying your products? Imagination Technologies (IGNMF) is learning that lesson right now -- and it's very painful. Apple (AAPL, Tech30) told the British company it plans to stop licensing the firm's technology in about two years. As soon as the news came out on Monday, Imagination shares plunged by as much as 72%. They've recovered sl...
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Deutsche Bank commits to new London office Deutsche Bank commits to new London office
Deutsche Bank has committed to moving to a new office in London, at a time when banks are assessing their place in the capital ahead of Brexit. Germany's biggest lender is in exclusive talks for a 25-year lease on a new building. Garth Ritchie, UK chief executive of Deutsche, told staff the move "underlines the bank's commitment to the City of London". He said staff would start moving to the ne...
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Higher fuel prices take toll on retail sales Higher fuel prices take toll on retail sales
UK retail sales posted a 1.4% rise in February from the previous month, but there are signs that higher fuel prices have begun to hit shoppers' pockets. In the three months to February, sales volumes fell by 1.4%, a sharper slide than the 0.5% decline for the three months to January. That was the biggest three-month fall recorded by the Office for National Statistics (ONS) since March 2010. Fue...
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