Europe Business

Nokia's new CEO working on setting strategy in 'dream job'

08/08 Nokia's new chief executive Pekka Lundmark said he will take time to re-acquaint himself with the Finnish telecom equipment maker as he works toward setting a strategy, as the company jostles for position in the. . .  Full story

Botswana diamond exports fall by two thirds on COVID-19

08/08 Botswana's rough diamond exports plunged 68% percent in the second quarter of the year, data published by the central bank showed on Friday, as the Coronavirus pandemic hit demand while global. . .  Full story

Brazilian billionaire Lemann leads initiative to build COVID-19 vaccine factory

08/08 Brazilian billionaire Jorge Lemann's foundation and other business interests will fund the building of factory to produce the COVID-19 vaccine being developed by Oxford University and pharmaceutical company AstraZeneca PLC.. . .  Full story

Italy extends furlough support in new stimulus package

07/08 Italy approved on Friday a new stimulus package aimed at helping businesses and families survive the coronavirus crisis, while Rome waits to receive funds from the European Union's Recovery Fund.. . .  Full story

Oil slips below $45/bbl on demand concerns but posts weekly rise

07/08 Oil prices fell nearly 2% on Friday, limiting their weekly gain due to concerns the global recovery could falter from a resurgence of coronavirus cases.. . .  Full story

Atlantia picks Partners Group for talks on Telepass sale

07/08 Italy's Atlantia said on Friday it had picked private equity firm Partners Group to start exclusive talks for the sale of a 49% stake in its toll-road payment business Telepass.. . .  Full story

Nokia's new CEO adopts wait and see strategy in 'dream job'

07/08 Nokia's new chief executive Pekka Lundmark said he will take time to re-acquaint himself with the Finnish telecom equipment maker before setting a strategy, as the company jostles for position in the highly political 5G. . .  Full story

Lebanon's battered economy dealt fresh blow after port blast hits 'Achilles heel'

07/08 Lebanon's economy, already sinking before the explosion that knocked out its main port, could now shrink by double the rate previously forecast for this year, making it even harder to secure the financing the. . .  Full story

Copper drops to one-month low on profit-taking, higher dollar

07/08 Copper prices fell to one-month lows on Friday as a higher dollar triggered profit-taking on long positions, but expectations of stronger growth and demand around the world limited losses.. . .  Full story

London stocks gain on week; U.S. jobs data, tensions with China weigh

07/08 London's FTSE 100 closed flat on Friday as a commodity-linked slump offset gains spurred by some upbeat earnings and AstraZeneca, while an index of more domestically-focused stocks rose as hopes grew of a trade. . .  Full story

German bond yields rise with U.S. job data not quite as bad as expected

07/08 Germany's 10-year borrowing costs rose on Friday, tracking U.S. Treasury yields higher, after U.S. employment data showed employment growth slowed considerably in July but not quite as much as economists had expected.. . .  Full story

European stocks end week with gains on telecoms, tech boost

07/08 European shares closed higher on Friday, marking weekly gains as investors focused on a broadly supportive earnings season and improving economic data in Europe rather than rising U.S.-China tensions.. . .  Full story

Russia agrees to talks with Cyprus on double taxation agreement -finmin

07/08 Russia's finance ministry said on Friday it had agreed to a round of negotiations with Cyprus on Aug. 10-11 in Moscow over the fate of a bilateral agreement aimed at avoiding double taxation.. . .  Full story

Grape expectations as France forecasts more wine to flow in 2020

07/08 French wine production is likely to rise this year and harvesting could start early after warm weather, the country's farm ministry forecast, just as Italy and France try to curb premium output to support. . .  Full story

Thousands of BA staff to lose jobs as airline pushes ahead with cuts

07/08 Thousands of British Airways staff will be sent letters telling them they have lost their jobs on Friday, as the airline pushes ahead with a plan to cut employee numbers by 29% in the. . .  Full story

EU wheat harvest focus turns to Germany after poor French crop

07/08 The end of the soft wheat harvest in France has confirmed disappointing production in the European Union's biggest grower, with attention turning to Germany where improved conditions could limit an expected decline in EU output.. . .  Full story

Macquarie to start sale of Wheelabrator's UK waste-to-energy plants in Sept - sources

07/08 Macquarie Infrastructure Partners (MIP) is aiming to kickstart the sale of waste management company Wheelabrator's power plants in the UK in September, two sources with knowledge of the matter said.. . .  Full story

Portugal's EDP raises 1.02 bln euros to finance Viesgo deal

07/08 Portugal's largest utility EDP said on Friday it had raised 1.02 billion euros ($1.20 billion) from shareholders to partly finance the acquisition of Spanish electricity company Viesgo.. . .  Full story

German ministries propose bringing forward spending worth 26 bln eur - Spiegel

07/08 Germany's federal ministries have proposed bringing forward 26 billion euros' ($31 billion) worth of expenditure, Der Spiegel reported on Friday, to help Europe's largest economy recover from a coronavirus-induced historic slump.. . .  Full story

Activist shareholder ValueAct sells out of Rolls-Royce - source

07/08 Activist shareholder ValueAct Capital Management has sold out of British aero-engine maker Rolls-Royce, a source familiar with the matter said on Friday, ending its relationship with the company five years after it became its biggest. . .  Full story

Airline SAS secures more debt holder support for key part of rescue deal

07/08 Airline SAS said on Friday it had secured the support of more of its debt holders after revising conversion terms for a key part of the rescue plan it is negotiating with the Swedish. . .  Full story

Hikma shares jump after improved sales outlook, COVID-19 drug deal

07/08 Hikma Pharmaceuticals raised the sales outlook for its two main divisions on Friday after first-half profit topped the London-listed company's expectations, while also announcing a deal to manufacture coronavirus treatment remdesivir.. . .  Full story

UK's Rightmove says demand for homes has climbed since coronavirus lockdown

07/08 Demand for homes has grown in Britain since businesses reopened in mid-May, UK property website Rightmove said on Friday, as consumers reassessed housing needs and the government declared a holiday from the stamp duty that. . .  Full story

Ceconomy looking for new CEO - sources

07/08 Europe's biggest consumer electronics chain, Ceconomy, is looking for a successor for interim Chief Executive Bernhard Duettmann whose contract, due to expire in October, has not yet been extended, four sources with knowledge of the. . .  Full story

Standard Life CEO predicts tough markets after profit fall

07/08 Standard Life Aberdeen's clients switched to more defensive assets in the first half and the coronavirus pandemic meant tough times ahead, its outgoing CEO Keith Skeoch said after the asset manager's profit dropped 30%.. . .  Full story

Russia's VTB says quarterly net profit down 93%, could slash dividends

07/08 Russia's second-largest lender VTB said on Friday its second-quarter net profit fell 93% as provisions against bad loans mounted amid the coronavirus crisis, prompting management of the state-run bank to recommend slashing dividends.. . .  Full story

Hargreaves profit jumps as stuck-at-home Brits turn to share trading

07/08 British fund supermarket Hargreaves Lansdown reported a surge in full-year earnings as the coronavirus crisis fuelled record levels of share trading and lured thousands of new clients to its trading platform.. . .  Full story

TP ICAP sees slow start to H2 as COVID-driven volumes ease, shares tumble

07/08 The world's largest inter-dealer broker TP ICAP signalled on Friday that the surge in trading volumes caused by the COVID-19 pandemic was tailing off, adding that turnover in July was materially lower than. . .  Full story

Austrian economy might not shrink as much as previously forecast - ONB

07/08 Austria's economy could shrink by around 6% this year, the Austrian National Bank on Friday, striking a more optimistic tone than in early June, when it had forecast a 7.2% decline.. . .  Full story

Seismic surveyor PGS's shares surge on TGS's $600 mln offer

07/08 Seismic surveyor TGS's unsolicited cash offer of $600 million for part of rival PGS sent its shares up as much as 67% in early trading on Friday.. . .  Full story

China demand fuels German export, production rebound

07/08 Overall export demand, especially from China, helped Germany's manufacturers recover from the shock of the coronavirus lockdown for the second month running in June, though output was still well below the level of a. . .  Full story

UK Stocks-Factors to watch on Aug. 7

07/08 Britain's FTSE 100 index is seen opening 21 points lower at 6,006 on Friday, according to financial bookmakers, with futures seen almost flat ahead of cash markets open.. . .  Full story

Energy prices to fall for millions of Britons this winter, regulator says

07/08 Energy prices are set to fall for millions of British households this winter after the energy regulator said its cap on the most widely used tariffs would be lowered by about 7.5% from Oct.. . .  Full story

Rio Tinto didn't inform cave blast owners of other mine plans - CEO

07/08 Rio Tinto did not tell Aboriginal traditional owners of two ancient caves destroyed to mine iron ore about three alternative mine plans, its CEO told an inquiry on Friday, despite saying it had won. . .  Full story

Rio Tinto says found nothing to show ex-CEO sought to block caves blast

07/08 Rio Tinto Chief Executive Jean-S├ębastien Jacques said on Friday the company has found no communication indicating that his predecessor sought to block the controversial blasting of two sacred caves to tap high grade iron ore.. . .  Full story

Brazil's Bolsonaro orders $360 mln to be set aside for AstraZeneca coronavirus vaccine

07/08 Brazilian President Jair Bolsonaro issued a decree on Thursday that will set aside 1.9 billion reais ($356 million) in funds to purchase and eventually produce the potential COVID-19 vaccine being developed by AstraZeneca PLC and. . .  Full story

UK shops see more visits in July but numbers still low - survey

07/08 More British shoppers returned to the high street in July, helped by the reopening of pubs and restaurants, but numbers were still much lower than normal for the time of year, an industry survey. . .  Full story

Britain seeks to smooth post-Brexit N. Ireland trade disruption

07/08 Britain announced a 200 million pound ($260 million) scheme to help smooth post-Brexit trade disruption for businesses in Northern Ireland when European Union freedom of movement rules cease to apply at the end of. . .  Full story

BP poised to sell 'stranded assets' even if oil prices rally

07/08 BP is preparing to sell a large chunk of its oil and gas assets even if crude prices bounce back from the COVID-19 crash because it wants to invest more in renewable energy, three. . .  Full story

Emergency lending to Scottish businesses falls short, UK data shows

07/08 A regional breakdown of emergency loans to small firms in Britain during the coronavirus crisis shows that Scotland and the South West of England have received a smaller share of nationwide lending than they. . .  Full story

Macron says aid to blast-stricken Lebanon will not go to 'corrupt hands'

06/08 French President Emmanuel Macron on Thursday promised aid to Lebanon but reassured angry citizens reeling from a lethal blast that killed 145 people that no blank cheques will be given to. . .  Full story

Oil settles below 5-month highs amid fuel demand worries

06/08 Oil prices hovered below five-month highs on Thursday, falling after a session in which bearish sentiment about fuel demand counteracted optimism about Iraq's supply cuts, pushing the benchmarks in and out of positive territory.. . .  Full story

World's three hottest Julys happened in the last five years

06/08 Last month was the world's third-hottest July on record, new data show -- the latest milestone in a global warming trend that has seen the three hottest Julys within the last five years.. . .  Full story

Argentina debt deal signals upgrades but outlook tough, rating agencies say

06/08 Argentina's $65 billion debt restructuring agreement with bondholders will likely lead to credit upgrades but is far from ensuring the country's longer-term economic future, rating agencies told Reuters on Thursday.. . .  Full story

Banco BPM says on merger alert after Intesa UBI tie-up

06/08 Banco BPM, Italy's third-largest bank, is on alert for expected further consolidation in the banking sector following Intesa Sanpaolo's takeover of smaller rival UBI, the bank's chief executive said on Thursday.. . .  Full story

Airbus shareholders in U.S. file fraud lawsuit over disclosures, corruption probes

06/08 Airbus SE was sued on Thursday by shareholders who accused the European planemaker of securities fraud for misleading them about its ability to avoid and manage corruption accusations over nearly 4-1/2 years.. . .  Full story

UK-Japan trade talks make progress, both sides want deal by end-2020 - UK minister

06/08 Britain and Japan made progress towards a comprehensive free trade deal and are committed to getting a deal in place by the end of this year, trade minister Liz Truss said on Thursday.. . .  Full story

Gold accelerates higher on fragile economic recovery hopes

06/08 Gold extended its record-breaking run on Thursday, driven by expectations of more monetary response as surging virus cases continue to pummel the U.S. economy.. . .  Full story

London stocks drag Europe lower as Glencore, oil stocks weigh

06/08 European equities declined on Thursday as London stocks were sapped after Glencore scrapped its dividend and oil stocks slid, while investors kept a close eye on Washington for progress on U.S. stimulus.. . .  Full story

Glencore tumble weighs on FTSE 100; BoE sees longer recovery period

06/08 London-listed shares broke a three-day winning run on Thursday as commodities giant Glencore tumbled after scrapping its dividend to pay down debt, while the Bank of England forecast a slower-than-expected rebound from the COVID-19 pandemic.. . .  Full story

Copper drifts lower as surplus looms

06/08 Copper prices drifted lower on Thursday as investors questioned whether demand would improve enough to extend a rally beyond two-year highs reached last month.. . .  Full story

ECB purchases push Greek 10-year bond yields to record low

06/08 Greek 10-year government bond yields fell to record lows on Thursday as a sharp rally spurred on by the fast-paced purchase of the country's debt by the European Central Bank kept pace with investors. . .  Full story

National Bank's second quarter profit hit by lower trading gains

06/08 National Bank (NBG), one of Greece's four largest lenders, on Thursday reported a big drop in second-quarter net profit compared with the first quarter on the back of lower trading, fee and commission income.. . .  Full story

UniCredit shuns Italy M&A wave, sees opportunities in COVID-19 crisis

06/08 UniCredit vowed to stay out of a possible merger wave in Italy, saying on Thursday COVID-19 turmoil could help it win clients on its home turf without a tie-up after reporting higher than forecast. . .  Full story

How much access will the City of London get to the EU?

06/08 The European Union is assessing how much access it will grant Britain's huge financial sector from January.. . .  Full story

AXA CEO confident in XL business after coronavirus hit

06/08 The CEO of AXA on Thursday expressed confidence in the French insurer's company-focused XL Group after the business reported a loss in the first half following a spike in COVID-19-related claims.. . .  Full story

Italy industry output continues rebound in June

06/08 Italian industrial output rose more strongly than expected in June as factories built on the exceptional surge seen in May when production resumed after coronavirus lockdown measures were eased, data showed on Thursday.. . .  Full story

France to ease pesticide ban for sugar beet to curb crop losses

06/08 The French government will propose lifting a ban on certain pesticides blamed for harming bees to protect sugar beet crops that have been ravaged by insects this year, the agriculture ministry said on Thursday.. . .  Full story

Glencore scraps $2.6 billion dividend after first-half loss

06/08 Glencore became the first major mining company to scrap its dividend, saying on Thursday the economic outlook was too uncertain because of the coronavirus pandemic and that it would prioritise cutting. . .  Full story

Italy's June industry output bodes well for GDP rebound in Q3-EconMin

06/08 Higher than expected industry output in June will likely lead to a strong rebound of Italy's economy activity in the third quarter of this year, Economy Minister Roberto Gualtieri said.. . .  Full story

Lithuanian energy group Ignitis plans 1.5 bln euro IPO in Sept - sources

06/08 Lithuanian state-owned energy company Ignitis Group is on track to launch a stock market listing in September, three sources familiar with the process told Reuters, a rare bright spot in a grim year for initial. . .  Full story

BoE's Bailey backs decision to close furlough scheme in October

06/08 Bank of England Governor Andrew Bailey on Thursday backed the government's decision to close its furlough scheme - which has supported 9.6 million jobs through the COVID-19 pandemic - at the end of October.. . .  Full story

Philippines trying to confirm death of ex-Wirecard executive

06/08 The Philippines is seeking to confirm whether a recently registered death was that of former Wirecard executive Christopher Bauer, one of several people being investigated over a multi-billion dollar fraud at the German payments firm.. . .  Full story

UK pub operator Wetherspoon to cut 130 jobs at head office

06/08 J D Wetherspoon will slash up to 130 jobs at its head office, the British pub operator said on Thursday, due to the industry-wide hit from the COVID-19 pandemic.. . .  Full story

Lufthansa plans compulsory lay-offs as forecasts travel slump to 2024

06/08 Lufthansa put German workers on notice of compulsory lay-offs on Thursday, saying tumbling air travel and slow progress in union negotiations meant cuts were unavoidable after it lost 1.7 billion euros ($2 billion) in a. . .  Full story

Russian banking group TCS warns full-year profit to fall despite solid second quarter

06/08 Russian bank TCS Group Holding reported on Thursday a 25% rise in second-quarter net profit, but said it expects full-year earnings to fall as it reintroduced guidance after scrapping it last quarter due to the. . .  Full story

Aviva shares soar as new CEO cuts focus on Asia and Europe

06/08 Aviva shares soared to five-month highs on Thursday after the British life, motor and home insurer's new chief executive Amanda Blanc said it would reduce its focus on Asia and Europe in a strategy. . .  Full story

Unicredit CEO rules out boosting Italy market share through M&A

06/08 UniCredit CEO Jean Pierre Mustier tells analyst call:. . .  Full story

Irish service sector returns to growth, lags euro zone -PMI

06/08 Irish service sector activity grew in July for the first time since the economy began to emerge from lockdown, but the relatively slow pace of its reopening meant it continued to lag the wider. . .  Full story

World food price index rises in July, extending rebound

06/08 World food prices rose in July led by vegetable oils, dairy products and sugar, extending a rebound from the previous month following sharp falls triggered by the coronavirus pandemic, the United Nations food agency. . .  Full story

PSA's car sharing service can now seek new investors, CEO says

06/08 Free2Move, the car rental and car-sharing business developed by French automaker PSA Group , now has the capacity to start to court new outside investors, its chief executive Brigitte Courtehoux said.. . .  Full story

EU Commission ready to help Lebanon with preferential trade

06/08 The European Commission is ready to help Lebanon with preferential trade and customs backing, the head of the EU executive said on Thursday after a phone call with Lebanese Prime Minister Hassan Diab.. . .  Full story

Mall operator Hammerson to raise 825 mln pounds to ride out pandemic

06/08 British shopping centre operator Hammerson plans to raise 825 million pounds ($1.1 billion) from a rights issue and the sale of its 50% stake in VIA Outlet to see it through the COVID-19 crisis,. . .  Full story

Negative rates in the toolbox, no plans to use them for now-BoE's Bailey

06/08 Bank of England Governor Andrew Bailey said negative rates were part of the central bank's stimulus options but they were not about to be used to steer Britain's economy through the coronavirus crisis.. . .  Full story

UniCredit sees 75 mln euro NII yearly boost from TLTRO funds

06/08 UniCredit CFO Mirko Bianchi tells analyst call:. . .  Full story

Swedish finance minister says 2021 budget will support recovery

06/08 Sweden's minority coalition government will continue to give support to economic recovery in its budget for 2021, Finance Minister Magdalena Andersson said on Thursday.. . .  Full story

UK construction activity jumps in July, but jobs at risk - PMI

06/08 Britain's construction industry grew at the fastest rate in almost five years in July as business picked up after COVID-related shutdowns, survey data showed on Thursday, mirroring a rapid rebound in manufacturing and parts of. . .  Full story

EU, Switzerland to link emissions trading platforms from September

06/08 A planned link-up of the EU and Swiss carbon markets will be operational from September, the European Commission said, giving companies a broader pool of potential partners with which to trade emissions permits.. . .  Full story

UK's Meggitt says financial position strong after media report

06/08 British engineering firm Meggitt said on Thursday its liquidity was strong and that it continues to trade in line with its expectations, adding it had committed facilities in place worth 856 million pounds ($1.13 billion).. . .  Full story

Somalia expects to announce winners of first petroleum auction early 2021

06/08 Somalia expects to announce the winners of its first oil and gas licensing round early next year, as the country seeks petro dollars to help rebuild its struggling economy, a senior. . .  Full story

German industrial orders surge in fresh sign of recovery

06/08 Orders for German-made goods rose sharply in June in the latest sign that Europe's largest economy is starting to shrug off the effects of months of lockdown, but volumes were still far below pre-pandemic. . .  Full story

Naked Wines reaps benefits of pandemic-driven deliveries boom

06/08 Online wine seller Naked Wines said on Thursday it expects total sales in July to rise 73% from a year earlier and that it has seen continued strong rates of new customer growth.. . .  Full story

Allied Irish joins rivals in front-loading coronavirus provisions

06/08 Allied Irish Banks (AIB) joined rivals in pointing to some recovery as the economy emerges from lockdown after posting a 909 million euro ($1.1 billion) first-half pretax loss, mainly due to provisions for customers affected. . .  Full story

Bank of England says banks able to support coronavirus-hit Britain

06/08 Britain's banks hold enough capital to keep on lending to the country's companies and also to absorb billions in losses likely to arise due to the COVID-19 pandemic, the Bank of England said.. . .  Full story

Shares in France's Eurofins rally as it targets more coronavirus products

06/08 French laboratories and diagnostics company Eurofins said it hoped to launch more products aimed at detecting the presence of the coronavirus, as it posted an increase in first-half profits, sending its shares to record highs.. . .  Full story

ING's Q2 profit falls 73% as loan provisions soar

06/08 ING Groep NV, the largest Dutch financial group, on Thursday reported second-quarter pre-tax profit fell by 73% to 542 million euros ($644 million), as it took 1.34 billion euros in provisions for bad loans amid. . .  Full story

Spanish retailer DIA halves net loss year after takeover

06/08 Spanish retailer DIA more than halved its net loss in the first half from a year earlier, it said on Thursday, saying a trend of people spending more in its neighbourhood shops during lockdown. . .  Full story

UK Stocks-Factors to watch on Aug. 6

06/08 Britain's FTSE 100 index is seen opening 49 points lower at 6,056 on Thursday, according to financial bookmakers, with futures down 0.5% ahead of cash markets open.. . .  Full story

Credit Agricole hikes provisions; bond trading shines

06/08 Credit Agricole SA hiked loan loss reserves in the second quarter as the COVID-19 pandemic bore down on large corporate clients but profits beat expectations after a boost in fixed income trading.. . .  Full story

Insurer Phoenix posts profit jump, hikes cash generation target

06/08 Insurer Phoenix Group Holdings Plc on Thursday posted an 11% rise in half-year earnings and raised its 2020 cash generation target as it benefited from a flurry of deals with British companies selling their. . .  Full story

Britain's Savills hurt by lockdown curbs on property visits

06/08 London-listed real estate adviser Savills Plc on Thursday reported a 69% slump in first-half pretax profit as commercial deal activity was hammered by coronavirus-led restrictions that prevented property visits across its markets.. . .  Full story

UniCredit CEO says H2 underlying net income to broadly match H1

06/08 UniCredit CEO Jean Pierre Mustier tells newswire call:. . .  Full story

Insurer NN Group resumes dividend as H1 core profit rises

06/08 Dutch insurer NN Group said on Thursday its first-half operating profit saw a marginal rise to 926 million euros ($1.1 billion), as the effect of the coronavirus pandemic on its results remained limited.. . .  Full story

Bank of England makes no changes to stimulus push

06/08 The Bank of England said on Thursday it was keeping its benchmark interest rate at 0.1%.. . .  Full story

Henkel shampoo sales slide but cleaning products soar

06/08 German consumer goods group Henkel reported a big drop in sales of its beauty care business on Thursday due to the closure of hair salons due to the coronavirus and a hit to its. . .  Full story

Munich Re Q2 net profit drops 42% amid COVID-related losses

06/08 German reinsurance group Munich Re posted a 42% decline in second-quarter net profit, with around 700 million euros ($832 million) in losses related to the coronavirus pandemic in the period.. . .  Full story

Credit Agricole seeks to reclaim technology it developed with Wirecard

06/08 French bank Credit Agricole said on Thursday it will seek to reclaim the payments technology it was working on with Wirecard as part of their partnership.. . .  Full story

UK's labour market slump eases in July, but outlook grim: REC

06/08 The downturn in Britain's labour market eased further in July as more of the economy reopened following the coronavirus lockdown, but the outlook remains bleak as employers expect a wave of redundancies to follow,. . .  Full story

Britain targets red tape in bid to get more homes built

05/08 Britain will set out proposals on Thursday to speed up homebuilding by cutting red tape and opening up the sector to smaller firms, in a bid to address a long-term housing shortage.. . .  Full story

Oil prices hit 5-month high as U.S. crude stockpiles, dollar fall

05/08 Oil prices rose to their highest since early March on Wednesday after U.S. crude inventories fell sharply and the dollar weakened, but mounting coronavirus infections had investors worried about the demand outlook.. . .  Full story

Nissan, unions agree to postpone Barcelona plants closure to end-2021

05/08 After a 30-hour marathon of negotiations, Nissan Motor Co and the unions at its three Barcelona plants agreed to postpone the closure of the plants by one year, until December 2021, the company and. . .  Full story