Reuters UK Business

By Carolina Mandl and Svea Herbst-Bayliss NEW YORK (Reuters) -Big market swings in March sparked by a banking crisis hurt some hedge fund returns with global macro firm Rokos Capital Management reporting double digit losses. Firms that concentrate on stocks, however, rode a late month market rally to small gains, according to investors and industry …

Roller coaster March puts macro hedge funds in red, others post small gains Read More »

BERLIN (Reuters) -Switzerland has instructed Credit Suisse to cancel or reduce all outstanding bonus payments for the top three levels of management and examine whether those already paid can be recovered, the Federal Council said on Wednesday. Under Swiss banking law, the Federal Council can impose bonus-related measures on a systemically important bank if it …

Switzerland cuts bonus payouts for top Credit Suisse management Read More »

LISBON (Reuters) – A Portugal-based European consumer protection group has sued short-video app TikTok for allegedly allowing children aged under 13 to sign up for an account without parental consent and failing to implement measures to protect them. The lawsuit came a day after Britain’s data watchdog said it had fined TikTok 12.7 million pounds …

Portuguese NGO sues TikTok, says platform ‘profits from children’ Read More »

By David Shepardson NEW YORK (Reuters) -Chrysler parent Stellantis NV on Wednesday unveiled its new electric Ram pickup truck, which is poised to debut on the market late in 2024 as a key part of the French-Italian automaker’s strategy to electrify its vehicle lineup. The 2025 model year Ram 1500 REV, introduced at the New …

Stellantis unveils Ram EV pickup, to debut late in 2024, at New York auto show Read More »

By Kate Abnett BRUSSELS (Reuters) – The European Union is set to begin negotiations on a law to slash the use of super-potent greenhouse gases in fridges and air conditioners, but countries and lawmakers are split over how fast to phase them out. EU countries on Wednesday agreed their position for negotiations on the law …

EU plans faster phaseout of super-potent greenhouse gases Read More »

LONDON (Reuters) -Zurich Insurance Group said on Wednesday it was withdrawing from the Net Zero Insurance Alliance (NZIA), becoming the second founding member to quit the climate group in less than a week. Part of the Glasgow Financial Alliance for Net Zero (GFANZ) umbrella group of sectors pushing to decarbonise, NZIA members have faced growing …

Zurich Insurance becomes second firm to quit climate alliance Read More »

FRANKFURT (Reuters) -German insurance company Allianz said on Wednesday it does not intend to renew a policy for the Nord Stream 1 project when it expires in late 2023. Allianz said it was part of an insurance consortium that provided coverage for the pipeline’s four European-based minority shareholders. “The policy will expire in late 2023, …

Germany’s Allianz does not intend to renew Nord Stream 1 policy Read More »

By Noele Illien BASEL (Reuters) -UBS executives told shareholders on Wednesday that its unexpected takeover of Swiss rival Credit Suisse in the biggest bank rescue since the global financial crisis was a milestone for the industry and a major challenge for the bank. Describing the transaction as “the first merger of two globally systematically important …

UBS tells investors shotgun Credit Suisse takeover a ‘major challenge’ Read More »