Reuters UK Business

LONDON (Reuters) – The Bank of England set out plans on Thursday to halve punishments for financial misconduct in certain cases where institutions and individuals cooperate early with its investigations. “The changes … introduce options for speedier investigatory outcomes, including through the creation of a new route for early cooperation for subjects of an investigation …

Bank of England sets out plans to boost early cooperation on regulatory enforcement Read More »

(Reuters) -Sales of battery electric vehicles in 2023 are expected to take a hit in the UK from inflationary pressures and lack of charging points, though the overall outlook for British new car registrations has improved, an industry body said on Thursday. The Society of Motor Manufacturers and Traders (SMMT) downgraded its forecast for battery …

UK auto industry body cuts 2023 sales outlook for battery electric vehicles Read More »

BRUSSELS (Reuters) – Euro zone producer prices fell a bit more than expected month-on-month in March, data showed on Thursday, pointing to a further slowdown in consumer prices as the European Central Bank is expected to announce yet another interest rate rise. The European Union’s statistics office Eurostat said prices at factory gates in the …

Euro zone producer prices fall m/m in March Read More »

COPENHAGEN (Reuters) -Volvo Cars will lay off around 1,300 office-based employees in Sweden as it steps up cost cutting, the Sweden-based auto maker said on Thursday. While an earlier efficiency drive had begun to show results, more was needed, CEO Jim Rowan said in a statement. “Economic headwinds, increased raw material prices and increased competition …

Volvo Cars to axe 1,300 jobs as it steps up cost cuts Read More »

(Reuters) – Car sales in Russia leapt by 170.4% year-on-year in April, analytical agency Autostat said on Thursday, with the country’s bruised car market staging a partial recovery from the soaring prices and reduced deliveries of the same month last year. Russia’s auto industry had been heavily reliant on investment, equipment and parts from overseas …

Staging partial recovery, Russia’s April car sales leap 170.4% y/y – Autostat Read More »

By Ron Bousso and Shadia Nasralla LONDON (Reuters) – Shell on Thursday posted first-quarter net profit of $9.65 billion, topping analysts’ forecasts, as strong earnings from fuel trading and higher liquefied natural gas (LNG) sales offset cooling energy prices. The stronger-than-expected profits followed a string of forecast-beating results from rivals including BP and Exxon Mobil …

Shell posts $10 billion profit as trading offset lower energy prices Read More »

By Padraic Halpin DUBLIN (Reuters) -Ireland’s largest mortgage lender AIB revised its full year guidance upwards across the board on Thursday after its total income jumped 70% year-on-year in the first quarter due to record increases in official interest rates. The bank said it expects net interest income of 3.3 billion euros this year versus …

AIB upgrades guidance after 70% jump in first quarter income Read More »

(Reuters) – British investment management firm Baillie Gifford will invest $180 million in electric aircraft maker Joby Aviation, they said on Wednesday. This comes days after Joby clinched a $55 million contract extension to deliver up to nine air taxis to the U.S. Air Force, marking the company’s first revenue-generating operations. Unlike other electric vertical …

Joby Aviation to get investment from Tesla shareholder Baillie Gifford Read More »

By Tim Hepher PARIS (Reuters) – Airbus posted a smaller than expected fall in first quarter core earnings as a strong performance at its helicopters segment helped offset the hit from fewer airplane deliveries and negative currency effects. The world’s largest planemaker reaffirmed production and financial targets, but said the introduction of a freighter version …

Airbus piles pressure on engine maker Pratt as profits fall Read More »