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MADRID (Reuters) – The European Central Bank will keep raising interest rates until it brings inflation down to around its 2% mid-term goal even though the euro zone economy is heading towards recession, ECB Vice-President Luis de Guindos said on Wednesday. De Guindos did not elaborate on the magnitude of the potential next interest rate …

ECB will keep raising rates despite recession risk in euro zone, De Guindos says Read More »

By Promit Mukherjee and Toby Sterling AMSTERDAM (Reuters) -Technology investor Prosus NV said on Wednesday it would launch a cost cutting drive as it seeks to turn a profit in its core businesses within in two years. Tech companies globally are slashing costs, including by laying off staff, as inflation and rising interest rates have …

Prosus goes on cost-cutting drive, targets profit in 2 years Read More »

(Reuters) – European stocks hovered near three-month highs on Wednesday, as rallying commodity shares offset weakness in Credit Suisse following its profit warning, with investors awaiting business activity data for clues on the health of the euro zone economy. The Europe-wide STOXX 600 index was flat by 0805 GMT, after hitting its strongest level since …

European shares hover near 3-month highs ahead of PMI data Read More »

By Jan Schwartz HAMBURG (Reuters) -Volkswagen on Wednesday agreed a two-year wage deal for workers at its western German factories, offering around 8.5% more pay, which was below inflation but above what other employers have yielded in recent weeks. The deal, affecting around 125,000 of the carmaker’s employees, would have been considered exceptionally generous until …

Volkswagen strikes below-inflation wage deal, continues German trend Read More »

By David Milliken LONDON (Reuters) – British economic activity fell at close to its fastest pace in nearly two years in November, adding to signs of recession as orders sank and employment growth slowed, a survey showed on Wednesday. The ‘flash’ or preliminary version of the IHS Markit/CIPS composite purchasing managers’ index (PMI) for Britain …

UK PMI sticks near 21-month low as orders weaken Read More »

(Reuters) -Banknote printer De La Rue Plc warned on Wednesday that annual profit would miss market estimates and reported a plunge in half-year results due to subdued currency markets as governments used up the vast stocks built up during COVID-19. Shares in the London-listed company plunged 23% to 77 pence at 0830 GMT. De La …

Bank note printer De La Rue slumps as it warns on annual profit Read More »

By John Revill ZURICH (Reuters) -Credit Suisse expects to make a pre-tax loss of up to 1.5 billion Swiss francs ($1.58 billion) in its fourth quarter, as the Swiss bank prepares to seek shareholder approval for a $4 billion fundraising. The bank said on Wednesday “challenging” economic and market environment had had an adverse effect …

Credit Suisse flags fourth-quarter loss of up to $1.58 billion Read More »

(Reuters) -Italy’s largest regional utility A2A on Tuesday scaled back its investments aimed at reducing its carbon footprint, as volatility in energy markets prompted the company to rethink investment plans, sending shares down as much as 6%. The Milan-based utility said it now planned to invest 16 billion euros ($16.53 billion) by 2030 to focus …

Italy’s A2A trims green investment plan citing economy, volatile markets Read More »

(Reuters) – The downturn in euro zone business activity eased slightly in November but overall demand continued to decline as consumers cut spending amid a cost of living crisis, a survey showed on Wednesday. There has been mounting evidence the bloc is entering a recession and in a Tuesday Reuters poll economists gave a 78% …

Euro zone downturn eased in Nov but demand still falling-PMI Read More »

MOSCOW (Reuters) – President Vladimir Putin said on Wednesday Russian officials would work to unblock Russian fertilisers stuck in European ports and to resume ammonia exports via a pipeline through Ukraine. At a meeting with Russian businessman Dmitry Mazepin, who gave up control of fertiliser producer Uralchem-Uralkali after he was hit by EU sanctions in …

Putin promises further efforts to unblock more Russian fertiliser exports Read More »