Thomas Cook collapse: German company files for bankruptcy
Thomas Cook’s German subsidiary has announced it is filing for insolvency in an attempt to save its national brands after the collapse of the UK parent company on Monday. Almost 100,000 holidaymakers are travelling with the German affiliates and it is not clear what the bankruptcy proceedings will mean for them. The German government has […]
‘The devil’s excrement’: How did oil become so important?
It was 27 August 1859, and a crucial message had been sent. Entrepreneur Edwin Drake’s last financial backer had finally lost patience. Pay off your debts, give up and come home, the message read. Drake had been hoping to find “rock oil”, a brownish unrefined “crude” oil that sometimes bubbled near the surface of western […]
Juul boss Kevin Burns steps down amid vaping concerns
Kevin Burns, chief executive of vaping firm Juul, has stepped down, amid growing concerns around vaping health risks and criticism of its marketing. The firm has also announced it will withdraw all US advertising. Mr Burns will be replaced immediately by KC Crosthwaite, former chief growth officer at tobacco giant Altria, Juul said. Juul is 35%-owned […]
IMF names Kristalina Georgieva as new head
Bulgarian economist Kristalina Georgieva has been selected as the new managing director of the International Monetary Fund. Ms Georgieva, who was previously chief executive of the World Bank, becomes the first person from an emerging economy to lead the IMF. She will succeed Christine Lagarde, who is leaving to become head of the European Central […]
US and Japan agree initial trade deal focusing on agriculture
The US and Japan have agreed an initial trade deal that will eliminate or lower tariffs on certain products traded between them. Duties on some agricultural goods will be removed or lowered, while digital products will also benefit. US President Donald Trump said the world’s first and third largest economies achieved a “tremendous” deal. The trade […]