PARIS (Reuters) – French car parts maker Valeo on Thursday said board member Gilles Michel will become its new chairman of the board, effective Jan. 1, 2023. Michel will replace Jacques Aschenbroich, who will step down on Dec. 31, in line with commitments he made in the context of his appointment as Chairman of French …
Valeo says board member Gilles Michel to become chairman Read More »
BRUSSELS (Reuters) -The European Union should not expect talks with the United States to resolve all the problems it sees in the U.S. Inflation Reduction Act and is not ruling out any potential response, EU trade chief Valdis Dombrovskis said on Thursday. The EU argues that the $430 billion act, which grants consumers tax credits …
EU expects only partial fix from talks on U.S. green subsidy law Read More »
(Reuters) – Italian construction group Webuild said it had provided funds for payment of wages to cash-strapped contractor Clough Group’s employees, who are involved in the Snowy 2.0 project in Australia. “Webuild’s funding will ensure that works will continue on this project and that all of the workers and contractors involved in the Snowy 2.0 …
Italy’s Webuild to fund wages for Clough employees involved in Snowy 2.0 project Read More »
By Saqib Iqbal Ahmed NEW YORK (Reuters) – A breathtaking surge in the U.S. dollar trampled foreign currencies, gouged corporate profits and gave investors one of the year’s few winning trades. Though the greenback has stumbled in recent weeks, recession worries may keep it elevated in 2023. At its September peak, the dollar stood at …
Recession worries could support dollar after monstrous 2022 rally Read More »
By Jörn Poltz MUNICH (Reuters) – Wirecard’s former chief executive, who steered the payments company through its rise and spectacular collapse two years ago, went on trial for fraud on Thursday after a scandal that shook German politics and tarnished the country’s business reputation. The 53-year-old former CEO Markus Braun, who has been in custody …
Wirecard bosses’ fraud trial begins after scandal that rocked Germany Read More »
(Reuters) – The UK’s anti-trust regulator fined German luxury carmaker BMW 30,000 pounds ($36,519) plus a further daily penalty of 15,000 pounds on Thursday over a disputed information request related to an ongoing auto industry probe. The Competition and Markets Authority (CMA) said it believes BMW holds information important to the probe it launched in …
BMW fined by UK watchdog over information request Read More »
By Katie Paul and Diane Bartz SAN JOSE, Calif./ WASHINGTON (Reuters) -The Biden administration on Thursday kicked off a high-profile trial to try to prevent Facebook parent Meta Platforms Inc from buying virtual reality app developer Within Inc. The FTC sued in July to stop the deal, saying Meta’s acquisition of Within would “tend to …
Meta battles U.S. antitrust agency over future of virtual reality Read More »
By Francesca Landini, Julia Payne and Giuseppe Fonte MILAN (Reuters) – Russia’s Lukoil and U.S. private equity firm Crossbridge are close to a deal for the sale of the Russian group’s refinery in Sicily, Italy, three sources with knowledge of the matter said on Thursday. The agreement between Lukoil and Crossbridge, which is supported by …
Exclusive-Lukoil, U.S. private equity nearing deal on Sicilian refinery – sources Read More »
(Reuters) – The sale of a Shell Plc and Exxon Mobil Corp oil-production joint venture in California has been pushed back to the first quarter of next year for U.S. regulatory approvals, the companies said on Thursday. German asset manager IKAV in September agreed to pay $4 billion for Aera Energy, a Shell-Exxon business that …
Shell, Exxon face delays in exiting California oilfield Read More »
FRANKFURT (Reuters) – Proposed European Union rules aimed at tempering natural gas price spikes may actually jeopardize financial stability and need to be redesigned, the European Central Bank said on Thursday in a formal opinion. The EU proposed a “market correction mechanism” last month aimed at tempering natural gas prices and market volatility after a …
EU’s gas price cap scheme could backfire, raise volatility -ECB Read More »
