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MOSCOW (Reuters) – Russian internet giant Yandex reported a 40% rise in first-quarter revenue to 228.3 billion roubles ($2.47 billion), driven by growth in e-commerce and ride-hailing, with the market awaiting news on a much anticipated corporate spin-off. Yandex’s Nasdaq-listed and Dutch-registered parent, Yandex NV, in February struck a $5.2-billion deal after months of negotiations …

Russia’s Yandex reports Q1 revenue rise as market awaits spin-off news Read More »

By Johann M Cherian (Reuters) -European shares rose on Friday and looked set to end the week higher as investors cheered robust results from tech giants in the United States, while Thyssenkrupp was on course for its best day in 23 months on a divesture announcement. The pan-European STOXX 600 index started the session with …

European shares on track for weekly gains; Thyssenkrupp glows Read More »

(Corrects details on EPH ownership through EPCG, specifies 2023 EBITDA provided is for EPCG’s energy business) (Reuters) -Czech billionaire Daniel Kretinsky continued his buying spree in Europe on Friday, as one of his investment vehicles agreed to buy at least 20% of Thyssenkrupp’s steel business in Germany. He has at least six investments in France, …

Czech billionaire Kretinsky’s sprawling empire Read More »

FRANKFURT (Reuters) – Euro zone lending continued to stagnate in March and consumers trimmed their inflation expectations as record-high borrowing costs kept putting the brakes on the euro zone’s economy, European Central Bank (ECB) reports showed on Friday. The data was likely to cement the ECB’s plan to start cutting interest rates in June after …

Lending and consumer data cements case for ECB rate cuts Read More »

By Eva Orsolya Papp and Tristan Veyet (Reuters) -Volkswagen’s truck making unit Traton beat first-quarter sales and profit forecasts on Friday, helped by a rise in average prices, even as demand weakens after a strong 2023. “Demand in the European truck business continued to normalize. Our vehicle services business, which remains very strong, is a …

VW’s trucks arm Traton tops forecasts even as markets normalise Read More »

(This April 25 story has been corrected to show China, not Chinese carmakers, represented 14% of first-quarter sales in paragraph 9) By Michal Aleksandrowicz and Gilles Guillaume (Reuters) – French car parts maker Valeo posted slightly lower first-quarter sales on Thursday, as weak electric vehicle (EV) high-voltage activity overshadowed its traditional powertrain business. “We’re currently …

Car parts maker Valeo posts lower first-quarter sales on weak EV demand Read More »

PARIS (Reuters) – French President Emmanuel Macron called on Thursday for a revision of how Europe applies minimum capital rules to banks and insurers so that they are not too risk-averse and Europe is put at an economic disadvantage. The Basel Committee of banking regulators from around the world is facing pushback from banks in …

EU should revisit bank and insurer capital rules, Macron says Read More »

By Lawrence White LONDON (Reuters) -British bank NatWest’s first-quarter profit fell by a less than expected 27%, it said on Friday, having weathered a sector-wide squeeze on income from increased competition for savings, lending and mortgage products over the past year. Rising central bank interest rates and political and media attention on the rates banks …

NatWest profit falls less than feared ahead of state escape Read More »

By Marie Mannes STOCKHOLM (Reuters) – Electrolux’s operating loss nearly tripled in the first quarter on weak demand and poor performance in North America, but the loss was smaller than expected as raw material costs eased, sending shares up 6%. The world’s second-biggest appliances maker reported on Friday an operating loss of 720 million crowns …

Electrolux Q1 loss nearly triples on weak demand but beats expectations Read More »