Reuters UK Business

Insurers’ climate alliance loses nearly half its members after more quit

30 May 2023

By Tommy Wilkes LONDON (Reuters) -Three more insurance companies including Tokio Marine have left a United Nations-backed net-zero climate alliance, leaving the group with about half the number of members it counted two months ago as insurers take fright at U.S. political pressure. Some Republican politicians have mounted a campaign against financial institutions collaborating to …

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UK’s FTSE 100 falls as energy stocks slip; Unilever weighs

30 May 2023

By Johann M Cherian and Shashwat Chauhan (Reuters) – UK’s FTSE 100 hit a two-month low on Tuesday, with energy shares leading declines as oil prices slipped, while Unilever dropped after the consumer goods firm announced its chief financial officer would be stepping down. Unilever slipped 3.0% after the Dove soap maker said its CFO …

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UK’s Asda to buy EG petrol stations unit in $2.9-billion deal

30 May 2023

By Paul Sandle LONDON (Reuters) – British supermarket Asda said it would buy the bulk of petrol station operator EG Group’s UK and Ireland business to speed up its move into the convenience sector, creating a company with combined revenue of nearly 30 billion pounds ($38 billion). Asda, Britain’s third-largest grocer, and EG are both …

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Hochschild CEO to step down after 13 years with the miner

30 May 2023

(Reuters) – Hochschild Mining said on Tuesday that Ignacio Bustamante will step down as CEO in late August and be replaced by current chief operating officer Eduardo Landin. Landin has served as COO of the South Americas-focused precious metals miner since 2013 and oversaw the developments of the company’s flagship Inmaculada mine in Peru. Bustamante, …

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ECB warns of hit to top European banks if funds run into trouble

30 May 2023

FRANKFURT (Reuters) – The euro zone’s top banks may take a hit if their financial clients, such as funds, insurers and clearing houses, withdrew their deposits or otherwise ran into trouble, the European Central Bank warned on Monday. The ECB study looked into the risk of spillovers from so-called shadow banks — such as funds …

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France inaugurates first of four gigafactories in the north

30 May 2023

BILLY-BERCLAU, France (Reuters) – France will inaugurate on Tuesday a battery-making gigafactory, the first of four such plants European and Asian companies plan to build in the north of the country. The development by Automotive Cells Company, a joint-venture between Stellantis, Mercedes and TotalEnergies, involves total investment of 2 billion euros ($2.20 billion) – with …

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Siemens Energy plans U.S. power grids push to tap into IRA boost

30 May 2023

By Christoph Steitz HAMBURG (Reuters) – Siemens Energy is considering setting up production in the United States to help modernise the country’s power grid, keen for a slice of what is expected to be a multitrillion-dollar market following the Inflation Reduction Act (IRA). The deliberations are part of a broader rethink at the German power …

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Investors have poured $756 billion into cash funds this year – BofA

30 May 2023

LONDON (Reuters) – Investors have poured $756 billion into cash funds this year, Bank of America said in a note on Friday, attracted by juicy yields and driven by concerns about banks. The rush into money market funds continued in the week to Wednesday, with $23.1 billion flowing into the cash-like instruments, according to BofA, …

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European stocks steady as defensives rise amid US debt deal doubts

30 May 2023

By Sruthi Shankar (Reuters) -European stocks were steady on Tuesday, with defensive sectors in the lead as uncertainty remained on whether Congress will clear a U.S. debt ceiling deal and avert a catastrophic default. The pan-European STOXX 600 index was flat, though trading activity was expected to pick up momentum as the U.S. and the …

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