Reuters UK Business

By Sudip Kar-Gupta BRUSSELS (Reuters) – Two Russian oligarchs and the country’s National Settlement Depository company on Wednesday lost legal challenges against European Union sanctions imposed on them after Russia’s 2022 invasion of Ukraine. The EU has imposed multiple rounds of sanctions since Russia invaded Ukraine. They include trade restrictions to cut defence and other …

Russian oligarchs and financial firm lose court challenge against EU sanctions Read More »

By James Davey LONDON (Reuters) -Online fashion retailer Boohoo said on Wednesday it would stop supplying U.S. customers from a site in Pennsylvania and return to fulfilling orders from Britain, in a strategy reversal it said would lead to an unquantified writedown. Boohoo shares were down 2% in early trade, extending 2024 losses to 32%, …

UK’s Boohoo to stop supplying US customers locally Read More »

By Pranav Kashyap (Reuters) -European shares opened higher on Wednesday, boosted by the tech and basic resources sectors, while investors awaited a key U.S. inflation reading for clues on the Federal Reserve’s interest rate decision next week. The pan-European STOXX 600 index was up 0.2%. All regional indexes were trading in the green. Heavy-weight ASML …

European shares rise on boost from tech, resources sectors Read More »

By Andy Bruce (Reuters) – Britain’s shift towards a services-dominated economy is accelerating, pushing manufacturing’s share of economic output to a historic low and setting the nation apart from its global peers. Recent data show the make-up of the world’s sixth-biggest economy is changing fast, driven by global trends but also domestic factors such as …

Services’ grip on UK economy tightens as manufacturing share ebbs further Read More »

DUESSELDORF (Reuters) – IG Metall, Germany’s most powerful union, expects talks to drag on over how to properly fund Thyssenkrupp’s steel division once it is separated, one of its regional heads said, less than two weeks after the unit’s leadership resigned. “Not this year,” Knut Giesler, who heads IG Metall’s branch in North Rhine-Westphalia, where …

IG Metall union sees no quick fix in Thyssenkrupp steel funding dispute Read More »

(Reuters) – Sweden’s Husqvarna said on Tuesday it expects a 5% decline in its third quarter organic sales due to restrained consumer spending. The garden equipment and tools maker saw a slump of 9% in last quarter sales and has now accelerated its cost savings programs. The company benefited from the home improvements trend during …

Sweden’s Husqvarna sees decline in third quarter organic sales Read More »

By Nate Raymond BOSTON (Reuters) – An employee of French drugmaker Ipsen has agreed to plead guilty to illegally making more than $262,000 by trading on inside information he learned about his company’s plans to acquire cancer drug developer Epizyme in 2022. Dishant Gupta, Ipsen’s director of data strategy and operations, plans to plead guilty …

Employee of French drugmaker Ipsen to plead guilty to US insider trading Read More »

By Jesús Aguado and Tommy Reggiori Wilkes MADRID/LONDON (Reuters) – Spanish banker Ana Botin set about transforming Santander, a sprawling, acquisition-obsessed and fragmented lender into a leaner, simpler global bank as soon as her father’s sudden death thrust her into the role. A decade on, it’s still a work in progress. Santander shares have fallen …

A decade on, Botin’s redesign of Santander empire her family built is incomplete Read More »

NEW YORK (Reuters) – Goldman Sachs is close to finalizing a deal to transfer its General Motors credit card business to Barclays, a source familiar with the matter said on Tuesday. The exit from the business partnership with GM, with about $2 billion of outstanding balances, is part of Goldman Sachs’ move to narrow its …

Goldman Sachs nearing a deal to transfer GM credit card business to Barclays, source says Read More »

By Victoria Waldersee FRANKFURT (Reuters) -Volkswagen said on Tuesday it was scrapping a range of labour agreements including a guarantee of jobs until 2029 at six German plants, raising the prospect of redundancies from next year that worker representatives have vowed to resist. Europe’s top carmaker is cancelling the decades-old employment guarantees as part of …

Volkswagen scraps decades-old job guarantees, paving way for lay-offs Read More »