Reuters UK Business

By Susanna Twidale LONDON (Reuters) -Swedish utility Vattenfall said on Thursday it would stop development of its British Norfolk Boreas offshore wind project due to rising costs, and warned that Britain could struggle to meet its wind targets without improved incentives. The 1.4 gigawatt (GW) project, which was scheduled to begin producing electricity in the …

Vattenfall halts project, warns UK offshore wind targets in doubt Read More »

STOCKHOLM (Reuters) -Shares in Electrolux tracked their worst day since 2011 after Europe’s biggest home appliances maker swung to a loss in the second quarter as cash-strapped shoppers opted for cheaper products and demand from residential property builders slowed. The Swedish group said organic sales fell 8% as sales volumes shrank significantly due to continued …

Electrolux swings to loss as shoppers shift to cheaper appliances Read More »

By Chavi Mehta (Reuters) – Enterprise software provider IBM’s second-quarter revenue fell short of Wall Street expectations on Wednesday, bogged down by a decline in sales of its mainframe computers as businesses cut tech spending. IT companies have warned of more pain as businesses striving to cut costs in the face of rising inflation snip …

IBM misses second-quarter revenue estimates as tech spending cools Read More »

By Pete Schroeder and Chris Prentice WASHINGTON (Reuters) -The Federal Reserve said on Wednesday it fined Deutsche Bank and its U.S. affiliates $186 million for failing to sufficiently address money laundering control problems and other shortcomings previously flagged by the U.S. central bank. The new penalty for lingering issues marks the latest blow for the …

US Fed fines Deutsche Bank $186 million for slow progress against money laundering Read More »

(Reuters) – Netflix has removed its basic plan in the U.S. and UK in which users could watch shows and movies without commercials, as the company tries to draw more subscribers to its ad-supported tier. The company said on its website the $9.99-a-month basic plan would no longer be available for new or rejoining members. …

Netflix scraps cheapest ad-free plan to boost ad-tier Read More »

By Mimosa Spencer and Silvia Aloisi PARIS (Reuters) -Kering shares rose more than 6% on Wednesday as investors cheered news of a major management reshuffle at the luxury group, aimed at reviving sales at star label Gucci. Gucci has lagged rivals LVMH and Hermes in recent years, struggling to keep pace with their rebound from …

No quick fix for Gucci as investors cheer management overhaul Read More »

By Victoria Waldersee BERLIN (Reuters) -Tesla has requested approval from German local authorities to make sweeping changes to its factory near Berlin, a key next step in its ambitious plan to expand the site into Europe’s biggest car plant. A day after Tesla sought to assuage local concerns with a question-and-answer session on the expansion, …

Tesla lays out steps to building Europe’s biggest car plant Read More »