French food company Danone will cut up 2,000 jobs, or 2 per cent of its global workforce, as part of a reorganisation aimed at giving more power to country managers and squeezing out efficiencies to cope with the pandemic, The Irish Times reported. The company employs about 350 people in the Republic. It said it does not yet know whether any Irish jobs will be affected. The maker of Evian bottled water and Activia yoghurts said the changes would save €1 billion by 2023, and promised that its recurring operating margin would return to pre-Covid levels of above 15 per cent by 2022.

Lockdowns in France and Italy are weighing down public mobility more than in other European countries, according to high- frequency data compiled by Reuters that suggest the two economies will take a correspondingly bigger hit, Reuters reported. Data ranging from use of Apple maps apps to Google’s user location history are proving vital tools for governments, central bankers and investors trying to gauge the economic impact of restrictions, weeks in advance of conventional indicators like consumer spending or industrial output.

Italy will use its forthcoming presidency of the Group of 20 major global economies to try to secure further debt relief for African states, a senior Italian diplomat said on Friday, Reuters reported. Italy takes over the annual rotating presidency of the G20 on Dec. 1 and will look to build on a deal struck by major international creditors in April that was aimed at relieving the world’s poorest nations of debt payments.

Satellite operator OneWeb said on Friday it has emerged from Chapter 11 bankruptcy protection with $1 billion in equity investment from a consortium of the UK Government and India’s Bharti Enterprises, the new owners of the UK-based company, Reuters reported. The investment puts OneWeb on track to compete with Elon Musk’s SpaceX in the race to use low-Earth orbit satellites to provide high-bandwidth and low-latency communication services.

World Bank President David Malpass on Saturday warned G20 leaders that failing to provide more permanent debt relief to some countries now could lead to increased poverty and a repeat of the disorderly defaults seen in the 1980s, Reuters reported. Malpass said he was pleased by progress made by the Group of 20 major economies on increasing debt transparency and providing debt relief to the poorest countries, but more was needed.

Offshore oil drilling contractor Seadrill expects the market for its rigs to remain depressed until late 2021, the Oslo-listed firm said on Friday as it continued talks with creditors over a debt restructuring, Reuters reported. Seadrill, controlled by Norwegian-born billionaire John Fredriksen, in September suspended interest payments after failing to agree with lenders on amending terms for its $5.7 billion bank debt, and warned that restructuring could wipe out its equity.

Thyssenkrupp, the ailing German steel and materials group, plunged to a full-year loss of €5.5bn and said it would cut 5,000 more jobs, as the pandemic increased pressure on the former conglomerate to speed up the sale of underperforming businesses, the Financial Times reported. The Essen-based company, which still employs more than 100,000 people, also warned that it expected a further loss of at least €1bn this financial year, as its restructuring costs spiral.

In the middle of the largest cycling boom ever, one of Germany’s largest bicycle factories, Sachsenring Bike Manufaktur GmbH has applied for insolvency, Bike Europe reported. It seems the company cannot get over its troubled MIFA history. Last week Sachsenring Bike Manufaktur was already given an ultimatum by the district council of Mansfeld-Südharz to settle its rental debt for the land and factory. According to local media, District Administrator Angela Klein told the financially troubled bicycle manufacturer to start settling it’s rental debts of almost €100,000 as of December 1.

Cineworld is looking at a company voluntary arrangement, an insolvency process used to cut costs, as part of its talks with lenders to gain access to capital, the Financial Times reported, citing three sources close to the negotiations, Reuters reported. The world’s second-largest cinema chain is also considering slashing rents and permanently closing UK cinemas after lockdown restrictions and a lack of blockbuster films caused business to collapse, the FT reported. The company last month temporarily shut its U.S.

The European Union’s 27 member states were urged to keep spending and support their economies through the latest wave of coronavirus restrictions without losing sight that the measures will weigh on future finances, Bloomberg News reported. The European Commission, the bloc’s executive arm, said fiscal support shouldn’t be withdrawn prematurely while warning Italy and France that their stimulus should be more targeted.