To the upside while germany slows fractionally. Global stability. Chinese president urges stronger cooperation with the United States as he looks to reassure Senior Business leaders amid concerns over reform and Cyber Security. Total slashes spending by 3 billion as lower crude prices take their toll. The firm also faces allegations of natural gas price fixing. Good wednesday morning, im susan li. Also coming up on the program, shareholders are backing brian moynihan. Find out how bank of americas chief held on to both of his titles. And a victory for Hillary Clinton. A pharma firm says it will drop prices but by how much . And we find out how social media giants are waging the battle for users. We have the composite at 53. 9. Manufacturing was 52. 0. That was just in line and services 54. 0 just below the expectation of 54. 2. So that follows german data that was mixed just below expectations and french that was just above expectations. The euro is flat on the day. Its been up and dow
What are we covering . Is janet yellen going to be trumped in terms of what is happening with russia question mark we saw a russia . We will talk more in a moment. I am looking at the eu and the u. S. Both of ratcheted up sanctions against russia. Ofwas the sanction individuals and a handful of companies, and has gotten much broader. Were talking about a lot of companies, some of them very big. One of those companies that has been sanctioned is the Worlds Largest publicly traded producer. Web some breaking news for you. Sap biggest Business Software company in the world saying that operating profit was 1. 2 4 billion euros, shy of analyst estimates. This is a company that is trying to change itself around with getting a reorganization. They are trying to focus in on the cloud. Saying secondquarter software and Services Revenue [inaudible] we have operating margin ahead of our missed estimates. Where speaking to the chief executive of how much they can push the cloud. We were talking ab
We are here in london. Im guy johnson. Francine and im francine lacqua. We begin with Deutsche Bank dramatic rebound. The german lender plans to reduce cost and cut back its ownership of its consumer unit. Guy for more, lets go to hans nichols from frankfurt. Where is the bank trimming cutting, where is it looking to grow . Hans they are going to be cutting in retail units. It is not just postbank. Deutsche bank itself, their retail outlets will drop by about 200. There are currently about 730. They are trimming back the investment bank, but they are also redeploying some 50 billion to 70 billion in assets into relationships and clientbased services. They are looking to shed about 200 billion in assets. That is going to get their Capital Requirements to about 5 . Before, their goal was to have a return on equity of 12 . In 2015 they came in just north of 3 . A lot of that is litigation costs. They were hit by 1. 5 billion. We are heading into a press conference shortly. We want to find
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