Reuters UK Business

By Pete Schroeder WASHINGTON (Reuters) -The U.S. Federal Reserve is considering a rule change that could save the country’s eight largest banks combined billions of dollars in capital, in a potential long-sought win for the industry, according to four people with knowledge of the matter. At issue is how the central bank calculates an extra …

Exclusive-Fed considers rule tweak that could save biggest US banks billions in capital Read More »

By Huw Jones LONDON (Reuters) – The Bank of England (BoE) said on Tuesday it would increase scrutiny of risks such as bulk purchase annuities, or insurers taking over company defined benefit pension schemes, a growth area in the sector. Gareth Truran, the BoE’s executive director for insurance, said bulk purchase annuities had changed the …

Bank of England scrutinises risk transfers in insurance sector Read More »

By Huw Jones LONDON (Reuters) – Board directors of banks must take ultimate responsibility for outsourced services and document how they manage the risk of outages and disruptions to customer services, the global Basel Committee of banking regulators proposed on Tuesday. Banks increasingly use third-party tech companies, such as Microsoft, Amazon and Google, for cloud …

Global regulators tighten rules on banks outsourcing services Read More »

(Reuters) – Porsche Automobil Holding on Tuesday said it has lowered its 2024 group result after tax and expects it in a range of 3.5 billion euros ($3.78 billion) to 5.5 billion euros after Volkswagen updated its forecast. ($1 = 0.9254 euros) (Reporting by Urvi Dugar in Bengaluru; editing by David Evans)

MILAN (Reuters) – S&P Global raised Telecom Italia’s (TIM) credit rating by two notches to BB on Tuesday after Italy’s biggest telecoms group finalised the sale of its domestic fixed-line access network to KKR in a deal worth up to 22 billion euros ($23.77 billion). Backed by the Italian government, the network disposal is aimed …

S&P raises Telecom Italia rating by two notches after network sale Read More »

By Ron Bousso and Arunima Kumar LONDON (Reuters) -Weak refining margins and lower oil trading results will dent BP’s second-quarter profit by up to $700 million, the company said on Tuesday, sending its shares down by over 4%. The warning, which led several analysts to lower their earnings estimates, will weigh on CEO Murray Auchincloss’ …

BP shares dip after warning weak refining will hit Q2 profit Read More »

MOSCOW (Reuters) -A Russian court has ordered Volkswagen to pay 16.9 billion roubles ($193 million) in damages to Russian carmaker GAZ Group, which had sued the German automaker over lost profits after Volkswagen exited the Russian market. In May 2023, Volkswagen finalised the sale of its local subsidiaries and a plant south of Moscow to …

Russian court orders Volkswagen pay $193 million in damages to Russian carmaker Read More »

PARIS (Reuters) – Stellantis said on Tuesday it would expand its line of affordable hybrid vehicles to 36 models in Europe by 2026, to meet growing demand for this engine type, an alternative to petrol-fuelled cars and electric vehicles. The American-French-Italian automaker, created from the 2021 merger between Peugeot maker PSA and Fiat Chrysler, said …

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ROME (Reuters) – The Bank of Italy will publish guidelines in the coming days on how to apply upcoming European Union rules on crypto assets with a view to preserving the regular functioning of the payment system, Governor Fabio Panetta said on Tuesday. In the text of a speech delivered to the Italian Banking Association …

Bank of Italy to publish crypto asset guidelines, governor says Read More »