Reuters UK Business

Julius Baer told to pay $5 million for money laundering control failures, source says

14 May 2025

ZURICH (Reuters) -Swiss private bank Julius Baer has been ordered by the country’s financial regulator to pay more than 4 million Swiss francs ($4.80 million) over alleged money laundering and compliance failures, according to a person familiar with the matter. The enforcement decision, which was made late last year, relates to business between 2009 and …

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German cabinet due to agree 2026 draft budget in July, says finance minister

14 May 2025

By Maria Martinez BERLIN (Reuters) -Germany’s draft budget for 2026 should be approved by the cabinet in July and discussions on it should start in parliament in September, Finance Minister Lars Klingbeil said on Wednesday. The budget for 2025 should also be discussed in parliament after the summer break. To comply with this goal, the …

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Germany’s Renk sees orders boom as Europe steps up defence spending

14 May 2025

By Paolo Laudani (Reuters) -Germany’s Renk beat forecasts on Wednesday with a more than doubling in first-quarter order intake and said it expected the boom in demand to continue as Europe, led by Germany, ramps up defence spending. The company, which makes gearboxes for the Leopard 2 tanks sent to Ukraine, said its order intake …

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EU must set aside over 10 billion euros for key minerals, says agency head

14 May 2025

By Philip Blenkinsop BRUSSELS (Reuters) -The European Union needs to create funds of more than 10 billion euros ($11.4 billion) to spur investment in exploration, mining and recycling of critical raw materials, the head of an EU-funded agency for key minerals said on Wednesday.  The bloc has set 2030 targets for 34 minerals such as …

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InPost and ASOS to launch UK next-day out-of-home delivery service

14 May 2025

(This May 12 story has been corrected to remove the reference to InPost being the UK’s first next-day out-of-home delivery service) (Reuters) – Parcel locker company InPost has partnered British online fashion retailer ASOS to introduce a next-day out-of-home (OOH) delivery service, InPost said on Monday. The addition of the D+1 delivery service gives InPost …

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German property bank PBB to shun new US business, citing Trump volatility

14 May 2025

By Tom Sims and Alexander Hübner FRANKFURT (Reuters) – Deutsche Pfandbriefbank, one of Germany’s top property financiers, said it would not take on new business in the United States, in a major strategic shift, as it considered the country too volatile under President Donald Trump. The lender, also known as PBB, said it would evaluate …

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Italy’s Hera reports 28.3% jump in first-quarter revenue

14 May 2025

(Reuters) -Italian regional utility Hera posted a jump in revenues to 4.32 billion euros, up 28.3% from the same period last year, the company said on Wednesday. The Bologna-based utility reported a 7.4% rise in net profit to 153.7 million euros ($172.68 million) and its earnings before interest, taxes, depreciation and amortisation (EBITDA) rose slightly …

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TotalEnergies sells 50% stake in Polish biogas company to HitecVision

14 May 2025

By America Hernandez PARIS (Reuters) -TotalEnergies said on Wednesday it had signed an agreement to sell 50% of Polish biogas producer Polska Grupa Biogazowa to Norwegian investment company HitecVision. The French energy company said the sale agreement represented an enterprise value of 190 million euros ($213.6 million). The deal will help Polska Grupa Biogazowa to …

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Imperial Brands CEO departure spooks market, CFO to take reins

14 May 2025

By Shashwat Awasthi and Emma Rumney (Reuters) -Imperial Brands said CEO Stefan Bomhard will retire after five years in the job, sending the British cigarette maker’s shares down more than 7% as investors lamented the unexpected loss of a leader credited with turning its performance around. Under Bomhard, the maker of Winston, Davidoff and Gauloises …

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Germany’s DHL to boost UK deliveries, takes minority stake in Apollo’s Evri

14 May 2025

FRANKFURT (Reuters) -German postal services group DHL said on Wednesday it would buy a “significant” minority stake in private equity firm Apollo’s British parcel delivery business Evri, under a deal to merge it with its DHL eCommerce UK unit. DHL, which did not provide financial terms of the deal, said the merged Evri business will …

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