Europe

Nissan may ask compensation for any tariffs imposed after Brexit deal. The japanese car manufacturer, which Sunderland’s plant is active since 1986, warned that could scrap investment unless Britain promised to pay compensation for any tax barriers resulting from Brexit negotiations.

At Paris Auto Show, Ghosn said to reporters: “If I need to make an investment in the next few months and I can’t wait until the end of Brexit, then I have to make a deal with the UK government. If there are tax barriers being established on cars, you have to have a commitment for carmakers who export to Europe that there is some kind of compensation.”

Russia has no plan to change its current level of oil output, said Russian Energy Minister Alexander Novak, albeit he applauds OPEC oil cartel’s agreement to curb production.

"Russia will carefully consider those proposals which will be eventually drawn up. … But our position is keeping the volume of production at the level that has been reached. These are the main principles that were earlier being considered,” said Novak. The comments came after OPEC reached a preliminary deal Wednesday on the sidelines of the International Energy Forum to cut current production to 32.5 – 33.0 million barrel per day (bpd), for the first time since 2008.

Deutsche Bank is putting a scare into the financial world Thursday as reports have surfaced of some fund managers cutting exposure to Europe’s largest investment bank.

A Bloomberg report that about 10 hedge funds that clear derivatives trades with Deutsche, including Millennium Partners, Capula Investment Management and Rokos Capital Management, had withdrawn some excess cash and adjusted positions held at the lender because of concerns over its problems, citing an internal document.

Commerzbank plans to cut around 9,600 jobs in the next few years and scrap its dividend for the time being as it restructures to become profitable. The restructuring plan through 2020 will cost about €1.1 billion ($1.2 billion). Actually it employs about 45,000 full-time staff.

"The focus on the core business, with some business activities being discontinued, and the digitalisation and automation of workflows will lead to staff reductions amounting to around 9,600 full-time positions," Commerzbank said.

The ECB President Mario Draghi has vigorously defended the measures before German parliamentarians that in recent months had not spared criticism. In his speech at the Bundestag (German Parliament), he responded to German concerns by saying that "The rates have to be low today to allow a return to higher rates in the future" and that "to get all the benefits of monetary policy measures, other policies should contribute more firmly", both at national and European level.

Anheuser-Busch InBev’s shareholders have approved the $104 billion takeover of rival SABMiller at a general meeting in Brussels. It’s the third largest deal, with the merger between the first and the second global group.

The deal was given the thumbs up by more than 95% of SAB shareholders who voted. AB InBev chief executive Carlos Brit said: “We are pleased that our shareholders’ vote brings us one step closer to combining our companies, teams, strong heritage and passion for brewing”, before announcing that the name Anheuser-Busch would remain.

Deutsche Bank sells the London-based insurance company Abbey Life to Phoenix Group for 935 million pounds (1.1 billion euros, $ 1.22 billion).

This was communicated by the German bank that took over Abbey Life in 2007, stressing that the operation will have a positive impact on capital of 1.1 billion euro. Although the transaction "will have a net positive capital impact," it’s expected to lead to a pre-tax loss of around €800 million "primarily resulting from impairment of goodwill and intangible assets."

Rostek, russian state company, is considering to increase the stake of private investors in arm makers Kalashnikov as reported by the Russian news agency Tass. Moreover, the number one Russian conglomerate Sergei Chemezov, would be satisfied to hold 25% plus one share of the capital of the company, namely the controlling stake, while the rest would go into private hands. At the moment Kalashnikov belongs 51% to Rostek, while 49% is owned by private investors, among them the general manager of the company and two Russian oligarchs.