Reuters UK Business

By Praveen Paramasivam, Maria Ponnezhath and Dietrich Knauth (Reuters) -Revlon Inc has filed for bankruptcy after the U.S cosmetics firm buckled under debts it built up in a bid to compete with online-focused upstarts. Known for its nail polishes and lipsticks, the 90-year-old company listed assets and liabilities of between $1 billion and $10 billion …

Revlon files for bankruptcy as online competition takes toll Read More »

By Lawrence White and Gertrude Chavez-Dreyfuss LONDON/NEW YORK (Reuters) -Sterling hit one week-highs against the dollar and euro on Thursday, recouping earlier losses, amid broad weakness in the greenback, as investors bet on a more aggressive tightening by the Bank of England (BoE) over the next few meetings, in line with recent moves from other …

Sterling rises to one-week high on expectations of aggressive BoE Read More »

By Giulio Piovaccari and Nick Carey MARANELLO, Italy (Reuters) – Luxury sportscar maker Ferrari will always produce one car less than wealthy customers want to preserve its uniqueness as it shifts to electric models, Chief Executive Benedetto Vigna said on Thursday as he unveiled the company’s new business plan. Vigna confirmed the carmaker’s plans to …

Ferrari promises ‘even more unique’ electric cars Read More »

(Reuters) – European budget airline Wizz Air said on Thursday it was reinstating a jet fuel hedging policy, to be executed over the next few weeks, and placing additional fuel price caps for the second half of fiscal 2023, as it battles soaring fuel prices. The London-listed airline’s return to fuel hedging comes as the …

Wizz Air reinstates jet fuel hedging policy amid soaring prices Read More »

By James Davey and Paul Sandle LONDON (Reuters) -British online fashion retailers ASOS and Boohoo both cautioned on Thursday that they are being hurt by rising product returns as consumers battle inflation and return to pre-pandemic behaviour. Shares in ASOS slumped 24% by 0828 GMT after it said it would miss profit forecasts after seeing …

Online fashion retailers ASOS, Boohoo weighed down by returns Read More »

MILAN (Reuters) – The European Central Bank will “rapidly” implement a scheme to temper a divergence in the borrowing costs of euro members, ECB Vice President Luis de Guindos said on Thursday, a day after policymakers authorised the design of such an instrument. “We have a full commitment in order to elaborate and to design …

ECB will “rapidly” roll out anti-fragmentation instrument: de Guindos Read More »

By Joice Alves and Julien Ponthus LONDON (Reuters) – Switzerlad’s franc and government bond yields soared on Thursday, after the Swiss National Bank took markets by surprise with a large interest rate hike. The central bank had broadly been expected to stay pat on a -0.75% interest rate that was the lowest in any major …

Swiss franc soars, stocks plunge after surprise 0.5% rate hike Read More »

By Helen Reid JOHANNESBURG (Reuters) – Russia, supported by Belarus, Central African Republic, Kyrgyzstan and Mali, has torpedoed a Western-backed proposal to discuss whether its diamonds are funding war ahead of an international conflict diamond meeting in Botswana, letters seen by Reuters show. The rift in the Kimberley Process (KP), which certifies rough diamond exports, …

Top producer Russia thwarts move to redefine ‘conflict diamonds’ Read More »

By Sruthi Shankar (Reuters) -European stocks tumbled on Thursday after a surprise interest rate hike from Swiss National Bank (SNB) fuelled fresh worries about the impact of inflation on the global economy, while a profit warning from Britain’s ASOS hammered retail shares. Already under pressure at the open after the U.S. Federal Reserve’s big interest …

European stocks hit by surprise Swiss rate hike, ASOS profit warning Read More »