Reuters UK Business

By Victoria Waldersee BERLIN (Reuters) -Porsche AG warned on Wednesday that supply chain problems were hampering battery-electric vehicle (BEV) production and pointed to slower growth in Europe and China, but kept its BEV sales target on the basis that luxury demand was more resilient to downturns. The carmaker is facing “major challenges” in securing special …

Porsche’s EV sales target under threat from supply chain snags Read More »

By Iain Withers and Lawrence White LONDON (Reuters) – Lloyds Banking Group reported a higher charge for troubled loans and missed first-half profit expectations as Britain’s economic chills weighed on its finances and upped pressure on management to do more to help struggling savers. Britain’s biggest mortgage lender reported pre-tax profit of 3.9 billion pounds …

Lloyds half-year profit underwhelms amid mounting pressure to help savers Read More »

By Giulio Piovaccari and Gilles Guillaume MILAN (Reuters) -Revenue and operating profit grew at Stellantis in the first half to beat estimates, with CEO Carlos Tavares saying the automaker would have to accelerate cost cutting to keep profitability strong in a more challenging pricing environment. The world’s third largest automaker by sales said on Wednesday …

Stellantis tops forecasts, looks to cost cuts to keep margins strong Read More »

By Greg Bensinger, Akash Sriram and Max A. Cherney SAN FRANCISCO (Reuters) -Alphabet’s second-quarter profit exceeded Wall Street expectations on Tuesday and the Google parent announced that its long-time CFO, Ruth Porat, would assume a new role while the company sought a new finance chief. Alphabet’s results were helped by steady demand for its cloud …

Alphabet profit beats expectations, CFO Porat to assume new role Read More »

By Yuvraj Malik and Stephen Nellis (Reuters) -Microsoft on Tuesday surpassed Wall Street estimates for fourth-quarter revenue and profit as its cloud business benefited from product upgrades featuring new artificial intelligence (AI) technology. But costs rose sharply from the previous quarter as it built new data centers to support AI, and its shares ticked down …

Microsoft beats quarterly estimates as AI boosts cloud business and spending Read More »

LONDON (Reuters) -A proposed 2.7 billion pound ($3.5 billion) mass lawsuit against major banks including JPMorgan and Citigroup over alleged foreign exchange rigging was revived by a London court on Tuesday. The case was originally brought by Phillip Evans, a former inquiry chair at Britain’s Competition Markets Authority, on behalf of thousands of asset managers, …

London court revives $3.5 billion mass forex lawsuit against banks Read More »

By Christoph Steitz and Urvi Manoj Dugar FRANKFURT/BENGALURU (Reuters) -Bailed-out utility Uniper expects billions in euros in profits in 2023 as a result of more favourable than expected gas price developments and is weighing repaying part of the state aid it received from Berlin to save it from collapse. Frankfurt-listed shares in the company, which …

Bailed-out Uniper upgrades outlook, weighs repaying state aid Read More »

By Foo Yun Chee BRUSSELS (Reuters) – Meta Platforms offered to curb the use of competitors’ advertising data for its Facebook Marketplace online classified service in an attempt to settle an EU antitrust investigation but regulators gave it the cold shoulder, people familiar with the matter said. Its offer also included limiting the use of …

Exclusive-EU regulators rebuff Meta’s offer to curb use of ad data, sources say Read More »