Reuters UK Business

By Olesya Astakhova and Vladimir Soldatkin MOSCOW (Reuters) -Russia’s largest oil producer Rosneft said on Thursday its first-quarter net income attributable to shareholders more than doubled to 399 billion roubles ($4.41 billion) from the previous three months as revenue and core profit increased. It also said its core profit (earnings before interest, taxes, depreciation and …

Rosneft says Q1 net income more than doubled to $4.4 billion from Q4 Read More »

(Reuters) -Costco Wholesale beat third-quarter revenue expectations on Thursday, as cash-strapped consumers flocked to its warehouses to grab low-priced groceries and discretionary items. The membership-only retailer saw resilient demand for its groceries and bakery items as consumers grappling with still-high cost of living preferred cooking more meals at home. With consumers trading down to shop …

Costco beats quarterly revenue estimates on strong grocery demand Read More »

(Reuters) -Gap raised its annual sales forecast and its first-quarter results beat market expectations, boosted by strength in its Old Navy and Gap brands as budget-strained Americans snap up its trendy denim bottoms and active wear apparel. Shares of the company surged 21% after the bell as the Banana Republic owner saw strong spring shopping, …

Gap lifts annual sales forecast on Old Navy strength, shares surge Read More »

By Nora Eckert DETROIT (Reuters) -Ford Motor and General Motors’ chiefs on Thursday offered clashing perspectives on the importance of hybrid vehicles to their long-term strategic outlooks. Ford CEO Jim Farley wants the industry to stop viewing hybrid vehicles as only an interim solution to be used until drivers are comfortable going fully electric, while …

Ford and GM outline dueling hybrid vehicle strategies Read More »

PARIS (Reuters) – Nearly 130 countries recommitted on Thursday to save the first pillar of a global tax deal on highly profitable multinationals by the end of June, the co-chairs of a three-day meeting in Paris said after the talks failed to produce an agreement. Officials from 127 countries and jurisdictions have struggled for months …

Governments seek to save global tax deal by end June Read More »

LONDON/ZURICH (Reuters) – UBS on Thursday announced a shake-up of its senior management, splitting its top wealth role between two executives who are both seen as potential successors to CEO Sergio Ermotti. Ermotti told Reuters this month he wanted to “dramatically” increase the chances of an internal candidate taking over from him when he steps …

Factbox-UBS shake-up reshuffles potential Ermotti successors Read More »

By Foo Yun Chee and Elvira Pollina BRUSSELS/MILAN (Reuters) -U.S. investment firm KKR secured unconditional EU antitrust approval on Thursday for its up to 22-billion-euro ($24 billion) acquisition of Telecom Italia’s (TIM) fixed-line network. The deal is significant as it marks the first time that a former phone monopoly in a major European country is …

KKR wins EU nod for $24 billion Telecom Italia fixed-line network deal Read More »