Reuters UK Business

By Jonathan Cable LONDON (Reuters) -Growth in euro zone business activity slowed this month but was still relatively strong despite a cost of living crisis putting a dent in consumer spending power and a shortage of raw materials holding back expansion in manufacturing, a preliminary survey showed. S&P Global’s flash Composite Purchasing Managers’ Index (PMI), …

Euro zone business growth slowed in May but still resilient -PMI Read More »

FRANKFURT (Reuters) -European Central Bank President Christine Lagarde said on Tuesday she saw the ECB’s deposit rate at zero or “slightly above” by the end of September, implying an increase of at least 50 basis points from its current level. Her comments kept speculation alive about bigger ECB rate hikes this summer to fight record-high …

ECB’s Lagarde sees rate at zero or slightly above by September Read More »

FRANKFURT (Reuters) – Gorillas will lay off 300 people, cutting its administrative staff in half, as the German grocery delivery app shifts focus from rapid expansion to turning a profit, Chief Executive Kagan Sumer said. The Berlin-based startup, founded in 2020, has tripled the size of its business since October when it raised 860 million …

German grocery app Gorillas to cut staff in search of profit Read More »

(Reuters) – The owners of British restaurant chains Wagamama and Upper Crust warned on Tuesday inflation would worsen this year as the war in Ukraine exacerbates a rise in food, commodity and energy prices. The warnings come as British households face a major cost-of-living squeeze from the highest inflation in four decades and restaurant operators …

British restaurant chains gird for sharper sting from inflation Read More »

BERLIN (Reuters) -The European Union will likely agree an embargo on Russian oil imports “within days,” Germany’s economy minister said on Monday, but making a dent in Russia’s war chest may require capping global oil prices. “We will reach a breakthrough within days,” Robert Habeck told German broadcaster ZDF when asked about an EU oil …

German economy minister expects EU embargo on Russian oil ‘within days’ -ZDF Read More »

(Reuters) – Britain’s finance minister Rishi Sunak has ordered officials to draw up plans for a possible windfall tax on more than 10 billion pounds ($12.58 billion) of excess profits by electricity generators, including wind farm operators, the Financial Times reported on Monday. Treasury officials are working on a scheme that would go well beyond …

UK finance minister Sunak orders plan for windfall tax on electricity generators – FT Read More »

By Tim Hepher, David Shepardson and Eric M. Johnson (Reuters) -Jet engine maker CFM International is facing industrial delays of six to eight weeks in the wake of supply-chain problems and some French labour unrest, but expects to claw most of this back by early in the fourth quarter, three people familiar with the matter …

Supply-chain, labour snags delay CFM jet engines -sources Read More »

(Reuters) -Zoom Video Communications Inc on Monday raised its full-year adjusted profit forecast, signaling renewed demand for its video-conferencing tools in a hybrid work environment, sending the company’s shares up 17% in extended trading. The forecast raise comes at a time when demand for the company’s platform was seen easing over the past quarters from …

Zoom bets on hybrid work to raise full-year profit forecast, shares jump Read More »

ATHENS (Reuters) – Greece said on Monday the European Commission has initially approved its scheme to set a ceiling on wholesale electricity prices and mitigate the impact of soaring energy costs on households and businesses. With a large share of the country’s power generation mix coming from gas, Athens has been subsidising power and gas …

Greece gets EU’s initial nod to cap power prices – minister Read More »