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ROME (Reuters) – The European Central Bank can continue to gradually reduce interest rates without jeopardising the current fall in inflation, governing council member Fabio Panetta said on Tuesday. The ECB cut rates for the first time in June from their record highs but has made no explicit commitment about a follow up move. “The …

ECB can continue to gradually lower rates, Panetta says Read More »

By Christoph Steitz and Vera Eckert FRANKFURT (Reuters) -Germany needs around 300 billion euros ($325 billion) by the middle of the century to equip its power grids for decarbonisation, state bank KfW said on Tuesday, adding this could not be funded by the government alone. The investment highlights the growing relevance power grids have in …

Germany needs $325 billion of power grid investments by 2050, KfW says Read More »

(Reuters) -German sportscar maker Porsche said on Tuesday that global vehicle deliveries were down 7% in the first half of the year compared to the same period in 2023, primarily driven by a 33% year-on-year drop in China. Porsche, majority-owned by Volkswagen , is highly exposed to the EU-China tariff tensions, with deliveries to China …

Porsche AG reports sharp fall in China deliveries Read More »

(Reuters) -Shares in Capita jumped nearly 23% in early trading on Tuesday after the British outsourcing firm agreed to sell its standalone software business Capita One to a unit of MRI Software in a deal worth 200 million pounds ($256 million). Capita said it expects to get a cash dividend of 4.8 million pounds from …

UK’s Capita surges about 23% on sale of software business Read More »

By Shubham Batra (Reuters) -European shares dipped on Tuesday as investors awaited Federal Reserve Chair Jerome Powell’s testimony to gauge the likelihood of a rate cut in September, while Indivior sank to a three-year low after lowering its profit forecast. The pan-European STOXX 600 index was down 0.1%, led by losses in energy shares that …

Europe’s STOXX 600 dips ahead of Powell testimony; Indivior sinks Read More »

MOSCOW (Reuters) – Russia’s budget deficit remained flat at 0.5% of gross domestic product (GDP) in June, the same as in May, as growth in non-oil and gas revenues offset spending, the finance ministry said on Tuesday. At the same period of last year, the budget deficit was more than twice as large, at 1.4% …

Russian budget deficit stays flat in June as non-energy revenues rise Read More »

LONDON (Reuters) – Stronger economic growth is key to stabilising Britain’s rising public debt, credit rating agency S&P Global said on Tuesday, in its first comment on the new Labour government since its election win last week. S&P said that with the UK’s debt-to-GDP ratio expected to hit 100% next year, the government was expected …

New UK govt needs stronger growth to stabilise debt, rating firm S&P Global says Read More »

BERLIN (Reuters) – The number of medium-sized and large companies in Germany that went insolvent in the first half of this year was up 41% compared with the same period last year, the Handelsblatt daily reported, citing inflation, rising costs and weakening demand. In the first six months of 2024, 162 companies with a turnover …

German insolvencies higher than expected in H1, reports Handelsblatt Read More »

(Reuters) -French software company Dassault Systemes cut its full-year earnings target on Tuesday, sending shares lower, as it warned that customers were being cautious with spending and were delaying the signing of contracts. It now expects 2024 diluted earnings per share (EPS) growth in the range of 8% to 11% year-on-year, against previous guidance for …

Dassault Systemes cuts 2024 earnings view, citing delays to customer orders Read More »