The Rundown Rundown: Deutsche Bank fails stress test, and more news from around the world
Every day, LinkedIn publishes 10 Daily Rundowns, in 6 languages, around the world to get professionals up to speed. Here's a translated look at what each market is talking about today. The news team creates this digest for internal use; is this something you're interested in seeing? Let us know in the comments.
In reverse chronological order…
MEXICO: Coca-Cola FEMSA buys bottler in Uruguay, cost of living skyrockets in Mexico City and Monterrey, and more top news
- Coca-Cola FEMSA, the largest Coca-Cola franchise bottler in the world, acquires Montevideo Refrescos for $250.7 million.
- Cost of living in Mexico City and Monterrey skyrockets, according to Mercer's Annual Cost of Living Survey.
- Mexico's economic competition regulator approved a merger between Mexican bank Grupo Financiero Banorte and Grupo Financiero Interacciones.
- Mexico's Internet Association launches new safety stamp for e-commerce industry.
- Mexico is among the smallest tax collectors in Latin America, according to the OECD.
BRAZIL: Government has a deficit of R$11 billion in May, basic food staples become more expensive, and more top news
- Central Government registers primary deficit of R$11 billion, better than expected.
- Freight board raises basic food basket price by 12%.
- Truck driver strike raises rates on rents.
- Central Bank cuts GDP growth forecast to 1.6% by 2018.
- Brazil’s government sets 30% quota for black people in selective internship processes and learning programs.
U.S.: Driverless cars could deliver your groceries, Deutsche Bank fails stress test, and more top news
- Supermarket chain Kroger is exploring driverless grocery delivery, announcing that it will work with electric-vehicle startup Nuro on a pilot program later this year.
- Toys “R” Us is preparing to close its last U.S. stores.
- Deutsche Bank is the only major bank to fail the Federal Reserve's stress test.
- Five people were killed Thursday at the Capital Gazette newspaper in Annapolis, Maryland, after a gunman opened fire on employees.
- Adidas announced this week that an “unauthorized party” gained access to customer data, including email, usernames, addresses and encrypted passwords.
- California has signed a new data law that provides consumers with unprecedented privacy protections.
CANADA: Canadians' $3 billion a year tax dodge, Driverless cars could deliver your groceries, and more top news
- Canadians attempting to dodge taxes have hidden up to $240.5 billion in foreign accounts, according to the Canada Revenue Agency.
FRANCE: H&M's business is struggling, France to invest in solar power, and more top news
- H&M Q2 net profit drops by 21%.
- French government wants to double solar power production.
- Sanofi to sell its generics business for $2.4 billion to focus on biotech.
- French cement company Lafarge charged with complicity in crimes against humanity in Syria.
- French startup incubator Station F celebrates one-year anniversary today.
DACH: Deutsche Bank fails US stress test; Volkswagen using unfinished Berlin airport as parking space; and more top news
- Trouble mounts as Deutsche Bank is the only bank to fail the Fed stress test.
- VW can’t get about 200,000 new cars on the road, due to stricter emissions rules. Luckily, the BER airport is still not finished and can be used as a huge parking space.
- Apple and Samsung reach agreement in seven-year patent fight.
- Starting Sunday, trucks will have to pay tolls on smaller German roads. Logistics companies warn of higher prices.
- German automobile club ADAC expects more traffic jams this holiday season than in previous years. The reason: People are more likely to travel by car in politically uncertain times.
U.K.: Homebase axes 300 jobs, legalising cannabis ‘could raise’ ￡1bn in tax revenue, and more top news
- Homebase is cutting more than 300 jobs amid reports 80 stores are set to close.
- Legalising cannabis could raise ￡1bn a year in tax for the UK, according to a U.K. think tank.
- Deliveroo is set to shell out a six-figure sum to settle an employment rights claim.
- The number of U.K. restaurants fell for the first time in eight years with more closures expected.
- Almost 300 ATMs are being shut down in the U.K. each month.
INDIA: The cost of climate change, Indian Railways' punctuality quick fix, and more top news
- India could lose nearly 3% of its GDP to climate change by 2050, according to the World Bank.
- Indian Railways is extending the official running time of trains to minimise delays.
- The money stashed away by Indians in Swiss banks grew by 50% to ?7,000 crore last year.
- State-run banks could soon be jostling for customers' attention in an online loan marketplace.
- India's dollar millionaire population will reach almost a million by 2027, according to a New World Wealth report.
AUSTRALIA: Bali volcano disrupts flights, plain packaging law wins challenge, and more top news
- Qantas, Virgin and Air Asia have cancelled 22 flights to and from Bali as a volcano erupts.
- Australia’s tobacco plain packaging law has been challenged and upheld at the World Trade Organisation.
- David Jones is firing 29 senior staff in a reshuffle. The struggling department store let go 16 staff in its head office with another 15 redundancies expected.
- Optus has officially given SBS the broadcast rights to all remaining World Cup games.
- QBE Insurance Group has stopped an in-car driver monitoring program that used sensors to rate drivers’ safety.
CHINA: Baidu’s lawsuit against ex-employee faces pushback, Xiaomi HK IPO lures individual investors, and more top news
- A labor arbitration board turned down Baidu’s case against an ex-employee who joined Toutiao. The case now goes to local court.
- Xiaomi Hong Kong IPO sees the largest number of individual investors in last 10 years.
- The car-sharing industry garners more investment interest than bike sharing, signaling the next big opportunity in China’s sharing economy.
- E-commerce platform Pinduoduo is expected to file for an IPO in the U.S. next week, according to reports.
- Boeing unveiled its concept for a hypersonic jet that would allow passengers to fly at five times the speed of sound and reach Tokyo from Los Angeles in three hours.