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Europe Business

Pfizer to pay $23.85 mln to settle U.S. co-payment kickback probe

22h59 Pfizer Inc agreed to pay $23.85 million to resolve U.S. charges that it used a purportedly independent charity to pay illegal kickbacks to Medicare patients, covering their out-of-pocket costs for its prescription drugs.. . .  Full story

Deutsche Bank axes at least 7,000 jobs in trading retreat

20h46 Deutsche Bank is slashing more than 7,000 jobs to cut costs and restore profitability, while keeping its international reach as its new CEO seeks to reassure investors and clients.. . .  Full story

Indian state seeks permanent closure of Vedanta's copper smelter-officials

20h33 India's Tamil Nadu state said on Thursday that it was seeking a permanent closure of a big copper smelter run by London-listed Vedanta Resources after 13 people died in protests demanding the closure of the. . .  Full story

Sugar at eight-week highs as truckers strike in Brazil

19h55 Sugar futures on ICE extended gains to eight-week highs on Thursday, while coffee prices rose modestly, buoyed in part by a truck drivers' strike in top grower Brazil that could reduce the flow of. . .  Full story

SNCF exploring sell-down of stakes in two subsidiaries - Les Echos

19h29 France's state-run rail company SNCF is exploring selling down its stakes in two subsidiaries, hire car start-up Ouicar and car-sharing platform iDVroom, business newspaper Les Echos reported on Thursday.. . .  Full story

Sanctions-hit tycoon Deripaska asks Kremlin to buy some of his aluminium -source

19h03 Russian aluminium producer Rusal has asked the Russian government to purchase some of its output, a government source said on Thursday, in an effort to alleviate the pain inflicted by U.S. sanctions.. . .  Full story

EU ends antitrust case against Gazprom without fines

19h01 Russian gas giant Gazprom clinched a deal with EU antitrust regulators on Thursday to reform its pricing structure and allow rivals a foothold in eastern Europe, avoiding fines in a case that has dragged on. . .  Full story

Naftogaz says Gazprom must be part of new Russia-Ukraine gas talks

18h48 The head of Ukraine's Naftogaz said on Thursday EU-mediated talks over future Russian gas transit via the country to Europe must include Gazprom and must be based on firm commitments.. . .  Full story

European shares led lower by autos stocks, Deutsche Bank

18h43 European stocks fell on Thursday as carmaker shares came under pressure after the United States launched an investigation into auto imports, while Deutsche Bank dropped after announcing thousands of job cuts.. . .  Full story

Lead hits highest since late February, copper firms

18h19 Lead hit its highest in nearly three months on Thursday as a plunge in available LME warehouse stocks fed into this week's price rally, while copper edged up after the previous session's sharp losses.. . .  Full story

Russian diamond producer Alrosa says H1 sales to exceed initial expectations

17h45 Russia's Alrosa, the world's largest producer of rough diamonds in carat terms, said on Thursday first-half sales would be significantly higher than it originally planned due to market strength.. . .  Full story

UK to demand money back if restricted from EU version of GPS

17h16 Britain warned the European Union on Thursday it will demand the repayment of up to 1 billion pounds ($1.34 billion) if the bloc restricts its access to the Galileo satellite navigation system, Europe's version. . .  Full story

LafargeHolcim to announce headquarters shake-up - sources

17h14 LafargeHolcim is poised to launch a major shake-up of its head offices in Paris and Zurich which could trigger hundreds of job cuts, two sources familiar with the matter told Reuters on Thursday.. . .  Full story

Early ECB bank loan repayments loom, threaten to raise borrowing costs

17h03 Already facing a likely growth slowdown, the euro zone risks a sudden tightening of financial conditions next month should banks across the bloc use the opportunity to repay billions of euros in cheap loans. . .  Full story

What are "critical" minerals and what is the US going to do about them?: Andy Home

16h23 NioCorp Developments, which is in the process of raising financing for a minerals project in Nebraska, has just seen its Toronto-listed shares surge from C$0.52 to $0.70 in the space of two days thanks. . .  Full story

Hong Kong exchange "working very hard" on ETF Connect -official

16h14 Hong Kong Exchanges and Clearing (HKEX) is "working very hard" on ETF Connect, a cross-border scheme that would give Chinese investors exposure to overseas assets through exchange-traded funds (ETF) listed in Hong Kong, an exchange. . .  Full story

Slovenia's NLB bank Q1 net profit falls, bad loans down

15h57 Slovenia's largest bank, state-owned Nova Ljubljanska Banka (NLB), said group net profit in the first quarter of 2018 fell 29 percent to 57.7 million euros ($67.6 million), partly due to higher costs.. . .  Full story

Investors attack Britain's Lloyds Bank over mistreatment of customers

15h43 Britain's Lloyds Banking Group faced a barrage of allegations of poor customer service and withholding misconduct compensation on Thursday, laying bare the task of rebuilding customer trust after years of reputational damage.. . .  Full story

OMV looking to buy Gazprom's Siberian assets instead of swapping -sources

15h34 Austrian energy company OMV is looking to buy some of Gazprom's Siberian assets outright after Norway voiced opposition to plans by the two firms to swap assets, sources told Reuters.. . .  Full story

Vontobel's move for Notenstein shakes up Swiss private banking

14h56 Private bank Vontobel is buying smaller competitor Notenstein La Roche from Swiss cooperative bank Raiffeisen for $705 million, the first in what industry insiders expect could be a new wave of consolidation in the sector.. . .  Full story

EU proposes new sovereign bond-backed securities, faces criticism

14h49 The European Commission proposed on Thursday setting up a new class of Sovereign Bond-Backed Securities (SBBS) to encourage banks and investors to diversify their holdings of euro zone bonds.. . .  Full story

Fears of govt spending spree hits debt of Italian CDP agency

14h41 Debt of Italian state agency Cassa Depositi e Prestiti (CDP) is taking a hammering on a par with that suffered by Italy's government bonds on fears the incoming government will use it as. . .  Full story

Algeria plans 60 to 200 pct customs duties on finished products

14h18 Algeria plans customs duties between 60 to 200 percent on finished goods, according to an official document seen by Reuters on Thursday, creating new revenues to offset lower energy earnings.. . .  Full story

BNP Paribas CEO rules out big deals when asked about Deutsche Bank

14h05 BNP Paribas chief executive Jean-Laurent Bonnafe effectively ruled out a tie-up with struggling German rival Deutsche Bank on Thursday, saying the French lender is not considering any large takeovers or mergers.. . .  Full story

Citroen says Iran launch went well, strategy unchanged for now

13h52 French carmaker PSA Group launched its Citroen C3 model in Iran last week despite Washington's withdrawal from the nuclear agreement with Tehran, brand chief Linda Jackson said on Thursday.. . .  Full story

British lender Paragon flags subdued mortgage market despite higher H1 profit

13h37 Britain's Paragon Banking Group cautioned on Thursday that the domestic mortgage market remains subdued, even as a surge in lending volumes helped the lender post a 4.7 percent rise in profit for the first. . .  Full story

Capco weighs break-up of Covent Garden and Earls Court estates in London

13h25 British property group Capital & Counties Properties (Capco) is considering a break-up by splitting its prime London estates of Covent Garden and Earls Court into two separately listed companies.. . .  Full story

UK's Sainsbury's tweaks pay proposals after staff pressure

13h15 Sainsbury's, Britain's second largest supermarket group, has bowed to pressure from employees and trade unions by changing some of the pay proposals it detailed in March as part of a move to simplify the. . .  Full story

Wizz Air profit flies as bigger planes keep costs down

13h12 Budget airline Wizz Air sees profit soaring again this year as bigger, more efficient A321 planes help it to keep costs down, putting it on course to outshine larger rival Ryanair which is more. . .  Full story

German refiner Nordzucker sees opportunities in sugar price plunge

12h44 A plunge in sugar prices will hit earnings at Nordzucker this fiscal year, the German sugar refiner said on Thursday, adding its strong finances would help it to cope - and even expand -. . .  Full story

What you need to know about the Swiss sovereign money vote

12h19 Voters head to the polls on June 10 to decide whether Switzerland should introduce a sovereign money system.. . .  Full story

Swiss vote on radical sovereign money plan to upend banking system

12h19 Jean-Marc Decressonniere is probably the only banker in finance-friendly Switzerland who supports a vote next month that could transform how lenders operate.. . .  Full story

EU starts new investigation into steel imports from China

12h11 The European Commission has opened an investigation into hot-rolled steel sheet piles imported from China to determine whether they are being dumped in Europe, according to a notice in the EU Official Journal on Thursday.. . .  Full story

Distraction or disaster? Freeport’s giant Indonesian mine haunted by audit report

12h03 A state audit of operations at Indonesia's Grasberg mine has cast a cloud over the government's multi-billion-dollar deal to take a majority stake in the mine from Freeport McMoRan Inc and its partner Rio. . .  Full story

More British companies investing in Germany ahead of Brexit

11h47 A record number of British businesses invested in Germany last year to help them to cope with the looming effects of Brexit, a study by a German government agency showed on Thursday, with the. . .  Full story

-Tate & Lyle sweetens profit jump with growth plans

11h45 British food ingredients company Tate & Lyle is stepping up efforts to accelerate profit growth, its new CEO said on Thursday after reporting a 13 percent jump in adjusted full-year earnings, sending its shares up. . .  Full story

UK consumers return to shops after snowy start to 2018

11h15 British retail sales jumped last month by the most in one-and-a-half years, official figures showed on Thursday, suggesting the economy was recovering from a snowy start to the year. The. . .  Full story