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UK water tech firm Pentair raises full-year profit estimates on strong demand

22 Oct 2024

(Reuters) – UK-based water technology company Pentair raised its forecast for full-year profit on Tuesday, betting on demand for its water filters, and expects demand for new pools and related services to revive as inflation starts to cool off. It now expects 2024 adjusted profit per share to be $4.27, compared with its previous forecast …

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German steelmaker Salzgitter cuts full-year guidance

22 Oct 2024

(Reuters) – German steelmaker Salzgitter cut its full-year guidance on Tuesday, reporting a drop in its earnings during the first nine months of 2024 against the backdrop of a sustained weak economic environment. Salzgitter said in a statement it now expects 2024 earnings before interest, taxes, depreciation and amortization (EBITDA) of between 275 million euros …

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UK commits to regulator’s proposals to improve housebuilding

22 Oct 2024

LONDON (Reuters) – Britain’s new Labour government said on Tuesday it had accepted proposals from the country’s competition watchdog to improve the quality of homes being built. In February, the Competition and Markets Authority (CMA) said the housebuilding sector needed “significant intervention” and raised concerns about the quality of some new housing, following a year-long …

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Munich Re posts worse-than-expected Q3 profit after big claims

22 Oct 2024

FRANKFURT (Reuters) -The German reinsurer Munich Re on Tuesday said it posted a worse-than-expected net profit in the third quarter following big claims for natural disasters but that it would surpass its 2024 profit target. The company, which is the world’s largest reinsurer, said in an unscheduled release that net profit amounted to around 900 …

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Germany’s Scholz pledges to boost investment, attract more skilled workers

22 Oct 2024

BERLIN (Reuters) -German Chancellor Olaf Scholz promised on Tuesday to boost investment, attract skilled workers and cut red tape to revive growth in Europe’s biggest economy, which is on track to contract for the second straight year. Blaming inflation, high interest rates and geopolitical conflicts, Scholz also criticised the European Union, saying red tape was …

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Brevan Howard says significant amount of its crypto trading done from UAE

22 Oct 2024

(This Oct. 21 story has been refiled to say that the firm’s total strategies is $35 billion, not ‘over $30 billion,’ in paragraph 3) By Nell Mackenzie (Reuters) – Brevan Howard does a significant amount of its crypto trading from the United Arab Emirates because of the country’s “sensible regulations,” an executive from the hedge …

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Luxury brand Chanel to sponsor Oxford and Cambridge Boat Race

22 Oct 2024

LONDON (Reuters) – French luxury brand Chanel will sponsor Britain’s historic Oxford and Cambridge Boat Race next year in the first sporting sponsorship for the company known for its tailored suits and quilted purses. Luxury fashion companies are increasingly moving into the sports sponsorship space in a bid to attract new audiences. LVMH sponsored the …

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Hybrids top petrol power for first time in EU new car sales, ACEA says

22 Oct 2024

By Alessandro Parodi and Greta Rosen Fondahn (Reuters) -Hybrids overtook petrol-powered vehicles in EU new car sales for the first time in September, industry data showed on Tuesday, accounting for 32.8% of the total, data from Europe’s auto industry body showed. Total car sales in the bloc dropped by 6.1% year-on-year, falling for two months …

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Utilities and real estate stocks pull British equities to one-week low

22 Oct 2024

By Pranav Kashyap (Reuters) – London stocks fell on Tuesday, dragged by weakness in the utility and real estate sector, while investors await speeches from Bank of England officials later in the day. The blue-chip FTSE 100 had declined by 0.6% to 8,264.5 points by 1000 GMT, while the domestically-focussed FTSE 250 index had fallen …

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