Reuters UK Business

By Lucy Raitano LONDON (Reuters) – Sterling rose to its highest since last June on Thursday, as the dollar hovered at a two-month low after a slowdown in U.S. inflation, while data showed the UK economy essentially stagnated in February. Britain’s economy showed no growth in February as strikes by public workers hit output, but …

Sterling rises to 10-month high, shakes off weak UK economy Read More »

By Gilles Guillaume PARIS (Reuters) -Renault said on Thursday it had entered a long-term commercial partnership with French start-up Verkor to produce batteries for the carmaker’s premium and Alpine electric models. The targeted capacity of 12 gigawatt hours (GWh), enough to power more than 100,000 vehicles, would make Renault the biggest client of Verkor’s planned …

Renault plugs into premium EV battery deal with start-up Verkor Read More »

LONDON (Reuters) – The Bank of England said on Thursday it had fined Carlos Abarca, the former chief information officer of TSB Bank Plc, 81,620 pounds ($102,115) for his failure to adequately manage a 2018 IT migration programme which led to widespread disruption. “The PRA has fined Mr Abarca because his management of a key …

Bank of England fines former TSB executive over 2018 IT failure Read More »

(Reuters) – World’s biggest spirits company Diageo Plc said on Thursday that it intended to submit applications for delisting its shares from Euronext Paris and Euronext Dublin. The maker of Johnnie Walker whisky, Tanqueray gin and Don Julio tequila said in a statement that the decision followed a review of the company’s trading volumes, costs …

Johnnie Walker maker Diageo intends to delist from Euronext Paris, Dublin Read More »

BRUSSELS (Reuters) – Euro zone industrial output was stronger than expected in February, data showed on Thursday, mainly thanks to a rise in production of capital and non-durable consumer goods. The European Union’s statistics office Eurostat said industrial production in the 20 countries sharing the euro rose 1.5% month-on-month in February for a 2.0% year-on-year …

Euro zone industrial output stronger than expected in Feb Read More »

KYIV (Reuters) – Ukraine’s gross domestic product (GDP) fell by 29.1% in 2022 as Russia’s full-scale invasion battered the economy, the state statistics service said late on Wednesday. The final 2022 GDP figure was slightly better than the 30% drop previously forecast by the government. Moscow’s Feb. 2022 invasion has killed tens of thousands, uprooted …

Ukraine’s GDP fell 29.1% in 2022 during Russia’s invasion Read More »

LONDON (Reuters) -British lenders expect to rein in the supply of new mortgages in the coming quarter but there was scant sign of a wider credit crunch following recent stress in the global banking system, a Bank of England survey showed on Thursday. The BoE said lenders plan to restrict the supply of secured lending …

UK lenders see weak mortgage lending, but no wider credit crunch: BoE Read More »

By Bansari Mayur Kamdar (Reuters) – European shares edged higher on Thursday, supported by gains in luxury stocks after LVMH posted strong first-quarter sales and hopes of a pause in the U.S. Federal Reserve’s rate hike cycle following cooler-than-expected inflation data. The pan-European STOXX 600 inched up 0.1% by 0824 GMT, as investors looked past …

Luxury shares lift Europe’s STOXX 600, French stocks hit record high Read More »

LONDON (Reuters) – British consumers will maintain a focus on value in 2023 as they continue to battle inflation, the boss of the country’s biggest retailer Tesco said on Thursday. “The consumer trends that we would expect to see continue in 2023 is that (shoppers) will continue to look for competitive prices and value very …

UK consumers to stay focused on value in 2023, says Tesco boss Read More »