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FLORENCE, Italy (Reuters) – The head of Italy’s banking lobby urged the European Central Bank (ECB) to consider whether its representatives could find themselves sharing responsibility for lenders’ mistakes if they attend banks’ board meetings. Speaking at a banking seminar, Italian Banking Association President Antonio Patuelli weighed in on the tensions brewing between euro zone …

Italy’s bank lobby warns ECB of risk of attending board meetings Read More »

By Iain Withers LONDON (Reuters) -Shares in British lender Virgin Money leapt 16% on Monday after it reported a jump in full-year profit and investor payouts, as Bank of England rate rises lifted its finances despite a looming economic downturn. Virgin Money reported pre-tax profit of 595 million pounds ($703 million) for the year to …

Virgin Money shares leap on higher profit, investor payouts Read More »

(Reuters) – European shares slipped on Monday, with economically sensitive sectors like miners and industrials leading the losses on worries about the impact of surging COVID-19 cases in China. The pan-European STOXX 600 index was down 0.2% by 0811 GMT, after marking its fifth straight weekly gain on Friday. Asian stocks fell 1.3% as investors …

European stocks slip on worries about China’s COVID curbs Read More »

ZURICH (Reuters) -Julius Baer on Monday said it was on track to reach its 2022 profitability targets, even though “challenging market” conditions have shrunk its assets. Assets under management fell by 11% to 429 billion Swiss francs ($449.07 billion) in the 10 months to Oct. 31, Switzerland’s third-largest listed bank said, as it was hit …

Swiss bank Julius Baer set to meet targets despite market fall Read More »

ZURICH (Reuters) – Nestle’s Nespresso coffee business is launching paper-based compostable capsules to attract customers put off by the Swiss packaged food giant’s metal ones, which despite being recyclable often end up in landfill. Nespresso CEO Guillaume Le Cunff told Reuters that not all customers were aware that its aluminium capsules are recyclable, and may …

Nestle’s Nespresso to sell paper-based compostable coffee pods Read More »

By Dagmarah Mackos (Reuters) – French steel pipemaker Vallourec on Monday reported a 55% jump in quarterly core profit, boosted by higher volumes, higher prices and strong performance of its tube business. “Our tube business continues to improve quarter after quarter driven by a favourable environment due to a worldwide focus on energy security,” CEO …

Higher volumes and prices boost Vallourec’s Q3 earnings Read More »

(Reuters) – Contract caterer Compass Group on Monday forecast its profit growth to be more than 20% in 2023 and margins to be above 6.5%, after reporting a surge in financial year 2022 profit buoyed by new business wins and reopening of economies. The world’s largest catering group more than doubled its dividend to 31.5 …

Contract caterer Compass expects 2023 profit growth to top 20% Read More »

By Crispian Balmer ROME (Reuters) – Italy’s new right-wing government plans to announce some 30 billion euros in new spending on Monday in a budget for next year, mainly focused on curbing the impact of high energy prices while postponing some of its most lavish election promises. The continued energy crisis, triggered by Russia’s invasion …

New Italian government’s budget to boost spending to fight energy crisis Read More »

MADRID (Reuters) – The European mobile towers market is “pretty much closed” as rising inflation makes it harder for companies to finance new deals and the availability of assets declines, the chief executive of Cellnex told the Financial Times. “M&A activity is over. Material, inorganic growth, for the next 24 months is over,” Tobías Martínez …

Cellnex says inflation has shut down European phone masts market – FT Read More »