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If OPEC is dead, how is Saudi Arabia still calling the shots in the oil market?

The BriefYour world right now

4 hours ago

Capgemini buys Igate for $4 billion.

  Europe’s largest technology services provider will pay $48 per share for its US counterpart, valuing Igate shares 4.7% higher than last week’s closing price. The US purchase is seen as complementary to the French company’s European operations, and could represent a challenge to IBM.  
2 hours ago

Deutsche Bank cuts back.

  Germany’s biggest lender said it would reduce its ownership in its Postbank consumer banking unit and shrink its securities business to achieve cost savings of €3.5 billion ($3.8 billion) annually. The bank will also close 200 branches as it tries to reassure investors worried about rising legal costs and a poor stock performance.
April 26, 2015

Ratan Tata invests in Xiaomi.

  The Indian business leader and chairman emeritus to the Tata conglomerate became an advisor to the Chinese smartphone manufacturer after investing an undisclosed sum. Tata is expected to help the company localize its products; only a few days earlier, Xiaomi launched the Mi 4i especially for the Indian market.  
8 hours ago

DBS beats expectations.

  Southeast Asia’s largest lender reported a record first-quarter net income of S$1.3 billion ($953 million), 3% higher than a year earlier and far higher than expectations. Higher interest rates on loans offset a general slowdown in lending, and the sell-off of a Hong Kong property investment added S$136 million in revenue.
April 25, 2015

Volkswagen’s chairman steps down.

  Ferdinand Piech, the chairman of the automaker’s supervisory board, resigned suddenly after losing out in a power struggle with CEO Martin Winterkorn. Piech aired his criticism of Winterkorn publicly several weeks ago, creating a leadership crisis  at the top.
8 hours ago

Europe tries to bypass Greece’s finance minister.

  EU officials called Greek prime minister Alexis Tsipras from Riga, after their meeting with finance minister Yanis Varoufakis became unproductive, according to the Financial Times (paywall). Tsipras’ government, which is seeking €1 billion ($1.1 billion) to pay pensions this week, has signaled that Varoufakis could be sidelined.
8 hours ago
Chart of the Moment

America’s biggest radio broadcaster hopes podcasts can end its losses.

2 hours ago

“Hurricane Isis” was dropped from the 2016 list of storm names.

  It was expected to cause too much fear.
2 hours ago

China is building a great wall of trees.

  It’s designed to combat the desertification of the country’s northern provinces.

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