(Reuters) – British oil major BP’s CEO Bernard Looney has stepped down after less than four years in office after failing to fully disclose details of past personal relationships with colleagues. Chief Financial Officer Murray Auchincloss will be the CEO on an interim basis, the company said. STORY: LINK: COMMENTS EDWARD MOYA, SENIOR MARKET ANALYST, …
BP boss Looney resigns over personal relationships with colleagues Read More »
FRANKFURT (Reuters) -The European Central Bank criticised on Wednesday the Italian government’s proposed tax on windfall bank profits, saying it did not consider lenders’ long-term prospects and could make some of them vulnerable to an economic downturn. Last month, Rome dealt a surprise blow to the country’s lenders by imposing a one-off 40% tax on …
ECB criticises new Italian tax on windfall bank profits Read More »
(Reuters) -Goldman Sachs and J.P.Morgan on Wednesday cut their full-year growth forecast for the UK’s gross domestic product (GDP), citing an unexpectedly sharp contraction in the economy in July. The brokerages cut their forecast by 20 basis points each with JPM now expecting 0.4% expansion and Goldman Sachs pencilling 0.3% growth. The Office for National …
Goldman, J.P.Morgan cut UK’s 2023 growth forecast Read More »
BRUSSELS (Reuters) – Euro zone industrial production dropped much more than expected in July, data showed on Wednesday, underlining downward revisions of economic growth for this year in European Commission forecasts. The European Union’s statistics office Eurostat said industrial production in the 20 countries sharing the euro fell 1.1% month-on-month in July for a 2.2% …
Euro zone July industrial production drops more than expected Read More »
LONDON (Reuters) – H&M plans to sell second-hand clothes and accessories at its flagship store in London from Oct. 5, as pressure increases on fast fashion companies to curb their environmental impact by encouraging the reuse and recycling of garments. With the European Union planning new regulation to crack down on textile waste in the …
By Toby Sterling and Joanna Plucinska AMSTERDAM/LONDON (Reuters) – When Dutch airline KLM launched adverts urging customers to “fly responsibly” and think about the environmental impact before booking a flight, it said it was showing its commitment to a sustainable future. But the 2019 campaign sparked criticism and last year environmental activists filed a suit …
Fly responsibly? Airlines face a storm over climate claims Read More »
ZURICH (Reuters) – ABB is spending $280 million on a new robotics factory in Sweden, the Swiss engineering and technology group said on Wednesday, to meet growing demand triggered by customers moving production from Asia closer to their home markets. ABB, whose products range from industrial motors and drives, to chargers for electric vehicles, will …
ABB invests $280 million in new robotics factory in Sweden Read More »
By Darya Korsunskaya (Reuters) -Russia has significantly raised its inflation forecast for the next two years and expects a much weaker rouble rate against the U.S. dollar, according to macroeconomic forecasts prepared by the economy ministry, as the costs of fighting the war in Ukraine mount. President Vladimir Putin is girding the $2.1 trillion economy …
Russia hikes inflation forecast, sees much weaker rouble – economy ministry Read More »
By Valerie Insinna, Abhijith Ganapavaram and Rajesh Kumar Singh (Reuters) -Aerospace suppliers and airlines around the world warned of rising costs and a squeeze on plane capacity after U.S. engine maker RTX disclosed that a rare manufacturing flaw could ground hundreds of Airbus jets in coming years. The problem, a rare powder metal defect that …
RTX jet engine problem ripples across global aerospace industry Read More »
(Reuters) – Birkenstock, the German premium footwear brand backed by private equity firm L Catterton, on Tuesday filed for an initial public offering in the United States. The company, which traces its roots back to 1774, is a sixth-generation family-owned business. Most of its products are manufactured in facilities in Rhineland-Palatinate, North Rhine-Westphalia, Hesse and …
Germany’s luxury footwear maker Birkenstock files for U.S. IPO Read More »
