Reuters UK Business

MILAN (Reuters) – Italian energy group Eni said on Wednesday it had agreed to acquire BP’s business in Algeria, including two major gas fields. The acquisition will further contribute to Europe’s gas needs and strengthens Eni’s presence in Algeria, the Italian group said in a statement. (Reporting by Francesca Landini, editing by Cristina Carlevaro)

MADRID (Reuters) – Europe has to rethink its energy transition as it is now preventing investments in certain energy sources for ideological and not technological reasons, Chief Executive Officer of Repsol Josu Jon Imaz said on Wednesday. Imaz said the Russian invasion of Ukraine was not the only reason for the hike in gas prices. …

Repsol’s CEO: Europe has to rethink its energy transition Read More »

BRUSSELS (Reuters) – Euro zone economic growth was stronger than previously estimated in the second quarter, data showed on Wednesday, as household spending recovered after half of year of stagnation despite the squeeze on disposible income from spiraling inflation. The European Union’s statistics office Eurostat said gross domestic product in the 19 countries using the …

Euro zone Q2 growth revised up, supported by household spending Read More »

By Shreyashi Sanyal (Reuters) – European shares fell on Wednesday, with miners leading losses, as investors fretted over global demand outlook for metals following lacklustre trade data from China, while Ubisoft slid as a deal with Tencent dampened its buyout prospects. Miners exposed to China lost 2.0% by 0828 GMT, while the European oil & …

European shares fall as miners tumble on weak China demand Read More »

PARIS (Reuters) -Champagne production in France is expected to almost double this year, with overall wine production up 16% compared with frost-ravaged 2021 output, although drought and heatwaves have curbed prospects in some regions, the farm ministry said on Wednesday. Overall wine production was projected at 44.0 million hectolitres this year, in the middle of …

France to make twice as much Champagne this year, more wine Read More »

(This September 2 story corrects to show Germany plans to build five LNG terminals not two) By Nina Chestney LONDON – The Nord Stream 1 pipeline that transports Russian gas to Germany will undergo further maintenance, Gazprom said on Friday after scrapping a Saturday deadline to resume flows, deepening Europe’s difficulties in securing fuel. Gazprom …

Europe’s alternatives if Russia shuts off gas supply Read More »

By Tom Wilson LONDON (Reuters) – Sterling slipped against a rampaging dollar on Wednesday, lingering near 2-1/2 year lows. The pound was down 0.1% at $1.15045 by 0825 GMT, after falling as low as $1.14545 in early trading. Sterling had reached as high as $1.1609 a day earlier as media reports offered new details about …

Sterling slips against charging dollar Read More »

LONDON (Reuters) – The cost of insuring exposure to Britain’s sovereign debt rose by 2 basis points on Wednesday, hitting levels last seen in June 2020 when markets were recovering from the COVID-19 rout, after Liz Truss took over as prime minister. Five year credit default swaps climbed to 27 bps after closing at 25 …

UK credit default swaps hit fresh 27 month high Read More »

FRANKFURT (Reuters) – UniCredit Chief Executive Andrea Orcel said on Wednesday Italy’s second biggest bank expected a “relatively shallow” recession in Europe followed by a rebound in 2024. Speaking at a financial conference in Frankfurt, Orcel said the European Central Bank was in a difficult position having to strike the right balance between fighting inflation …

UniCredit CEO sees “shallow” recession ahead Read More »