Welcome to another edition of Under60 Daily - a brief rundown of the top happenings in the business world, curated by hand to exclude the clutter and ensure you get up to speed in under a minute.
[GDP] Germany’s GDP shrinks at its fastest pace, contracting by 10.1% quarter on quarter, worse than economists' predictions. Germany’s major index, the DAX, opened 2.4% lower based on the news.
[Banking] Thomas Gottstein, the CEO of Credit Suisse has announced fresh reforms to the bank, aiming to merge the investment banking and trading divisions. The restructuring is expected to save CHF 400 million ($437 million) a year.
[Earnings] Energy giants Total and Royal Dutch Shell report strong oil trading results, which helped offset the losses from falling energy demand. Total reported a 96% fall in adjusted profits to $126 million. At the same time, Shell’s profit dropped 82% to $638 million.
Over60: Bloomberg Quint
[Markets] Shares of Kodak have surged nearly 1,500% this week after the former photography industry giant was granted a $765m loan by the Trump administration to manufacture drug ingredients to combat the coronavirus.
[Economy] US Economy reports greatest economic contraction till date, -32.9% annualized.
If this was useful to you, subscribe here.
We thrive on subscriber feedback. Feel free to reach out to us here.