Europe Business

French defence group Thales to sell signalling business -sources

15h12 Thales is putting its rail signalling business up for sale in a potential deal worth 1.5 billion euros or more ($1.8 billion) as the French defence and aerospace group seeks to streamline operations, people. . .  Full story

Silicon connectivity firm Alphawave targets $4.5 bln London listing

14h57 Alphawave, a Toronto-based silicon IP firm, is planning to list in London to expand the reach of its chip connectivity technology and could be valued at up to $4.5 billion based on cornerstone agreements. . .  Full story

Barry Callebaut CEO bows out amid signs of chocolate recovery

14h51 Barry Callebaut CEO Antoine de Saint-Affrique will step down at the end of August after nearly six years at the helm, the Swiss chocolate maker said on Thursday, amid speculation he is in the. . .  Full story

Germany's finance minister rejects blame for Wirecard fiasco

14h50 Germany's finance minister denied any blame for the multi-billion-euro Wirecard fraud on Thursday, pointing the finger at the company and its auditors, EY, for waving the firm's accounts through for a decade.. . .  Full story

Portugal's airline TAP posts $1.2 bln euro 2020 loss as COVID-19 stifles travel

14h35 Portugal's ailing state-owned airline TAP on Thursday posted an annual loss of 1.2 billion euros ($1.44 billion) as passenger numbers fell by almost three quarters last year due to the impact of the COVID-19. . .  Full story

Shanghai aluminium soars as China's production stalls: Andy Home

14h35 Shanghai aluminium prices last week hit their highest since 2010 as the Chinese market gears up for a seasonal demand peak.. . .  Full story

Copper steady on expected demand from climate push

14h31 Copper recovered on Thursday as bullish investors expecting strong demand from a global push for decarbonisation took advantage of a price dip to add to their positions.. . .  Full story

Huge shipments to India drive Swiss gold exports to 10-month high

14h29 Switzerland in March recorded its biggest monthly gold exports in ten months as shipments to India leaped to their highest since 2013, underlining a revival in Asian bullion demand, Swiss customs data showed. . .  Full story

Italian prosecutors prepare possible charges based on Genoa bridge probe

14h26 Italian prosecutors are preparing possible charges against dozens of former employees of infrastructure group Atlantia after concluding an inquiry into a deadly motorway bridge collapse in 2018, a document filed by prosecutors on Thursday showed.. . .  Full story

Gold slips from 2-month peak, palladium holds near record high

14h20 Gold eased from a two-month high on Thursday as investors awaited European Central Bank chief Christine Lagarde's conference, while supply worries kept palladium near a record peak hit in the previous session.. . .  Full story

Oxford Nanopore hires banks for $3 bln London listing - sources

14h00 Oxford Nanopore is moving ahead with plans for an initial public offering (IPO) and has now hired banks to manage the process, two sources familiar with the matter told Reuters, in a further boost. . .  Full story

COLUMN-Iron ore and China steel output aren't sticking to the script: Russell

14h00 The China steel and iron ore market narrative for 2021 was supposed to be pollution-led curbs on steel output, coupled with rising iron ore supply, leading to lower prices.. . .  Full story

Volkswagen considers succession for board member Osterloh-sources

13h59 Volkswagen is considering a possible change to its supervisory board that could lead to the replacement of Bernd Osterloh, its powerful works council head, sources familiar with the matter said on Thursday.. . .  Full story

Palladium shoots to new records as deficit-fuelled rally reignites

13h41 Palladium prices have surged to record levels and many analysts expect a further run towards $3,000 per ounce as automakers ramp up purchases of the metal used to neutralise harmful exhaust fumes, worsening a. . .  Full story

Swiss savers could power post-COVID economic recovery

13h39 Swiss consumers are set to boost the country's post-COVID-19 economic recovery, economists say, by using the mountains of cash saved during the crisis to fuel a spending spree.. . .  Full story

EU preparing legal case against AstraZeneca over vaccine shortfalls - sources

13h33 The European Commission is working on legal proceedings against AstraZeneca after the drugmaker cut COVID-19 vaccine deliveries to the European Union, sources familiar with the matter said.. . .  Full story

Finland's Valmet shares rise nearly 5% after record Q1 orders

13h15 Finland's Valmet posted a better-than-expected rise in first-quarter revenue and profit on Thursday, while its order intake hit a record, pushing the engineering company's shares nearly 5% higher.. . .  Full story

UK factories expect strongest rebound since 1973 after COVID-19

13h13 British manufacturers' hopes for an economic rebound rose to their strongest in 48 years this month as the country began to recover from the slump caused by the COVID-19 pandemic, the Confederation of British. . .  Full story

BBVA plans to cut 16% of banking workforce in Spain, union says

13h05 BBVA is planning to cut 3,800 jobs, or 16% of the banking staff in its home market Spain, and close 530 branches, the union Comisiones Obreras (CCOO) said on Thursday, at a moment when. . .  Full story

EU says won't take up option to buy 100 million extra COVID vaccines from AstraZeneca

12h58 The European Commission said on Thursday it would not take up an option to buy 100 million additional doses of AstraZeneca's COVID-19 vaccine which is included in the current supply contract the EU has. . .  Full story

Oil extends losses on U.S. stock build, pandemic concerns

12h56 Oil prices extended their losses into a third day on Thursday as a surprise build-up in U.S. crude inventories and a resurgence of COVID-19 cases in India and Japan raised demand recovery concerns.. . .  Full story

Asia Distillates-Gasoil cash differentials drop to over 5-month low

12h48 Asia's cash differentials for 10 ppm gasoil dropped for the ninth consecutive session on Thursday, plunging to their weakest level in more than five months amid sluggish demand, while Singapore middle distillate inventories. . .  Full story

Credit Suisse to boost capital ahead of further Archegos hit

12h45 Credit Suisse will raise over $2 billion to strengthen its capital base after flagging a further hit from the collapse of U.S. investment fund Archegos and a shrinking of the prime brokerage unit responsible for. . .  Full story

No decisions taken yet on possible EU legal action vs Astrazeneca

12h42 The European Union has not yet decided if it would take legal action against AstraZeneca for failing to deliver contracted vaccines against the COVID-19 coronavirus, a European Commission spokesman said on Thursday.. . .  Full story

Spain to set up tools to rein in top bankers' wages, minister says

12h42 The Spanish government and the central bank will work together to find ways to control the salaries of top bankers as most of the country's lenders are going through restructuring including job cuts, Economy. . .  Full story

Equinor LNG plant broke rules ahead of 2020 fire, watchdog says

12h33 Equinor must fix a series of rule breaches exposed by a fire at its Melkoeya liquefied natural gas (LNG) plant in Norway last year for the plant to reopen, the country's safety watchdog said. . .  Full story

Finland's Wartsila shares hit year high after first quarter orders surprise

12h23 Shares in Finland's Wartsila soared more than 16% to a 14-month high on Thursday after the marine and energy equipment maker surprised investors with stable orders for the first quarter despite sales and profit that. . .  Full story

Europe administers 17 mln COVID vaccine doses in latest week - ECDC

12h13 Europe took delivery of, and administered, nearly 17 million doses of COVID-19 vaccines last week, according to a regular monitoring report that showed that a total of 116 million shots had been given as. . .  Full story

France, Germany ask for more time to consider EU legal action against AstraZeneca- diplomats

12h08 Germany and France have asked for more time to think whether to take AstraZeneca to court for its cuts in supplies of COVID-19 vaccine, two diplomats said on Thursday, noting that most EU states. . .  Full story

Germany earns 2 bln euros with its debt in first quarter - document

12h08 Germany earned roughly 2 billion euros ($2.4 billion) from issuing new bonds in the first quarter alone as negative yields continue to push down Berlin's overall debt servicing costs to record lows, a finance. . .  Full story

Ad giant WPP pledges net zero emissions by 2025

12h03 WPP said on Thursday it planned to make the world's largest advertising company reach net zero carbon emissions by 2025 by incorporating many of the virtual production solutions it has developed during the pandemic.. . .  Full story

Coffee lovers and home bakers drive strongest Nestle quarter in a decade

11h51 Coffee drinkers, pet owners and home bakers helped to drive the biggest rise in quarterly sales at Nestle for 10 years, as the world's biggest food group outshone Danone and set a high bar. . .  Full story

Gardening power tools maker Husqvarna posts record first-quarter profit

11h44 Husqvarna's first-quarter operating profit jumped 61% to a record high as retailers snapped up its power tools ahead of the peak gardening season in the northern hemisphere, the Swedish company said on Thursday.. . .  Full story

Frost damage could cut French wine output by a third

11h41 Frost damage to French vineyards this month could reduce wine production by nearly a third compared with recent years, farm office FranceAgriMer said on Thursday, citing initial estimates from wine producers.. . .  Full story

Bankinter sees signs that worst of COVID-19 crisis might be over

11h32 Bankinter reported its first year-on-year net profit increase since before the coronavirus outbreak started and predicted the worst of the crisis might be over as the bank does not plan to set aside more provisions. . .  Full story

EU "looking at all options" to ensure AstraZeneca delivers vaccines - spokesman

10h56 The European Commission said on Thursday it was considering all options to ensure that AstraZeneca met its commitments with the EU on deliveries of COVID-19 vaccines.. . .  Full story

Lagging rivals, Renault sales fall for fifth straight quarter

10h55 Renault's sales fell for a fifth straight quarter as the French carmaker struggled to shrug off the fallout from the pandemic without a major presence in booming Chinese markets and a global shortage of. . .  Full story

Edenred's Q1 organic revenue growth tops expectations

10h45 Edenred beat first-quarter revenue expectations on Thursday, as the French provider of vouchers and cards returned to organic growth across all regions.. . .  Full story

Solid earnings lift European stocks ahead of ECB meeting outcome

10h41 European stocks moved towards record highs on Thursday after stumbling earlier in the week, as a set of strong earnings reports brightened sentiment ahead of the European Central Bank's policy decision.. . .  Full story

British shares rise on industrials boost; Rentokil slumps

10h35 British shares climbed on Thursday, boosted by industrials, although gains for the FTSE 100 index were capped by a fall in heavyweight energy shares as oil prices slipped on concerns over stalling fuel demand.. . .  Full story

2020 was Europe's hottest year as Arctic wildfires raged - EU scientists

10h00 Europe experienced its hottest year on record last year, while the Arctic suffered a summer of extreme wildfires partly due to low snow cover as climate change impacts intensified, the European Union’s observation service said. . .  Full story

UK's Ibstock ramps up brick capacity to meet housing market demand

08h56 Ibstock plans to spend 60 million pounds ($83.55 million) to ramp up brick capacity in two of its sites as a recovery in the UK housing market has fuelled demand for the building material,. . .  Full story

E.ON to pay compensation for taking early UK payments

08h50 UK energy regulator Ofgem said on Thursday utility E.ON had agreed to pay more than 650,000 pounds ($905,385)in compensation for direct debit payments taken early from 1.6 million customers.. . .  Full story

Credit Suisse not planning major redundancies in prime services - CFO

08h35 Credit Suisse does not expect to significantly reduce head count in investment banking and its prime brokerage business as a result of its decision to eliminate at least $35 billion in leverage exposure from. . .  Full story

Greensill creditors vote for Australian liquidation, probes of directors to follow

08h35 Creditors of Greensill Capital Pty, the Australian parent of the collapsed British supply chain financier, voted on Thursday to liquidate the company, its administrator said, triggering deeper investigations into the conduct of its directors.. . .  Full story

Taylor Wimpey sees sustained housing demand as budget measures kick in

08h33 Britain's third-largest homebuilder Taylor Wimpey on Thursday forecast sustained demand as the sector benefits from a lower interest rate environment and additional budgetary support measures.. . .  Full story

ANALYSIS-The housing boom, central banks and the inflation conundrum

08h17 A multi-year boom in global house prices which even a pandemic has failed to halt is forcing central banks around the world to confront a knotty question - what, if anything, should they be. . .  Full story

ANALYSIS-Europe Inc set to surge out of two-year profit slump

08h00 European companies are set to exit a two-year profit slump with a 60%-plus jump that outperforms U.S. peers and has spurred record-high stock prices, as the world economy rebounds from the worst downturn since. . .  Full story

Swiss watchdog Finma opens proceedings against Credit Suisse on Archegos case

07h13 Swiss watchdog Finma has opened proceedings against Credit Suisse in connections with its involvement with U.S. hedge fund Archegos, Finma said on Thursday.. . .  Full story

Credit Suisse says to raise capital through new placement

06h47 Credit Suisse said it was raising capital on Thursday by issuing notes convertible into 203 million shares.. . .  Full story

Premier-Inn owner vows to reach net zero carbon emissions by 2040

01h01 Premier Inn-owner Whitbread pledged to attain net zero carbon emissions by 2040, a decade ahead of its prior commitment, as it speeds up its programme to reduce the usage of gas, install solar panels. . .  Full story

UK legislators call for action on financial 'greenwashing'

01h01 Britain should consider making environmental labelling compulsory for consumer financial products and task regulators with stopping misleading claims or "greenwashing", legislators said on Thursday.. . .  Full story

Fintech Revolut to hire 300 for India support hub

01h01 Revolut will hire 300 staff for its subsidiary in India and make a multi-million pound investment there as part of its global expansion, the British-based digital bank app said on Thursday.. . .  Full story

EU defends its push for rules on company 'green' reporting

21/04 The European Union on Wednesday deflected concerns over its drive to formulate rules requiring companies to show investors how climate change will affect their activities, saying that waiting for a global approach could take years.. . .  Full story

Oil prices drop 2% on U.S. crude build, COVID-19 surge in India

21/04 Oil prices on Wednesday fell for a second day to their lowest in a week on a surprise build in U.S. crude inventories and concerns surging COVID-19 cases in India will drive down fuel. . .  Full story

Canada judge rules to delay Huawei CFO's extradition hearings

21/04 A Canada judge has agreed to delay Huawei Chief Financial Officer Meng Wanzhou's U.S. extradition hearings for three months, according to a ruling read in court on Wednesday, handing her defense team a win.. . .  Full story

Britain's Heathrow Airport turns down airline requests for extra flights from India

21/04 Britain's Heathrow Airport has refused to allow extra flights from India before the country is added on Friday to Britain's "red-list" of locations from which most travel is banned due to a high number. . .  Full story

Airbus shakes up aero parts manufacturing

21/04 Airbus has launched the biggest shake-up of its manufacturing network in more than a decade, with large-parts activities reorganized in France and Germany and some small-parts production hived off ahead of a possible sale.. . .  Full story

St. Croix refinery resumes operating following full plant outage -sources

21/04 The Limetree Bay refinery in St. Croix, U.S. Virgin Islands, has resumed producing fuel following an entire plant shutdown earlier this month, two sources familiar with the matter said on Wednesday.. . .  Full story

Return the favor: S.Korea looks to U.S. for COVID-19 vaccine aid

21/04 South Korea hopes its ally the United States will help it tackle a shortage of coronavirus vaccine in return for test kits and masks Seoul sent to Washington earlier in the pandemic, the foreign. . .  Full story

Aggreko's takeover deal in doubt after Liontrust opposition -Sky News

21/04 Equipment rental company Aggreko's 2.3 billion pound($3.20 billion) takeover by private equity firms is in doubt because its biggest shareholder Liontrust Asset Management plans to oppose the deal, Sky News reported on Wednesday.. . .  Full story

EU publishes rules to help investors decide what's 'green' and what's not

21/04 The European Commission on Wednesday published its long-awaited system to classify "green" investments in sectors from industry to transport, but delayed vexed decisions on whether to label nuclear energy and power plants fuelled by natural. . .  Full story

Deutsche Boerse reports better-than-expected Q1 net profit

21/04 German exchange operator Deutsche Boerse said on Wednesday it posted a 14% fall in first-quarter net profit, a better result than analysts had expected, and the company said it was on course to meet. . .  Full story

Ryanair to scale back fuel hedging policy

21/04 Ryanair plans to curtail its fuel hedging policy after suffering a loss of nearly 900 million euros ($1.1 billion) last year due to fuel hedges that were not needed due to COVID-19 groundings, Group. . .  Full story

Britain to crack down on online fraud after LCF collapse

21/04 Britain will crack down on online scams and make platforms that make money from advertising financial products more accountable, financial services minister John Glen said on Wednesday.. . .  Full story

FTSE 100 ends higher on AstraZeneca, oil stock boost; Just Eat Takeaway slumps

21/04 London's FTSE 100 rose on Wednesday, led by gains in AstraZeneca and energy heavyweights BP and Royal Dutch Shell, while Just Eat dropped following Uber Eats' plan to foray into the German market.. . .  Full story

Soccer-As Europe's Super League dies, hopes of Asian riches fade

21/04 While Europe celebrated the collapse of soccer's elite Super League project on Wednesday, some business analysts and fans said it was a missed opportunity to grow the sport's following and revenues. . .  Full story

Italys's BPER Banca appoints deals expert Montani as CEO

21/04 Shareholders in BPER Banca on Wednesday backed the appointment of Piero Montani as the new chief executive of Italy's fifth-biggest bank which is preparing to jostle for a role in the sector's consolidation.. . .  Full story

European shares rebound on strong earnings, M&A speculation boosts Hugo Boss

21/04 European stocks bounced back on Wednesday after their worst sell-off this year as optimism about a strong earnings season countered worries about a rapid rise in COVID-19 cases in some countries.. . .  Full story

Greek PM sees pandemic stabilising, eyes May reopening to tourists

21/04 Greece should be able to open up for tourists from May 15, Prime Minister Kyriakos Mitsotakis confirmed on Wednesday, saying the coronavirus pandemic was showing signs of stabilising helped by the rollout of vaccines.. . .  Full story

Euro area yields steady ahead of ECB, after German court

21/04 Euro zone bond yields held below recent highs on Wednesday, a day ahead of a European Central Bank meeting and after Germany's constitutional court dismissed challenges to its approval of the EU recovery fund. Rising. . .  Full story

The housing boom, central banks and the inflation conundrum

21/04 A multi-year boom in global house prices which even a pandemic has failed to halt is forcing central banks around the world to confront a knotty question - what, if anything, should they be. . .  Full story

Italy eyes consortium of telcos to speed broadband rollout - document

21/04 Italy's ruling parties are discussing a plan to agglomerate all the country's telecom operators in a consortium to accelerate the rollout of ultra-fast infrastructure nationwide, a document seen by Reuters showed on Wednesday.. . .  Full story

Bremen prosecutor raids homes and offices of Greensill bankers

21/04 Prosecutors in the German city of Bremen have raided the offices and homes of Greensill bankers, a spokesman for the prosecutor said on Wednesday.. . .  Full story

Britain shows fledgling signs of economic recovery

21/04 Britain is showing signs of economic recovery from the COVID-19 pandemic as it gradually relaxes its latest lockdown measures, according to a range of timely and forward-looking indicators.. . .  Full story

Europe Inc set to surge out of two-year profit slump

21/04 European companies are set to exit a two-year profit slump with a 60%-plus jump that outperforms U.S. peers and has spurred record-high stock prices, as the world economy rebounds from the worst downturn since. . .  Full story

Hungary central bank to leave rates steady as inflation spike looms

21/04 The National Bank of Hungary is likely to leave interest rates unchanged next Tuesday before an expected spike in inflation the bank considers temporary but has said it would closely monitor for any possible. . .  Full story

Putin calls for Russian greenhouse gas emissions to be lower than EU's

21/04 President Vladimir Putin said on Wednesday he wanted Russia's total net greenhouse gas emissions to be less than the European Union's over the next 30 years, a goal he described as tough but achievable.. . .  Full story

BetMGM targets $1 bln in net revenue in 2022

21/04 BetMGM, a U.S. sports-betting joint venture between MGM Resorts and Entain, said on Wednesday it was targeting net revenue of $1 billion in 2022 and that it expected an investment of $450 million from. . .  Full story

-Pandemic slips down list of market risks, Norway wealth fund says

21/04 The pandemic is becoming less dominant in the markets and other risks, such as inflation and a stock market correction, are rising, as vaccines fuel optimism and recovery, a top official at Norway's $1.3. . .  Full story

Hedge fund assets hit record $3.8 trillion in first quarter

21/04 Global hedge fund assets rose to more than $3.8 trillion in March 2021, driven by the best first-quarter performance in 21 years and more investors putting cash to work with the industry, according to. . .  Full story

EU snubs extra 300 mln J&J, Astra shots in bet on Pfizer-source

21/04 The European Union won't take up an extra 300 million doses of AstraZeneca and Johnson & Johnson COVID-19 vaccines that it has secured as options under existing contracts, a senior EU official told Reuters.. . .  Full story

German top court allows approval of EU recovery fund

21/04 Germany's constitutional court declined on Wednesday to block the European Union's COVID-19 recovery fund, removing one of the last major hurdles before the bloc can launch its 750 billion euro ($900 billion) debt-financed fund.. . .  Full story

EU broadens rules on sustainability data to capture more companies

21/04 The European Union on Wednesday said it planned to increase the number of companies that must publish environmental and social data after criticism that the current rules were ineffective.. . .  Full story

MOVES-Maersk Oil Trading appoints Uszko as renewable fuels boss

21/04 Maersk Oil Trading (MOT), part of Denmark shipping group Maersk, has appointed Urszula Uszko as global head of renewable fuels in Copenhagen, the company said on Wednesday.. . .  Full story

Russia's Putin, with election looming, sets out new social support measures

21/04 Russian President Vladimir Putin announced new social support measures for families with children on Wednesday and hinted at more tax changes, saying the corporate sector was on course for record profits this year.. . .  Full story

Hammerson exits UK retail parks sector with $459 mln assets sale to Brookfield

21/04 Hammerson said on Wednesday it sold seven retail parks to Canadian private-equity firm Brookfield Asset Management for 330 million pounds ($459.33 million), marking the mall operator's exit from the UK retail parks sector.. . .  Full story

Russian e-commerce venture SberMarket's transaction volumes boom in first quarter

21/04 The e-commerce arm of Russia's largest lender Sberbank had a surge in transaction volumes in the first quarter of 2021, the company said on Wednesday, benefiting from the bank's diversification into new businesses, which include. . .  Full story

Insurers favour private equity over hedge funds -survey

21/04 Insurers want to put more money into private equity this year while scaling back on hedge funds, a survey by Goldman Sachs Asset Management showed on Wednesday.. . .  Full story

High carbon prices prompt coal-to-gas fuel switching

21/04 The soaring price of European Union emissions permits is encouraging more utilities to switch to natural gas from carbon-heavy coal to generate electricity in Germany, potentially speeding up its phase-out of the highly polluting fuel.. . .  Full story

Credit Agricole secures majority backing for $1 bln Creval bid

21/04 Credit Agricole Italia secured majority support for a $1 billion takeover of rival bank Creval on Wednesday, after agreeing to pay the maximum price regardless of acceptance levels for its offer.. . .  Full story

Men dominate climate science. She made it to the top - her way.

21/04 Climate scientist Corinne Le Quéré sequestered herself in her home office last March. Outside, the streets were empty as Britain retreated from the coronavirus pandemic. The world had come to a halt. In the eerie. . .  Full story

Payments firm Worldline sees recovery as lockdowns ease

21/04 French payments firm Worldline expects a recovery in sales from this quarter as COVID-19 lockdowns ease, after a drop in the first three months of the year, it said on Wednesday.. . .  Full story