By Marie Mannes (Reuters) – Marlboro maker Philip Morris International (PMI) is going ahead with its $16 billion takeover of Swedish Match despite securing slightly less than the 90% stake it wanted, as the U.S. group presses on with its shift away from cigarettes. PMI said on Monday it had secured 82.59% of the Swedish …
Philip Morris clinches Swedish Match after smoking out opposition Read More »
MILAN (Reuters) -Shares in UniCredit fell on Monday after a report of tensions between Italy’s only bank that regulators deem of global systemic relevance and European Central Bank supervisors. Shares in UniCredit fell 3.3% by 0835 GMT against a flattish sector, with a Milan-based trader saying the report by the Financial Times had triggered profit …
Shares in UniCredit hit by report of friction with ECB Read More »
PRAGUE (Reuters) – Czech interest rates will stay relatively high for some time and a cut cannot be expected yet with cost inflation pressures from abroad still strong, central bank Governor Ales Michl said on Monday. Michl wrote in a commentary in daily Mlada Fronta Dnes (MfD) that demand pressures from the domestic economy were …
Czech central bank head says rates to stay high for some time Read More »
MADRID (Reuters) – Spanish stock market regulator CNMV on Monday authorised Siemens Energy’s 4.05 billion euro ($4 billion) bid on the shares in its Spanish unit Siemens Gamesa it does not own. Siemens Energy announced in May a plan to buy the remaining third of Siemens Gamesa it does not own. According to a timeline …
Spanish regulator authorises Siemens Gamesa’s takeover by parent company Read More »
(Reuters) – UK’s export-oriented FTSE 100 started the week on a lacklustre note, dragged down by energy and mining stocks, as China dampened hopes of a rebound in commodity demand after it reiterated its zero-COVID policy to curb outbreaks. The blue-chip FTSE 100 fell 0.5% on Monday, while the mid-cap FTSE 250 was down 0.1% …
Miners, energy stocks drag FTSE 100 as China upholds COVID policy Read More »
PARIS (Reuters) – French construction group Vinci said on Monday that it denied accusations made about working conditions on its work sites in Qatar, and that it would continue to co-operate with the courts over the matter. “The Vinci Group confirms that its subsidiary VINCI Construction Grands Projets has been summoned by the Nanterre investigating …
French company Vinci denies accusations over its Qatar work sites as court hearing looms Read More »
(Reuters) – European shares opened lower on Monday as mining and luxury stocks fell after hopes of an easing in China’s strict COVID-19 measures were quashed over the weekend. The benchmark STOXX 600 index slid 0.5% by 0805 GMT, following four straight weeks of gains. China-exposed European miners fell 0.6%, while luxury stocks, including LVMH, …
European shares open lower as mining, luxury stocks fall Read More »
(Reuters) -The CEO of Dutch mail company PostNL on Monday said business is suffering from high inflation and low consumer confidence, leading to fewer packages being sent. The company, which was reporting third-quarter earnings that confirmed an October profit warning, said the macroeconomic background is becoming increasingly difficult. “It has clearly impacted consumer spending,” Herna …
PostNL warns of growing at inventory at online retailers Read More »
By William Schomberg LONDON (Reuters) -The risk of a two-year recession in Britain, flagged this week by the Bank of England, underscores the high stakes for Prime Minister Rishi Sunak and his finance minister Jeremy Hunt as they prepare to announce major tax increases and spending cuts. The BoE said on Thursday that Britain’s economy …
Bank of England’s recession warning turns spotlight to UK budget plan Read More »
BERLIN (Reuters) – Germany will spend 83.3 billion euros ($83 billion), or 42% of a major protection scheme launched last month, to finance a cap on gas and power prices in 2023 in a bid to protect Europe’s top economy, according to a draft proposal seen by Reuters. The figures provide a more granular breakdown …
Germany earmarks $83 billion for gas, power price cap in 2023 -draft Read More »
