Reuters UK Business

Switzerland and US agree to accelerate trade talks, Swiss president says

9 May 2025

By Emma Farge and Ariane Luthi GENEVA (Reuters) -Switzerland and the United States have agreed to accelerate their trade talks and are determined to reach an agreement quickly, Swiss President Karin Keller-Sutter said on Friday, without specifying a time frame. U.S. President Donald Trump has upended global commerce by imposing tariffs aimed at shrinking the …

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Santander rejects NatWest’s nearly $15 billion bid for UK retail unit, FT reports

9 May 2025

(Reuters) -Banco Santander has rejected an offer of around 11 billion pounds ($14.63 billion) from NatWest for its UK retail bank, saying the bid undervalued the business, the Financial Times reported on Friday. The approach by the state-backed British lender, which was being advised by Morgan Stanley and UBS, is no longer live, the report …

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Future of AB Foods’ bioethanol plant imperilled by US-UK trade deal

9 May 2025

LONDON (Reuters) – The removal of UK tariffs on U.S. ethanol in the U.S.-UK trade deal could sound the death knell for Associated British Foods’ loss-making bioethanol plant at Hull, northern England, following a warning last month that its future was uncertain.     The trade deal, announced on Thursday, will reduce Britain’s 19% tariffs on U.S. …

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Italy’s Benetton Group trims losses in 2024 amid restructuring plan

9 May 2025

MILAN (Reuters) -Italian fashion retailer Benetton more than halved its net loss to 100 million euros ($113 million) last year, its results showed on Friday, as the group reorganised its activities to relaunch the brand. Revenues at the clothing group, which is controlled by the Benetton family’s holding Edizione, dropped to 917 million euros from …

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Wolfspeed shares sink on going-concern fears, slowing EV sales hit annual revenue forecast

9 May 2025

(Reuters) -Chipmaker Wolfspeed’s shares fell 23% on Friday after it raised going-concern doubts and forecast weaker-than-expected annual revenue as it grapples with slowing electric-vehicle demand amid economic uncertainty. The company is squeezed between sluggish demand in the industrial and automotive markets, while rival Chinese manufacturers such as Sicc Co and EpiWorld International are gaining ground …

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Brazil’s Lula slams Trump tariffs in meeting with Putin

9 May 2025

SAO PAULO (Reuters) -Brazilian President Luiz Inacio Lula da Silva on Friday slammed U.S. President Donald Trump’s trade policies and sweeping tariffs, saying they harm multilateralism as he met with his Russian counterpart Vladimir Putin in Moscow. Lula is in Russia to commemorate the 80th anniversary of the Soviet Union’s victory over Nazi Germany in …

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Banca Generali Q1 profit beats forecast as it considers Mediobanca bid

9 May 2025

MILAN (Reuters) -Italian asset manager Banca Generali’s first-quarter net profit beat analysts’ estimates as it began the process of evaluating a 6.6 billion euro ($7.43 billion) takeover bid from merchant bank Mediobanca. Mediobanca said last month it planned to acquire Banca Generali, which is owned by Italy’s top insurer Assicurazioni Generali, as it sought to …

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Spain’s LNG imports from the US soar, represent 35% of all gas supply

9 May 2025

(Reuters) -Imports of liquefied natural gas from the United States rose to 35% of Spain’s total gas imports in the first four months of this year from just over 20% a year ago, while imports of Russian LNG declined, data showed on Friday. Europe has increasingly imported superchilled gas shipped from the U.S. since Russia’s …

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