By Stine Jacobsen and Marie Mannes STOCKHOLM (Reuters) -Volvo Cars is seeking to take over Northvolt’s stake in their Swedish battery-making joint venture NOVO but will need a new partner to keep plans for a gigafactory on track, the Chinese-owned automaker said on Wednesday. Northvolt, once hailed as Europe’s best shot at a home-grown electric-vehicle …
Volvo Cars seeks to oust Northvolt from EV battery venture Read More »
LONDON (Reuters) – British finance minister Rachel Reeves said on Wednesday she would provide the defence ministry with an additional 2.9 billion pounds next year and promised an annual 3 billion-pound support for Ukraine would continue for “as long as it takes”. In her first budget speech, Reeves said the extra spending would take Britain …
UK’s Reeves pledges more cash for defence spending Read More »
LONDON (Reuters) – British finance minister Rachel Reeves said on Wednesday the southern leg of the HS2 railway line should run to central London, and that the government would commit funding to start the tunnelling required. The multi billion-pound project was scaled back by the previous government last year. Presenting the first budget of the …
UK’s HS2 rail line should run to central London, finance minister Reeves says Read More »
LONDON (Reuters) – Britain will not extend a freeze on the amount of money that people can earn tax-free beyond 2028-2029, finance minister Rachel Reeves said in her first budget speech on Wednesday. The policy was first implemented by the former Conservative government in March 2021 when the threshold was frozen until 2026. It was …
UK rules out extending freeze on personal tax thresholds beyond 2029 Read More »
By Balazs Koranyi FRANKFURT (Reuters) -The euro zone economy grew faster than expected last quarter but threats of oversized tariffs from a potential Trump presidency, escalating trade tensions with China and muted consumer confidence are keeping the outlook weak. Gross domestic product in the 20 countries sharing the euro grew by 0.4% in the third …
Euro zone grows quicker than expected but outlook remains weak Read More »
By Alistair Smout LONDON (Reuters) – British finance minister Rachel Reeves on Wednesday said capital gains tax for most assets would increase to 18% from 10% at the lower rate and increase to 24% from 20% for higher earners, saying changes to the regime would raise 2.5 billion pounds. The increase in capital gains tax …
UK’s Reeves announces rise in capital gains tax for most assets Read More »
LONDON (Reuters) – British finance minister Rachel Reeves announced she would close exemptions that let wealthy, often foreign residents avoid tax on overseas income, helping to raise 12.7 billion pounds ($16.47 billion) over the next five years. Britain’s ‘non-dom’ tax rules, which enable non-domiciled residents to pay little or no UK tax on money earned …
Britain tightens tax rules on ‘non-dom’ wealth to raise 12.7 billion pounds Read More »
By Jesús Aguado MADRID (Reuters) – The deputy chairman of Caixabank, Tomas Muniesa, will succeed Jose Ignacio Goirigolzarri as chairman of Spain’s biggest lender by domestic assets, it said on Wednesday, confirming an earlier Reuters report. The reshuffle comes as Europe’s lenders seek to adapt to a changing market environment, with margins under pressure from …
Spain’s Caixabank appoints Tomas Muniesa as non-executive chairman Read More »
By Jagoda Darlak (Reuters) – Finnish stainless steel maker Outokumpu beat market expectations for its third-quarter core profit (EBITDA) on Wednesday, helped by improved result in its ferrochrome business and higher stainless steel prices in Europe. It warned however that deteriorating markets in Europe and North America would hurt its stainless steel business in the …
Outokumpu warns of worsening steel markets after Q3 profit beat Read More »
(Reuters) – Finance minister Rachel Reeves on Wednesday forecast Britain’s budget deficit would come to 26.2 billion pounds ($33.9 billion) in the 2025/26 financial year, citing new projections from the Office for Budget Responsibility. That would swing into a surplus of 10.9 billion pounds in 2027-28, she said. Government borrowing was projected to be at …
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