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PARIS (Reuters) -The European Central Bank is opposed to BNP Paribas using a favourable capital treatment for its deal to buy French insurer AXA’s asset management business, a person with knowledge of the matter said. The ECB’s view could have negative implications for consolidation across Europe’s financial industry, making certain deals more expensive. BNP shares …

ECB opposes favourable capital treatment for BNP Paribas’ AXA deal, source says Read More »

By Patrick Wingrove (Reuters) – Swiss drugmaker Novartis said on Thursday it plans to spend $23 billion to build and expand 10 facilities in the U.S., as it grapples with renewed threats of drug import duties from the Trump administration. Novartis said it plans to build six new manufacturing plants, some of which will make …

Novartis plans to invest $23 billion in US sites as Trump renews drug tariff threats Read More »

STOCKHOLM (Reuters) – Volkswagen’s truckmaker Scania said on Friday it had agreed to buy bankrupt Northvolt’s division that makes battery packs for heavy industry, reviving a transaction first presented in February, for an undisclosed price. Sweden’s Northvolt filed for bankruptcy last month in one of the country’s largest corporate failures, bringing to an end Europe’s …

Volkswagen’s Scania buys bankrupt Northvolt’s heavy industry battery packs unit Read More »

By Olivia Le Poidevin and Emma Farge GENEVA(Reuters) – A former World Trade Organization boss has said the future terms of global trade, rocked by U.S. President Donald Trump’s sweeping protectionist tariffs, could be decided outside the 30-year-old international watchdog unless it reforms itself fast. The speech late on Thursday by Roberto Azevedo, who stepped …

WTO chiefs past and present demand rapid reform to keep global free trade alive Read More »

(Reuters) -The FTSE 100 rose on Friday, with gains in mining stocks providing some support even as escalating fears over U.S.-China trade tensions left investors wary after a week of tariff-induced uncertainty. The blue-chip FTSE 100 index was up 0.6%. But the index fell 1.1% for the week, its second straight week of losses. Meanwhile, …

Tariff turmoil pressures British stocks; mining shares provide support Read More »

By Medha Singh, Sukriti Gupta and Lisa Pauline Mattackal (Reuters) -European stocks lost ground on Friday, with the STOXX 600 down for a third week, after a surge in volatility in response to abrupt U.S. tariff shifts that deepened fears over the economic impact of a trade war. The pan-European STOXX 600 edged 0.1% lower, …

European shares down for third week after tariff whiplash Read More »

By Mike Stone and Ismail Shakil (Reuters) – U.S. Defense Secretary Pete Hegseth has ordered the termination of several information technology services contracts valued at $5.1 billion, including companies such as Accenture, Booz Allen Hamilton and Deloitte, according to a Pentagon memo. The contracts “represent non-essential spending on third party consultants” for services Pentagon employees …

Pentagon to end $5.1 billion in contracts with Accenture, Deloitte, others Read More »