Reuters UK Business

By Helen Reid PARIS (Reuters) -Debt-laden supermarket group Casino warned on Wednesday of likely 2023 losses for its core French business due to a slower-than-expected turnaround at its hypermarkets division. More intense discounting than usual across the sector is making it harder for Casino’s large-scale hypermarket stores to bring back shoppers who had switched to …

France’s Casino blames fierce competition for slower hypermarket recovery Read More »

PARIS (Reuters) – LVMH Chairman and CEO Bernard Arnault’s five children are increasingly stepping into the spotlight as they move up the ranks of the luxury empire. All five of the Arnault children hold key management roles at brands in the company. DELPHINE ARNAULT, 48, became chairman and CEO of fashion label Christian Dior Couture …

Factbox-LVMH roles held by Bernard Arnault’s children Read More »

By Jeffrey Dastin SAN FRANCISCO (Reuters) -ChatGPT-maker OpenAI has reached an agreement for Sam Altman to return as CEO days after his ouster, capping frenzied discussions about the future of the startup at the center of an artificial intelligence boom. The company also agreed to revamp the board of directors that had dismissed him. OpenAI …

Sam Altman restored as OpenAI CEO after his tumultuous ouster Read More »

(Reuters) -OpenAI said late on Tuesday Sam Altman would return to the company as CEO, capping days of high drama and marathon discussions about the future of the startup at the center of the global artificial intelligence boom. Following his surprise dismissal on Friday, Altman had briefly joined Microsoft as the head of artificial intelligence …

Sam Altman’s return to OpenAI: tracking the Silicon Valley upheaval Read More »

FRANKFURT (Reuters) – Euro zone shadow banks face the risk of receiving large margin calls or client redemptions they cannot meet because they do not have enough cash on hand, the European Central Bank (ECB) said on Wednesday. The warning was part of the ECB’s twice yearly Financial Stability Review, in which it said the …

Euro zone’s shadow banks face risk of margin calls, ECB says Read More »

By Andres Gonzalez and Amy-Jo Crowley LONDON (Reuters) -Mobile phone tower operator Cellnex will accelerate asset sales in a bid to get an investment grade credit rating by the middle of next year and is preparing for a wave of consolidation in the sector, CEO Marco Patuano told Reuters. The Spanish company, which has grown …

Cellnex speeds asset sales in drive for investment grade – CEO Read More »

By James Davey LONDON (Reuters) -European home improvement retailer Kingfisher on Wednesday downgraded its full-year profit outlook for the second time in three months, blaming a weaker-than-expected market in France. Shares in the group, which owns B&Q and Screwfix in Britain and Castorama and Brico Depot in France and other markets, were down 5.7% in …

DIY retailer Kingfisher cuts profit outlook again on weak French market Read More »

By Christoph Steitz and Tom Käckenhoff FRANKFURT/DUESSELDORF (Reuters) -Germany’s Thyssenkrupp on Wednesday unveiled a 2.1-billion-euro ($2.3 billion) impairment on its steel unit due to a “gloomy” outlook, highlighting the challenge in efforts to win Czech energy group EPH as a co-owner for the business. Shares in the industrial conglomerate still rose 5% to the top …

Thyssenkrupp posts $2.3 billion impairment on steel division Read More »