London (CNN Business) output shrank by 20.4% in the second quarter of 2020, the worst quarterly slump on record, pushing the country into the of any major global economy. This crash in GDP in the April-June period, compared with the first quarter, is the worst since quarterly records began in 1955. Industries most exposed to government lockdown measures to — services, production and construction — saw record drops. "Today's figures confirm that hard times are here," UK finance minister Rishi Sunak said in a statement. "Hundreds of thousands of people have already lost their jobs, and sadly...…London (CNN Business) output shrank by 20.4% in the second quarter of 2020, the worst quarterly slump on record, pushing the country into the of any major global economy. This crash in GDP in the April-June period, compared with the first quarter, is the worst since quarterly records began in 1955. Industries most exposed to government lockdown measures to — services, production and construction — saw record drops. "Today's figures confirm that hard times are here," UK finance minister Rishi Sunak said in a statement. "Hundreds of thousands of people have already lost their jobs, and sadly...WW…

MarketsFeaturedFear & Greed IndexLatestBy , CNN BusinessLink Copied!Ad Feedback — will move four of its most senior executives to Hong Kong later this year, as the London-based bank focuses more attention on fast-growing .CEO Noel Quinn said in an internal memo on Wednesday that Barry O’Byrne, head of global commercial banking, Greg Guyett, co-head of global banking and markets, and Nuno Matos, head of wealth and personal banking will relocate to Hong Kong in the second half of the year. They will be joined by Nicolas Moreau, the head of global asset management.Those...…MarketsFeaturedFear & Greed IndexLatestBy , CNN BusinessLink Copied!Ad Feedback — will move four of its most senior executives to Hong Kong later this year, as the London-based bank focuses more attention on fast-growing .CEO Noel Quinn said in an internal memo on Wednesday that Barry O’Byrne, head of global commercial banking, Greg Guyett, co-head of global banking and markets, and Nuno Matos, head of wealth and personal banking will relocate to Hong Kong in the second half of the year. They will be joined by Nicolas Moreau, the head of global asset management.Those...WW…

London (CNN Business) will slash the size of its workforce over the next two years to free up money to invest in its networks business.The said in a statement on Tuesday that it will cut between 5,000 and 10,000 jobs, or 11% of its workforce, over the next 18 to 24 months."This is expected to lower the company's cost base by approximately €600 million ($715.7 million) by the end of 2023. These savings will offset increased investments in [research and development], future capabilities and costs related to salary inflation," it added.The restructuring will cost over €600 million ($715.7...…London (CNN Business) will slash the size of its workforce over the next two years to free up money to invest in its networks business.The said in a statement on Tuesday that it will cut between 5,000 and 10,000 jobs, or 11% of its workforce, over the next 18 to 24 months."This is expected to lower the company's cost base by approximately €600 million ($715.7 million) by the end of 2023. These savings will offset increased investments in [research and development], future capabilities and costs related to salary inflation," it added.The restructuring will cost over €600 million ($715.7...WW…

London (CNN Business)Surging iPhone sales in the final three months of 2020 pushed Apple ahead of Samsung as the world's biggest smartphone maker, according to new research.The launch of the propelled Apple to the number one position in the fourth quarter, Gartner said in a statement on Monday. The last time was the top was in the fourth quarter of 2016, according to Gartner's data, which tracks sales to consumers. , which launched its 5G lineup in mid October, sold nearly 80 million smartphones in the final three months of 2020, a 15% increase on the same period the previous year.The...…London (CNN Business)Surging iPhone sales in the final three months of 2020 pushed Apple ahead of Samsung as the world's biggest smartphone maker, according to new research.The launch of the propelled Apple to the number one position in the fourth quarter, Gartner said in a statement on Monday. The last time was the top was in the fourth quarter of 2016, according to Gartner's data, which tracks sales to consumers. , which launched its 5G lineup in mid October, sold nearly 80 million smartphones in the final three months of 2020, a 15% increase on the same period the previous year.The...WW…

MarketsFeaturedFear & Greed IndexLatestBy , CNN BusinessLink Copied!Ad Feedback — Royal Dutch Shellsaid its oil production and carbon emissions have as it detailed plans to gradually wean itself off . Climate activists said it hadn’t gone far enough.The Anglo-Dutch company said in a on Thursday that it expects its oil production to decline by between 1% and 2% each year after peaking in 2019. Its total carbon emissions likely peaked in 2018, it added.Shell unveiled plans in September to become a by 2050 (including from its own products and those that it sells), joining...…MarketsFeaturedFear & Greed IndexLatestBy , CNN BusinessLink Copied!Ad Feedback — Royal Dutch Shellsaid its oil production and carbon emissions have as it detailed plans to gradually wean itself off . Climate activists said it hadn’t gone far enough.The Anglo-Dutch company said in a on Thursday that it expects its oil production to decline by between 1% and 2% each year after peaking in 2019. Its total carbon emissions likely peaked in 2018, it added.Shell unveiled plans in September to become a by 2050 (including from its own products and those that it sells), joining...WW…

MarketsFeaturedFear & Greed IndexLatestBy , CNN BusinessLink Copied!Ad Feedback — Volkswagenis looking into flying vehicles in China, becoming the latest automaker to probe the possibilities of personal air travel.said in a statement on Tuesday that “vertical mobility” could be the next step after self-driving technology. “Therefore we are investigating potential concepts and partners in a feasibility study [in China] to identify the possibility to industrialize this approach,” it added.China is the world’s largest autos market and is also Volkswagen’s single biggest customer....…MarketsFeaturedFear & Greed IndexLatestBy , CNN BusinessLink Copied!Ad Feedback — Volkswagenis looking into flying vehicles in China, becoming the latest automaker to probe the possibilities of personal air travel.said in a statement on Tuesday that “vertical mobility” could be the next step after self-driving technology. “Therefore we are investigating potential concepts and partners in a feasibility study [in China] to identify the possibility to industrialize this approach,” it added.China is the world’s largest autos market and is also Volkswagen’s single biggest customer....WW…

MarketsFeaturedFear & Greed IndexLatestBy , CNN BusinessLink Copied!Ad Feedback — Volkswagenis looking into flying vehicles in China, becoming the latest automaker to probe the possibilities of personal air travel.said in a statement on Tuesday that “vertical mobility” could be the next step after self-driving technology. “Therefore we are investigating potential concepts and partners in a feasibility study [in China] to identify the possibility to industrialize this approach,” it added.China is the world’s largest autos market and is also Volkswagen’s single biggest customer....…MarketsFeaturedFear & Greed IndexLatestBy , CNN BusinessLink Copied!Ad Feedback — Volkswagenis looking into flying vehicles in China, becoming the latest automaker to probe the possibilities of personal air travel.said in a statement on Tuesday that “vertical mobility” could be the next step after self-driving technology. “Therefore we are investigating potential concepts and partners in a feasibility study [in China] to identify the possibility to industrialize this approach,” it added.China is the world’s largest autos market and is also Volkswagen’s single biggest customer....WW…

MarketsFeaturedFear & Greed IndexLatestBy , CNN BusinessLink Copied!Ad Feedback — has promised that every worker who provides it with goods and services will earn a living wage by 2030 even if it costs the company more.The living wage initiative will extend to 65,000 direct suppliers and several thousand agricultural businesses, chief procurement officer David Ingram told CNN Business. Unilever is one of the world’s biggest consumer goods companies and its supply chain includes more than 1.5 million farmers, according to its website.In a statement, the also pledged to spend €2...…MarketsFeaturedFear & Greed IndexLatestBy , CNN BusinessLink Copied!Ad Feedback — has promised that every worker who provides it with goods and services will earn a living wage by 2030 even if it costs the company more.The living wage initiative will extend to 65,000 direct suppliers and several thousand agricultural businesses, chief procurement officer David Ingram told CNN Business. Unilever is one of the world’s biggest consumer goods companies and its supply chain includes more than 1.5 million farmers, according to its website.In a statement, the also pledged to spend €2...WW…

London (CNN Business) has ordered a month-long production halt at one of its plants in Germany, the latest sign that a is putting carmakers under increasing pressure and threatening their recovery from the pandemic.The US said it would idle its factory in Saarlouis, Germany, from Monday until February 19 because of the chip shortage and weak demand. The plant makes Ford's most popular car in Europe, the Focus, and employs around 5,000 workers."We are closely monitoring the situation and adjusting production schedules to minimize the effect on our employees, suppliers, customers and dealers...…London (CNN Business) has ordered a month-long production halt at one of its plants in Germany, the latest sign that a is putting carmakers under increasing pressure and threatening their recovery from the pandemic.The US said it would idle its factory in Saarlouis, Germany, from Monday until February 19 because of the chip shortage and weak demand. The plant makes Ford's most popular car in Europe, the Focus, and employs around 5,000 workers."We are closely monitoring the situation and adjusting production schedules to minimize the effect on our employees, suppliers, customers and dealers...WW…

London CNN  —  Deutsche Bank is cutting 3,500 jobs as it pushes ahead with a plan to reduce costs by €2.5 billion ($2.7 billion) by 2025. Germany’s biggest lender said Thursday that it had made progress towards the target but still had to find savings of €1.6 billion ($1.7 billion), some of which would be driven by “simplified workflows and automation.” Most of the jobs will be lost in back office functions, it added in a statement. The cuts amount to about 4% of the company’s global workforce. ...…London CNN  —  Deutsche Bank is cutting 3,500 jobs as it pushes ahead with a plan to reduce costs by €2.5 billion ($2.7 billion) by 2025. Germany’s biggest lender said Thursday that it had made progress towards the target but still had to find savings of €1.6 billion ($1.7 billion), some of which would be driven by “simplified workflows and automation.” Most of the jobs will be lost in back office functions, it added in a statement. The cuts amount to about 4% of the company’s global workforce. ...WW…