Reuters UK Business

By Anisha Sircar (Reuters) -European shares firmed on Thursday on a boost from oil stocks ahead of minutes from the last policy meeting of the bloc’s central bank, although gains were capped on mounting concerns of a recession induced by an energy crisis. The pan-European STOXX 600 rose 0.6% in early trade to 434.5, eyeing …

Energy stocks boost European shares ahead of ECB minutes Read More »

OSLO (Reuters) – Current gas prices in Europe are not sustainable and are at risk of a reversal, said Oeystein Bergsvik, Equinor’s vice president for commercial and portfolio in the company’s Norwegian unit, on Thursday. “I’m a bit worried by current price levels. Gas prices today amount to $500-$600 per barrel of oil equivalent and …

Current gas price in Europe not sustainable, Equinor VP says Read More »

By Nina Chestney LONDON (Reuters) – Centrica-owned British Gas said it would increase support for customers ahead of a rise in a price cap on default tariffs by contributing 12 million pounds ($14 million) of its 98 million first-half pre-tax profit to an energy support fund. Britain’s energy market regulator Ofgem is expected to announce …

British Gas to donate more to energy support fund ahead of winter Read More »

LONDON (Reuters) – British consumers’ spending on credit and debit cards fell by four percentage points over the week to Aug. 18, weekly data collated by the Office for National Statistics showed, adding to signs of how households are feeling the hit from high inflation. Credit and debit card spending – based on Bank of …

UK consumers, facing inflation leap, cut spending on cards again Read More »

PARIS (Reuters) – Car production at Stellantis’ Sochaux car plant in France will be suspended until Saturday, the company confirmed to Reuters, after a union official cited semiconductor shortages as the reason for the interruption. Earlier this summer, chip shortages affecting one of its main suppliers led to forced production stoppages at the historic Peugeot …

Stellantis plant in Sochaux halted over chip shortage Read More »

BERLIN (Reuters) – German business morale in August fell to its lowest reading since June 2020 amid high uncertainty due to the Ukraine war and fears of economic downturn in the third quarter, a survey said on Thursday. The Ifo institute’s closely watched business climate index fell for a third consecutive month but less than …

German business sentiment falls less than expected in August Read More »

By Natalie Grover and Silke Koltrowitz ZURICH/LONDON (Reuters) -Novartis plans to spin off its generics unit Sandoz to sharpen its focus on its patented prescription medicines, the Swiss group said on Thursday, acknowledging it had not received any formal offers for the business to date. The company started a strategic review of Sandoz last October …

Novartis to spin off Sandoz to create Europe’s leading generics player Read More »

(This content was produced in Russia, where the law restricts coverage of Russian military operations in Ukraine.) IZHEVSK, Russia (Reuters) – Russia’s record employment signals a surprisingly smooth decoupling from the West. Its rapid replacement of McDonald’s and Starbucks says business as usual. Yet pressures are building inside its economic machine. Six months into the …

In isolated Russia, a tale of two economies Read More »

By Humza Jilani LONDON(Reuters) -Britain’s next prime minister must adopt radical ideas – such as discounted power tariffs, energy bill freezes or a “solidarity” tax hike for higher earners – to cushion the energy price shock for a broad swathe of households, a think-tank said on Thursday. A day before a latest big jump in …

New UK PM must be radical to stop power bill catastrophe – think tank Read More »