By John Revill ZURICH (Reuters) -Swatch Group’s sales and profit fell during 2024, the Swiss watchmaker said on Thursday, as improvements in the United States and Japan failed to offset a steep downturn in China. The maker of Omega, Longines and Tissot watches said its full-year sales fell 14.6% to 6.74 billion Swiss francs ($7.44 …
Swatch posts steep drop in sales and profit as China struggles Read More »
BERLIN (Reuters) – Concerns are growing among Volkswagen’s board members that sweeping cuts agreed with unions late last year will not be enough to turn around the struggling carmaker’s core brand, the Handelsblatt business daily reported on Thursday. The expectation is that further cost-saving measures will be needed beyond the agreed job cuts, the report …
Volkswagen board members push for further cuts, Handelsblatt reports Read More »
BERLIN (Reuters) – Hapag-Lloyd saw its earnings quadruple in the fourth quarter, contributing to a slight rise in full-year figures due to higher transport volumes combined with a stable average freight, the company said on Thursday. Earnings before interest, taxes, depreciation and amortization (EBITDA) stood at 1.3 billion euros ($1.35 billion) in the final three …
Hapag-Lloyd sees earnings quadruple in fourth quarter Read More »
By Jesús Aguado MADRID (Reuters) -Lending income at Spain’s Caixabank came under pressure in the fourth quarter due to lower interest rates, though the lender managed to offset the impact with a rise in net fees and commissions. The bank reported net profit of 1.54 billion euros ($1.70 billion) in the September-December period, slightly above …
Spain’s Caixabank unveils 500-million-euro share buyback after Q4 rate impact Read More »
By Andy Bruce (Reuters) – The Bank of England looks likely to cut interest rates next week, when it could also nudge investors to expect faster reductions than they currently predict as the economy flatlines. Economists polled by Reuters unanimously expect the BoE to cut its benchmark rate to 4.5%, from 4.75%, on Feb. 6, …
Bank of England readies rate cut and could hint at more to come Read More »
ZURICH (Reuters) – ABB on Thursday announced planned changes to its board of directors, with Lars Foerberg, the managing partner of activist investor Cevian Capital, standing down. The engineering company also proposed Claudia Nemat, a member of Deutsche Telekom’s management board since 2011, as a new board member to be decided at its annual general …
ABB announces changes to board, Cevian representative to stand down Read More »
A look at the day ahead in European and global markets from Kevin Buckland Monetary policy has come sharply back into focus, now that tech shares have regained their composure following the DeepSeek shock at the start of the week. The U.S. Fed, which held rates steady as expected, headlined a series of rate decisions …
Morning Bid: ECB up next after Fed lacks clarity Read More »
By Abhirup Roy and Akash Sriram (Reuters) -Tesla said it was on track to roll out new, cheaper electric vehicle models in the first half of 2025 and would start testing a paid autonomous car service in June, enthusing investors and overshadowing quarterly results that fell short of Wall Street expectations on Wednesday. Tesla’s market …
ZURICH (Reuters) – Swiss bank UBS effectively benefits from a state guarantee that has reduced its costs by billions, a study from the University of Bern has found. The study, published on Tuesday, feeds a debate on banking regulation as the parliament considers how to reform the rules in the light of the 2023 collapse …
Implicit state guarantee for UBS is worth billions, study says Read More »
By Polina Devitt LONDON (Reuters) -London bullion market players are racing to borrow gold from central banks, which store bullion in London, following a surge in gold deliveries to the United States on speculation of potential import tariffs there, two sources familiar with the matter said. The minimum waiting time to load gold out of …
