Europe Business

World Bank says Tanzania's GDP to grow faster in 2020

03/12 Tanzania's economy will grow 5.8% in 2020 compared with an estimated 5.6% this year, and growth will rise to 6.1% in 2021, the World Bank said on Tuesday.  Full story

Oil rises sharply this week as OPEC+ agrees on deeper output cuts

06/12 Oil prices rose more than 1% on Friday and posted sharp weekly gains after OPEC and its allies agreed to deepen output cuts by 500,000 barrels per day in early 2020.. . .  Full story

Gold slips 1% after robust U.S. jobs data; palladium soars

06/12 Gold slid 1% on Friday as strong U.S. jobs data renewed bets the Federal Reserve would stand pat on interest rates and also boosted demand for riskier assets, while supply-squeezed palladium soared to. . .  Full story

Copper rises on U.S. jobs growth and China tariff rollback

06/12 Copper prices rose sharply on Friday after data unexpectedly showed U.S. employment rose at the fastest rate in 10 months in November, suggested the economy was not in danger of stalling.. . .  Full story

Nigeria files fraud charge in bid to overturn nearly $10bln penalty

06/12 Lawyers for the Nigerian government filed "new and substantive" allegations of fraud with a British court on Friday, carrying on a fight against an arbitration award now worth close to $10 billion, a spokesman. . .  Full story

Greek parliament approves tax relief bill aiming to boost growth

06/12 Greece's parliament on Friday approved legislation that cuts taxes for corporations and individuals by about 1.2 billion euros, as part of government measures to attract investments and lighten the burden on taxpayers.. . .  Full story

Latvia fines Baltic International Bank over anti-money laundering controls

06/12 Latvia's financial watchdog said on Friday it had fined Baltic International Bank 1.56 million euros ($1.72 million) for lax anti-money laundering controls.. . .  Full story

French nuclear power generation tumbles 10.9% in November -EDF

06/12 Nuclear power generation in France plunged nearly 11 % year-on-year in November to 29.1 terawatt hour (TWh) state-controlled utility EDF said on Friday, citing a high volume of reactor outages.. . .  Full story

Eddie Stobart gets lifeline as shareholders back rescue deal

06/12 Eddie Stobart's shareholders on Friday voted in favour of a takeover from top investor DBAY Advisors, allowing the logistics company's green and red trucks to continue trading.. . .  Full story

As unions turn the screws, French PM says pension reform unavoidable

06/12 French Prime Minister Edouard Philippe said on Friday nationwide strikes in the public sector would not weaken his resolve to reform the pension system but promised workers would be spared a brutal transition to. . .  Full story

Deutsche Bank staffers cleared but bank fined in money laundering case

06/12 Frankfurt prosecutors have dropped an investigation into two Deutsche Bank employees accused of aiding tax evasion through a former Virgin Islands unit, although they have fined the lender for compliance lapses.. . .  Full story

FTSE 100 enjoys best day since July

06/12 Banks and miners propelled London's FTSE 100 to its best day in more than four months on Friday as optimism around the Sino-U.S. trade talks rose, but recent mixed signals on prospects of a. . .  Full story

French SNCF says railway traffic will still be disrupted Monday

06/12 French railways company SNCF said on Friday it expected rail traffic would still be heavily disrupted on Monday, based on statements from transport unions.. . .  Full story

Italy's watchdog suspends CHL shares over alleged irregularities

06/12 Italy's market watchdog said on Friday it had decided to temporarily suspend trading in shares of information technology and e-commerce group CHL after finding alleged irregularities and possible market abuse.. . .  Full story

Italy's Popolare di Bari aims to approve new capital plan in next 2 weeks

06/12 Unlisted Italian cooperative lender Popolare di Bari said on Friday it aimed to approve in the next two weeks a business and capital plan, which will pave the way for a rescue by the. . .  Full story

Aston Martin not actively pursuing new investors as opens SUV plant

06/12 Aston Martin, which was reported this week to be the target of Canadian billionaire Lawrence Stroll, said it was not actively pursuing new investors on Friday as it opened a new factory to build. . .  Full story

EU to consider tougher tax haven listing

06/12 A group of European Union countries is calling for the bloc to cast a wider net when listing tax havens and to consider imposing stricter sanctions for countries facilitating tax avoidance, according to an. . .  Full story

Blackstone awaits Unizo response on $1.6 bln buyout proposal

06/12 Blackstone Group said on Friday it is waiting for Japanese hotel operator Unizo Holdings to respond to its $1.6 billion takeover proposal.. . .  Full story

Britain's Phoenix to buy Swiss Re's ReAssure business for $4.1 bln

06/12 Phoenix Group Holdings has agreed to buy the British ReAssure business of Swiss Re for 3.2 billion pounds ($4.1 billion) in cash and shares, the UK insurer's biggest deal to date as it bulks. . .  Full story

GFG agrees to buy Duffel aluminium plant in Belgium from Novelis

06/12 GFG Alliance, owned by British commodities tycoon Sanjeev Gupta, has agreed to buy the Duffel aluminium plant in Belgium from Novelis, the group said on Friday.. . .  Full story

3i Infrastructure sells $250 mln in British assets, eyes European sale

06/12 Investment firm 3i Infrastructure said on Friday it would sell its projects portfolio in Britain to a range of buyers, including funds managed by Dalmore, Semperian and Innisfree for about 194 million pounds ($248.90 million).. . .  Full story

Germany ups anti-swine fever measures after case close to border

06/12 Germany said on Friday it was stepping up measures to prevent an outbreak of African swine fever (ASF) after a case was discovered in a wild boar in Poland, 40 km (25 miles) from. . .  Full story

French unions call for new day of action on Dec 10

06/12 French unions have called for a new day of strikes and demonstrations against the government's pension reform plans on Tuesday, Dec. 10, a representative of CGT union said on Friday.. . .  Full story

Italy's economic growth set to remain weak in near term - ISTAT

06/12 Italy's economy is likely to remain weak in the near term, national statistics bureau ISTAT said on Friday, citing its leading indicator for November.. . .  Full story

Germany's Condor sets ambitious margin target to court buyers

06/12 German airline Condor plans to more than double its operating profit margin, its chief executive said, hoping to lure in potential investors that will take it over following the collapse of its parent Thomas. . .  Full story

Swedish economy slowing in Q4 as Riksbank rate decision looms

06/12 Swedish industrial production fell sharply in October, data published on Friday showed, but a weak start to the fourth quarter for the economy may not be enough to prevent the central bank from hiking. . .  Full story

German industry slump sparks renewed economic growth fears

06/12 Germany's industrial output unexpectedly dropped in October, reviving worries about its economic growth outlook as its manufacturing backbone takes a blow from global trade conflicts and disruptions in the auto sector.. . .  Full story

UK watchdog flags price concerns in Stonegate/Ei pub deal

06/12 Britain's competition watchdog has flagged concerns about potential price increases at some pubs from a merger of Slug and Lettuce pub owner Stonegate and rival Ei Group, which would create the country's biggest pub operator.. . .  Full story

-Homebuilder Berkeley's first-half profit slumps on Brexit woes

06/12 British homebuilder Berkeley Group Plc on Friday reported a slump in first-half pretax profit, as it sold homes at lower prices in a Brexit hit real-estate market.. . .  Full story

No Riyadh rush as many global investors steer clear of Aramco IPO

06/12 The Saudi Aramco IPO was supposed to be a cornerstone of Crown Prince Mohammed bin Salman's ambitious plan to open the gates to foreign investment in the kingdom. But there's no sign of a. . .  Full story

UK bribery investigation adds to Glencore's legal headaches

06/12 The UK's Serious Fraud Office (SFO) has launched a bribery investigation into Glencore, adding to legal troubles that have hit the shares of one of the world's biggest miners and. . .  Full story

Asian prices drop for second straight week on mild winter

06/12 Asian spot prices for liquefied natural gas (LNG) dropped for a second consecutive week as supply flooded the market, overshadowing demand subdued by a winter that has been milder than average.. . .  Full story

Gold near 1-month high as trade drag lifts safe-haven demand

04/12 Gold prices on Wednesday hovered near a one-month high hit in the previous session, as comments from U.S. President Donald Trump dashed market hopes for a quick preliminary agreement with China, driving support for. . .  Full story

Nickel extends losses on fears of longer, expanded trade war

04/12 Nickel prices slid on Wednesday, with the Shanghai benchmark hitting its lowest in more than four months, on concerns that an expanded and longer trade war may dent demand for the key ingredient in. . .  Full story

Oil rises before OPEC+ meet, lifted by drop in U.S. crude stocks

04/12 Oil prices rose on Wednesday ahead of a meeting of OPEC and its allies to discuss whether to extend production curbs to support the market, while industry data showing that U.S. crude stockpiles fell. . .  Full story

U.S. judge disqualifies Huawei lawyer from fraud, sanctions case

04/12 A U.S. judge on Tuesday disqualified James Cole, a Washington lawyer for China's Huawei, from defending the telecommunications equipment maker against charges of bank fraud and sanctions violations.. . .  Full story

Irish services sector growth bounces back strongly -PMI

04/12 Irish service sector growth bounced back strongly last month from a seven-year low as business confidence rose to its highest level since June amid firmer demand from customers, a survey showed on Wednesday.. . .  Full story

COLUMN-Copper smelters feel the squeeze as mine supply falters: Andy Home

04/12 It's been a frustrating year for copper bulls.. . .  Full story

United orders 50 new Airbus long-range jets to replace Boeing 757s

04/12 United Airlines Holdings Inc announced on Tuesday an order for 50 Airbus SE A321XLR jets to fly between the U.S East Coast and Europe, becoming the latest U.S. airline to ink a deal for. . .  Full story

Growth in global carbon emissions slowed in 2019 - report

04/12 A surprise drop in coal use in the United States and Europe has helped to slow the growth of global carbon dioxide emissions this year, with softening demand in China and India also contributing,. . .  Full story

Big Oil's climate targets vary widely

04/12 Spain's Repsol became on Monday the first big oil company to pledge to reduce net carbon emissions from its operations and most of its products to zero by 2050. Here. . .  Full story

Thyssenkrupp presents 'complex' turnaround plan for steel -workers

03/12 Ailing conglomerate Thyssenkrupp has worked out a new strategy for the group's steel business, a leading labour representative said on Tuesday, adding the roadmap included significant investments but also restructuring steps.. . .  Full story

WTO tussles over hard stop vs phase-out of appeals system

03/12 The World Trade Organization (WTO) battled on Tuesday over whether to bring its Appellate Body to an abrupt halt or allow its adjudicators to settle a handful of pending cases, according to trade officials. . .  Full story

Trump's 'no deadline' trade comment drives down U.S. yields

03/12 U.S. Treasury yields fell sharply on Tuesday, as tough trade talk from U.S. President Donald Trump and other world leaders triggered a flight to safety among investors.. . .  Full story

Equinor says Sverdrup oil field output now at around 350,000 bpd

03/12 Oil production at Norway's giant Johan Sverdrup oilfield has risen to around 350,000 barrels per day (bpd), operator Equinor told Reuters on Tuesday.. . .  Full story

Gold jumps over 1% as Trump says trade deal could extend to 2020

03/12 Gold jumped more than 1% on Tuesday on fading optimism surrounding a U.S.-China trade deal after U.S. President Donald Trump said talks could extend until after the presidential elections in November 2020.. . .  Full story

Moody's cuts Atlantia's rating to junk

03/12 Credit rating agency Moody's has downgraded Italian infrastructure group Atlantia to Ba1 from Baa3, pushing it into non-investment grade territory.. . .  Full story

Glencore's Glasenberg says successor could be in place next year

03/12 Glencore could announce a new chief executive next year once a new management team is in place, its current boss told an investor meeting on Tuesday as the commodities giant laid out its priorities. . .  Full story

McLaren looks to Asia and hybrid cars to stay on track

03/12 British exotic sports car maker McLaren Automotive will bank on expanded sales in Asia and a new generation of hybrid cars as it steers toward a potential public offering, the company's chief executive said. . .  Full story

Corporate tax boom to hand Ireland bigger budget surplus

03/12 Ireland expects to run a better-than-expected budget surplus of 0.4% of gross domestic product this year following another surge in corporate tax receipts, Finance Minister Paschal Donohoe said on Tuesday.. . .  Full story

Barry Callebaut cites progress in helping cocoa farmers tackle child labour

03/12 Swiss cocoa products maker Barry Callebaut said on Tuesday that 26% of the farmer groups from which it sourced products in 2018/2019 had programmes to prevent child labour, more than double the figure from the. . .  Full story

FTSE falls nearly 2% as Trump puts off China trade deal hopes

03/12 London's FTSE 100 dropped to a two-month low on its fourth day in the red on Tuesday, as U.S. President Donald Trump's nonchalance about reaching a trade deal with China spooked traders.. . .  Full story

Ryanair seeks to delay operations chief's flight to easyJet

03/12 Ryanair launched a bid in Ireland's High Court on Tuesday to prevent operations chief Peter Bellew from joining arch-rival easyJet until 2021, saying he possessed information of immense competitive value and that he had signed. . .  Full story

Inmarsat takeover clears final hurdle after hedge funds drop challenge

03/12 A private equity consortium's $3.4 billion takeover of British satellite company Inmarsat was approved at a court hearing on Tuesday after hedge fund investors dropped a plan to challenge the value of the deal.. . .  Full story

U.S. copper frenzy grows as Rio Tinto plans $1.5 bln Utah mine expansion

03/12 Rio Tinto Plc said on Tuesday it would spend $1.5 billion to expand its Kennecott copper mine in Utah, part of a growing trend by miners to invest in strategic mineral projects across. . .  Full story

Rising Chinese supplies push lead to five-month lows

03/12 Lead prices hit five-month lows on Tuesday as funds and traders bet on weaker prices because of rising production of the auto battery metal in China and the potential for market surplus.. . .  Full story

Elk in tow, UniCredit's Mustier faces biggest battle yet

03/12 Jean Pierre Mustier has shed bad loans, raised billions in capital and crafted a quirky new image for UniCredit with the help of Elkette, a soft-toy he brings out for selfies with fellow bankers. . .  Full story

Irish tax take 2.7% ahead of target on fresh corporate tax surge

03/12 Ireland's tax take was 2.7% or 1.4 billion euros ahead of target for 2019 at the end of November, the finance department said on Tuesday, following another surge in corporate tax receipts it had. . .  Full story

Inmarsat takeover gets green light at court meeting

03/12 The takeover of Inmarsat by a private equity-led consortium was rubber stamped by London's High Court on Tuesday after a group of hedge funds earlier abandoned a challenge to the $3.4 billion deal.. . .  Full story

Activist Crystal Amber bets on Britain's De La Rue

03/12 Activist fund Crystal Amber more than doubled its stake in De La Rue Plc, days after the banknote printer warned of "significant doubt" that it can continue as a going concern and said it. . .  Full story

Glencore CEO says he may step aside next year

03/12 Glencore CEO Ivan Glasenberg said on Tuesday he expected to be able to announce his successor next year, but said the timing was not yet certain.. . .  Full story

OPEC unlikely to change output policy this week -IEA head of oil

03/12 Oil producers from the Organization of the Petroleum Exporting Countries (OPEC) are unlikely to agree to change their current deal on curbing output until the market outlook becomes clearer, a senior official at the International. . .  Full story

Alert on spot gold wrongly coded to French utility EDF

03/12 The alert on spot gold was incorrectly coded to French Utility EDF.. . .  Full story

Endeavour Mining's largest investor supports its takeover of Centamin

03/12 Endeavour Mining's largest shareholder La Mancha Holdings said on Tuesday it supported Endeavour's $1.9 billion takeover proposal of Centamin and urged the boards to engage.. . .  Full story

EU says will seek immediate talks with U.S. over French digital tax

03/12 The European Union will seek immediate talks with the United States on how to solve a dispute over France's new digital service tax, the EU delegation to the United States said on Tuesday.. . .  Full story

Ukraine puts former Ferrexpo chief executive on international wanted list

03/12 Ukraine's state prosecutor office said on Tuesday that Kostyantin Zhevago, the former chief executive of London-listed iron pellet producer Ferrexpo , had been put on an international wanted list.. . .  Full story

France and others plan tax clampdown on digital giants

03/12 U.S. President Donald Trump's administration threatened to impose duties of up to 100% on French imports worth $2.4 billion after it concluded a tax on digital services imposed by Paris would be "unusually burdensome" for. . .  Full story

Elon Musk goes on trial in U.S. for defamation over 'pedo guy' tweet

03/12 Tesla boss Elon Musk is set to go on trial on Tuesday after he described a British cave explorer who helped rescue a group of boys from a cave complex in Thailand as a. . .  Full story

Copper smelters feel the squeeze as mine supply falters: Andy Home

03/12 It's been a frustrating year for copper bulls.. . .  Full story

Ukraine's Ukrtransnafta extends deal with Russia's Transneft by 10 years

03/12 Ukrainian pipeline operator Ukrtransnafta said on Tuesday it had extended an agreement for oil transit with Russia's Transneft by 10 years.. . .  Full story

Generali's MetLife gambit hits price snag - sources

03/12 Italian insurer Assicurazioni Generali has held talks with U.S. rival MetLife Inc to buy the bulk of its European assets but discussions have stalled due to differences over price, four sources told Reuters.. . .  Full story

Standard Life Aberdeen unit to sell 4% stake in HDFC AMC

03/12 Asset manager Standard Life Aberdeen said its unit plans to sell an up to 4% stake in India-based HDFC Asset Management Co for as much as 258 million pounds ($331.01 million).. . .  Full story

Finland's PM resigns after losing trust of coalition partner

03/12 Finnish Prime Minister Antti Rinne resigned on Tuesday after a member of the ruling coalition said it had lost confidence in him following a series of disruptive strikes.. . .  Full story

Bosnian region raises $22.7 mln in 3-yr bond auction, yield flat

03/12 Bosnia's autonomous Bosniak-Croat Federation raised 40 million Bosnian convertible marka ($22.74 million) through an auction of three-year domestic bonds to help plug its budget gap and finance maturing debt, the Finance Ministry said on Tuesday.. . .  Full story

ECB's Visco favours bond buys over rate cuts: Handelsblatt

03/12 Italy's representative on the European Central Bank's governing Council said he favours bond purchases over interest rate cuts as a stimulus tool because their effects are broader and stronger.. . .  Full story

Spanish bank mergers should be market-led -ECB's De Cos

03/12 Further consolidation among Spanish banks should be driven by the market and create value for shareholders, European Central Bank policymaker Pablo Hernandez de Cos said on Tuesday.. . .  Full story

Copper primed for a pop if U.S./China trade war is resolved

03/12 Low inventories across the copper supply chain mean that any resolution to the U.S.-China trade war could trigger a snap rally in prices as consumers rush to restock, market participants said on Tuesday.. . .  Full story

Germany's new ECB board member would have opposed new bond buys

03/12 Isabel Schnabel, Germany's next representative on the European Central Bank's board, would have voted against restarting bond purchases but considers the tool a valid instrument and sees the need to maintain easy policy, she said. . .  Full story

Slovak parliament approves 2020 budget with deficit of 0.49% GDP

03/12 Slovakia's parliament approved the 2020 budget on Tuesday that aims to narrow the public finance deficit to 0.49% of gross domestic product (GDP) from an expected 0.68% this year.. . .  Full story

Elon Musk's tweets bring controversy, nearly 30 million followers

03/12 British cave explorer Vernon Unsworth is suing Tesla Chief Executive Elon Musk for defamation over three tweets on July 15, 2018, including one in which Musk allegedly branded him a pedophile, calling him "pedo. . .  Full story

Aviva appoints insurance veteran Amanda Blanc non-executive director

03/12 Aviva Plc on Tuesday appointed Amanda Blanc, the first woman to be appointed as chair of the Association of British Insurers in 2018, as an independent non-executive director, with effect from Jan. 2.. . .  Full story

Bamboo Airways to take delivery of first Boeing Dreamliner this month

03/12 Vietnamese startup Bamboo Airways said on Tuesday it will take delivery of a Boeing 787-9 Dreamliner this month, its first wide-body aircraft, and aims to start direct flights to the United States by early. . .  Full story

Gazprom's LNG trading team in Singapore resigns - sources

03/12 The liquefied natural gas (LNG) physical trading team at the Singapore unit of Russia's Gazprom , including the global head of LNG trading, have resigned from the company, several industry sources said.. . .  Full story

Finland's president accepts PM's resignation, asks govt to stay on in caretaker role

03/12 Finland's President Sauli Niinisto asked the current administration to remain as a caretaker government after accepting the resignation of Prime Minister Antti Rinne's five-party coalition on Tuesday.. . .  Full story

Finland's PM to hand in government resignation - president's office

03/12 Finland's Prime Minister will hand in his and his government's resignation on Tuesday, the president's office said in a statement.. . .  Full story

Kremlin says free market cannot be stopped after FBI raises fears over Russian apps

03/12 The Kremlin said on Tuesday it did not think it was possible to stop free market competition after the U.S. Federal Bureau of Investigation said it considered any mobile app developed in Russia to. . .  Full story

Kremlin says it views reports of possible Russian UK election meddling 'with irony'

03/12 The Kremlin said on Tuesday it viewed media reports suggesting Russian hackers may have leaked British-U.S. trade documents before Britain's election with irony.. . .  Full story

German fintech N26 targets IPO in 4-5 years -exec

03/12 German fintech N26, valued at $3.5 billion in its latest funding round, views a stock market listing as an attractive option, but rather in 4-5 years than in the short-term, its Germany head told. . .  Full story

Britain's construction downturn eases a little in November -PMI

03/12 The pace of decline in British construction eased last month but the sector remained a long way from a return to growth as Brexit and election uncertainty continued to weigh, a survey showed on. . .  Full story

Daimler cost cuts to hit Germany hardest - Stuttgarter Zeitung

03/12 Daimler's workforce in Germany will bear the brunt of 1.4 billion euros ($1.5 billion) in cost cuts planned by the end of 2022, the head of the carmaker's works council told a newspaper.. . .  Full story

Takeaway defends Just Eat bid, says Prosus trying to buy it on cheap

03/12 Dutch meal delivery firm defended its $6.1 billion all-share offer for Just Eat on Tuesday, saying rival cash bidder Prosus was trying to buy the British company "on the cheap", even though its bid. . .  Full story

Canada's Endeavour Mining discloses $1.9 bln buyout proposal for Centamin

03/12 Canada's Endeavour Mining Corp on Tuesday went public with its 1.47 billion pound ($1.89 billion) all-stock buyout proposal for Centamin Plc after the British gold miner's board rebuffed several attempts to engage in deal talks.. . .  Full story

EU pressures Malta over Bank of Valletta 'golden passport' clients

03/12 The European Commission has asked Malta to clarify how it intends to address Bank of Valletta's shortcomings over its monitoring of foreign customers who applied to buy Maltese citizenship under a so-called "golden passport" scheme.. . .  Full story

Finnish Centre Party says has lost confidence in coalition PM Rinne

03/12 Finland's Centre Party, part of the ruling five-party coalition, said on Tuesday it had lost confidence in Social Democrat Prime Minister Antti Rinne, in a move that will likely force him to resign.. . .  Full story

Ferguson first-quarter profit rises as U.S. residential activity picks up

03/12 Plumbing parts distributor Ferguson Plc reported a 5% rise in adjusted first-quarter profit on Tuesday, boosted by an improvement in residential housing activity in the United States and said it was on track to. . .  Full story

Norway cuts Entra stake in $371 mln share sale

03/12 The Norwegian government sold a 14.1% stake in real estate company Entra for 3.4 billion crowns ($371.1 million), the country's industry ministry said on Tuesday.. . .  Full story

UniCredit says to buy back stock this year, cut 9% of staff

03/12 Italy's biggest bank UniCredit said on Tuesday it would buy back its stock this year to improve returns for investors, and shed 9% of staff under a new plan to 2023 to cut costs. . .  Full story

Fund managers deploy machines to decipher British election riddle

03/12 Question: How do you predict the outcome of a snap election when so many polls have been so wrong, half of voters haven't made up their minds and the crucial factor may not be. . .  Full story

Companies go 'speed dating' in race for Singapore digital bank licences-sources

03/12 About three dozen firms including ride-hailer Grab, Standard Chartered and Singapore Telecommunications are in talks to form consortiums that can meet tough entry norms to bid for Singapore's digital bank licences, sources said.. . .  Full story

U.S. may increase tariffs after WTO rejects EU claims over Airbus

03/12 The World Trade Organization on Monday rejected European Union claims that it no longer provides subsidies to planemaker Airbus, prompting the United States to say it could increase retaliatory tariffs on a wider range of. . .  Full story

U.S. says sees no reason to reduce tariffs in EU aircraft subsidy case

03/12 The U.S. Trade Representative's office on Monday said it saw no basis in Monday's World Trade Organization report that would justify reducing U.S. retaliatory tariffs by $2 billion as Europe's Airbus has suggested.. . .  Full story