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German economy unexpectedly shrank 0.1% in second quarter

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 …

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Refining profits under pressure from weak fuel demand, BP CEO says

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 …

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Diageo’s shares hit four-year low after profit miss, LatAm sales sink

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 …

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UK’s Greggs profit lifted by wider product range, keeps 2024 forecast

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 …

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Spain’s economy grows faster than expected in second quarter

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. …

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New UK government cuts billions of pounds of spending to fix ‘unsustainable’ finances

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 …

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German antitrust body gives green light to VW-Rivian joint venture

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)

LVMH’s luxury wares earn top billing at Olympics opening

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 …

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McDonald’s sales fall globally for first time in more than three years

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 …

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