Reuters UK Business

Millennium bcp’s profit up 10%, despite thinner interest margin

30 Oct 2024

LISBON (Reuters) – Portugal’s largest listed bank, Millennium bcp, said on Wednesday its nine-month net consolidated profit rose by a larger-than-expected 9.7%, boosted by the domestic business, even as its net interest margin narrowed slightly. It netted 714 million euros ($775 million), slightly above the average forecast of 699 million euros in an LSEG poll …

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UK bank shares climb as Labour budget avoids new taxes on sector

30 Oct 2024

LONDON (Reuters) -Shares in Britain’s banks rose on Wednesday as lenders escaped a levy on their profits to help plug the gap in public finances as part of Finance Minister Rachel Reeves’s first government budget. Reeves made no mention of any tax increase on banks in her speech, nor did documents accompanying the budget mention …

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UBS profit surges above forecasts, hazy capital outlook weighs on shares

30 Oct 2024

By Dave Graham ZURICH (Reuters) – UBS Group on Wednesday posted third-quarter profit well above forecasts, driven by higher revenue and cost reductions, and completed a first wave of client migrations from Credit Suisse since acquiring its former rival last year. Net profit attributable to shareholders at Switzerland’s largest bank was $1.4 billion, nearly double …

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UK’s Reeves scrapes home against new fiscal rules, gilts wobble

30 Oct 2024

By Andy Bruce and Sachin Ravikumar LONDON (Reuters) -Britain’s finance minister Rachel Reeves will only meet her new fiscal rules by a slim margin according to the budget plans she announced on Wednesday, prompting a government bond selloff. The Office for Budget Responsibility said Reeves had left herself “headroom” of just 9.9 billion pounds ($12.9 …

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VW proposes 10% pay cut to tackle crisis

30 Oct 2024

FRANKFURT (Reuters) – Volkswagen has proposed to cut wages at its brand by 10% to tackle weak demand and high costs, the division’s personnel chief Arne Meiswinkel told journalists after the second round of talks with unions. Meiswinkel said negotiations would resume for a third round on Nov. 21. (Reporting by Christoph Steitz and Christina …

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Analysis-UK’s Reeves bets big on tax-and-spend to reset economy

30 Oct 2024

By Kate Holton LONDON (Reuters) – British finance minister Rachel Reeves’ first budget marks a huge gamble that she can quickly rebuild the country with the tens of billions of pounds she has raised in taxes, and withstand the anger of businesses charged with funding it. Reeves and Prime Minister Keir Starmer have struggled with …

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Amplifon trims margin forecast but rules out competition risk from Apple earbuds

30 Oct 2024

By Alberto Chiumento (Reuters) -Italian hearing aid company Amplifon again trimmed its annual margin guidance on Wednesday, hit by higher marketing costs in Europe in the third quarter, but ruled out competition risks from new players such as Apple. Tech-driven competition in the hearing aid sector is intensifying after Switzerland’s Sonova launched a first-in-market hearing …

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