Global Glance: Italy to nationalize bank; Volvo first major carmaker to forgo traditional engines

Powered by The Associated Press

Here are today’s top business headlines from across the nation and world:

Italy to nationalize bank, shed $32.5 billion in bad loans

MILAN (AP) — The Italian government is taking control of troubled bank Monte dei Paschi di Siena and will try to relaunch it in a plan that includes disposing of a massive 28.6 billion euros ($32.5 billion) in bad loans. In detailing the plan Wednesday, CEO Marco Morelli said that the disposal of the nonperforming loans was “the most relevant issue” in the European Commission’s approval this week of the rescue plan, which had been drawn up last year. The Italian government will inject 5.4 billion euros into the bank, giving it a 70-percent stake. Read more

Volvo is first major carmaker to forgo traditional engines

HELSINKI (AP) — Volvo will begin producing electric motors on all its cars from 2019, becoming the first traditional automaker to forgo the combustion engine altogether. The Swedish company, which has been making cars since 1927 and has in recent decades become famous for its station wagons and safety features, said Wednesday that the decision was prompted by the wishes of customers, describing it as “one of the most significant moves by any car maker.” Volvo Cars said it aims to reach its target of selling 1 million electrified cars by 2025, with a range of models, including fully electric vehicles and hybrid cars. Read more

Trump looks for friendlier European welcome in Poland

WASHINGTON (AP) — President Donald Trump is headed back to Europe hoping to receive a friendly welcome in Poland despite lingering skepticism across the continent over his commitment to NATO, his past praise of Russian President Vladimir Putin and his decision to pull the U.S. out of a major climate agreement. Trump arrives in Warsaw, Poland, on Wednesday for a brief visit that will include a speech in Krasinski Square, near the site of the 1944 Warsaw Uprising against the Nazis. He’ll also meet with the leaders of Poland and Croatia and hold a joint press conference with Polish President Andrzej Duda. Read more

Samsung to invest $19 billion in chip, display plants

SEOUL, South Korea (AP) — Samsung Electronics said Tuesday it will invest 21.4 trillion won ($19 billion) in the next four years in its memory chip and display plants in South Korea. The South Korean company’s announcement comes as the global memory chip industry enjoys a massive boom thanks to a surge in demand for microchips. Global tech companies have been increasing servers and data centers to handle more data from mobile devices and auto vehicles and also on expectations that adoption of artificial intelligence would create even more demand for handling data. Read more

Eurozone growth ‘higher than previously thought’

LONDON (AP) — Economic growth across the 19-country eurozone was even higher than previously thought during June, according to a closely watched survey Wednesday, in yet more evidence of momentum in the single currency bloc. Financial information firm IHS Markit said its main purchasing managers’ index, which surveys both the manufacturing and services sectors, was at 56.3 points in June. Though that is slightly down on the previous month’s 56.8, it’s well ahead of the previous estimate of 55.7. Anything above 50 indicates expansion. Read more

Want the state’s top business and entrepreneurship news in your inbox? Sign up here for our newsletters.

Leave a Reply

Have you heard?

Missouri Business Alert is participating in CoMoGives2019!

Find out how we plan to use your gift to enhance training and programming for our students