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BERLIN (Reuters) – Germany’s downturn showed signs of easing in November with both manufacturing and services activity falling more slowly than in previous months, a preliminary survey showed on Thursday, raising hopes that a recession might be shallower than expected. The HCOB German Flash Composite Purchasing Managers’ Index (PMI), compiled by S&P Global, rose to …

German downturn eases in November, suggesting shallower recession -PMI Read More »

FRANKFURT (Reuters) -Germany’s steel sector rang the alarm bell on the country’s industrial transformation on Thursday, warning a court ruling that tore a hole in Berlin’s budget had put a question mark behind more than 40 billion euros ($44 billion) in planned investments. “This is not about feel-good projects,” Bernhard Osburg, president of the German …

German steel sector: budget hole has caused ‘loss of confidence’ Read More »

By Eva Mathews and Iain Withers (Reuters) -British bank Virgin Money missed full-year profit forecasts on Thursday, after it set aside more cash to cover loan defaults as stubborn inflation and steep borrowing costs squeeze household finances. Lenders face a tough economic outlook due to a higher risk of unpaid loans in a cost-of-living crisis …

Virgin Money’s profit misses forecasts as cost pressures bite Read More »

By Pietro Lombardi MADRID (Reuters) -Spanish power utility Endesa on Thursday cut its profit and dividend outlook as it pledged to invest 8.9 billion euros ($9.71 billion) through 2026 with a growing focus on grids. The new guidance takes into account the impact of a court order to pay $570 million following an arbitration hearing …

Spain’s Endesa cuts profit, dividend outlook after LNG ruling Read More »

By Sudip Kar-Gupta PARIS (Reuters) – French business activity contracted in November, according to a monthly survey, as demand for goods and services in the euro zone’s second-biggest economy deteriorated. The HCOB France flash purchasing managers index (PMI) for the services sector in November, compiled by S&P Global, came in at 45.3 points. This was …

French business activity contracts again in November -flash PMI Read More »

LONDON (Reuters) – British travel company Jet2 said it was on track to meet annual forecasts after it posted a jump in operating profit for the six months to the end of September, helped by ongoing strong demand for flights and holidays. While Jet2’s British customer base has been hit by higher bills in the …

Britain’s Jet2 on track after strong summer Read More »

By Lisa Pauline Mattackal, Chris Prentice and Jonathan Stempel (Reuters) -Investors pulled about $956 million from crypto exchange Binance over the past 24 hours after its chief, Changpeng Zhao, stepped down and faced prison time after pleading guilty on Tuesday to settle a years-long U.S. illicit finance probe. The deal, in which Binance will pay …

Binance sees $956 million in outflows after Zhao steps down to settle US probe Read More »