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Germany’s Mosel River still closed to shipping in new year for lock repairs

20 Dec 2024

HAMBURG, Germany (Reuters) -The Mosel River in Germany will remain closed to cargo shipping in January despite the success of a temporary lock helping to free vessels trapped on the river after an accident, navigation authorities said on Thursday. The temporary lock will not permit a reduced level of cargo shipping to operate on the …

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UniCredit CEO says Commerzbank stake, BPM bid are tests for Europe’s future

20 Dec 2024

MILAN (Reuters) -UniCredit CEO Andrea Orcel said his bank’s investment in German rival Commerzbank and its bid for smaller domestic peer Banco BPM will test Europe’s commitment towards greater integration, which is necessary to avoid economic decline. In an opinion piece published in the Financial Times on Friday, Orcel said that “while these decisions are …

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UK consumers cautiously shop more after pre-budget slump

20 Dec 2024

By William Schomberg LONDON (Reuters) -British retail sales rose by a weaker-than-expected 0.2% in November, according to official data which suggested consumers had overcome their worries about the new government’s first budget but added to signs of only slow momentum in the economy. A Reuters poll of economists had forecast a monthly increase of 0.5% …

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German producer prices rise unexpectedly in November

20 Dec 2024

(Reuters) – German producer prices rose unexpectedly in November, increasing by 0.1% on the year, the federal statistics office reported on Friday. Analysts polled by Reuters had expected a 0.3% decline. The office publishes more detailed data on its website. (Reporting by Bernadette Hogg, Editing by Friederike Heine)

Luxury labels bulk up on lower-priced goods to appeal to middle-class shoppers

20 Dec 2024

By Mimosa Spencer PARIS (Reuters) – Confronting a broad decline in demand for their usual fare, including $3,000-and-up handbags and $4,000-and-up cashmere jackets, major marketers of designer and luxury merchandise are broadening their product lines to emphasize scarves, belts, wallets and home goods priced at $500 and under. The companies’ renewed focus on more affordable …

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Amprion, Hitachi Energy sign over $2 billion contract for German converter stations

20 Dec 2024

FRANKFURT (Reuters) – Hitachi Energy, a Swiss-based supplier of power technology and electrification, said on Friday it has signed contracts worth more than $2 billion with German grid operator Amprion for four converter stations. The stations for the high-voltage grid operator’s Korridor B project contribute to Germany’s energy transition, which requires the upgrading and building …

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UK car manufacturing hits 44-year low in November, industry data shows

20 Dec 2024

(Reuters) – UK car manufacturing hit its lowest November output since 1980, as the industry grapples with the shift to zero-emission vehicles and rising costs, according to data released Friday by the Society of Motor Manufacturers and Traders (SMMT). Factory lines produced 64,216 units in November, a 30.1% drop from the previous year. “While a …

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German tax revenue rose by 9.0% in November, finance ministry says

20 Dec 2024

By Maria Martinez BERLIN (Reuters) – Germany’s federal and state governments’ tax revenue rose 9.0% in November compared with the same month last year, the finance ministry said in its monthly report on Friday, reaching a total of 61.0 billion euros ($63.43 billion). A positive trend has persisted in the first 11 months of the …

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