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COPENHAGEN (Reuters) -Wind turbine maker Vestas posted a deep first-quarter loss and slashed its 2022 margin forecast due to the war in Ukraine and writedowns in its offshore business, reflecting an industry wide struggle to turn a profit despite record demand. Focus on renewables has intensified as the West steps up efforts to wean itself …

Vestas warns Ukraine war adds to strain on wind industry, shares plummet Read More »

LONDON (Reuters) – Euro zone manufacturing output growth stalled last month as factories struggled to source raw materials while demand took a knock from steep price increases and fears about the economic outlook, a survey showed. Russia’s invasion of Ukraine, coupled with renewed COVID-19 related lockdowns in China, have exacerbated supply chain bottlenecks and left …

Euro zone factory output growth stalled in April – PMI Read More »

BERLIN (Reuters) – The number of German companies fearing for their survival has fallen significantly, despite the economic risks posed by the war in Ukraine, a survey showed on Monday. The Ifo institute said that 7.1% of the nearly 8,500 companies surveyed feel their existence is threatened, almost half the proportion found in the last …

Far fewer German companies fearing for survival – Ifo survey Read More »

BERLIN (Reuters) – Supply disruption and weaker demand weighed on German manufacturing activity in April as the war in Ukraine and COVID-19 lockdowns in China worsened the outlook for goods producers in Europe’s biggest economy, a survey showed on Monday. IHS Markit’s Final Purchasing Managers’ Index (PMI) for manufacturing, which accounts for about a fifth …

Supply disruption, weaker demand cloud outlook for German manufacturers – PMI Read More »

ZURICH (Reuters) – Switzerland’s manufacturing Purchasing Managers Index (PMI) continued its downward trend in April, data released on Monday showed, as prices continued to rise on a broad scale. The consumer sentiment index, published by the State Secretariat for Economic Affairs (SECO) also on Monday, showed a marked deterioration in consumer sentiment as households feel …

Swiss industry and households feel strain from rising prices-data Read More »

(Reuters) – MGM Resorts International on Monday offered to acquire Swedish online gaming company LeoVegas AB for about $607 million, paving the way for the U.S. casino operator to expand its presence in Europe. MGM floated a recommended public tender offer for 61 crowns ($6.20) in cash per share, which represents a 44.2% premium to …

MGM Resorts offers to buy Sweden’s LeoVegas for $607 million Read More »

BERLIN (Reuters) – German retail sales fell unexpectedly in March as the war in Ukraine leads to price increases, data showed on Monday. The Federal Statistics Office said retail sales were down 0.1% on the month in real terms. A Reuters forecast had predicted an increase of 0.3%. (Reporting by Miranda Murray, editing by Kirsti …

German retail sales unexpectedly fall in March Read More »

BERLIN (Reuters) – Volkswagen has set up a years-long partnership with U.S. chip maker Qualcomm to develop automated driving technology, with the contract set to run until 2031, the German daily Handelsblatt reported on Monday. The car giant will use Qualcomm’s system-on-a-chip (SoC), developed specifically for automated driving, across all brands worldwide starting in 2026, …

Volkswagen to rely on Qualcomm chips for automated driving – Handelsblatt Read More »

BRUSSELS (Reuters) -The European Union is leaning toward a ban on imports of Russian oil by the end of the year, two EU diplomats said, after talks between the European Commission and EU member states this weekend. The European Union is preparing a sixth package of sanctions against Russia in response to the invasion just …

EU leans towards Russian oil ban by year-end, diplomats say Read More »