Tag: Economy

Italian insurance giant Generali and French bank Groupe BPCE, which owns the Natixis financial services company, will merge their asset management operations in a joint venture, creating an entity managing an estimated $1.98 trillion.

Automakers in the U.S. and Europe will close plants this year as they deal with stiffer emissions targets, probable tariffs on imported parts and exported vehicles, and overcapacity in their production infrastructures in the face of price competition from lower-cost countries, primarily China, research and business consulting firm Gartner said in a new report.

Apple’s iconic iPhone is no longer China’s top-selling smartphone. It has fallen to third place as phones made by Vivo and particularly Huawei have overtaken it.

Richemont, the luxury conglomerate that owns 20 brands including Cartier and Piaget, saw fourth-quarter sales jump 10 percent, year on year, reaching €6.2 billion and signaling that two hard years for haute couture may be at an end.  

British energy giant BP is shrinking its payroll by about 5 percent, lopping off 4,700 workers as it reins in costs and tries to boost its sagging share price, which has persistently lagged behind those of Chevron, ExxonMobil, and Shell.