Europe Business

Tanzania to conclude talks for delayed LNG project in September

23/03 Tanzania says it plans to conclude talks in September with a group of foreign oil and gas companies led by Norway's Equinor on developing a liquefied natural gas (LNG) project in the East African country.  Full story

Cruise ship reaches Norway port after near disaster, dramatic rescues

17h07 A luxury cruise ship that had set sail with almost 1,400 passengers and crew aboard arrived at a port in Norway on Sunday after narrowly escaping disaster when its engines failed during a storm.. . .  Full story

Bayer CEO says his team retains backing of supervisory board - report

12h41 Bayer's management retains the backing of its supervisory board, its chief executive said, after pressure on the company increased when a second jury in the United States ruled its glyphosate-based Roundup weed killer caused. . .  Full story

Germany to inject more money into Deutsche Bahn rail network-Bild

11h42 The German government wants to inject some 50 billion euros ($57 billion) into upgrading the national rail network over the next decade, mass-selling Bild newspaper reported on Sunday.. . .  Full story

ANALYSIS-More shale, who cares? Saudi Arabia pushes for at least $70 oil

11h05 Budget needs are forcing Saudi Arabia to push for oil prices of at least $70 per barrel this year, industry sources say, even though U.S. shale oil producers could benefit and Riyadh's share of. . .  Full story

Passengers airlifted from cruise ship in storm off Norway

23/03 Rescue helicopters evacuated dozens of people from a luxury cruise ship which suffered engine failure on Saturday in stormy weather off the west coast of Norway, police and rescue workers said.. . .  Full story

Ex-Autonomy CEO Lynch denies new U.S. charges against him

23/03 British entrepreneur Mike Lynch vigorously denies new U.S. criminal charges against him, his spokesman said on Saturday ahead of a court case over the sale of his firm Autonomy which will begin in London. . .  Full story

Image sharing website Pinterest files for IPO

23/03 Pinterest Inc, the owner of the image search website known for the food and fashion photos that its users post, filed for an initial public offering with U.S. regulators on Friday, looking to tap. . .  Full story

Autonomy founder Lynch set for $5 bln Hewlett-Packard court showdown

22/03 Mike Lynch, once hailed as Britain's answer to Bill Gates, faces Hewlett-Packard (HP) in London's High Court on Monday in a multi-billion dollar showdown over the U.S. technology company's 2011 purchase of the Autonomy software. . .  Full story

Ireland kicks off hunt for successor to ECB-bound central bank chief

22/03 Ireland began the search for a new central bank governor after Philip Lane was appointed on Friday to the European Central Bank's executive board by European Union leaders.. . .  Full story

U.S. adds criminal charges against ex-Autonomy CEO Lynch

22/03 U.S. prosecutors on Friday added three new criminal charges to their indictment against British entrepreneur Mike Lynch related to the $11.1 billion sale of his software company Autonomy to Hewlett-Packard in 2011.. . .  Full story

Oil dips further from 2019 highs on demand worries

22/03 Oil fell about 2 percent on Friday, slipping further from 2019 highs as focus shifted to a lack of progress in U.S.-China trade talks and as grim manufacturing data from Germany and the U.S.. . .  Full story

Global growth rebound hopes hit by weak factory data

22/03 Manufacturers in Europe, Japan and the United States suffered in March as surveys showed trade tensions had left their mark on factory output, a setback for hopes the global economy might be turning the. . .  Full story

Flacks drops plans to bid for Britain's Laura Ashley

22/03 Flacks Group said on Friday it would not make an offer for Laura Ashley Holdings, nearly a month after the British fashion retailer dismissed an unsolicited takeover offer from the investment firm.. . .  Full story

Copper has worst week since December as dollar firms

22/03 Copper prices fell on Friday as weak European and U.S. factory data spread gloom about the global economic outlook and strengthened the dollar.. . .  Full story

European shares deepen losses on slew of dismal PMIs

22/03 European stock markets deepened losses on Friday, closing near session lows, as fears of a slowdown in global growth after weak manufacturing data from across Europe were exacerbated by dismal data from the United. . .  Full story

U.S. oil drillers cut rigs for fifth week in a row -Baker Hughes

22/03 U.S. energy firms this week reduced the number of oil rigs operating for a fifth week in a row to its lowest in nearly a year as independent producers follow through on plans to. . .  Full story

FTSE sinks as Brexit relief spurs sterling, weak activity data weighs

22/03 London's FTSE 100 retreated from multi-month highs to endure its worst day so far this year as a surge in the pound weakened exporter stocks and poor manufacturing data from the euro zone and. . .  Full story

UK yield curve nears flattest since 2008 on global bond rally

22/03 British government bond prices soared for a third day on Friday as global investors scaled back growth and interest rate bets, pushing 30-year gilt yields to their lowest since October 2016 and the yield. . .  Full story

German Bund yield crashes below zero for first time since 2016 on bleak data

22/03 Germany's 10-year bond yield dived below zero percent on Friday for the first time since October 2016, as a survey showing German manufacturing contracted for a third straight month fuelled fears about a widespread European. . .  Full story

EU leaders call for end to "naivety" in relations with China

22/03 European Union leaders called for an end to naivety on Friday in relations with Beijing and said China was a competitor whose markets were not sufficiently open, although they did not spell out specifically. . .  Full story

Italy considering compensation claim against EU over bank rescue -Conte

22/03 Italy is considering compensation claims against the European Commission for the strict interpretation it gave to EU banking rules, the Italian prime minister said on Friday, after a landmark EU ruling this week over a. . .  Full story

Power firms agree on route to close Spain's oldest nuclear plant

22/03 Spain's main electricity providers have reached an agreement to renew the life of the country's oldest nuclear plant until its planned closure, the company operating the site said on Friday.. . .  Full story

Nokia plays down compliance issues after shares drop

22/03 Nokia sought to play down the risks of an investigation into compliance issues at its Alcatel-Lucent business after its shares fell sharply on Friday.. . .  Full story

Polish regulator lowers power distribution tariffs

22/03 Poland's energy market regulator URE approved on Friday lower electricity distribution tariffs for 2019 but turned down requests from energy firms to hike power prices after new legislation imposed a price cap.. . .  Full story

Commerzbank CEO sees strong investment bank as good fit - source

22/03 Commerzbank's chief executive believes a strong and focused investment bank would be a good addition to the lender, according to a person familiar with his thinking on Friday.. . .  Full story

Watches of Switzerland has further U.S. acquisitions in its sights

22/03 Watches of Switzerland expects to make further acquisitions in the United States, which it first entered in 2017 with the purchase of jeweller Mayors, its chief executive told Reuters.. . .  Full story

Hankook workers end strike for higher wages in Hungary

22/03 A 10-day strike for higher wages at South Korea's Hankook Tire Co Ltd plant in Hungary ended with an agreement late on Thursday, the company said on Friday.. . .  Full story

Pakistan to start Proton car production as Malaysia investments signed

22/03 A joint venture between Malaysia's Proton Motors and Pakistan's Al-Haj group will begin producing cars from June, officials said on Friday at a ceremony in Islamabad unveiling a series of business accords between the two. . .  Full story

Swedbank shareholder SEB says likely to vote to clear board of liability for 2018

22/03 An external report around Swedbank's alleged link to money laundering was missing information, but the board had done enough to prevent it from not clearing the board of liability related to last year's actions, an. . .  Full story

Nigeria's NNPC plans to revamp refineries to cut fuel imports

22/03 Nigeria's state-oil firm NNPC said it plans to revamp its refineries to help Africa's biggest crude oil producer to save billions of dollars on fuel imports and has hired Italy's Maire. . .  Full story

Hapag-Lloyd charts course to strong 2019 earnings

22/03 German container group Hapag-Lloyd is on course to achieve better earnings and further reduce debts this year as it cuts costs and benefits from merger savings in an improving shipping industry, it said.. . .  Full story

Norway's FSA finds gaps in banks' anti-money laundering measures

22/03 Several banks operating in Norway made insufficient anti-money laundering risk assessments last year, the country's Financial Supervisory Authority (FSA) said in its annual report on Friday.. . .  Full story

Irish central bank's Lane appointed to ECB executive board

22/03 The council of European Union leaders on Friday appointed Philip Lane, the current governor of the Irish central bank, to the Executive Board of the European Central Bank, where he is due to serve. . .  Full story

UK economy dodges no-deal Brexit hit, for now

22/03 Britain's economy has struggled beneath the weight of Brexit uncertainty for nearly three years, but many business leaders would probably be relieved just to have more of the same for the next few months.. . .  Full story

Deutsche Bank chief paid $8 mln as top bosses gain first bonuses for four years

22/03 Deutsche Bank paid its management board members their first bonuses in four years in 2018, with Christian Sewing's 7 million euro ($8 million) total package making him one of the best paid chief executives in. . .  Full story

China's Great Wall 2018 net profit up 3.58 pct, pledges higher-end products

22/03 China's Great Wall Motor Co Ltd said on Friday its 2018 net profit rose 3.58 percent, even as China's economy slows and competition gets fiercer.. . .  Full story

Debenhams shareholders may face wipeout in restructuring

22/03 Struggling British department store group Debenhams said on Friday its shareholders could be wiped out as a result of some of the restructuring options it is considering and rebuffed a bid by Sports. . .  Full story

More shale, who cares? Saudi Arabia pushes for at least $70 oil

22/03 Budget needs are forcing Saudi Arabia to push for oil prices of at least $70 per barrel this year, industry sources say, even though U.S. shale oil producers could benefit and Riyadh's share of. . .  Full story

China Hongqiao's profit flat as alumina sales offset aluminium slump

22/03 China Hongqiao Group said on Friday that a doubling of alumina sales helped offset lower aluminium production and prices, leaving its net profit steady in the second half of 2018.. . .  Full story

Hapag-Lloyd sees itself on course for strong 2019 earnings

22/03 German container liner Hapag-Lloyd sees itself on a promising course to achieve better results and further reduce debts as it cuts costs, benefits from merger synergies and finds itself in an improving shipping industry environment.. . .  Full story

Firms need to step up no-deal Brexit plans - ECB's Draghi

22/03 The president of the European Central Bank, Mario Draghi, told European Union leaders on Friday that companies have to increase their preparations for a possible no-deal Brexit, an EU source said.. . .  Full story

Romanian banks could reduce new tax by boosting lending-FinMin

22/03 Romanian banks could bring a new tax on their financial assets down to zero if they boost lending and narrow the interest rate differential between deposits and loans, Finance Minister Eugen Teodorovici said on Friday.. . .  Full story

Deutsche-Commerzbank tie-up should not create big investment bank - BlackRock

22/03 The aim of a potential merger between Deutsche Bank and Commerzbank should not be to create a large investment bank because that "will not work", a major shareholder in both banks said on Friday. . .  Full story

Blast at Chinese chemical plant kills 47; Xi orders probe

22/03 An explosion at a pesticide plant in eastern China has killed 47 people and injured more than 600, state media said on Friday, the latest casualties in a series of industrial accidents that has. . .  Full story

Swedbank investor Alecta not satisfied with money-laundering report

22/03 Swedbank investor Alecta said on Friday that neither an external report on Baltic accounts at the bank suspected of being used for money-laundering nor the proposed continuation of the probe lived up to its expectations. Alecta,. . .  Full story

Swedbank investor says unsatisfied by report on money laundering links

22/03 Swedbank investor AMF said on Friday it had expected more after the lender published heavily-redacted outcome of an external probe into its alleged link to money laundering in the Baltics.. . .  Full story

Smiths plans to list medical unit, focus on industrial technology

22/03 Smiths Group Plc plans to list its healthcare business, which makes respiratory devices and catheters, as it focuses on industrial technology services.. . .  Full story

Swedbank top investor has confidence in CEO after money laundering report

22/03 Swedbank's biggest investor said it had confidence in the lender's chief executive and board after the findings of an external review were published on Friday, saying it was satisfied by the bank's assurance it. . .  Full story

Indonesia, China slap anti-dumping duties on each other's steel products

22/03 Indonesia and China on Friday slapped anti-dumping import duties on each other's steel products in an escalation of a global tariff row involving one of the world's most widely used metals.. . .  Full story

Thomas Cook to shut 21 stores and cut jobs in shift to online

22/03 British travel company Thomas Cook plans to axe 320 jobs and close 21 stores in its UK retail network to cut costs as consumers increasingly shop online, it said on Friday.. . .  Full story

Swedbank seen no noticeable customer attrition due to money laundering scandal


Polish finance minister has not submitted resignation despite report, ministry says

22/03 Poland's Finance Minister Teresa Czerwinska has not submitted her resignation, a spokesman for the ministry said on Friday, after a newspaper reported that she was considering stepping down over plans by the ruling party to. . .  Full story

Royal Mail's Keith Williams to become chairman

22/03 Royal Mail Plc said Deputy Chairman Keith Williams will replace Les Owen as chairman, becoming the third person to hold the role in the past year.. . .  Full story

United States warns China meddling in Hong Kong hurting business confidence

22/03 The United States warned in a report on Friday that increased meddling from China in Hong Kong had adversely impacted the city, straining international business confidence in the Asian financial hub.. . .  Full story

German manufacturing contracts for third month in a row - PMI

22/03 German manufacturing contracted further in March, a survey showed on Friday, compounding fears that unresolved trade disputes are exacerbating a slowdown in Europe's biggest economy.. . .  Full story

French business recovery runs out of steam - PMI

22/03 French business activity slowed unexpectedly in March as a recent rebound ran out of steam in the face of deteriorating demand, a monthly survey showed on Friday.. . .  Full story

Plastics maker Berry says not to raise offer for Britain's RPC

22/03 Plastics maker Berry Global Group Inc ruled out further sweetening of its 3.34 billion pound ($4.39 billion) bid for British packaging company RPC Group , calling the offer final.. . .  Full story

CEO of Finnish retailer Stockmann to leave at end of March

22/03 Finnish department store and fashion chain group Stockmann Oyj Abp, which has not reported an annual net profit since 2013, said its Chief Executive Lauri Veijalainen will leave the company at the end of the. . .  Full story

Icelandic airlines Wow Air and Icelandair restart talks

22/03 Low-cost carrier WOW Air has restarted talks with rival Icelandair after negotiations with another investor failed, the two Icelandic airlines said late on Thursday.. . .  Full story

Swedbank investor Folksam to back board after money laundering report

22/03 Swedbank's second-largest investor Folksam said it has confidence to allow Birgitte Bonnesen to continue as CEO of the bank and will as part of the nomination committee for the board vote in favour of. . .  Full story

JGBs yields drop to more than 2-year lows after dovish Fed surprise

22/03 Japanese government bond (JGB) yields plunged to their lowest since November 2016 on Friday after the Federal Reserve abruptly abandoned a tightening policy bias, sending U.S. bond yields sharply lower.. . .  Full story

Glencore suspends Australian zinc mine as cyclone nears

22/03 Commodity giant Glencore on Friday said it had suspended operations at its McArthur River zinc mine in northern Australia as a cyclone approaches.. . .  Full story

U.S. warns China meddling in Hong Kong hurting business confidence

22/03 The United States warned in a report on Friday that increased meddling from China in Hong Kong had adversely impacted the city, straining international business confidence in the Asian financial hub.. . .  Full story

COLUMN-U.S. imports of Russian and Chinese aluminium slump in 2018: Andy Home

22/03 U.S. trade policies caused significant shifts in the composition of the country's aluminium imports last year.. . .  Full story

May gets two-week Brexit reprieve from impatient EU

22/03 European Union leaders have given Prime Minister Theresa May two weeks' reprieve, until April 12, before Britain could lurch out of the EU if she fails to persuade lawmakers to back the withdrawal treaty. . .  Full story

Closing time? Japan convenience stores pressed to end 24-7 model amid labour crunch

22/03 Japan's 24-hour convenience stores are struggling to stay open around the clock as an industry that has continually expanded now finds itself at the sharp end of a labour shortage.. . .  Full story

Anti-Bouteflika protests shake Algeria's business community

22/03 One of President Abdelaziz Bouteflika's few remaining allies in the face of mass protests, tycoon Ali Haddad, is facing pressure to quit as head of Algeria's main business association, a move that would further weaken. . .  Full story

EU's Tusk says all Brexit options still open until Apr. 12

22/03 European Council President Donald Tusk said on Thursday all Brexit options were still open for Britain until April 12 after a summit of EU leaders agreed on Prime Minister Theresa May's request to delay. . .  Full story

Oil slips but holds near 2019 peak as supplies tighten

21/03 Oil fell nearly 1 percent on Thursday, but held near 2019 highs, supported by a tightening of global stocks, OPEC production cuts and U.S. sanctions on key producers Iran and Venezuela.. . .  Full story

EU wrestles with short Brexit delay as "no deal" looms

21/03 European Union leaders wrangled on Thursday over what kind of Brexit delay to offer Britain as their hopes faded that Prime Minister Theresa May can win over her own parliament to ensure an orderly. . .  Full story

Biogen scraps two Alzheimer drug trials, wipes $18 bln from market value

21/03 Biogen Inc and partner Eisai Co Ltd are ending two late-stage trials of their experimental Alzheimer's disease drug aducanumab, a major setback in the quest to find a treatment for the mind-wasting disease and a. . .  Full story

Copper slips from highest level in 8 months as dollar firms

21/03 Copper prices retreated from eight-month highs on Thursday as the U.S. dollar, which had fallen after dovish comments from the Federal Reserve, rebounded.. . .  Full story

Wind giant Iberdrola steps into the Spanish sun

21/03 Leading global wind power producer Iberdrola laid the inaugural solar panel in its first photovoltaic plant in Spain this week, a decisive step into a local market it has long shunned.. . .  Full story

German conservatives eye sanctions for EU debt ceiling violators

21/03 German conservatives aim to tighten enforcement of the European Union's debt ceiling target, under which public debt amounts to no more than 60 percent of national output, according to the political bloc's draft programme for. . .  Full story

Bank of England to set new rules on climate risk -Carney

21/03 The Bank of England will soon spell out how it wants banks, insurers and investment companies to manage the financial risks from climate change, Governor Mark Carney said on Thursday.. . .  Full story

FTSE 100 at 5-1/2-mnth high as no-deal Brexit fears hit pound

21/03 Britain's FTSE 100 jumped to its highest level in five-and-a-half months as its multinational stocks got a boost from weaker sterling, while results-driven slumps in engineering firm Renishaw and trading platform IG dented the midcap. . .  Full story

British court suspends Gazprom-Naftogaz case pending Swedish outcome

21/03 The British High Court has suspended its case in a dispute between Russia's Gazprom and Ukraine's Naftogaz until an appeal process at a Swedish court is complete, Gazprom said in a statement on Thursday.. . .  Full story

Deutsche Bank CEO sees strong case for Commerzbank merger - source

21/03 Deutsche Bank chief executive Christian Sewing believes there is a strong case for a merger with Commerzbank, a person with direct knowledge of his thinking said.. . .  Full story

German 10-year yield hurtles towards 0 pct as Fed signals rate-hike halt

21/03 Germany's 10-year bond yield hurtled towards zero percent on Thursday, dropping to its lowest since late 2016, a day after the U.S. Federal Reserve abandoned its projections for any rate rises this year given. . .  Full story

Sovereign funds place record venture capital bets in 2018 -report

21/03 Sovereign wealth funds invested a record amount in venture capital last year, a report said on Thursday, as they seek early exposure to the next Airbnb, Uber or Ant Financial.. . .  Full story

EU agrees watered-down reform of finance supervision

21/03 European Union governments and lawmakers agreed on Thursday a watered-down reform of the bloc's financial supervisors that will slightly strengthen the EU watchdogs but will leave large powers in the hands of national authorities.. . .  Full story

Italy needs to notify EU by end-2019 of plan to exit Monte dei Paschi - chairwoman

21/03 Banca Monte dei Paschi di Siena Chairwoman Stefania Bariatti says:. . .  Full story

EU leaders to discuss stronger shield against Chinese influence

21/03 The European Union will weigh a more defensive strategy on China on Thursday, signalling a possible end to the unfettered access Chinese business has enjoyed in Europe but which Beijing has failed to. . .  Full story

Europe's bourses say report refutes data profiteering claims

21/03 Stock exchanges in Europe are not harming markets or gouging customers with the fees they charge for data, an industry-commissioned report said on Thursday.. . .  Full story

Spain's Bankia sticks to 1.3 bln euro profit target for 2020

21/03 State-owned Spanish lender Bankia will meet its net profit target of 1.3 billion euros ($1.48 billion) in 2020 despite low interest rates, its chairman said on Thursday.. . .  Full story

Deutsche Bank supervisory board debated merger for 3 hours - source

21/03 Deutsche Bank's supervisory board debated a possible merger with rival Commerzbank for three hours at a meeting on Thursday, a person with direct knowledge of the matter said.. . .  Full story

UK watchdog leaves options open after Brexit trading spat with EU

21/03 British and European Union market regulators should look beyond public sparring this week over share trading to the "bigger picture" of future relations after Brexit, a senior British regulator said on Thursday.. . .  Full story

-Regulatory woes, lower volatility spoils IG Group's third quarter

21/03 Shares in IG Group fell to a two-year low on Thursday after the British financial trading firm reported a 29.4 percent drop in quarterly net trading revenue, hit by stricter regulations and persistently low. . .  Full story

HSBC signs deal to use BlackRock's 'Aladdin' software worldwide

21/03 HSBC has signed a deal to offer BlackRock's Aladdin investment management software to the bank's wealthy customers, in a boost to the U.S. asset manager's plans to squeeze money from technology by selling it to. . .  Full story

Workers at Croatia's biggest shipbuilding group strike again

21/03 Workers at Croatia's biggest shipbuilder Uljanik went on strike for the third time since August on Thursday, claiming they had worked without pay for months pending a government decision on the ailing group's future.. . .  Full story

Carige commissioner expects offers for bank by mid-April

21/03 The commissioners appointed by the European Central Bank to run Banca Carige expect offers from potential buyers of the troubled Italian lender by mid-April, one of the three administrators said.. . .  Full story

A tale of two projects: Mozambique LNG terminals echo global risks

21/03 Mozambique, one of the world's poorest nations, is set to become a top global gas exporter thanks to two huge terminals about to be built in a northern province.. . .  Full story

Asian, European LNG prices crash below $5 on oversupply

21/03 Asian spot prices for liquefied natural gas (LNG) broke below the $5 per million British thermal unit (mmBtu) mark this week following a 13-week price slide that reflects the absence of growth in demand. . .  Full story

Italian luxury yacht maker Ferretti plans bourse return -source

21/03 Italian luxury yacht builder Ferretti is preparing for a return to the Milan stock exchange it abandoned more than 15 years ago, a source close to the matter said on Thursday.. . .  Full story

Siemens aims to tackle turbine troubles by investor day in May - sources

21/03 Siemens wants to present a solution for its struggling turbine business by the time the company holds a capital markets day for investors on May 8, two sources told Reuters on Thursday.. . .  Full story

U.S. imports of Russian and Chinese aluminium slump in 2018: Andy Home

21/03 U.S. trade policies caused significant shifts in the composition of the country's aluminium imports last year.. . .  Full story