By Maria Martinez BERLIN (Reuters) -The German economy unexpectedly shrank in the second quarter after skirting a recession at the beginning of the year, showing that the euro zone’s biggest economy is failing to take off despite the easing of inflation pressures. Germany’s gross domestic product contracted by 0.1% in the second quarter compared with …
German economy unexpectedly shrank 0.1% in second quarter Read More »
LONDON (Reuters) – Weak demand for gasoline and diesel around the world is weighing on refining profit margins which are however expected to improve over the summer driving season, BP CEO Murray Auchincloss said on Tuesday. “The refining environment on a spot basis isn’t fabulous,” Auchincloss told Reuters after the company reported $2.8 billion in …
Refining profits under pressure from weak fuel demand, BP CEO says Read More »
LONDON (Reuters) -Diageo’s shares fell more than 9% on Tuesday as the world’s top spirits maker just missed annual profit forecasts and warned challenges could persist into next year, denting its efforts to win back confidence after a profit warning. The maker of Johnnie Walker whisky and Tanqueray gin has struggled to restore investor confidence …
Diageo’s shares hit four-year low after profit miss, LatAm sales sink Read More »
By James Davey LONDON (Reuters) -British fast food retailer Greggs kept its full-year profit outlook on Tuesday as a wider product range, more deliveries and extended store hours lifted first-half profits by 16.3%, and sent shares up 1.7% in morning trading. Greggs, famous for its sausage rolls, steak bakes and vegan alternatives, has proved a …
UK’s Greggs profit lifted by wider product range, keeps 2024 forecast Read More »
By Iain Withers LONDON (Reuters) – St James’s Place outlined a six-year plan on Tuesday to slash costs and revamp its services, putting its stock on course for their biggest one-day rise since 2008 as it tries to rebuild confidence following regulatory scrutiny of its charges. The British wealth manager’s CEO Mark FitzPatrick, who took …
UK’s St James’s Place shares soar on strategy reboot Read More »
By Belén Carreño (Reuters) – The Spanish economy recorded a faster-than-expected 2.9% annual growth in the second quarter, indicating it would outpace other big eurozone economies this year. The economy grew 0.8% in the second quarter from the previous three months, also quicker than expected, preliminary data from the National Statistics Institute showed on Tuesday. …
Spain’s economy grows faster than expected in second quarter Read More »
By David Milliken and Kylie MacLellan LONDON (Reuters) -Britain’s new finance minister, Rachel Reeves, told parliament her Conservative predecessor had left public spending on track to go over budget by 21.9 billion pounds ($28 billion) this year and announced an immediate 5.5 billion pounds of cuts. Reeves pencilled in a further 8.1 billion pounds of …
New UK government cuts billions of pounds of spending to fix ‘unsustainable’ finances Read More »
BERLIN (Reuters) – Germany’s Volkswagen and U.S electric car maker Rivian Automotive may form a joint venture, the German competition authority said on Monday. There are “no serious competition problems to be feared”, Andreas Mundt, head of the Bundeskartellamt, said in a statement. (Writing by Friederike Heine, Editing by Rachel More)
PARIS (Reuters) – Bernard Arnault, France’s wealthiest man and chief executive of luxury group LVMH, paid some 150 million euros ($163 million) to be the premium sponsor of the Paris Olympics’. At the Games’ opening ceremony, his wares were placed front and centre of an extravaganza viewed by a global audience. Grammy-winner Lady Gaga delivered …
LVMH’s luxury wares earn top billing at Olympics opening Read More »
By Savyata Mishra (Reuters) -McDonald’s reported a surprise drop in sales worldwide on Monday, its first decline in 13 quarters, as deal-seeking consumers shy away from higher priced menu items, including Big Macs. Persistent inflation has forced lower-income consumers to shift to more affordable food options at home. That has led fast food chains such …
McDonald’s sales fall globally for first time in more than three years Read More »
