Reuters UK Business

EDP’s 2023 profit rises 40%, misses forecasts due to one-offs

29 Feb 2024

LISBON (Reuters) – Portugal’s largest utility EDP reported on Thursday a 40% jump in 2023 net profit, driven by higher hydroelectric production in Iberia and more earnings from its Brazilian business, but still missed expectations due to one-off losses. EDP-Energias de Portugal netted 950 million euros ($1.03 billion), while analysts polled by LSEG had expected, …

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Valeo lowers sales targets for 2025 as EV growth stalls

29 Feb 2024

By Nathan Vifflin and Jesus Calero (Reuters) -French car parts maker Valeo on Thursday cut its net sales guidance for 2025, citing lower-than-expected growth in the automotive market and particularly for electric vehicles. Europe’s auto suppliers including Valeo, Forvia and Continental are striving to balance cost-cutting with supplier demands amid a slower-than-expected shift to EVs. …

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Italy’s Leonardo, Germany’s Hensoldt in joint venture talks

29 Feb 2024

ROME (Reuters) -Leonardo and Germany’s Hensoldt are discussing a possible joint-venture, the chief executive of the Italian defence group said on Thursday. “We are now restarting the analysis of a joint-venture. We are discussing with (Hensoldt’s) new management what we can do together, the table is open,” Roberto Cingolani told a post-results call. He added …

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Nine European countries warn of subsidy race from easier state aid

29 Feb 2024

BRUSSELS (Reuters) – Eight European Union countries and Iceland have written to the European Commission warning that a loosening of state aid rules could trigger a damaging subsidy race both globally and between EU members. The European Commission has relaxed state aid rules until the end of 2025 to promote investment in a decarbonised economy, …

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Italy’s Leonardo beats full-year orders, cash flow and debt targets

29 Feb 2024

ROME (Reuters) -Italy’s Leonardo achieved positive and “promising” results last year, its chief executive said on Thursday, after the defence and aerospace conglomerate beat its 2023 targets for orders, cash flow and debt. The group also met its revenue and core profitability goals. “In general results are good mostly due to actions taken in recent …

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Britain reviews investor code of practice with competitiveness lens

29 Feb 2024

By Huw Jones LONDON (Reuters) – Britain’s code of good practice for asset managers will undergo a root-and-branch review to aid economic growth and international competitiveness, its compiler said on Tuesday, in a move that could see pay of top executives bumped up. The code sets out how asset managers should engage with companies over …

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British hedge fund trader confesses to tax fraud in Danish court

29 Feb 2024

COPENHAGEN (Reuters) -A British hedge fund trader on Thursday confessed in a Copenhagen court to helping defraud Danish tax authorities of around 8.4 billion Danish crowns ($1.22 billion) in a so-called “cum-ex” tax fraud scheme, broadcaster DR reported. Anthony Mark Patterson confessed to having contributed to nearly 3,000 trades that the prosecutor alleges were fraudulent, …

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