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MOSCOW (Reuters) – IKEA will open for business for a final time in Russia on Tuesday, with customers permitted to buy goods in an online-only fire sale before the Swedish furniture company winds down its operations in a market to which it hopes one day to return. “From July 5 for a few weeks you …

IKEA reopens for online fire sale in Russia before market exit Read More »

OSLO (Reuters) – All SAS cabin crew in Norway are now on furlough , a union spokesperson told Reuters on Tuesday. The move comes after pilots at the Scandinavian airline went on strike on Monday. SAS has also filed for bankruptcy protection in the United States, warning strike action by pilots had impacted its financial …

Airline SAS furloughs all Norwegian cabin crew, union says Read More »

LONDON (Reuters) – Growth among British businesses last month was a touch stronger than originally thought but there were further signs of how surging inflation is dragging on new orders, raising fears of a recession, a survey showed on Tuesday. The composite S&P Global/CIPS Purchasing Managers Index – spanning services and manufacturing firms – edged …

UK firms see small pick-up in June but inflation worries mount – PMI Read More »

By Paul Sandle LONDON (Reuters) -British supermarket Sainsbury’s warned the financial pressures building on consumers would “only intensify” this year after it reported a 4% drop in underlying quarterly sales, driven by falling demand for general goods. With inflation surging and customers slashing spending, Britain’s second biggest supermarket said sales of grocery items fell 2.4% …

Sainsbury’s quarterly sales drop 4% as UK consumers cut spending Read More »

(Reuters) – Britain’s equity indexes rose on Tuesday in line with modest gains in Asian markets on hopes of a rollback of U.S. tariffs on China, while supermarket group Sainsbury’s climbed after reporting quarterly sales that matched market expectations. The blue-chip FTSE 100 rose 0.1% by 0715 GMT and the domestically oriented FTSE 250 index …

London stocks edge higher, Sainsbury’s climbs after results Read More »

By Padraic Halpin DUBLIN (Reuters) – Ireland’s reliance on just 10 multinational firms to pay over half of the country’s soaring corporate tax receipts represents an “incredible level of vulnerability” for the economy, the finance ministry’s chief economist warned on Monday. Corporate receipts, mostly generated from big multinationals attracted to Ireland by its low corporate …

Soaring corporate tax an ‘incredible vulnerability’ for Irish economy – official Read More »

By Padraic Halpin DUBLIN (Reuters) – Ireland can increase its budget package for 2023 to help to fight soaring inflation, the finance ministry said on Monday after forecasting a small budget surplus rather than a deficit this year. As a result, ministers have 6.7 billion euros ($7 billion) available for spending increases and tax cuts …

Ireland boosts budget package to fight inflation Read More »

BERLIN (Reuters) – Germany’s energy-intensive companies will be able to apply until the end of August for government aid of up to 50 million euros ($52.10 million) each to cope with soaring gas and power costs, an economy ministry document seen by Reuters on Monday showed. The subsidies will be allocated according to the extent …

German energy-intensive firms may get up to 50 million eur in aid – document Read More »

CAIRO (Reuters) – Egypt’s Suez Canal revenue hit a record high of $7 billion in the financial year to June 30, up 20.7% from the previous year, Canal Authority Chairman Osama Rabea said on Monday. A statement from the authority attributed the rise to an increase in vessel numbers and cargoes, with total cargoes reaching …

Egypt’s Suez Canal revenue hits $7 billion record peak Read More »