Reuters UK Business

Volkswagen strikes direct supply deals for chips to avoid global shortage

23 Aug 2023

BERLIN (Reuters) – Volkswagen has begun purchasing strategically important chips it believes will be in short supply globally directly from 10 manufacturers including NXP Semiconductors, Infineon Technologies and Renesas Electronics the carmaker said on Wednesday. The German carmaker, which previously relied on its component suppliers to purchase chips, began striking direct deals with chipmakers last …

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UK stocks rise as weak factory data prompts rethink of peak rates

23 Aug 2023

By Siddarth S and Khushi Singh (Reuters) -Britain’s main stock indexes rose on Wednesday, with the mid-cap FTSE 250 recording its best session in over a month, as weak factory activity data fuelled expectations that the Bank of England may not have to hike interest rates for longer. The exporter-heavy FTSE 100 rose 0.7%, while …

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Factory slump and cost-of-living squeeze puts UK economy on course to shrink

23 Aug 2023

By David Milliken LONDON (Reuters) -Britain’s economy looks on course to shrink during the current quarter and risks falling into a recession, as a survey on Wednesday showed a slump in factory output and broader weakness in the face of higher interest rates. The S&P Global/CIPS composite Purchasing Managers’ Index (PMI) tumbled to 47.9 in …

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Slide in euro zone service sector sharpens ECB’s rates dilemma

23 Aug 2023

By Jonathan Cable LONDON (Reuters) -Euro zone business activity declined far more than thought in August with the slide in Germany particularly fast, while some inflationary pressures returned, surveys showed. Wednesday’s purchasing managers’ indexes complicate matters for the European Central Bank which wants to control still rampant price rises without causing a recession. It is …

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Britain’s Ocado Retail and Sainsbury’s cut prices again

23 Aug 2023

By James Davey LONDON (Reuters) -British food retailers Ocado Retail and Sainsbury’s cut more prices on Wednesday, in a further sign that UK food price inflation will continue its downward trajectory and relieve some of the pressure on consumers. Ocado Retail, a 50/50 online supermarket joint venture between Ocado Group and Marks & Spencer, said …

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Swiss stocks lead gains in Europe, data point to slowing activity

23 Aug 2023

By Shashwat Chauhan (Reuters) -The Swiss stock index jumped over 1% on Wednesday after Roche surged on positive lung cancer drug trial data, while other European averages lagged behind as more data hinted at slowing economic activity in the continent. The Swiss Market Index added 1.1%, touching its highest level in a week, while the …

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Sterling weakens after weak UK PMI

23 Aug 2023

LONDON (Reuters) – The British pound fell to its lowest level in over a week against the dollar on Wednesday after a survey showed a slump in UK business activity in August. The S&P Global/CIPS Purchasing Managers’ Index (PMI) tumbled to 47.9 in August from 50.8 in July, according to a preliminary estimate, the lowest …

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Money markets cut Sep ECB rate hike bets after German PMI

23 Aug 2023

LONDON (Reuters) – Traders on Wednesday scaled back bets for a September interest rate hike in the euro area following much weaker-than-expected business activity data from Germany, Europe’s biggest economy. Money market futures now price just a 40% chance of a quarter point rate hike from the European Central Bank next month, compared with roughly …

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Close to half of German companies face a shortage of trainees -survey

23 Aug 2023

BERLIN (Reuters) – A growing number of German companies are complaining about a shortage of trainees, the DIHK Chambers of Commerce and Industry said on Wednesday. Almost half of the German companies surveyed – a record-high 47% – had trouble finding trainees in 2022, according to a DIHK online poll among more than 14,000 companies. …

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UK’s Ofgem fines Morgan Stanley & Co Int’l $6.88 million

23 Aug 2023

(Reuters) – Britain’s energy regulator Ofgem said on Wednesday it had levied a 5.4 million pound ($6.88 million) fine on Morgan Stanley & Co International for not recording and retaining electronic communications relating to trading wholesale energy products. The fine was for the period between January 2018 and March 2020, it added. ($1 = 0.7845 …

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