Siemens annual profits up despite supply chain snags

German industrial giant Siemens reported a jump in yearly net profit on Thursday despite a fourth quarter troubled by global supply chain issues that the company predicts will improve next year.

Automotive

BMW cuts jobs, ends self-driving project with Mercedes

BMW will slash 6,000 jobs this year and freeze a major self-driving technology collaboration with rival Mercedes-Benz as the German luxury carmaker sees demand plunging because of the coronavirus pandemic.

Business

ECB set to start countdown on new eurozone stimulus

The European Central Bank is likely to point Thursday to an interest rate cut in September, analysts say, although recent hints towards bucking up sluggish growth and inflation could even mean a move this week.