Reuters UK Business

By Yadarisa Shabong (Reuters) -International Distributions Services is targeting a return to profit this financial year after its UK business Royal Mail made a 1 billion pound ($1.26 billion) loss last year, partly the result of strikes in a long-running pay dispute. More than 115,000 postal workers at Royal Mail held a total of 18 …

Royal Mail owner sees return to profit after losses due to strikes Read More »

(This May 17 story has been corrected to clarify that the token is called XRP, not Ripple, in paragraph 9) By Elizabeth Howcroft LONDON (Reuters) – U.S. crypto firm Ripple has bought Switzerland-based crypto custody firm Metaco for $250 million, in its first major acquisition, Ripple said on Wednesday. Metaco makes technology which allows financial …

Ripple buys crypto custody firm Metaco for $250 million Read More »

By Foo Yun Chee BRUSSELS (Reuters) – U.S. chipmaker Broadcom has offered interoperability remedies in an effort to address European Union antitrust concerns over its $61 billion VMware bid, people familiar with the matter said. Broadcom submitted its proposal on Tuesday, a European Commission filing showed. The EU competition enforcer, which did not provide details …

Broadcom offers VMware interoperability remedies to address EU concerns -sources Read More »

By Ron Bousso LONDON (Reuters) – BP is considering buying stakes in biofuel feedstock producers and investing directly in farming ventures to secure supplies as the global race for the low-carbon fuel gathers pace, a senior executive told Reuters. Fuels made from vegetable oil, waste cooking oil and grease are expected to play a central …

BP targets farms and feedstock as biofuel race gathers pace Read More »

By Huw Jones LONDON (Reuters) – European Union rules for the near 20 trillion euro ($22 trillion) investment and hedge funds sector should be changed to stop investors being overcharged, the bloc’s securities watchdog said on Wednesday, with fines imposed for breaches. The EU is due to publish draft rules next week to improve protection …

EU watchdog says asset managers should be fined for overcharging Read More »

By Huw Jones LONDON (Reuters) -The European Union’s executive body said on Wednesday it has formally adopted a draft memorandum of understanding (MoU) to allow financial regulators from Britain and the bloc to cooperate more closely, though stopping short of market access. Britain’s EU exit largely severed its financial sector’s previously unfettered access to the …

EU pushes forward with post-Brexit forum for EU, UK financial regulators Read More »

BERLIN (Reuters) -German carmaker Volkswagen plans to overhaul its core brand to increase efficiency and returns, according to an internal memo from VW brand chief Thomas Schaefer seen by Reuters on Wednesday. “We can see that our brand – despite all its strengths – is not yet on a sufficiently solid economic footing,” Schaefer wrote …

Volkswagen plans core brand revamp to boost returns -internal memo Read More »

By Kane Wu HONG KONG (Reuters) – UBS Group AG was rushed into buying cross-town rival Credit Suisse Group AG in a deal it did not want, as a global bank crisis worsened the latter’s finances and prompted authorities to take swift action, a regulatory filing showed. UBS, in a Tuesday filing to the U.S. …

UBS says it was rushed into unwanted Credit Suisse rescue merger Read More »

SAO PAULO (Reuters) – Brazil’s antitrust regulator Cade on Wednesday recommended the approval of the sale of Natura & Co’s Aesop brand to French cosmetics company L’Oreal, according to the country’s daily gazette. Last month, L’Oreal agreed to buy Australian luxury brand Aesop from Natura for an enterprise value of $2.53 billion. Under the regulator’s …

Brazil’s antitrust watchdog approves L’Oreal deal to buy Aesop Read More »