Deutsche Bank
Deutsche Bank is cutting 18,000 jobs around the world in a radical pullback from its plans to become a trading powerhouse. The restructuring program will cost it around $8.3 billion—whole teams in Asia are being axed, as is Deutsche Bank's global equities business. And up go its shares by 4%. Reuters
Airbus vs Boeing
The Saudi airline Flyadeal has opted to buy 50 Aiurbus A320neo jets rather than Boeing 737 Max planes, which it had previously said it would purchase. It's a sign that Boeing could be losing valuable deals to its competitor as a result of the crashes of two Max planes, and the delivery freeze that ensued. Wall Street Journal
Bearish Outlook
Morgan Stanley has turned bearish on global equities, saying profit forecasts are overly optimistic given the slump in manufacturing figures. "We see a market too sanguine about what lower bond yields may be suggesting–a worsening growth outlook," its strategists wrote in a note. "Continued deterioration in global PMIs suggests a macro environment with plenty of downside risks." Bloomberg
Greek Elections
The left is out of power in Greece, where the center-right New Democracy party won the weekend's elections. The new prime minister will be Kyriakos Mitsotakis, who is promising "jobs, security and growth" to the austerity-battered nation. Outgoing PM Alexis Tsipras: "I can assure the Greek people that from the benches of the opposition we will be present to protect the interests of people of toil and creativity." Al Jazeera
Six Keys to Leadership Success
In an ever-changing business landscape, a leader's ability to adapt and motivate is critical in driving teams to succeed says Steve Kimble, chairman and CEO of Deloitte Tax. He outlines six leadership principles, including positivity and vulnerability.
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Automation Effect
Workers' share of total economic output is falling in a way not previously seen, and it may be down to modern automation, which doesn't seem to create as many new jobs as it used to. As Geoff Colvin writes for Fortune: "Maybe tech has crossed some threshold relative to human capabilities. If so, capital wouldn't augment labor with technology, as it has always done, but sometimes would have an incentive to fully substitute for it." Fortune
Banks vs Libra
U.S. and European banks are avoiding Facebook's Libra cryptocurrency project because they want to keep regulators on-side and, in any case, they have their own projects underway. For example, Mastercard (which is a Libra partner) is working with six Scandinavian banks on a real-time payments system that can be used across multiple countries. Financial Times
African Trade
Nigeria, Africa's biggest economy, has finally joined the African Continental Free Trade Area (AfCFTA.) It did so at an African Union summit yesterday, as did Benin. AU members also agreed on key aspects of the agreement such as tariffs, a monitoring system and a digital payment system—meaning the AfCFTA is now effectively operational, though trading with the heavily reduced tariffs will begin a year from now. Bloomberg
Conscious Uncoupling
Chinese economists said at a Saturday symposium that the country should prepare for an "economic decoupling" with the U.S., due to Washington's desire to use the threat of such a split as a way of containing China's rise. South China Morning Post
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