Reuters UK Business

By Olesya Astakhova, Ahmad Ghaddar and Alex Lawler LONDON/MOSCOW (Reuters) -OPEC+ agreed on Wednesday to establish a mechanism for setting baselines for its 2027 oil production, while OPEC+ sources said that separate talks on Saturday could agree a further accelerated oil output hike for July. The group, which includes the Organization of the Petroleum Exporting …

OPEC+ adopts plan for 2027 baselines ahead of July output hike talks Read More »

BERLIN (Reuters) -Germany’s leading automakers are in talks with Washington over a possible import tariff deal, seeking to use their U.S. investments and exports as leverage to soften any blow, three people familiar with the matter said. BMW, Mercedes-Benz and Volkswagen hope that the talks with the U.S. Department of Commerce could result in a …

German carmakers in talks with US over possible tariff deal, sources say Read More »

By Tim Hepher PARIS (Reuters) -Airbus is warning airlines that delays in deliveries will persist for another three years as it works through a backlog of supply-chain problems, industry sources said. The cautious tone on deliveries was reinforced at a recent customer gathering in Toulouse and increases pressure on Airbus to demonstrate progress towards a …

Airbus warns airlines delivery delays to last three years, sources say Read More »

By Dan Catchpole (Reuters) -Union members at aircraft engine maker Pratt & Whitney overwhelmingly approved the company’s contract offer on Tuesday, ending a three-week strike, according to the International Association of Machinists and Aerospace Workers. The union, representing nearly 3,000 members at two Pratt & Whitney sites in Connecticut, said the offer was approved by …

Pratt & Whitney workers approve contract, ending strike; deal keeps work in Connecticut Read More »

By Tassilo Hummel and Elisa Anzolin PARIS -In trying to reduce Kering’s over-reliance on struggling flagship label Gucci, French billionaire Francois-Henri Pinault has created another problem, as a string of acquisitions piled up debts just as the industry entered a prolonged slump. Those debts are getting harder to manage, with Kering shares down 60% over …

Seeking to cure Gucci addiction, Kering’s Pinault created a debt problem Read More »

By Maria Martinez BERLIN (Reuters) -The number of people out of work in Germany rose at a faster pace than expected in May, labour office figures showed on Wednesday, putting pressure on a new government battling to wrench Europe’s largest economy from a prolonged downturn. The office said the number of unemployed increased by 34,000 …

German unemployment rises faster than expected in May Read More »

By Conor Humphries DUBLIN (Reuters) -OpenAI’s restructuring plans position it for a potential future IPO, but any such decision would depend on the mood in public markets as well as the readiness of the company, Chief Financial Officer Sarah Friar said on Wednesday. OpenAI, in which Microsoft has invested more than $13 billion, outlined plans …

OpenAI CFO says new structure opens door for potential IPO Read More »

By Giuseppe Fonte ROME (Reuters) -Three companies based in the United Arab Emirates have approached the Italian Treasury with a proposal to buy the Russian operations of UniCredit at a steep discount, a document seen by Reuters showed. UniCredit is under pressure both from the European Central Bank and Italy’s government to quit Russia, where …

Gulf firms approach Italy to buy UniCredit’s Russia business, document shows Read More »

(Reuters) -U.S. brokerage firm Cantor Fitzgerald has agreed to buy UBS’ hedge fund unit, it was announced on Wednesday, expanding Cantor’s offering in alternative assets at a time of heightened investor interest in such products. For the Swiss lender, the divestment of O’Connor continues the process of UBS streamlining its operations since the merger with …

Cantor Fitzgerald to acquire UBS hedge fund unit, expanding alternative assets Read More »