Europe’s Biggest Oil Company Quietly Shelves a Radical Plan to Shrink Its Carbon Footprint
A faltering offsets program points to new problems with the corporate world’s favorite “climate solution.”
Bloomberg Business
Iraq Export Pipeline Closure Has Already Cost About $4 Billion
The closure of Iraq’s oil export pipeline to Turkey’s Mediterranean coast in late March has already cost producers and government coffers nearly $4 billion, according to an industry group.
UBS Signals Two Thirds of Credit Suisse Investment Bank to Shut
UBS Group AG has signalled it will shutter roughly two-thirds of Credit Suisse’s investment bank — including many trading operations — as it looks to exit businesses that don’t fit its existing strategy.
Santander Skips AT1 Call Option in Costly Refinancing Market
Banco Santander SA opted not to redeem a €1 billion ($1.1 billion) additional tier 1 bond, an unusual move even amid the turbulent market for bank debt this year.
UBS Flags Cost Cuts After $29 Billion Credit Suisse Windfall
UBS Group AG outlined major targets for its integration of former rival Credit Suisse including 3,000 domestic job cuts and more than $10 billion in cost savings, as it posted the biggest ever quarterly profit for a bank on the back of the bargain acquisition that closed in June.
Adani Shares Fall After OCCRP Allegations on Offshore Owners
Adani Group shares and bonds declined after potentially controversial owners of its stock were identified in a new investigation, dealing the Indian conglomerate a fresh blow after short-seller Hindenburg Research in January alleged the group engaged in corporate fraud and stock price manipulation.
3M’s $6 Billion Earplug Accord Risks Failure If Veterans Reject Deal
3M Co.’s $6 billion settlement of lawsuits accusing the company of selling defective combat earplugs to the US military could fall apart if enough veterans reject the deal as inadequate for their injuries.
Bank of Canada’s Next Rate Move Depends on Friday Economic Data
Clearer signs of a cooling economy in the second quarter and a weaker July forecast will likely be enough to convince the Bank of Canada to hold rates steady at its meeting next week.
Finland’s Cabinet Makes Final Push to Exit Racism Scandal
Finland’s government is making a last-ditch effort to put an end to a racism scandal that’s threatened its future from the day it was sworn in 10 weeks ago.
Wise Allowed Sanctioned Customer to Withdraw £250, UK Says
Wise Plc allowed a customer to withdraw £250 ($317) from a business account while they were subject to Russian sanctions, according to the UK government.