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Global tax would spoil investors' plastic party

The days of carefree plastic use may soon be over. Even though the world is suffocating in polluting waste, sales of fresh polymers are projected to rise 40% to $529 billion by 2031. This may change if supporters of taxes and other restrictive measures prevail at ongoing talks for a global treaty to end plastic pollution by 2040. Drastic action would shrink a promising market for Big Oil and cut packaging firms’ margins.
Saudi Arabia France General United Kingdom Pranav Kiran Inger Andersen Aimee Donnellan

Lufthansa sale is ironic end to Italy airline saga

Italy’s epic airline soap opera has found a paradoxical end. After multiple sale attempts by Italian governments of all political leanings, plus over 10 billion euros of wasted state support, it’s Prime Minister Giorgia Meloni – an avowed nationalist – who is cutting the umbilical cord with the country’s state-owned national carrier.
Carsten Spohr Streisand Neto Giorgia Meloni Lisa Jucca George Hay Thomson Reuters Trust Principles

Britain inches towards right chipmaking niche

Prime Minister Rishi Sunak is taking a small step in the right direction. After much hesitation, Britain announced on Friday it would invest 1 billion pounds in its domestic semiconductor industry, with a focus on chip designs. The approach makes sense. Britain plays a relatively insignificant role in chip manufacturing, which is dominated by Taiwanese giant Taiwan Semiconductor Manufacturing Company (TSMC) . Nor does it produce the equipment needed to build advanced chips, the realm of Dutch gi...
United Kingdom City Of Pranav Kiran Lisa Jucca Joe Biden George Hay

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Credit Suisse mess leaves scattered Swiss debris

Swiss government intervention to save Credit Suisse from collapse last month may have avoided a financial market storm. But Switzerland’s solution to its latest bank crisis – a $3 billion state-blessed sale to crosstown bank rival UBS – nonetheless creates headaches across the Alpine nation’s economic and political landscape.
United States George Hay Marlene Amstad Urs Birchler Olivier Feller Oliver Taslic

Rivals can feast on Credit Suisse client spoils

Rivals are queueing up for a slice of UBS’s enlarged wealth management pie. A government-sponsored takeover of Credit Suisse should on paper allow Switzerland’s largest lender to boost its rich clients’ asset pot to a staggering $3.4 trillion. But new boss Sergio Ermotti should plan for a significantly smaller amount.
Hong Kong United States United Arab Emirates Julius Baer Streisand Neto Sergio Ermotti

Ferrari's green journey takes surprise turn: podcast

Europe’s plan to support carbon-neutral fuels is good news for the $50 bln luxury carmaker, CEO Benedetto Vigna says on the Exchange podcast. It will allow the group to flog the roaring engines that made its fortune. Electric cars remain a goal, but self-driving Ferraris are not.
Benedetto Vigna Oliver Taslic Thomson Reuters Trust Principles Reuters Breakingviews Thomson Reuters Trust Reuters News

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