Reuters UK Business Archives - Page 2393 of 3179

Telecom Italia’s quarterly core profit rises as domestic revenues edge up

2 Aug 2023 2 Aug 2023

(Reuters) – Telecom Italia (TIM) on Wednesday reported a 5.5% rise in its second-quarter core profit, helped by strong performance from its Brazilian unit as sales at the company’s ailing domestic business also edged higher. Italy’s biggest telecoms company said core earnings beforeinterest, tax, depreciation and amortisation after lease costs(EBITDA-AL) on a like-for-like basis stood …

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BP to defend its rights in dispute with Venture Global LNG; other clients weigh options

2 Aug 2023 2 Aug 2023

By Ron Bousso, Curtis Williams and Andrei Khalip LONDON/HOUSTON/LISBON (Reuters) -BP will defend its rights “to the absolute fullest” in an arbitration case against U.S. exporter Venture Global LNG over failing to supply contracted cargoes, Chief Executive Officer Bernard Looney said on Tuesday. Oil companies Shell and <BP BP.L> have separately filed for arbitration against …

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UK’s FTSE 100 at two-week low as surprise US credit rating cut sours mood

2 Aug 2023 2 Aug 2023

By Shashwat Chauhan, Rupali Chaudhary and Khushi Singh (Reuters) -Britain’s FTSE 100 fell over 1% on Wednesday as global risk sentiment took a hit after rating agency Fitch cut the United States’ credit rating, while BAE Systems’ shares jumped after the defence company raised its full-year earnings forecast. The blue-chip FTSE 100 index dipped 1.4%, …

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BAE Systems upgrades forecasts as defence orders at record

2 Aug 2023 2 Aug 2023

By Sarah Young LONDON (Reuters) -Britain’s biggest defence company BAE Systems upgraded its earnings guidance for 2023 to growth of 10%-12%, saying increased global uncertainty had driven military equipment orders to a record level. Shares in the company jumped 4.9% to 979 pence at 0916 GMT. The stock has risen 19% over the last 12 …

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Italy’s parliament poised to approve fiscal reform plan

2 Aug 2023 2 Aug 2023

By Giuseppe Fonte ROME (Reuters) – Italy’s government is poised to clear the final major legislative hurdle in plans to introduce contested fiscal reforms that include tax cuts and will give authorities more leeway to cut deals with corporate and individual tax-dodgers. The Senate will adopt the reform on Wednesday, leaving the lower parliamentary house …

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Poland’s mBank hopes to offer 2% mortgage loan in September

2 Aug 2023 2 Aug 2023

GDANSK (Reuters) -Poland’s mBank expects a drop in write-offs in future quarters from those in the second quarter, its chief executive said on Wednesday. CEO Cezary Stypulkowski also said the bank hopes to offer 2% mortgage loans in September, a special product with state subsidised instalments. “Adjustments to the systems operated by the bank are …

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Surprise US debt downgrade knocks European stocks to two-week lows

2 Aug 2023 2 Aug 2023

By Sruthi Shankar (Reuters) -European shares tumbled to two-week lows on Wednesday, dragged by broad-based losses, as investors fled riskier assets after a surprise downgrade on U.S. credit rating by Fitch. The pan-European STOXX 600 index fell 1.7%, touching its lowest level since July 18. Rating agency Fitch on Tuesday downgraded U.S. debt rating, citing …

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Hugo Boss stays strong amid tough China, U.S. markets

2 Aug 2023 2 Aug 2023

By Linda Pasquini (Reuters) -Hugo Boss has raised its sales and profit outlook after reporting a 20% jump in second-quarter revenues, as a brand revamp and marketing push helped the German fashion house overcome sluggish industry-wide demand in China and the U.S. The premium fashion group has stayed resilient in the slowing U.S. and European …

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Kerry Group sees U.S. destocking easing, positive on China

2 Aug 2023 2 Aug 2023

DUBLIN (Reuters) – Ingredients giant Kerry expects destocking among its North American customers to continue to ease in the third quarter after a number recently effectively finished their inventory reductions, its chief executive said on Wednesday. Edmond Scanlon added that the Irish-based company has seen a good progression in volumes in China over the last …

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Advil maker Haleon raises annual revenue growth forecast on strong demand

2 Aug 2023 2 Aug 2023

(Reuters) -Advil maker Haleon, the world’s largest standalone consumer healthcare firm, on Wednesday raised its annual revenue growth forecast, betting on demand for its oral and respiratory health products despite a cost-of-living squeeze. Consumers are prioritising money towards essential, daily-use products amid an inflation crisis in some parts of the world, boosting sales for companies …

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