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UniCredit to slash 7% workforce in cost-cutting drive

Italian banking major UniCredit is downsizing its workforce as part of its cost cutting measures. The bank is expected to slash 7,000 jobs mostly in Italy, Germany and Austria. However, the total number of job cuts is likely to reach 10,000 level. Low interest regime is impactign the bank's performance.

Sep 15, 2015 10:11 AM EDT

News

Fiat Chrysler CEO skips auto show, continues talks with UAW

Sergio Marchionne, Chief Executive of Fiat Chrysler Automobiles (FCA), has decided to drop his participation in the Frankfurt auto show as FCA is leading the labor talks with United Auto Workers (UAW).

News

Google, Twitter teaming up to create new publishing tool

Google and Twitter are joining forces to create a new publishing tool for mobile users, according to reports. Initially dubbed as "accelerated mobile pages," the news platform will be the tech giants' answer to Facebook's Instant Articles.

News

Kuwait's Zain telecom giant dials in margin push investment

Kuwait telecom major Zain has decided to invest in technology firms that add valued to its services. The telecom company is focusing on online ads, smart city projects, and television services. It has decided to repackage its data services to enhance revenues.

Ex-Hyundai CEO John Krafcik joins Google Self-Driving Car project as chief executive

John Krafcik, a former boss from Hyundai Motors, and the current president of TrueCar was hired by Google to serve as the company's CEO on its self-driving car project.

Sep 15, 2015 10:02 AM EDT

Nintendo named Tatsumi Kimishima as the new president

Nintendo had appointed a new president following the death of Satoru Iwata two months ago. It was unexpected that the company picked Tatsumi Kimishima from Nintendo's Human Resources Division. But Kimishima had served in various departments before he was appointed to the role.

Sep 15, 2015 10:01 AM EDT

BHS secures GBP 65M loan for a 2-year turnaround lifeline

The ailing BHS has secured a loan for its revival plan. It'll use the funds to strengthen business operations, open new stores and rebrand itself from BHS to British Home Stores. Recently BHS was sold to a group of financiers.

Sep 14, 2015 9:55 AM EDT

Oil Search Ltd rejects $8B takover offer by Woodside

Australian oil major Oil Search Ltd has rejected the $8B takeover bid from Woodside Petroleum. Oil Search's board viewed the takeover offer as low price translating into lower valuation of the company and it doesn't serve shareholders' interests.

Sep 14, 2015 9:43 AM EDT

Airbus says U.S. factory will be world's most efficient

AIrbus will officially opened its $600 million plant in Mobile, Alabama. The plant will be the most efficient that the company ever build in an effort to rival Beoing production and growing their presence in the United States.

Sep 14, 2015 2:17 AM EDT

Vista Equity Partners to buy Solera Holdings Inc. for $6.5 B

Vista Equity Partners together with Goldman Sachs and Koch Industries offers to buy Solera Holdings Inc for a total of $6.5 billion including net debt. The deal will also see Vista buying the company's share at $55.85 per share in cash making it as the biggest acquisition for the firm.

Sep 14, 2015 2:03 AM EDT

Cage-free eggs for McDonald's in a decade

In about 10 years, consumers of McDonald's will eat eggs lain by free-roaming chickens. This is good news for hens and animal welfare groups but will costs more to egg suppliers.

Sep 14, 2015 1:56 AM EDT

Twitter's Periscope adds landscape mode, broadcast options and Facebook sharing

Twitter's live streaming app, Periscope, updates its features. That includes broadcasting in the landscape mode, broadcast privacy options and Facebook sharing.

Sep 14, 2015 1:47 AM EDT

Stephen Colbert's The Late Show interview with Uber CEO interrupted by cabbie protesters

Stephen Colbert's The Late Night Show interview with Uber CEO Travis Kalanick was interrupted when two cabbies yell at the audience protesting how the CEO is killing the taxi industry.

Sep 14, 2015 1:38 AM EDT

Serbia cuts rates for 2nd time this month

Serbian's central bank slashed interest rate for the second month in a row. Though it was on expected line, but the suddent announcement surprised everyone. The move aimed at strengthening economy growth. the GDP growth rate is at low ebb, but it's recovering from the previous year's contraction.

Sep 14, 2015 1:35 AM EDT

Jeff Bezo's space firm joins Lockheed-Boeing rocket venture

Lockheed-Boeing joint venture, United Launch Alliance is planning to expands their partnership with Blue Origin. The news comes in as Aerojet Rocketdyne Holdings offer a cash bid of $2 billion to buy the venture.

Sep 14, 2015 1:32 AM EDT

Alpine Valley Bread will become a subsidiary of Flowers Foods Inc.

The organic bread maker, Alpine Valley Bread will soon become a subsidiary of Flowers Foods Inc. once the transaction becomes completed in Q4. Alpine was established in the late 1990's by the Woods family baking breads using all-natural ingredients.

Sep 11, 2015 9:14 AM EDT