Europe Business

World Bank says Tanzania's GDP to grow faster in 2020

03/12 Tanzania's economy will grow 5.8% in 2020 compared with an estimated 5.6% this year, and growth will rise to 6.1% in 2021, the World Bank said on Tuesday.  Full story

Gold near 1-month high as trade drag lifts safe-haven demand

04/12 Gold prices on Wednesday hovered near a one-month high hit in the previous session, as comments from U.S. President Donald Trump dashed market hopes for a quick preliminary agreement with China, driving support for. . .  Full story

Nickel extends losses on fears of longer, expanded trade war

04/12 Nickel prices slid on Wednesday, with the Shanghai benchmark hitting its lowest in more than four months, on concerns that an expanded and longer trade war may dent demand for the key ingredient in. . .  Full story

Oil rises before OPEC+ meet, lifted by drop in U.S. crude stocks

04/12 Oil prices rose on Wednesday ahead of a meeting of OPEC and its allies to discuss whether to extend production curbs to support the market, while industry data showing that U.S. crude stockpiles fell. . .  Full story

U.S. judge disqualifies Huawei lawyer from fraud, sanctions case

04/12 A U.S. judge on Tuesday disqualified James Cole, a Washington lawyer for China's Huawei, from defending the telecommunications equipment maker against charges of bank fraud and sanctions violations.. . .  Full story

Irish services sector growth bounces back strongly -PMI

04/12 Irish service sector growth bounced back strongly last month from a seven-year low as business confidence rose to its highest level since June amid firmer demand from customers, a survey showed on Wednesday.. . .  Full story

COLUMN-Copper smelters feel the squeeze as mine supply falters: Andy Home

04/12 It's been a frustrating year for copper bulls.. . .  Full story

United orders 50 new Airbus long-range jets to replace Boeing 757s

04/12 United Airlines Holdings Inc announced on Tuesday an order for 50 Airbus SE A321XLR jets to fly between the U.S East Coast and Europe, becoming the latest U.S. airline to ink a deal for. . .  Full story

Growth in global carbon emissions slowed in 2019 - report

04/12 A surprise drop in coal use in the United States and Europe has helped to slow the growth of global carbon dioxide emissions this year, with softening demand in China and India also contributing,. . .  Full story

Big Oil's climate targets vary widely

04/12 Spain's Repsol became on Monday the first big oil company to pledge to reduce net carbon emissions from its operations and most of its products to zero by 2050. Here. . .  Full story

Thyssenkrupp presents 'complex' turnaround plan for steel -workers

03/12 Ailing conglomerate Thyssenkrupp has worked out a new strategy for the group's steel business, a leading labour representative said on Tuesday, adding the roadmap included significant investments but also restructuring steps.. . .  Full story

WTO tussles over hard stop vs phase-out of appeals system

03/12 The World Trade Organization (WTO) battled on Tuesday over whether to bring its Appellate Body to an abrupt halt or allow its adjudicators to settle a handful of pending cases, according to trade officials. . .  Full story

Trump's 'no deadline' trade comment drives down U.S. yields

03/12 U.S. Treasury yields fell sharply on Tuesday, as tough trade talk from U.S. President Donald Trump and other world leaders triggered a flight to safety among investors.. . .  Full story

Equinor says Sverdrup oil field output now at around 350,000 bpd

03/12 Oil production at Norway's giant Johan Sverdrup oilfield has risen to around 350,000 barrels per day (bpd), operator Equinor told Reuters on Tuesday.. . .  Full story

Gold jumps over 1% as Trump says trade deal could extend to 2020

03/12 Gold jumped more than 1% on Tuesday on fading optimism surrounding a U.S.-China trade deal after U.S. President Donald Trump said talks could extend until after the presidential elections in November 2020.. . .  Full story

Moody's cuts Atlantia's rating to junk

03/12 Credit rating agency Moody's has downgraded Italian infrastructure group Atlantia to Ba1 from Baa3, pushing it into non-investment grade territory.. . .  Full story

Glencore's Glasenberg says successor could be in place next year

03/12 Glencore could announce a new chief executive next year once a new management team is in place, its current boss told an investor meeting on Tuesday as the commodities giant laid out its priorities. . .  Full story

McLaren looks to Asia and hybrid cars to stay on track

03/12 British exotic sports car maker McLaren Automotive will bank on expanded sales in Asia and a new generation of hybrid cars as it steers toward a potential public offering, the company's chief executive said. . .  Full story

Corporate tax boom to hand Ireland bigger budget surplus

03/12 Ireland expects to run a better-than-expected budget surplus of 0.4% of gross domestic product this year following another surge in corporate tax receipts, Finance Minister Paschal Donohoe said on Tuesday.. . .  Full story

Barry Callebaut cites progress in helping cocoa farmers tackle child labour

03/12 Swiss cocoa products maker Barry Callebaut said on Tuesday that 26% of the farmer groups from which it sourced products in 2018/2019 had programmes to prevent child labour, more than double the figure from the. . .  Full story

FTSE falls nearly 2% as Trump puts off China trade deal hopes

03/12 London's FTSE 100 dropped to a two-month low on its fourth day in the red on Tuesday, as U.S. President Donald Trump's nonchalance about reaching a trade deal with China spooked traders.. . .  Full story

Ryanair seeks to delay operations chief's flight to easyJet

03/12 Ryanair launched a bid in Ireland's High Court on Tuesday to prevent operations chief Peter Bellew from joining arch-rival easyJet until 2021, saying he possessed information of immense competitive value and that he had signed. . .  Full story

Inmarsat takeover clears final hurdle after hedge funds drop challenge

03/12 A private equity consortium's $3.4 billion takeover of British satellite company Inmarsat was approved at a court hearing on Tuesday after hedge fund investors dropped a plan to challenge the value of the deal.. . .  Full story

U.S. copper frenzy grows as Rio Tinto plans $1.5 bln Utah mine expansion

03/12 Rio Tinto Plc said on Tuesday it would spend $1.5 billion to expand its Kennecott copper mine in Utah, part of a growing trend by miners to invest in strategic mineral projects across. . .  Full story

Rising Chinese supplies push lead to five-month lows

03/12 Lead prices hit five-month lows on Tuesday as funds and traders bet on weaker prices because of rising production of the auto battery metal in China and the potential for market surplus.. . .  Full story

Elk in tow, UniCredit's Mustier faces biggest battle yet

03/12 Jean Pierre Mustier has shed bad loans, raised billions in capital and crafted a quirky new image for UniCredit with the help of Elkette, a soft-toy he brings out for selfies with fellow bankers. . .  Full story

Irish tax take 2.7% ahead of target on fresh corporate tax surge

03/12 Ireland's tax take was 2.7% or 1.4 billion euros ahead of target for 2019 at the end of November, the finance department said on Tuesday, following another surge in corporate tax receipts it had. . .  Full story

Inmarsat takeover gets green light at court meeting

03/12 The takeover of Inmarsat by a private equity-led consortium was rubber stamped by London's High Court on Tuesday after a group of hedge funds earlier abandoned a challenge to the $3.4 billion deal.. . .  Full story

Activist Crystal Amber bets on Britain's De La Rue

03/12 Activist fund Crystal Amber more than doubled its stake in De La Rue Plc, days after the banknote printer warned of "significant doubt" that it can continue as a going concern and said it. . .  Full story

Glencore CEO says he may step aside next year

03/12 Glencore CEO Ivan Glasenberg said on Tuesday he expected to be able to announce his successor next year, but said the timing was not yet certain.. . .  Full story

OPEC unlikely to change output policy this week -IEA head of oil

03/12 Oil producers from the Organization of the Petroleum Exporting Countries (OPEC) are unlikely to agree to change their current deal on curbing output until the market outlook becomes clearer, a senior official at the International. . .  Full story

Alert on spot gold wrongly coded to French utility EDF

03/12 The alert on spot gold was incorrectly coded to French Utility EDF.. . .  Full story

Endeavour Mining's largest investor supports its takeover of Centamin

03/12 Endeavour Mining's largest shareholder La Mancha Holdings said on Tuesday it supported Endeavour's $1.9 billion takeover proposal of Centamin and urged the boards to engage.. . .  Full story

EU says will seek immediate talks with U.S. over French digital tax

03/12 The European Union will seek immediate talks with the United States on how to solve a dispute over France's new digital service tax, the EU delegation to the United States said on Tuesday.. . .  Full story

Ukraine puts former Ferrexpo chief executive on international wanted list

03/12 Ukraine's state prosecutor office said on Tuesday that Kostyantin Zhevago, the former chief executive of London-listed iron pellet producer Ferrexpo , had been put on an international wanted list.. . .  Full story

France and others plan tax clampdown on digital giants

03/12 U.S. President Donald Trump's administration threatened to impose duties of up to 100% on French imports worth $2.4 billion after it concluded a tax on digital services imposed by Paris would be "unusually burdensome" for. . .  Full story

Elon Musk goes on trial in U.S. for defamation over 'pedo guy' tweet

03/12 Tesla boss Elon Musk is set to go on trial on Tuesday after he described a British cave explorer who helped rescue a group of boys from a cave complex in Thailand as a. . .  Full story

Copper smelters feel the squeeze as mine supply falters: Andy Home

03/12 It's been a frustrating year for copper bulls.. . .  Full story

Ukraine's Ukrtransnafta extends deal with Russia's Transneft by 10 years

03/12 Ukrainian pipeline operator Ukrtransnafta said on Tuesday it had extended an agreement for oil transit with Russia's Transneft by 10 years.. . .  Full story

Generali's MetLife gambit hits price snag - sources

03/12 Italian insurer Assicurazioni Generali has held talks with U.S. rival MetLife Inc to buy the bulk of its European assets but discussions have stalled due to differences over price, four sources told Reuters.. . .  Full story

Standard Life Aberdeen unit to sell 4% stake in HDFC AMC

03/12 Asset manager Standard Life Aberdeen said its unit plans to sell an up to 4% stake in India-based HDFC Asset Management Co for as much as 258 million pounds ($331.01 million).. . .  Full story

Finland's PM resigns after losing trust of coalition partner

03/12 Finnish Prime Minister Antti Rinne resigned on Tuesday after a member of the ruling coalition said it had lost confidence in him following a series of disruptive strikes.. . .  Full story

Bosnian region raises $22.7 mln in 3-yr bond auction, yield flat

03/12 Bosnia's autonomous Bosniak-Croat Federation raised 40 million Bosnian convertible marka ($22.74 million) through an auction of three-year domestic bonds to help plug its budget gap and finance maturing debt, the Finance Ministry said on Tuesday.. . .  Full story

ECB's Visco favours bond buys over rate cuts: Handelsblatt

03/12 Italy's representative on the European Central Bank's governing Council said he favours bond purchases over interest rate cuts as a stimulus tool because their effects are broader and stronger.. . .  Full story

Spanish bank mergers should be market-led -ECB's De Cos

03/12 Further consolidation among Spanish banks should be driven by the market and create value for shareholders, European Central Bank policymaker Pablo Hernandez de Cos said on Tuesday.. . .  Full story

Copper primed for a pop if U.S./China trade war is resolved

03/12 Low inventories across the copper supply chain mean that any resolution to the U.S.-China trade war could trigger a snap rally in prices as consumers rush to restock, market participants said on Tuesday.. . .  Full story

Germany's new ECB board member would have opposed new bond buys

03/12 Isabel Schnabel, Germany's next representative on the European Central Bank's board, would have voted against restarting bond purchases but considers the tool a valid instrument and sees the need to maintain easy policy, she said. . .  Full story

Slovak parliament approves 2020 budget with deficit of 0.49% GDP

03/12 Slovakia's parliament approved the 2020 budget on Tuesday that aims to narrow the public finance deficit to 0.49% of gross domestic product (GDP) from an expected 0.68% this year.. . .  Full story

Elon Musk's tweets bring controversy, nearly 30 million followers

03/12 British cave explorer Vernon Unsworth is suing Tesla Chief Executive Elon Musk for defamation over three tweets on July 15, 2018, including one in which Musk allegedly branded him a pedophile, calling him "pedo. . .  Full story

Aviva appoints insurance veteran Amanda Blanc non-executive director

03/12 Aviva Plc on Tuesday appointed Amanda Blanc, the first woman to be appointed as chair of the Association of British Insurers in 2018, as an independent non-executive director, with effect from Jan. 2.. . .  Full story

Bamboo Airways to take delivery of first Boeing Dreamliner this month

03/12 Vietnamese startup Bamboo Airways said on Tuesday it will take delivery of a Boeing 787-9 Dreamliner this month, its first wide-body aircraft, and aims to start direct flights to the United States by early. . .  Full story

Gazprom's LNG trading team in Singapore resigns - sources

03/12 The liquefied natural gas (LNG) physical trading team at the Singapore unit of Russia's Gazprom , including the global head of LNG trading, have resigned from the company, several industry sources said.. . .  Full story

Finland's president accepts PM's resignation, asks govt to stay on in caretaker role

03/12 Finland's President Sauli Niinisto asked the current administration to remain as a caretaker government after accepting the resignation of Prime Minister Antti Rinne's five-party coalition on Tuesday.. . .  Full story

Finland's PM to hand in government resignation - president's office

03/12 Finland's Prime Minister will hand in his and his government's resignation on Tuesday, the president's office said in a statement.. . .  Full story

Kremlin says free market cannot be stopped after FBI raises fears over Russian apps

03/12 The Kremlin said on Tuesday it did not think it was possible to stop free market competition after the U.S. Federal Bureau of Investigation said it considered any mobile app developed in Russia to. . .  Full story

Kremlin says it views reports of possible Russian UK election meddling 'with irony'

03/12 The Kremlin said on Tuesday it viewed media reports suggesting Russian hackers may have leaked British-U.S. trade documents before Britain's election with irony.. . .  Full story

German fintech N26 targets IPO in 4-5 years -exec

03/12 German fintech N26, valued at $3.5 billion in its latest funding round, views a stock market listing as an attractive option, but rather in 4-5 years than in the short-term, its Germany head told. . .  Full story

Britain's construction downturn eases a little in November -PMI

03/12 The pace of decline in British construction eased last month but the sector remained a long way from a return to growth as Brexit and election uncertainty continued to weigh, a survey showed on. . .  Full story

Daimler cost cuts to hit Germany hardest - Stuttgarter Zeitung

03/12 Daimler's workforce in Germany will bear the brunt of 1.4 billion euros ($1.5 billion) in cost cuts planned by the end of 2022, the head of the carmaker's works council told a newspaper.. . .  Full story

Takeaway defends Just Eat bid, says Prosus trying to buy it on cheap

03/12 Dutch meal delivery firm Takeaway.com defended its $6.1 billion all-share offer for Just Eat on Tuesday, saying rival cash bidder Prosus was trying to buy the British company "on the cheap", even though its bid. . .  Full story

Canada's Endeavour Mining discloses $1.9 bln buyout proposal for Centamin

03/12 Canada's Endeavour Mining Corp on Tuesday went public with its 1.47 billion pound ($1.89 billion) all-stock buyout proposal for Centamin Plc after the British gold miner's board rebuffed several attempts to engage in deal talks.. . .  Full story

EU pressures Malta over Bank of Valletta 'golden passport' clients

03/12 The European Commission has asked Malta to clarify how it intends to address Bank of Valletta's shortcomings over its monitoring of foreign customers who applied to buy Maltese citizenship under a so-called "golden passport" scheme.. . .  Full story

Finnish Centre Party says has lost confidence in coalition PM Rinne

03/12 Finland's Centre Party, part of the ruling five-party coalition, said on Tuesday it had lost confidence in Social Democrat Prime Minister Antti Rinne, in a move that will likely force him to resign.. . .  Full story

Ferguson first-quarter profit rises as U.S. residential activity picks up

03/12 Plumbing parts distributor Ferguson Plc reported a 5% rise in adjusted first-quarter profit on Tuesday, boosted by an improvement in residential housing activity in the United States and said it was on track to. . .  Full story

Norway cuts Entra stake in $371 mln share sale

03/12 The Norwegian government sold a 14.1% stake in real estate company Entra for 3.4 billion crowns ($371.1 million), the country's industry ministry said on Tuesday.. . .  Full story

UniCredit says to buy back stock this year, cut 9% of staff

03/12 Italy's biggest bank UniCredit said on Tuesday it would buy back its stock this year to improve returns for investors, and shed 9% of staff under a new plan to 2023 to cut costs. . .  Full story

Fund managers deploy machines to decipher British election riddle

03/12 Question: How do you predict the outcome of a snap election when so many polls have been so wrong, half of voters haven't made up their minds and the crucial factor may not be. . .  Full story

Companies go 'speed dating' in race for Singapore digital bank licences-sources

03/12 About three dozen firms including ride-hailer Grab, Standard Chartered and Singapore Telecommunications are in talks to form consortiums that can meet tough entry norms to bid for Singapore's digital bank licences, sources said.. . .  Full story

U.S. may increase tariffs after WTO rejects EU claims over Airbus

03/12 The World Trade Organization on Monday rejected European Union claims that it no longer provides subsidies to planemaker Airbus, prompting the United States to say it could increase retaliatory tariffs on a wider range of. . .  Full story

U.S. says sees no reason to reduce tariffs in EU aircraft subsidy case

03/12 The U.S. Trade Representative's office on Monday said it saw no basis in Monday's World Trade Organization report that would justify reducing U.S. retaliatory tariffs by $2 billion as Europe's Airbus has suggested.. . .  Full story

UK shoppers cast off Brexit blues to spend more in November - BRC

03/12 British shoppers picked up the pace of their spending last month - excluding distortions caused by the timing of Black Friday - as they took a break from worrying about Brexit, a survey showed. . .  Full story

Britain's Reckitt Benckiser gives new parents more paid leave

03/12 British household goods maker Reckitt Benckiser Group Plc said on Tuesday it was extending its paid leave globally for new mothers from 16 weeks to 26 weeks, but the change will take time to. . .  Full story

EU leaders to push for climate neutrality by 2050 - document

03/12 European Union leaders meeting in Brussels next week will push to agree to put the bloc on net-zero greenhouse gas emissions by 2050, their draft joint statement showed on Monday, heralding a bitter fight. . .  Full story

Repsol to cut carbon emissions to net zero by 2050 at $5.3 bln cost

02/12 Spain's Repsol pledged on Monday to reduce net carbon emissions from its operations and most of its products to zero by 2050 and absorb a 4.8 billion euro ($5.3 billion) hit to the value. . .  Full story

U.S. says may raise tariffs on EU products in aircraft subsidy row

02/12 The U.S. government on Monday said it would review the possibility of raising tariffs on European Union products and applying tariffs to more products, given what it called lack of progress in resolving a. . .  Full story

Oil futures edge up on talk of further OPEC+ supply curbs

02/12 Oil futures gained about 1% on Monday on hints the Organization of the Petroleum Exporting Countries (OPEC) and its allies may agree to deepen output cuts at a meeting this week and as rising. . .  Full story

Gold steadies after weak U.S. data; palladium zooms past $1,860/oz

02/12 Gold steadied on Monday after paring losses as weak U.S. manufacturing data rekindled worries about a slowing economy, while palladium exceeded $1,860 per ounce in its week-long surge to new all-time highs on a. . .  Full story

Italy set to grant funds to keep Alitalia afloat - source

02/12 Italy is set to free up funds for loss-making airline Alitalia on Monday as Rome struggles to find investors to keep it afloat, a political source told Reuters.. . .  Full story

Italy PM defends reform of euro zone bailout fund but seeks concessions

02/12 Prime Minister Giuseppe Conte told parliament on Monday a contested reform of the euro zone's bailout fund was in Italy's national interest, but that it should only be adopted as a package alongside other. . .  Full story

Rival Schmolz+Bickenbach shareholders agree to capital increase

02/12 Rival Schmolz+Bickenbach shareholders agreed to terms of a rescue plan on Monday, helping conclude a weeks-long power struggle over control of the money-losing Swiss steelmaker.. . .  Full story

Deutsche Bank's dealmaker leaves for hedge fund

02/12 Deutsche Bank's head of corporate M&A, James Ruane, has left the company to join British hedge fund Bayview International, a spokesman for the German lender said on Tuesday.. . .  Full story

European shares slide after strong November; trade jitters nag

02/12 European shares posted their biggest daily drop in two months on Monday, with most major markets including Germany and France slumping more than 2%, as a reimposition of U.S. metal tariffs on Brazil and. . .  Full story

UK shares tumble as Trump tariff tweet triggers trade fears

02/12 UK shares handed back gains to close lower on Monday as a combination of U.S. President Donald Trump setting off global trade worries and disappointing data from the world's biggest economy doused the morning's. . .  Full story

UniCredit says new MREL requirement set at 10.7% of TLOF

02/12 UniCredit said on Monday it had received the new minimum requirement for loss-absorbing liabilities Italy's biggest bank will have to hold starting from June 30, 2022.. . .  Full story

Zinc hits 3-month low on scepticism over China buoyancy

02/12 Zinc sank to its lowest in nearly three months on Monday and other industrial metals also posted losses as investors doubted that upbeat manufacturing data in China pointed to an economic recovery.. . .  Full story

Benchmark Paris wheat futures ease after rally, spot outperforms

02/12 Benchmark wheat futures on Euronext edged lower in afternoon trading on Monday, consolidating after an earlier 4-1/2 month high fuelled by a U.S. rally.. . .  Full story

Canada's Husky Energy sees lower oil prices, cuts spending for next two years

02/12 Canadian oil and gas producer Husky Energy Inc said on Monday it would lower capital spending by C$500 million ($375.9 million) over the next two years to increase free cash flow, in a time. . .  Full story

Black Friday sales in Britain jump 16.5% by value - Barclaycard

02/12 The value of Black Friday sales in Britain jumped 16.5% compared with last year, according to data from payments firm Barclaycard, in a much needed boost for the country's retailers.. . .  Full story

Italy PM says determined to avoid any change in status of sovereign bonds

02/12 Prime Minister Giuseppe Conte said on Monday Italy was determined to avoid any change to the treatment of banks' holdings of sovereign bonds under European banking union.. . .  Full story

Thyssenkrupp works council demands $1.7 bln investment in steel unit

02/12 Thyssenkrupp needs to pour 1.5 billion euros ($1.7 billion) into its core steel business after years of underinvestment has left at a competitive disadvantage, the head of its works council.. . .  Full story

German SPD leadership choice pushes bond yields higher

02/12 Germany's borrowing costs rose on Monday after the country's Social Democrats chose new leaders critical of their own ruling coalition, with yields on benchmark 10-year debt set for the biggest one-day gain in nearly. . .  Full story

U.S. House Speaker Pelosi says at climate summit: "We are still in"

02/12 U.S. House of Representatives Speaker Nancy Pelosi took her duel with Donald Trump to a climate summit on Monday, pledging that Congress would urgently tackle global warming despite the president's opposition to an international pact.. . .  Full story

Ivory Coast cocoa farmers hope for rain, brace for winds

02/12 Farmers in Ivory Coast's cocoa-growing regions are hoping for rains as they brace for rising temperatures and dusty winds blowing in from the desert.. . .  Full story

Israeli cannabis firm Kanabo to be bought by UK's Spinnaker

02/12 Kanabo Research has agreed to be bought by cash shell Spinnaker Opportunities in what could lead to the first listing of a cannabis company on London's main stock market and help the Israeli firm. . .  Full story

China’s cash-strapped HNA secures restructuring deal for West Air

02/12 Cash-strapped Chinese conglomerate HNA Group said on Monday it has agreed a deal to restructure its low-cost carrier West Air with a Chongqing-based asset management firm.. . .  Full story

Italy's Dedalus in exclusive talks to buy part of Agfa-Gevaert IT business

02/12 Clinical healthcare software group Dedalus is in exclusive talks to buy part of Belgium-based Agfa-Gevaert's healthcare information technology business for an enterprise value of 975 million euros ($1.07 billion), the companies said on Monday.. . .  Full story

Euro zone could accept short delay of ESM reform - EU official

02/12 A short delay of a reform to the euro zone's bailout fund could be acceptable but would not be the best option, a senior EU official said on Monday, in an overture to Italy,. . .  Full story

After Turkmen oil breakthrough, Vitol adds products to portfolio

02/12 Vitol, the world's biggest oil trader, will begin exporting fuel oil and diesel from Turkmenistan via the Russian port of Novorossiisk this month, five trading sources said, capitalising on its recent success in restarting Turkmen. . .  Full story