BUSINESS - Page 34

The European Union may be as hooked on China batteries as it was on Russian energy before the war in Ukraine unless it takes strong measures, a paper prepared for EU leaders said. The document will be the basis of discussions on Europe’s economic security during a meeting of EU leaders in Granada in Spain on Oct. 5. While the EU aims to decouple from Russian fossil fuels by switching to renewables, it risks becoming dependent on China, which controls

Citigroup will strip out a layer of management and cut jobs in a sweeping reorganization that will give CEO Jane Fraser more direct control as she seeks to simplify the Wall Street giant and boost its stock. The heads of the bank’s five divisions will now report directly to the CEO, and the company will also cut regional leadership roles outside North America. Job cuts are expected, but the number and financial impact remain unclear. The restructuring is a significant

The brand of bankrupt British household goods company Wilko, whose recent collapse sparked the loss of about 12,500 jobs, will live on after budget rival The Range bought the name in a deal to save some of its stores. The value retailer has “agreed to acquire the Wilko brand, website, and intellectual property,” administrators PwC said Thursday. Administrators say that the sale is valued at around PS5 million, and 36 employees from the Wilko digital team will be transferred over

Goldman Sachs fired several executives in its transaction banking unit after they violated the firm’s communications policy, the company said in a memo seen by Reuters on Wednesday. The company did not name the individuals in the memo or specify the broken policies. Hari Murthy, a partner and global head of transaction banking, was one of those who was fired. Philip Berlinski, the bank’s treasurer, will take over the day-to-day management of transaction banking alongside Akila Raman and Luc Teboul.

Sweden’s Volvo (VOLVb.ST) will begin production of its full-size electric trucks at its Ghent factory in Belgium, the truckmaker said on Thursday. The Ghent plant is the largest production site for Volvo trucks, with a yearly capacity of around 45,000 trucks. It will be building three different models – the Volvo FH Electric, the Volvo FM Electric, and the Volvo FMX Electric. These battery-powered vehicles have a maximum operating weight of 44 tonnes and can be tailored to meet diverse

The company, controlled by embattled digital entrepreneur Changpeng “CZ” Zhao, eliminates about one-third of its workforce, or more than 100 positions, as a regulatory crackdown erodes its business. The departures are another blow to the industry as regulators seek stability in cryptocurrency trading and prevent illicit activities, including ransomware targeting, money laundering, and terrorism financing. The companies also face a growing threat from established financial institutions. CZ, the chairman and chief executive officer of the world’s largest crypto exchange, has

Airline route planners around the world are working on new schedules after Pratt & Whitney parent RTX Corp (RTX.N) took a $3 billion charge and told airlines hundreds of their Airbus jets would be grounded at any one time in coming years to check for a rare manufacturing flaw. The company, formerly named Raytheon Technologies, said a portion of its PW1100G-JM engine fleet, which powers the Airbus A320neo aircraft, will need “accelerated removals and inspections” within the next nine to

China’s largest private property developer, Country Garden (2007. HK), won approval from its creditors to extend repayments on six onshore bonds by three years, two sources familiar with the matter said on Tuesday, sending shares up as much as 10%. A failure to pay the debt this month would have undermined fragile hope in financial markets that a steady drip feed of policy stimulus was starting to stabilize the country’s indebted property sector and economy, according to investors. The reprieve

The new Alibaba Group CEO laid out the tech giant’s key strategic priorities for staff on Tuesday, signaling a shift toward a user-centric approach and increased reliance on artificial intelligence (AI). In an internal letter to employees, Eddie Wu, who replaced co-founder Jack Ma as leader of the world’s largest online retailer in March, said the company’s two main strategic focuses would be “user first” and “AI-driven.” The Alibaba Group was founded in 1999 by 18 people led by Ma,

Goldman Sachs is planning for another round of job cuts for employees deemed underperformers, which could come as soon as late October, the Financial Times reported on Thursday, citing people familiar with the matter. The move follows a few hundred layoffs the bank announced in September and a few thousand more that it cut in January as part of its annual staff evaluation. According to the report, the cuts are at the lower end of the typical range that would