By Oliver Hirt and Tom Sims ZURICH (Reuters) – UBS posted a smaller-than-expected quarterly profit as turmoil in financial markets hurt its investment banking and wealth management businesses, with analysts predicting the Swiss bank will see harsh conditions in the second half as well. The Zurich-based bank kicks off a round of earnings by major …
UBS quarterly profit disappoints, set for challenging second half Read More »
LONDON (Reuters) – British home improvement retailer Wickes has seen signs of softening in both do-it-yourself (DIY) and do-it-for-me (DIFM) markets in recent weeks, it said on Tuesday as it forecast full year profit below market expectations. Home improvement retailers performed particularly well during the pandemic, with more people turning to DIY as they spent …
COPENHAGEN (Reuters) -Freight forwarder DSV raised its annual earnings outlook on Tuesday after benefiting from high freight rates, but said consumer demand and freight rates have slipped slightly over the past few months as economic uncertainty bites. The shipping industry has seen earnings skyrocket as high consumer demand coupled along with pandemic-related supply chain bottlenecks …
DSV raises outlook as global supply snarls keep freight rates high Read More »
WARSAW (Reuters) – Polish banks could potentially face fines of up to 10% of their annual turnover if they make it difficult for mortgage holders to take advantage of payment holidays, the consumer watchdog said on Tuesday, days before the programme comes into effect. The payment holiday scheme, effective from Friday, is intended to help …
Make access to payment holidays easy or face fines, Polish watchdog tells banks Read More »
ZURICH (Reuters) – U.S. regulators are looking into whether UBS Group properly documented communications among staff as part of a wider probe of the sector, the Swiss bank said in notes to its second-quarter results on Tuesday. Last year, Reuters reported that the U.S. Securities and Exchange Commission (SEC) was looking into whether Wall Street …
U.S. watchdogs scrutinise UBS over staff messaging Read More »
By Susanna Twidale LONDON (Reuters) -Drax Group reported a rise in half-year profit on Tuesday, as the British power generator benefited from high electricity prices and strong demand for renewable power amid surging gas prices across Europe. British electricity prices have soared over the past year, pushed higher by record high gas prices following Russia’s …
Britain’s Drax half-year profit jumps on high prices and demand Read More »
By David Shepardson and Patricia Zengerle WASHINGTON (Reuters) -President Joe Biden met virtually on Monday with the chief executives of Lockheed Martin Corp, Medtronic PLC and Cummins Inc along with labor leaders as part of the administration’s push for legislation to boost the U.S. semiconductor industry. “Congress must pass this bill as soon as possible,” …
Biden meets CEOs, labor; backs bill to boost U.S. chips production Read More »
LONDON (Reuters) – British Foreign Secretary Liz Truss, the bookmakers’ favourite to succeed Prime Minister Boris Johnson in a Conservative Party leadership election, said on Monday she would crack down on Chinese-owned tech companies like TikTok if she wins. “We absolutely should be cracking down on those types of companies,” Truss said, when asked in …
UK leadership hopeful Truss says she wants clampdown on firms like TikTok Read More »
ZURICH (Reuters) – Austria is on track to reach its target of topping up its natural gas storage to 80% of capacity by the start of the winter heating season, Energy Minister Leonore Gewessler told broadcaster ORF on Monday. She was speaking after Russia’s Gazprom said gas supplies through the Nord Stream 1 pipeline to …
Austria on track to hit gas storage target – minister Read More »
By Nina Chestney LONDON (Reuters) – Russia’s cut in supplies through its main gas pipeline to Germany will leave countries unable to meet goals to refill storage and Europe’s biggest economy faced with rationing industry to keep its citizens warm during the winter months. Politicians in Europe have repeatedly said Russia could cut off gas …
Analysis – Russian gas flow too low to fill Europe’s storage Read More »
