Reuters UK Business

By Tom Wilson LONDON (Reuters) -UK regulators fined Citigroup 61.6 million pounds ($78.5 million) for controls failings in its trading operations, one of the biggest sanctions for systems breaches, which in one case saw the Wall Street firm cause a sharp fall in European stocks. Problems at Citigroup Global Markets Limited (CGML) “crystallised into trading …

Citi fined $79 million by UK regulators over trading failures Read More »

By James Davey LONDON (Reuters) – Marks & Spencer reiterated its position on Wednesday that it does not have to make a final payment to Ocado Group for its share of the Ocado Retail online supermarket joint venture. In 2019, M&S agreed to pay up to 750 million pounds ($955 million) for its half of …

M&S doubles down on refusal of final payment for Ocado Retail Read More »

LONDON (Reuters) – European autos stocks were the worst performing equity market sector on Wednesday, following a report that suggested there was potential for China to impose higher tariffs on cars. A government-affiliated auto research body expert told China’s Global Times newspaper that China should raise its import tariffs on large gasoline-powered cars to 25%, …

European autos stocks hit on China tariff jitters Read More »

MILAN (Reuters) – UniCredit studies every possible acquisition target for the bank, Chief Executive Andrea Orcel told the Financial Times in an interview, ruling out interest in Societe Generale. Citing people with knowledge of its Russia exposure, the newspaper also reported that UniCredit would book provisions for potential losses in its next quarterly results after …

UniCredit studies ‘every possible M&A target’, rules out SocGen, CEO tells FT Read More »

LONDON (Reuters) – British house prices rose for the first time since June last year, increasing by 1.8% on an annual basis in March after a 0.2% fall in February, official figures showed on Wednesday. A gauge of private rents rose by 8.9% in the year to April, representing the first slowdown so far in …

UK house prices show first annual rise in nine months, ONS says Read More »

By William Schomberg and Andy Bruce LONDON (Reuters) -British public sector borrowing exceeded expectations in April, underscoring the challenge for Prime Minister Rishi Sunak and finance minister Jeremy Hunt who say they want to cut taxes further as they prepare for a tough election. Net borrowing excluding state-controlled banks was 20.5 billion pounds ($26.05 billion) …

UK borrowing rises in April, making pre-election tax cuts harder for Sunak Read More »

By Pranav Kashyap (Reuters) -Britain’s FTSE 100 stock index hit a two-week low on Wednesday as slower-than-expected deceleration in Britain’s inflation knocked off hopes of a June interest rate cut by the Bank of England, while Marks & Spencer’s gained on upbeat annual profit. The blue-chip FTSE 100 index fell 0.3%, set for its biggest …

London stocks slip as inflation falls less than expected Read More »