PNC Says 4% Workforce Reduction Will Save $325 Million in 2024
PNC Financial Services Group Inc. said it started reducing headcount by 4% as the bank navigates fallout from higher interest rates that has eaten away at profitability.
Bloomberg Business
Ukraine Recap: Kyiv Claims Drone Hit on Russian Missile Carrier
A Russian missile carrier off Sevastopol on the Crimean peninsula was hit Friday by an “experimental naval drone” fired by Kyiv’s troops, according to the Ukrainian State Security Service said. The SBU said it worked with Ukraine’s navy to carry out a strike on the Buyan-class warship and earlier in the week on the Pavel Derzhavin patrol ship in the same area. Local media reported loud explosions early Friday. Russia’s military hasn’t confirmed a strike on its ships. Crimea has been occupied by
VW’s New Electric Vehicle Orders Miss Target
Volkswagen AG’s new orders for its electric vehicles failed to meet the company’s targets in the third quarter, amid weaker global demand and European customers’ reluctance to buy battery-powered cars.
India’s September Trade Gap Narrows Sharply as Imports Fall
India’s September trade deficit narrowed more than expected, as imports fell sharper than exports despite elevated crude oil prices.
NatWest Weighs Sale of £1.2 Billion Phoenix Energy Stake
NatWest Group Pension Fund is weighing the sale of its 50% stake in Phoenix Energy, a natural gas distributor in Northern Ireland, people with knowledge of the matter said.
Equifax Hit With £11 Million UK Fine Over Massive Cyber Hack
Equifax Inc.’s British unit was hit with an £11 million ($13.4 million) fine after failing to protect the data of millions of clients amid one of the biggest cyber-security breaches in history.
IMF Warns of Spillover Risks From China’s Property Woes
International Monetary Fund economists warned that China’s real estate sector downturn could erode growth prospects in the Asia Pacific region, which is already seeing signs of its recovery losing steam.
Egypt Seeks to Boost IMF Loan to Over $5 Billion Amid Currency Woes
Egypt is in talks with the International Monetary Fund on boosting its rescue program to over $5 billion, according to people familiar with the discussions, confident it can overcome the roadblocks facing its existing package by addressing concerns including its currency policy.
ECB’s Simkus Says Conditions Ripe to Revisit Bond Reinvestment Plan
The European Central Bank should consider changing plans to keep reinvesting maturing bonds from its €1.7 trillion ($1.8 trillion) pandemic portfolio until the end of 2024, Governing Council member Gediminas Simkus said.
Chinese Star Investor Wang Detained in Crackdown, Reuters Says
One of China’s star fund managers, Wang Yawei, was detained in August, Reuters reported, becoming the latest to be ensnared by a crackdown that’s aimed at rooting out corruption in the nation’s $61 trillion financial sector.
