Reuters UK Business

PARIS/MADRID (Reuters) -Some of the euro zone’s top economies displayed unexpected resilience in the second quarter even as a raft of indicators pointed to renewed weakness ahead, as manufacturing ails and services slow. The French and Spanish economies grew at a sustained pace on the back of stronger exports and tourism, statistics agencies said on …

French, Spanish economies grow at sustained pace in second quarter, Germany stagnates Read More »

PARIS (Reuters) – French luxury group Kering is bulking up its fashion portfolio with the purchase of a 30% stake in Valentino but that will do little to reduce its dependence on weakening top brand Gucci, at least in the short term. After stellar growth between 2015 and 2019, Gucci – which accounts for half …

Valentino deal fails to lift Kering shares as Gucci woes mount Read More »

By Ludwig Burger and Patricia Weiss FRANKFURT (Reuters) – German chemicals giant BASF on Friday cut its budget for investment in plants and equipment this year to preserve cash amid a global downturn in the business cycle. “We have to exercise strict discipline,” when it comes to investments and reducing inventory levels of raw materials, …

BASF cuts investment budget amid downturn Read More »

By Max A. Cherney and Chavi Mehta (Reuters) – Chipmaker Intel on Thursday posted a surprise profit as a PC market slump started to ease, and it forecast third-quarter earnings above Wall Street expectations, sending its shares up about 6%. The market for personal computers has tumbled over the past year, with inventory piling up …

Intel forecasts third-quarter profit above estimates Read More »

(Reuters) -Ford Motor on Thursday raised its annual pre-tax profit expectation, as improving supply chains helped the automaker produce more pickup trucks and crossover family-SUVs to meet sustained demand from consumers. Ford said it will take longer to accelerate EV production to an annualized rate of 600,000 vehicles annually. Previously Ford had said it would …

Ford raises annual pre-tax profit view as supply chain woes ease Read More »

(Reuters) -Mondelez International on Thursday raised its annual 2023 revenue growth forecast for the second time this year, helped by robust demand for the Oreo maker’s snacks and chocolates despite higher prices. Shares of the Cadbury chocolate maker rose 1.6% in after-hours trading as the company also beat second-quarter revenue expectations. Packaged food companies like …

Cadbury-maker Mondelez lifts annual revenue growth forecast on strong demand Read More »

By Ludwig Burger FRANKFURT (Reuters) – Swiss drugmaker Roche needs to have better drug development projects in advanced stages to bolster its battered stock market value, its finance chief said on Thursday. “The point is really the setbacks we had last year in the late-stage pipeline… We have to now fill up the pipeline again …

Roche CFO flags need to bolster late-stage drug development Read More »

LONDON (Reuters) – Britain’s GMB trade union said on Thursday more than a thousand workers at two Amazon fulfilment centres in England would take strike action in early August in an ongoing pay dispute. “This industrial action will spread further: it’s clear the fight for workers’ rights at Amazon is only just beginning,” GMB Senior …

Amazon workers at two UK fulfilment centres to strike in August Read More »