Reuters UK Business

By Foo Yun Chee BRUSSELS (Reuters) – Companies that alerted European authorities to cartels in the last 16 years dodged 10 billion euros ($9.97 billion) in potential fines, EU antitrust regulators said on Tuesday as they announced efforts to encourage more whistleblowing. Launched in 1996 and revised several times since then, the European Commission’s leniency …

Whistleblowers dodged $10 billion in EU cartel fines in past 16 years Read More »

By Joseph White and Paul Lienert DETROIT (Reuters) -Investors cheered a solid third quarter at General Motors Co as the automaker’s performance and confidence tamped down growing fears of a global recession. GM shares were up nearly 2% in early trading on Tuesday as the company’s strong North American truck sales and prices drove a …

GM’s strong Q3 results ease investor fears of slowdown Read More »

By Sheila Dang and Eva Mathews (Reuters) -Google parent Alphabet Inc’s disappointing ad sales sparked worries across the digital media sector on Tuesday as advertisers cut back on their spending in the face of an economic slowdown. The negative results shattered many expectations that Google, which is the world’s largest digital advertising platform by market …

Alphabet’s miss fans inflation fears across digital advertising Read More »

By Rajesh Kumar Singh and Abhijith Ganapavaram (Reuters) -General Electric Co on Tuesday trimmed its full-year profit forecast after reporting a decline in third-quarter earnings, primarily due to higher warranty and related reserves at its renewable energy business. The company, however, reported much higher-than-expected free cash flow. Its quarterly revenue also topped Wall Street’s estimates. …

GE cuts full-year earnings forecast on troubles at renewable energy business Read More »

By Dawn Chmielewski (Reuters) -Spotify Technology SA on Tuesday said third-quarter profit margins were squeezed by slow advertising growth, fanning concerns about the weak global economy’s effect on digital advertising. Spotify shares slid 4% in after-hours trading, stung by sector-wide weakness after Google parent Alphabet Inc missed market estimates for quarterly revenue as advertisers cut …

Spotify profit margins squeezed by slow ad growth; stock sinks Read More »

(Reuters) -French tyre maker Michelin on Tuesday cut its full-year free cash flow guidance citing an uncertain demand outlook, soaring cost inflation and continued supply chain disruptions, but posted better-than-expected quarterly sales. The company adjusted its structural free cash flow guidance to 700 million euros having previously anticipated more than 1.2 billion euros, due to …

France’s Michelin cuts cash flow outlook on soaring cost inflation Read More »

FRANKFURT (Reuters) – Newly appointed Fresenius CEO Michael Sen said that the company’s debt-financed growth strategy cannot continue, in an interview in Frankfurter Allgemeine Zeitung’s Wednesday edition. “In the past everything grew and there were returns. But this model is no longer viable,” Sen said, laying out his realignment of the firm following his appointment …

Fresenius CEO signals realignment, confirms call with Elliott – FAZ newspaper Read More »

By Johann M Cherian (Reuters) -UK’s FTSE 100 fell on Tuesday as a sharp drop in the shares of Europe’s largest bank HSBC following a slide in profit dented optimism sparked by Rishi Sunak’s victory in the race to become the new prime minister. HSBC’s shares tumbled 6.9% after the lender’s third-quarter profit slumped 42% …

FTSE 100 drops as HSBC earnings disappoint Read More »

(Reuters) -Premier Inn owner Whitbread said on Tuesday that surging costs for labour, utilities and food would eat into margins in the second half, sending its shares down more than 3% despite reporting better-than-expected first-half results. The hotel chain operator swung to a group profit before tax for the six months ended Sept. 1 of …

Premier Inn owner Whitbread warns of higher costs after returning to profit Read More »