The Eurogroup will have to wait and see what Italy’s next political steps are, what its government will do and what its president decides, President of the Eurogroup Jeroen Dijsselbloem said Monday.
Attending a Eurogroup ministers’ meeting in Brussels, Dijsselbloem’s remarks came after Italian Prime Minister Matteo Renzi said he would resign after losing Sunday’s constitutional referendum.
Nestlé has announced the discovered a way to significantly reduce the amount of sugar that goes into its KitKat, Butterfinger and other candy bars, without affecting the taste of the novelty products.
Scientists at the Swiss food giant said the breakthrough will allow the company to cut sugar content in the products by up to 40%, with the apparent sweetness of chocolate and other confectionery products being unchanged.
“Our scientists have discovered a completely new way to use a traditional, natural ingredient,” said Nestle’s Chief Technology Officer, Stefan Catsicas, in a statement last week.
Credit Suisse is preparing a new cost-savings program that puts as many as 1,300 jobs in Switzerland on the line, according to Schweiz am Sonntag.
The plan will be announced Wednesday, when the lender holds its investor day in London, the newspaper said, without saying where it got the information. Credit Suisse’s Swiss unit may slash an additional 1,000 to 1,300 positions, or about eight to 10 percent of the unit’s workforce, it said. Last week, Bloomberg reported that the group is cutting about 175 jobs in London to lower costs, part of its overhaul that sees the lender focusing more on wealth management.
Italian Prime Minister Matteo Renzi vowed to resign after suffering a crushing defeat on Sunday in a referendum on constitutional reform, tipping the euro zone’s third-largest economy into political turmoil.
In a late-night news conference, he said he took responsibility for the outcome, and said the No camp must now make clear proposals.
With most ballots counted, the No vote leads with 60% against 40% for Yes.
The Bank of Mexico governor, AgustÃn Carstens, will step down in July 2017 to become the next general manager of the Bank for International Settlements.
Carstens will serve as general manager of the BIS, which is headquartered in Basel, Switzerland, for a five-year term, succeeding Jaime Caruana, who has been in the position since 2009. The bank is the world’s oldest international financial institution and serves as a bank for central banks. Its goal is to foster international monetary and financial cooperation. It hosts bimonthly meetings of top central bank officials and publishes regular research reports.
UBS has announced on Thursday that it is launching a Frankfurt headquarters as it consolidates its European wealth management operations. The bank had been considering London, before its vote to leave the European Union, as the UBS Europe headquarters, as well as well Luxembourg.
The new subsidiary, called UBS Europe SE, combines the bank’s German, Italian, Luxembourg, Austrian, Danish, Swedish, Dutch and Spanish wealth management businesses into one legal entity headquartered in the german town. The new set-up is also part of efforts by UBS to streamline its structure as it looks to cut costs by a net 2.1 billion Swiss francs ($2.07 billion) by the end of 2017.
Engine maker Rolls-Royce is axing 800 jobs in its marine division as weakness in the struggling oil and gas sector takes its toll. The UK-based firm said it was too early to say where the jobs axe would fall.
Its marine business employs 4,800 people globally with around 400 in the UK, of which half are based in Bristol and the remainder across offices in the Midlands and a manufacturing site in Dunfermline, Scotland.
Rolls said the job cuts will be made next year as part of an overhaul to make annual cost savings of around £45 million to £50 million. The unit’s workforce has already been slashed from 6,000 in 2015.
President-elect Donald Trump said Wednesday that he’s leaving his “great business in total in order to fully focus on running the country” in the White House.
The Manhattan billionaire made the announcement on Twitter and said he will hold a formal press conference to discuss it further on December 15.
His tweet said that “I will be holding a major news conference in New York City with my children on December 15 to discuss the fact that I will be leaving my,” Trump wrote on social media, breaking his announcement up into multiple posts. “Great business in total in order to fully focus on running the country in order to MAKE AMERICA GREAT AGAIN! While I am not mandated to ….do this under the law, I feel it is visually important, as President, to in no way have a conflict of interest with my various businesses.”
