Reuters UK Business

UK’s Chemring posts record order book on geopolitical risks

3 Jun 2025

(Reuters) -British defence contractor Chemring posted its highest-ever order book and order intake on Tuesday for the six months ended April 30, driven by rising global defence spending amid heightened geopolitical tensions. The company, which also reported a half-year profit growth and reaffirmed its full-year expectations, said it anticipates steady demand for its air and …

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UK utility Pennon swings to pretax annual loss on investment costs

3 Jun 2025

(Reuters) -British water utility Pennon Group swung to an annual pretax loss on Tuesday, hurt by costs associated with the Brixham water supply incident and higher investments to upgrade its infrastructure. WHY IT’S IMPORTANT Britain’s water companies are facing increased scrutiny due to pollution issues and mounting pressure to improve environmental standards while managing rising …

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Aedifica, Cofinimmo agree to merge to become Europe’s largest real estate trust

3 Jun 2025

(Corrects paragraph 9 to switch companies’ names around) (Reuters) -Belgian healthcare real estate company Aedifica has agreed to merge with real estate investment trust Cofinimmo, the companies said in a joint statement on Tuesday. The combined group will have a gross asset value of 12.1 billion euros ($13.8 billion), making it the largest real estate …

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UK needs tough action on government budget policy, OECD warns

3 Jun 2025

LONDON (Reuters) -Britain’s government needs to try harder to reduce borrowing and debt, the Paris-based Organisation for Economic Cooperation and Development said on Tuesday, just over a week before finance minister Rachel Reeves sets out long-term spending plans. “Fiscal prudence is required as the monetary stance is easing gradually,” the OECD said in a section …

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Analysis-Britain facing race to avoid $1 billion in EU carbon tax costs

3 Jun 2025

By Susanna Twidale and Kate Abnett LONDON/BRUSSELS (Reuters) – Britain will struggle to link its carbon market to the EU’s in just seven months, to avoid UK companies facing the bloc’s carbon border tariff and annual bills around 800 million pounds ($1.08 billion) from next year, market experts have said. Billed as part of a …

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Prosus’ chief investment officer Ervin Tu to step down

3 Jun 2025

JOHANNESBURG (Reuters) -Dutch technology investor Prosus said on Tuesday that Ervin Tu, the group’s President and Chief Investment Officer will step down from his role. Tu will remain in his role as an advisor to the group, the company’s statement added. Prosus’ vision and strategy has changed significantly over the past 10 months under CEO …

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Vicat’s Lebec Net Zero project cancelled by US Department of Energy

3 Jun 2025

(Reuters) – French cement maker Vicat on Tuesday said its funding agreement with the U.S. Department of Energy for the Lebec Net Zero project had been terminated. The decision is part of the DoE’s broader announcement on Friday that it was terminating funding of 24 projects, totalling more than $3.7 billion. (Reporting by Hugo Lhomedet …

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UK’s MJ Gleeson flags profit dip for low-cost housebuilding unit

3 Jun 2025

(Reuters) -Britain’s MJ Gleeson said on Tuesday its low-cost housebuilding unit Gleeson Homes will report annual operating profit about 15%-20% below expectations, citing higher build costs, flat selling prices and a failed land disposal deal. MJ Gleeson – which specialises in affordable housing – operates two divisions, Gleeson Homes and Gleeson Land. The former accounted …

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Deutsche Bank lifts S&P 500 year-end target amid Wall Street upgrade wave

3 Jun 2025

(Reuters) – Deutsche Bank has raised its year-end target for the S&P 500 to 6,550 from 6,150, citing lower tariff-related earnings drag and a resilient economy, in a move that comes amid a broader wave of target upgrades by major Wall Street brokerages. This follows similar moves by Goldman Sachs and UBS Global Wealth Management, …

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