Europe Business

Credit Suisse suspends supply chain finance funds

18h02 The asset management arm of Zurich-based Credit Suisse said on Monday it has suspended redemptions from its $10 billion supply chain finance funds over concerns about the value of the funds' investments.. . .  Full story

Inflationary expectations among Russian households fell in Feb -cenbank

18h00 Inflationary expectations among Russian households declined to 9.9% in February from 10.5% in January, the central bank said on Monday.. . .  Full story

EU auditors warn over 5 bln euro emergency Brexit spending

18h00 The European Union lacks tight oversight of 5 billion euros in emergency Brexit aid, the bloc's auditors said on Monday, warning over governance risks regarding quick cash injections as Brussels prepares to disburse massive amounts. . .  Full story

Germany likely to suspend debt brake also next year -Scholz

17h47 Germany is likely to suspend constitutionally enshrined limits on new borrowing again next year to finance more rescue and stimulus measures to help the economy recover from the COVID-19 pandemic, Finance Minister Olaf Scholz said. . .  Full story

ECB must react to unwarranted yield surge -Villeroy

17h41 Some of the recent rise in bond yields is unwarranted and the European Central Bank must push back using the flexibility embedded in its bond purchase programme, ECB policymaker Francois Villeroy de Galhau said. . .  Full story

Bill Gates urges need to reduce 'green premium' in energy transition

17h41 Investor and philanthropist Bill Gates said at a virtual conference on Monday that cheap green hydrogen would be a "huge deal" in helping the energy transition but added that its so-called green premium will factor. . .  Full story

Chinese hackers target Indian vaccine makers SII, Bharat Biotech, says security firm

17h40 A Chinese state-backed hacking group has in recent weeks targeted the IT systems of two Indian vaccine makers whose coronavirus shots are being used in the country's immunisation campaign, cyber intelligence firm Cyfirma told Reuters.. . .  Full story

Bulls run wild: Chinese funds throw more fuel on copper's flames: Andy Home

17h30 Copper punched through the $9,000-per tonne level last week for the first time since 2011, with a red-hot rally showing no signs of abating.. . .  Full story

Europe's unusually low gas stocks set to underpin prices

17h18 European gas storage levels are lower than usual for the time of year and will need to be topped up significantly in the coming months, providing support to wholesale gas prices.. . .  Full story

Former IMF chief Rato to stand trial in Spain on corruption charges

17h06 Former International Monetary Fund chief Rodrigo Rato, found guilty of embezzlement in 2018, is close to standing trial again in Spain after a court charged him with corruption, money laundering and tax dodging, a. . .  Full story

Oil rises on vaccine optimism, U.S. stimulus

17h02 Oil prices rose on Monday, supported by optimism about COVID-19 vaccinations, a U.S. stimulus package and growing factory activity in Europe despite coronavirus restrictions.. . .  Full story

SoftBank to write down $1.5 bln Greensill investment - Bloomberg News

16h52 SoftBank Group Corp's Vision Fund has substantially written down its $1.5 billion investment in supply-chain finance company Greensill Capital, Bloomberg News reported on Monday, citing people familiar with the matter.. . .  Full story

Italy set to offer its first green bond, betting on strong demand

16h47 Italy is set to offer its first ever green bond in the coming days, taking advantage of bumper demand for environmentally friendly assets.. . .  Full story

Tin retreats from nine-year high but fundamentals underpin prices

16h01 Tin prices plunged more than 10% on Monday as last week's nine-year highs triggered some technical selling and prompted investors to book profits, though shortages capped losses.. . .  Full story

Deals of the day-Mergers and acquisitions

16h00 The following bids, mergers, acquisitions and disposals were reported by 1400 GMT on Monday:. . .  Full story

Italy picks Intesa, Credit Agricole as structuring advisors for green issue

15h57 Italy's Treasury has picked Intesa Sanpaolo and Credit Agricole as structuring advisors for a green bond issue, a Treasury official said on Monday.. . .  Full story

Spanish energy companies to carry the torch for renewable deals

15h56 Several Spanish clean energy companies are planning stock market listings or stake sales within the next two years, taking advantage of a market boom in green assets to raise funds to build more wind. . .  Full story

Britain's National Grid warns of tight electricity supply this week

15h47 Britain's National Grid warned on Monday the country's electricity supply margins are expected to be tight this week.. . .  Full story

German inflation unchanged in February

15h44 Germany's annual consumer price inflation held steady in February, the Federal Statistics Office said on Monday.. . .  Full story

Motor racing-Aston Martin's F1 return drives new sponsor interest

15h42 Aston Martin's return to Formula One as a constructor for the first time since 1960 has driven a surge of sponsor interest in the Silverstone-based team, according to principal Otmar Szafnauer.. . .  Full story

-Online reviews platform Trustpilot plans $1.4 bln London IPO

15h22 Reviews website Trustpilot is considering an initial public offering (IPO) in London, it said on Monday, as unlisted European companies look to cash in on rampant investor demand for tech shares.. . .  Full story

Energy bourse EEX plans financial gas futures for mid-year

14h51 EEX, a European energy bourse known mostly for its electricity contracts, will add cash-settled gas futures in the middle of 2021 to offer its trading participants risk hedging in the two related markets, its chief. . .  Full story

Latest Irish lockdown pushed annual retail sales 14.1% lower in January

14h43 Irish retail sales fell 14.1% year-on-year in January after the government reimposed a strict lockdown of the economy that is set to last for at least another two months, data showed on Monday.. . .  Full story

No reason to think vaccines ineffective against COVID variants - UK's Johnson

14h32 British Prime Minister Boris Johnson said on Monday there was no reason to think that COVID-19 vaccines were ineffective against new variants of the coronavirus.. . .  Full story

UK's Johnson says economic recovery could be stronger than expected

14h29 British Prime Minister Boris Johnson said on Monday the country's economy could recover more strongly after the coronavirus pandemic than some "pessimists" had predicted.. . .  Full story

UK shopper numbers rise for sixth straight week as Britons tire of lockdown

14h28 The number of people heading out to shops across Britain climbed 11% last week from a week earlier, in a sixth week of gains despite a national lockdown, market researcher Springboard said on Monday.. . .  Full story

AstraZeneca sold out of vaccine maker Moderna last year

14h26 AstraZeneca sold a stake it held in rival COVID-19 vaccine maker Moderna over the course of last year, the Anglo-Swedish drugmaker's latest annual report shows. London-listed AstraZeneca did not specify how much it sold the stake. . .  Full story

-Hong Kong's Rosewood Hotel Group to file for SPAC listing - sources

14h24 Hong Kong's luxury Rosewood Hotel Group, a unit of property developer New World Development , plans to file for a special purpose acquisition company (SPAC) listing, three people with knowledge of the matter said, adding. . .  Full story

Nigeria's Seplat targets cost cuts, keeps acquisitions on the radar

13h57 Nigerian oil and gas company Seplat aims to cut costs and is looking out for acquisitions even after the crash in crude prices eroded its 2020 revenue.. . .  Full story

UK factory output grows at slowest since May, consumer lending slides

13h34 British manufacturers reported their slowest output growth since May last month, hit by Brexit and COVID-19-related delays, and consumers cut back heavily on borrowing in January as they returned to lockdown.. . .  Full story

France steps up economic stimulus rollout with more cash for industry

13h27 The French government is accelerating the rollout of its economic stimulus plan by ploughing an extra billion euros into support for the industrial sector, Finance Minister Bruno Le Maire said on Monday.. . .  Full story

Finland declares state of emergency as COVID-19 cases rise

13h20 The Finnish government declared a state of emergency on Monday due to rising COVID-19 infections, a step that would allow the Nordic country to shutter restaurants and to impose other measures to blunt the pandemic.. . .  Full story

Italy's economy contracts 8.9% in 2020, deficit and debt surge but less than expected

13h04 Italy's virus-battered economy shrank broadly as expected in 2020, data showed on Monday, while the budget deficit and public debt both surged but somewhat less than was forecast.. . .  Full story

British insurer Aviva sets out net zero 2040 climate strategy

12h54 British insurer Aviva plans to become a net zero carbon emissions company by 2040, it said on Monday, claiming this was the most demanding target set by any major insurer worldwide.. . .  Full story

Please disregard Italian deficit and debt snaps

12h52 STORY_NUMBER: STORY_DATE: STORY_TIME:[10:33:26] (Reporting by Crispian Balmer). . .  Full story

Pent-up demand driving global factory revival

12h47 Demand for manufactured goods drove extended growth in factories across Europe and Asia in February, but a slowdown in China underscored the challenges countries face as they seek a sustainable recovery from the COVID-19 pandemic. . .  Full story

German yields fall for 2nd session; mood wary

12h43 Benchmark German government bond yields dropped for a second consecutive session on Monday as investor sentiment improved after reflationary bets led bond markets to their biggest monthly selloff in years.. . .  Full story

Palm oil in focus as Swiss vote on trade pact with Indonesia

12h18 Swiss voters will decide on a free trade agreement (FTA) with Indonesia on Sunday, with lower tariffs on palm oil imports the main issue in what the polls predict will be a tight referendum.. . .  Full story

Prompt prices rise on dropping wind, nuclear supply

12h09 European prompt power contracts rose on Monday as both German wind output and French nuclear supply availability fell while prices for next week dropped on higher wind prospects.. . .  Full story

Italy Feb EU-harmonised CPI accelerates to 1.0% y/y, above forecasts

12h01 Italian EU-harmonised consumer prices (HICP) fell a preliminary 0.2% month-on-month in February, but the annual inflation rate accelerated to 1.0% from 0.7% in January, data showed on Monday.. . .  Full story

UK consumer credit slumped as new lockdown hit in Jan - BoE

11h45 British consumer borrowing fell at its fastest pace in January since May last year as the country went back into a coronavirus lockdown, Bank of England data showed on Monday.. . .  Full story

Homebuilders, miners push British stocks higher

11h43 British shares rebounded on Monday, led by homebuilders and miners, as hopes of a vaccine-led economic recovery and more U.S. stimulus overshadowed fears of higher inflation and tightening monetary policy.. . .  Full story

European stocks rebound as bond markets stabilise, UK outperforms

11h39 European stocks recovered on Monday after bond markets stabilized following a sharp selloff last week, while sentiment was boosted by heightened optimism over global COVID-19 vaccination programmes and a $1.9 trillion U.S. stimulus package.. . .  Full story

Bank of Ireland limits 2020 loss with strong second half, shares rise

11h32 Bank of Ireland limited its underlying 2020 loss to 374 million euros ($452 million) after a return to profitability in the second half, the bank said on Monday, sending its shares more than 5%. . .  Full story

Norway's Flyr airline rises 28% after IPO

11h13 The shares of Norway's Flyr <FLYR-ME.OL> airline rose 28% in its debut trade on Oslo's Euronext Growth stock market on Monday as the start-up carrier prepares to compete with established players Norwegian Air and SAS.. . .  Full story

Logitech sees pandemic-driven growth continuing, hikes 2021 guidance

11h07 Computer goods maker Logitech International increased its 2021 guidance on Monday and issued a 2022 forecast, saying growth trends in remote work, video collaboration, esports and digital content creation would continue beyond the 2021. . .  Full story

Greek factory activity shrinks in Feb, new orders weaken -PMI

11h02 Greek manufacturing activity contracted in February as output and new orders declined due to weak client demand and coronavirus-related restrictions, a survey showed on Monday.. . .  Full story

Gas company Energean to offer $2.5 bln bonds as it looks to repay debt

10h56 Energean said on Monday its unit would offer $2.5 billion worth of bonds to refinance existing loans, as the Eastern Mediterranean gas group looks to shore up finances during the health crisis.. . .  Full story

French factory activity grows faster in February - PMI

10h50 French manufacturing activity expanded at a faster rate in February, a monthly survey showed on Monday, as output and new orders rose in the euro zone's second-biggest economy.. . .  Full story

Cycling boom pushes Halfords annual profit towards 100 mln pounds

10h49 Halfords forecast an over 60% jump in its annual profit and said it would repay the near 11 million pounds it received in government furlough support as the bicycle retailer benefits from a cycling. . .  Full story

Italy factory activity grows for eighth month running in Feb - PMI

10h45 Italian manufacturing activity expanded for the eighth month running in February and at a faster rate than the month before, a survey showed on Monday, despite coronavirus restrictions still weighing on businesses.. . .  Full story

-Frankie and Benny's owner taps 500 mln stg in long-term loans

10h25 Restaurant Group signed new long-term loans for about 500 million pounds as the Frankie and Benny's owner said it was burning cash of about 5.5 million pounds ($7.7 million) every month during the latest. . .  Full story

Russia's Fix Price sets IPO range, market cap could top $8 bln

10h22 Russia's Fix Price has set its initial public offering (IPO) target range at $8.75-$9.75 per global depositary receipt (GDR), the discount retailer said on Monday, implying a market capitalisation of $7.4 billion-$8.3 billion.. . .  Full story

Spanish factory activity grows in Feb at fastest pace in 7 months - PMI

10h15 Spanish factory activity expanded in February at its fastest pace in seven months, a survey showed on Monday, as market demand rises within Spain and from abroad.. . .  Full story

Banks in EU should publish yardstick of 'green' activity, says watchdog

10h15 Banks in the European Union should publish a "green asset ratio" (GAR) as a core measure of their climate-friendly business activities, the EU's banking watchdog proposed on Monday.. . .  Full story

Ladbrokes owner Entain raises offer for rival Enlabs to $440 mln

10h04 Ladbrokes owner Entain on Monday raised its cash offer for rival Swedish sports betting firm Enlabs AB to value it at around 3.7 billion crowns ($440.16 million) and said it would not increase the. . .  Full story

Poland's manufacturing recovery accelerates in Feb - PMI

10h01 The recovery in Polish manufacturing gathered steam in February, a survey showed on Monday, but the jump in output and backlogs of work was accompanied by rising inflationary pressure.. . .  Full story

UK Stocks-Factors to watch on March 1

08h08 Britain's FTSE 100 index is seen opening 46 points higher at 6,530 on Monday, according to financial bookmakers. * AVIVA: Insurer Aviva. . .  Full story

Russia factory activity growth near two-year peak in Feb - PMI

08h00 Russian manufacturing activity expanded in February at its fastest pace in almost two years as growth in output and new orders accelerated despite challenging external demand conditions, a business survey showed on Monday.. . .  Full story

Irish factory activity grows for second month running in Feb - PMI

03h01 Ireland's manufacturing sector grew slightly for the second straight month in February after a big dip at the start of the year as Brexit and a third COVID-19 lockdown of the economy hit output. . .  Full story

France and Germany to require COVID-19 test for some border crossings

28/02 France and Germany have agreed that people crossing the border between the French region of Moselle and Germany will have to have proof of a negative COVID-19 antigen test in the previous 48 hours,. . .  Full story

Norway's capital tightens lockdown to fight faster virus spread

28/02 Norway's capital Oslo will tighten lockdown measures to combat a sharp rise in coronavirus infections linked to a more contagious variant, the city's governing mayor said on Sunday.. . .  Full story

Under shareholder pressure, Danone takes step to sell Chinese asset

28/02 Danone said on Sunday it was taking a first step towards selling off its stake in its Chinese dairy partner as the French food group faces pressure from shareholders to improve its performance and. . .  Full story

More than 20 million in Britain get first COVID-19 vaccine dose

28/02 More than 20 million people across the United Kingdom have now received their first COVID-19 vaccine shot, data showed on Sunday as the country made more progress with Europe's fastest vaccination programme.. . .  Full story

UK says it will sell world's first sovereign green savings bonds

28/02 Britain's government plans to launch the world's first sovereign green bonds for retail investors as part of its push to create a net-zero-carbon economy by 2050.. . .  Full story

UK says more than 20 million people have received COVID-19 shot

28/02 More than 20 million people across the United Kingdom have now received a COVID-19 shot, Britain's health minister, Matt Hancock, said on Sunday.. . .  Full story

Aramco seeks one-year extension on $10 billion loan -sources

28/02 Saudi Aramco has asked banks to extend by a year a $10 billion loan it raised last May, two sources familiar with the matter said, suggesting that rebounding crude prices are not pushing the. . .  Full story

UK's Sunak says public finances won't be fixed overnight

28/02 British finance minister Rishi Sunak said on Sunday he would not rush to fix the public finances as he readied a budget plan which will pile more borrowing on top of almost 300 billion. . .  Full story

UK's Sunak will set out plans to raise income tax by 6 bln stg - The Times

28/02 British finance minister Rishi Sunak will set out plans to raise income tax by 6 billion pounds ($8.36 billion), The Times reported https://www.thetimes.co.uk/article/stealth-rise-in-income-tax-to-pay-covid-bill-9h7v2trl6 on Sunday.. . .  Full story

UK’s Sunak to provide 5 bln stg of grants to pandemic hit businesses in budget

28/02 British finance minister Rishi Sunak will announce 5 billion pounds ($7 billion) of additional grants to help businesses hit hard by pandemic lockdowns in his budget statement next week, the government said on Saturday.. . .  Full story

UK's Sunak warns of bill to be paid to tackle Britain's 'exposed' finances -FT

27/02 British finance minister Rishi Sunak will use the budget next week to level with the public over the "enormous strains" in the country's finances, warning that a bill will have to be paid after. . .  Full story

European officials urge World Bank to exclude fossil-fuel investments

27/02 Senior officials from Europe have urged the World Bank's management to expand its climate change strategy to exclude investments in oil- and coal-related projects around the world, and gradually phase out investment in natural gas. . .  Full story

FACTBOX-Winners and losers in energy sector from Texas cold snap

27/02 A winter storm that hit parts of the southern United States over the past week led several energy companies to report stronger-than-expected results after they were called on to provide more power at higher. . .  Full story

Oil drops on dollar strength and OPEC+ supply expectations

27/02 Oil prices fell on Friday as the U.S. dollar rose while forecasts called for crude supply to rise in response to prices climbing above pre-pandemic levels.. . .  Full story

UK's Sunak to use budget to expand apprenticeships in England

27/02 British finance minister Rishi Sunak will announce more funding for apprenticeships in England when he unveils his budget next week, the government said on Friday.. . .  Full story

Ardagh Metal sells largest-ever green junk bond

26/02 Ardagh Metal Packaging sold $2.8 billion worth of green bonds on Friday, the biggest green issuance in the high-yield market to date, as a part of its plan to merge with a blank-check firm. . .  Full story

Canada approves AstraZeneca's COVID-19 shot, 500,000 doses to arrive next week

26/02 Canada on Friday approved AstraZeneca's COVID-19 vaccine, including the version produced by the Serum Institute of India, and 500,000 doses are due to arrive next week.. . .  Full story

G20 promises no let-up in stimulus, sees tax deal by summer

26/02 The world's financial leaders agreed on Friday to maintain expansionary policies to help economies survive the effects of COVID-19, and committed to a more multilateral approach to the twin coronavirus and economic crises.. . .  Full story

Gold slumps as rising U.S. yields, dollar dull lustre

26/02 Gold tumbled 3% to an eight-month low on Friday en route to its worst month since November 2016 as a stronger dollar and elevated U.S. Treasury yields hammered non-yielding bullion's appeal.. . .  Full story

S&P hikes Deutsche Bank credit rating outlook to positive from negative

26/02 S&P said on Friday it had raised the credit-rating outlook of German lender Deutsche Bank to positive from negative, a vote of confidence as the bank undergoes a major overhaul.. . .  Full story

Britain to offer fast-track visas to bolster fintechs after Brexit

26/02 Britain said on Friday it would offer a fast-track visa scheme for jobs at high-growth companies after a government-backed review warned that financial technology firms will struggle with Brexit and tougher competition for global talent.. . .  Full story

UK bonds suffer biggest monthly fall in years after U.S. Treasury rout

26/02 British government bond prices recorded their sharpest fall in years this month, as investors bet on a rebound in growth and potentially inflation, days before finance minister Rishi Sunak sets out hefty new borrowing plans.. . .  Full story

Bulgaria expects small fiscal surplus through February

26/02 Bulgaria expects a fiscal surplus of 137 million levs ($84.92 million), or 0.1% of gross domestic product, in the first two months of 2021 as it boosts spending to cushion the impact from the. . .  Full story

Copper spirals lower as bond rout spooks investors

26/02 Copper retreated on Friday after touching successive multi-year peaks, falling more than 3% as risk-off sentiment hit wider financial markets after a spike in bond yields.. . .  Full story

European shares drop as high yields spark profit taking in tech, resources

26/02 European stocks closed lower on Friday, ending three weeks of gains as investors booked profits in technology and commodity-linked shares due to concerns over rising inflation and interest rates on the back of a. . .  Full story

FTSE 100 marks weakest day in four months as bond rout deepens

26/02 The export-heavy FTSE 100 marked its weakest session since late-October on Friday, snapping three straight weeks of gains as a broader sell-off in bonds spread to global equities.. . .  Full story

G20 pledge to avoid premature end to fiscal, monetary stimulus

26/02 The world's financial leaders agreed on Friday they would avoid a premature withdrawal of fiscal and monetary stimulus that they have been providing to the world economy to help it survive the effects of. . .  Full story

German bonds recover; still set for steep monthly selloff

26/02 Benchmark German government bond yields fell for the first time in three sessions on Friday, but they were still headed for their biggest monthly jump in three years after rising inflation expectations triggered a. . .  Full story

Take AstraZeneca's 'fantastic' vaccine, Germany tells sceptical public

26/02 Germany's government and health chiefs on Friday urged the public to take AstraZeneca's coronavirus vaccine, seeking to stem a tide of scepticism about its effectiveness and safety that has left most of the country's supply. . .  Full story

UK's Card Factory secures further waivers from lenders

26/02 Britain's Card Factory said on Friday it has secured further waivers from its lenders to ward off expected covenant breaches until March-end and it is engaged in a plan to refinance the company.. . .  Full story

London could lose out to New York under draft EU finance deal - document

26/02 The City of London's finance industry would be worse off than rival New York under an early draft for a cooperation agreement in financial services between Britain and the European Union, a document, seen. . .  Full story

Four governments offer early support for EU carbon market reforms

26/02 France, Italy, Denmark and Sweden back plans to reduce the amount of permits in the European Union carbon market to drive deeper CO2 cuts, supporting one of the key reforms proposed by the European Commission,. . .  Full story

Travel booking group Amadeus cancels dividend, cuts costs after disastrous 2020

26/02 Amadeus cancelled its dividend for 2020 and is to cut more than half a billion euros from costs this year after the COVID-19 pandemic ravaged the Spanish travel booking company's business.. . .  Full story

Businesswoman Staveley loses Barclays court battle for damages

26/02 A London High Court judge on Friday found Barclays guilty of "serious deceit" over how it negotiated a financial lifeline with Amanda Staveley during the credit crisis in 2008, but denied the businesswoman damages and. . .  Full story

Norwegian Air books $1.5 bln charge as it seeks fresh start

26/02 Norwegian Air booked an impairment charge of 12.8 billion crowns ($1.5 billion) in the fourth quarter as it cancelled a major Airbus order and plans to shrink its current fleet to avoid bankruptcy.. . .  Full story

German restaurants should be able to offer outdoor dining around Easter -minister

26/02 German Economy Minister Peter Altmaier said on Friday he was confident that restaurants could be allowed to partially open soon so that outdoor dining on terraces and in beer gardens should be possible around. . .  Full story

Steinhoff Qtrly Revenue From Cont Ops Up 1% To 2.54 Bln Euros

26/02 Steinhoff International Holdings NV :. . .  Full story

Moldova denies it has approved Russia's Sputnik V COVID-19 shot

26/02 Moldova has not yet registered Russia's Sputnik V vaccine against COVID-19, President Maia Sandu's press secretary said on Friday, contradicting a statement from the vaccine's developers that the shot had been approved in Moldova.. . .  Full story

Winners and losers in energy sector from Texas cold snap

26/02 A winter storm that hit parts of the southern United States over the past week led several energy companies to report stronger-than-expected results after they were called on to provide more power at higher. . .  Full story

Chile's Codelco reports bumper year for profits despite pandemic

26/02 Chile´s Codelco, the world´s top copper producer, reported pre-tax profits of $2.078 bln in 2020 and said it had upped output from its own mines by 2% to 1.618 mln tonnes, despite being forced. . .  Full story

POLL-Russia seen holding interest rates throughout 2021

26/02 The Russian central bank is expected to take a wait-and-see stance and hold its key interest rate throughout 2021 as the economy returns to growth and inflation gradually slows, a Reuters poll showed on. . .  Full story

BoE's Ramsden says UK gilt market trading remains orderly

26/02 Bank of England Deputy Governor Dave Ramsden said the central bank was keeping a close eye on financial markets after recent volatility, but that trading in British government bonds remained orderly.. . .  Full story