Reuters UK Business

By Sinead Cruise LONDON (Reuters) – UK-based banks are stepping up lobbying efforts against possible tax hikes in the government’s inaugural Budget on Oct. 30, amid mounting worries it may tap the cash-rich sector to boost Britain’s finances, senior industry sources told Reuters. Finance minister Rachel Reeves is due to meet senior representatives of the …

UK banks brace for possible tax hikes as Budget nears, sources say Read More »

By Jonathan Cable LONDON (Reuters) -Euro zone business activity received a boost from France hosting the Olympic Games last month but the malaise in the bloc is likely to return once the Paralympics wraps up as demand remains weak, a survey showed. HCOB’s composite Purchasing Managers’ Index for countries in the currency union, compiled by …

Euro zone August business activity gets Olympic lift, PMI shows Read More »

By Aby Jose Koilparambil (Reuters) -British homebuilder Barratt posted a smaller-than-expected decline in annual profit on Wednesday, but said the recovery in the UK housing market is in its “early days” and it doesn’t see profit growth until fiscal 2026. The UK housing market outlook has turned more optimistic than it was three or six …

UK homebuilder Barratt sees return to profit growth by 2026 Read More »

LONDON (Reuters) – Britain’s financial regulator on Wednesday asked banks to review their approach to account denials and closures and ensure vulnerable consumers aren’t losing out. The Financial Conduct Authority (FCA) said it had found no evidence of accounts being closed due to lawfully expressed political opinions in 2023. But in a new report, it …

UK financial watchdog pushes banks to improve account access Read More »

BERLIN (Reuters) – German exporters are staring down a recession in foreign trade, with sentiment in the sector growing alarmingly dark, the BGA trade lobby group said on Wednesday. For 2024, the Federation of German Wholesale, Foreign Trade and Services (BGA) expects exports to continue to fall, contracting by 0.3%, while imports are set to …

German trade group sounds alarm as exporters stare down recession Read More »

By Yamini Kalia (Reuters) – Britain’s Direct Line Insurance missed expectations for its half-year operating profit on Wednesday, after struggling to reinvigorate its business, but said it expected margins to improve at its motor insurance arm. The home and motor insurer has been trying to strengthen the company under CEO Adam Winslow after it fended …

UK insurer Direct Line misses profit view as motor arm disappoints Read More »

By Shubham Batra (Reuters) -European stocks hit a two-week low on Wednesday, as global markets were rattled by concerns of an imminent slowdown in the United States and weakness in the Chinese economy. The pan-European STOXX 600 index fell 1%, with all major European markets down between 0.7% and 1%. The STOXX volatility index rose …

European shares slump on risk-off mood after US selloff Read More »

LONDON (Reuters) – Britain’s services activity grew last month at the fastest pace since April and price pressures eased, according to a survey that pointed to a more benign inflation outlook and a settling of the economy after July’s elections. The S&P Global UK Services Purchasing Managers Index rose in August to 53.7 from 52.5 …

UK services activity at four-month high in August, PMI shows Read More »

By Noel Randewich and Suzanne McGee (Reuters) -Shares of AI heavyweight Nvidia tumbled 9.5% on Tuesday in the deepest ever single-day decline in market value for a U.S. company, as investors softened their optimism about artificial intelligence in a broad market selloff following tepid economic data. Nvidia lost $279 billion in market capitalization, a major …

Nvidia suffers record $279 billion loss in market value as Wall St drops Read More »