Europe Business

Kenyan banks to test mobile lending app to ease SME squeeze

20/05 Five Kenyan banks have launched a lending service via mobile phone aimed at getting credit through to the country's small and medium-sized businesses, the central bank said on Monday.  Full story

UK must not "export its political crisis" to Europe -French politician Loiseau

07h57 Britain must not "export its political crisis" over to Europe, said French politician Nathalie Loiseau, who is spearheading President Emmanuel Macron's European election campaign.. . .  Full story

London copper steadies amid Peru mine blockade; trade tensions linger

07h54 London copper prices struggled to firm up from near four-month lows on Wednesday, as concerns of supply disruptions due to a blockade at MMG Ltd's Las Bambas mine in Peru were offset by U.S.-China. . .  Full story

Iron ore is surging, but not all producers are joining the party: Russell

07h23 While iron ore prices have surged to a five-year high above $100 a tonne, not all producers of the steel-making ingredient are sharing in the bounty.. . .  Full story

Magnitude 3.4 quake hits gas field region of north Netherlands

07h17 A 3.4 magnitude earthquake hit the north Dutch region of Groningen, home to one of Europe's largest natural gas fields, early on Wednesday, Dutch meteorology institute KNMI said.. . .  Full story

Russia says clean crude oil to reach Hungary, Slovakia within a week - RIA

07h08 Russia's Energy Ministry said on Wednesday that clean crude oil was moving via the Druzhba pipeline towards the border of Hungary and Slovakia and was expected to reach the metering stations there within a. . .  Full story

Gold hovers near 2-week low on strong dollar ahead of Fed minutes

06h57 Gold edged lower on Wednesday to hover near a two-week low, as a stronger dollar and signs of easing Sino-U.S. friction dented demand for bullion ahead of the minutes from U.S. Federal Reserve's latest. . .  Full story

Oil falls on rising U.S. stockpiles, but markets remain tense

06h32 Oil prices fell on Wednesday after industry data showed an increase in U.S. crude inventories and as Saudi Arabia pledged to keep markets balanced.. . .  Full story

SPECIAL REPORT-Hobbling Huawei: Inside the U.S. war on China's tech giant

06h30 In early 2018, in a complex of low-rise buildings in the Australian capital, a team of government hackers was engaging in a destructive digital war game.. . .  Full story

TransferWise closes $292 mln secondary funding round at $3.5 bln valuation

06h00 Money transfer startup TransferWise has closed a $292 million secondary funding round which doubles its valuation to $3.5 billion, the company said on Wednesday.. . .  Full story

Global miner BHP plans to expand nickel output amid battery boom

04h25 Global miner BHP Group on Wednesday said it plans to expand its nickel sulphide operations amid an expected boom in demand for the material in electric vehicle batteries.. . .  Full story

UK housing market weathers Brexit clouds, but sharp gains unlikely

02h05 Britain's expensive housing market has so far weathered the uncertainty swirling around the country's planned departure from the European Union, but average prices are unlikely to rise sharply and will fall in London this year,. . .  Full story

Angola awards fuel tender to Total, Trafigura

21/05 Angolan state oil company Sonangol said on Tuesday it had awarded its refined products buy tender for the next 12 months to Total and Trafigura .. . .  Full story

Airbus seeks resolution to German arms export row -CEO

21/05 Airbus is in discussions to try to find solutions to a row with the German government over a ban on arms exports to Saudi Arabia that threatens a border security contract, Chief Executive Guillaume. . .  Full story

Airbus prepares counter-punch to new Boeing mid-sized jet

21/05 Airbus hinted on Tuesday at a price battle and imminent aircraft revamp to counter a possible new Boeing mid-sized jet, promising a "left hook, right hook" from two of its established models.. . .  Full story

French Engie, Portugal's EDP aim be second-biggest offshore wind developer with JV

21/05 French utility Engie and Portugal's EDP said on Tuesday they will invest 15 billion euros ($16.7 billion) with the aim of becoming the world's number two offshore wind developer after Denmark's Orsted.. . .  Full story

Gold falls below 2-week low on strong dollar, stocks

21/05 Gold prices dropped on Tuesday to the lowest in more than two weeks, as the dollar strengthened along with equities and other riskier assets ahead of the U.S. Federal Reserve's release of minutes from. . .  Full story

Swiss court confirms SIX Group card payments fine

21/05 SIX Group must pay a 7.029 million Swiss franc ($6.96 million) fine related to card payment transactions between 2005 and 2007, the Swiss Federal Administrative Court said on Tuesday, upholding a fine by the Swiss. . .  Full story

Raw sugar rises after falling to 7-1/2-month low; coffee up

21/05 Raw sugar futures on ICE rose on Tuesday, supported by a firmer currency in top-grower Brazil, after earlier falling to their lowest levels in 7-1/2 months; while the stronger Brazilian real also helped lift arabica. . .  Full story

Huawei puts Honor above Android at new smartphone launch

21/05 Huawei put uncertainty over the future of its devices business to one side on Tuesday with the launch of new Honor smartphones, in a confident display of the Chinese firm's technology.. . .  Full story

UK business group condemns Labour nationalisation plans, Brexit delay

21/05 Plans by Britain's opposition Labour Party to nationalise utilities including the country's electricity grid will damage investment as well as hurting many small shareholders, one of the country's main business groups warned on Tuesday.. . .  Full story

Benetton scions to get more power in family holding company- source

21/05 The Benetton family's holding company will not replace its departing CEO, giving the second generation of the family a bigger role in managing its economic empire, a source close to the matter said.. . .  Full story

UK's Tesco to sell $4.7 bln mortgage book as competition bites

21/05 Britain's biggest retailer Tesco will stop mortgage lending at its banking business because of tough market conditions, it said on Tuesday, as rival lender Nationwide Building Society reported a drop in profit margins.. . .  Full story

Metro Bank dodges major shareholder rebellion

21/05 Metro Bank escaped a potential investor challenge at its annual meeting on Tuesday, but there were sizeable votes against several of its most senior directors.. . .  Full story

New Brexit deal, Huawei reprieve boost FTSE 100

21/05 The FTSE rose on Tuesday, helped by a rally in homebuilders amid news of a proposed parliamentary vote on a second Brexit referendum and gains in Asia-facing stocks after the United States relaxed restrictions. . .  Full story

Britain's Big Four accountants could gain reprieve from audit reform

21/05 Britain's business ministry will consult further on sweeping reforms of the audit market, it told Reuters, stopping short of legislation demanded by lawmakers.. . .  Full story

Belarus state energy firm says two months needed to resume oil transit via Druzhba -TASS

21/05 Belarus state energy company Belneftekhim said it would take two months to resume fully oil transit through the Druzhba pipeline after contamination by Russian oil, TASS news agency reported on Tuesday.. . .  Full story

Aluminium and other metals muted as U.S. loosens Huawei restrictions

21/05 Aluminium ended barely changed on Tuesday after a day of choppy trade, as a boost from a temporary easing of U.S. trade restrictions on China's Huawei was offset by expected higher output from Norsk. . .  Full story

European stocks rise, Huawei reprieve boosts tech shares

21/05 European shares rose on Tuesday, with tech stocks contributing to gains as they recovered some ground lost in the previous session following a temporary easing of U.S. restrictions on China's Huawei.. . .  Full story

British Steel risks collapse with 25,000 jobs at stake

21/05 British Steel, the country's second largest steel producer, is on the brink of collapse unless the government agrees to provide an emergency 30 million pound ($38 million) loan, two sources close to the situation said.. . .  Full story

France's Veyrat says has no plan to swap Neoen for Engie stake - Les Echos

21/05 French businessman Jacques Veyrat, who owns more than 50 percent of renewable energy firm Neoen , told financial daily Les Echos he has no intention of selling his Neoen stake in exchange for a. . .  Full story

Debut Dutch green bond lures more than 20 bln euros of orders

21/05 Investors piled into the Netherlands' inaugural, triple-A rated sovereign green bond on Tuesday, placing 21.2 billion euros ($23.7 billion) of orders for the environmentally friendly paper.. . .  Full story

Euro zone debt pauses after rally, investors flock to Dutch green bond

21/05 Government bond yields in much of the euro zone steadied above recent multi-year lows on Tuesday, with investors still reluctant to sell fixed income given heightened concern about economic growth and trade tensions.. . .  Full story

BP faces climate protests at investor meeting, Shell gets boost

21/05 Activists disrupted BP's annual shareholder meeting on Tuesday shouting "this is a crime scene" in the latest climate protest against the oil and gas group, while rival Royal Dutch Shell got some rare praise from. . .  Full story

U.S. to mirror EU moves in scrutinising derivatives clearers

21/05 Foreign clearing houses for derivatives face tougher scrutiny for risks they would pose to the United States economy if they collapsed, a senior regulator said on Tuesday, mirroring recently-approved European Union reforms.. . .  Full story

Total curbs German refinery output, national supply security not at risk

21/05 Total said on Tuesday it had curbed output at its German refinery at Leuna due to continuing problems with contaminated Russian crude oil supply, while Germany's oil industry's lobby said national supply security was not. . .  Full story

A year on, Indian anti-Vedanta protesters say still await justice

21/05 A year after Indian police killed 13 people protesting against pollution from a copper smelter in this hardscrabble southern port city, tensions within the community and between residents and the police are still running high.. . .  Full story

Lebanon paid $650 million maturing eurobond on Monday with central bank help -sources

21/05 A $650 million Lebanese eurobond was repaid successfully with sources familiar with the matter saying the central bank provided funding to the finance ministry to meet the payment.. . .  Full story

Italy's far-right Salvini mislays his Midas touch ahead of EU vote

21/05 Matteo Salvini, the leader of Italy's far-right League, seems to have lost his magic touch at the worst possible time - just ahead of Sunday's European Parliament election.. . .  Full story

Shell reveals only its gas subsidiary paid Dutch corporate tax in 2018

21/05 Royal Dutch Shell revealed on Tuesday that in 2018 only its gas subsidiary NAM paid corporate tax in the Netherlands, where it is headquartered, following Dutch parliamentary demands that it attend a hearing on tax. . .  Full story

Appetite for Saudi Arabia tested by latest jumbo loan

21/05 Saudi Arabia's Public Investment Fund (PIF) has attracted only tepid interest in plans for its latest multibillion-dollar debt sale, banking sources say, suggesting the kingdom is losing its appeal for some lenders.. . .  Full story

Al Gore's Generation raises $1 bln for latest private equity fund

21/05 Sustainable investment specialist Generation Investment Management, co-founded by former U.S. Vice President Al Gore, has raised $1 billion for its latest private equity fund, it said on Tuesday.. . .  Full story

Total curbs German refinery output due to contaminated Russian oil

21/05 Total said on Tuesday that it had curbed output at its German refinery due to continuing problems with contaminated Russian crude oil supply.. . .  Full story

Some major Deutsche Bank investors want chairman to go early - sources

21/05 At least three major investors in Deutsche Bank want Chairman Paul Achleitner to step down early amid discontent with the bank's turnaround, two people with knowledge of the matter said on Tuesday.. . .  Full story

Russia's Lukoil steps up oil quality controls after Druzhba contamination

21/05 Russian oil producer Lukoil has stepped up its oil quality controls even though its refineries are not connected to the Druzhba pipeline, vice president Rustem Gimaletdinov said on Tuesday.. . .  Full story

What soaring iron ore and faltering copper say about China: Andy Home

21/05 The iron ore market is on a surge, the price last week punching up through the $100-per tonne level for the first time in five years.. . .  Full story

Russian pipeline restart hit by dirty oil evacuation problems

21/05 Hopes for a speedy resumption of oil exports from Russia to Poland and Germany along the Druzhba pipeline route are fading after plans to remove dirty oil from the pipeline had a major setback. . .  Full story

Vestas takes aim at cheaper U.S. wind power with new turbine

21/05 Vestas on Tuesday launched a wind turbine targeting the U.S. market, aiming to simplify how they are built and cut costs further for the renewable energy source.. . .  Full story

Hobbling Huawei: Inside the U.S. war on China's tech giant

21/05 In early 2018, in a complex of low-rise buildings in the Australian capital, a team of government hackers was engaging in a destructive digital war game.. . .  Full story

BP shareholders overwhelmingly adopt climate resolution

21/05 BP shareholders overwhelmingly approved a climate resolution on Tuesday backed by investors and the oil and gas company which calls for it to meet the 2015 Paris climate agreement.. . .  Full story

UK minister says he talked about Port Talbot with Tata Steel

21/05 A British government minister said on Tuesday that talks he held with Tata Steel this week were about issues relating to the firm's site in Port Talbot in Wales.. . .  Full story

Poland urges Russia to compensate for oil mistakes -Polish PM

21/05 Russian suppliers will have to provide financial compensation for their mistakes over contaminated oil, Polish Prime Minister Mateusz Morawiecki said on Tuesday.. . .  Full story

UK will leave no stone unturned to help steel sector - minister

21/05 Britain's government will leave "no stone unturned" to support the country's steel sector amid the crisis facing producer British Steel and it has been in contact with former owners Tata Steel, a minister said on. . .  Full story

Hungary's MOL will store some contaminated Russian oil

21/05 Hungarian refining company MOL said on Tuesday that it will it start taking clean Russian oil later this week via a major pipeline after agreeing to store 100,000 tonnes of contaminated crude.. . .  Full story

Brexit stockpiling boom ends for UK factories -CBI

21/05 British factories suffered the biggest fall in orders this month since late 2016, gearing down from their rush to stockpile before the original Brexit deadline in March and boding badly for the economy. . .  Full story

Activists demand end of Shell, fossil fuel at shareholder meeting

21/05 A group of environmental activists tried to disrupt Royal Dutch Shell's annual shareholder meeting on Tuesday, calling for this year's gathering to be the company's last.. . .  Full story

France: 5G telecoms decision based on security and performance, nobody to be ruled out

21/05 Finance Minister Bruno Le Maire said a decision by France regarding the 5G telecoms network would be based on security and performance of networks, and added that Paris would not rule out a specific. . .  Full story

Irish unemployment rate revised to 4.6%, lowest since 2006

21/05 Ireland's unemployment rate was revised down sharply on Tuesday, the statistics agency said, taking the level below 5% for the first time in over a decade as jobs were added at the fastest pace. . .  Full story

Billionaire Hinduja brothers weigh bid for India's Jet Airways

21/05 India's Hinduja Group said on Tuesday it was considering a bid for debt-laden Jet Airways Ltd , boosting shares in the grounded airline by 15% for their best day since January.. . .  Full story

Belarus PM to discuss oil contamination with Russia's Medvedev - Belta

21/05 Belarusian Prime Minister Sergei Rumas said on Tuesday he planned to discuss the contamination of Russian oil via the Druzhba pipeline with Russian Prime Minister Dmitry Medvedev on Friday, Belarus' Belta news agency reported.. . .  Full story

Europe facing "huge pressure" from US over Iran trade channel - French minister

21/05 European powers are facing huge pressure from the United States to drop its proposed trade channel with Iran and it will also not succumb to ultimatums from Tehran, French Finance Minister Bruno Le Maire. . .  Full story

Belarus needs a month to assess damages from contaminated oil - Belta

21/05 Belarus needs a month to evaluate damages from the contamination of Russian oil via the Druzhba pipeline, the Belta news agency cited Prime Minister Sergei Rumas as saying on Tuesday. (Reporting by Andrei Makhovsky; writing. . .  Full story

Germany to boost private R&D with 1.25 bln euros in incentives

21/05 Germany will pass a draft law on Wednesday to support corporate research and development with annual incentives of 1.25 billion euros ($1.39 billion), officials said on Tuesday, in an effort to boost cutting-edge technologies in. . .  Full story

Norges Bank buys into Britain's Metro Bank after cash call

21/05 Norway's sovereign wealth fund bought a 3.10% stake in Metro Bank on Friday, a day after the British lender raised 375 million pounds ($476.10 million) to shore up its balance sheet, a filing showed.. . .  Full story

Majestic Wine says retail business attracts many suitors

21/05 Majestic Wine said on Tuesday multiple suitors had shown interest in its retail business, a month after Britain's largest specialist wine retailer said it was looking to sell the unit to focus online.. . .  Full story

Nigeria's Trans Forcados pipeline remains closed after fire

21/05 Nigeria's Trans Forcados pipeline remains closed but no force majeure has been declared, a Shell spokeswoman said on Tuesday, after a fire broke out on Sunday.. . .  Full story

Oil traders sell dirty Russian crude to Asian buyers

21/05 Trading companies Vitol and Unipec are sending around 700,000 tonnes (5.1 million barrels) of contaminated Russian oil to Asia in an attempt to place the barrels rejected by buyers in Europe, according to trading sources. . .  Full story

Nigeria's Trans Forcados pipeline remains closed after fire -Shell spokeswoman

21/05 Nigeria's Trans Forcados pipeline remains closed but no force majeure has been declared, a Shell spokeswoman said on Tuesday, after a fire broke out on Sunday.. . .  Full story

Hammerson CFO Drakesmith resigns after eight years in role

21/05 British shopping centre operator Hammerson Plc said on Tuesday its chief financial officer, Timon Drakesmith, had resigned after eight years in the role.. . .  Full story

UK regulator warns fund hosting platforms on governance, risk

21/05 Britain's financial markets regulator said on Tuesday it had "significant concerns" about governance and risk management at firms offering regulatory hosting services to fund managers.. . .  Full story

Ukraine resumes oil supplies to Hungary

21/05 Ukrainian oil transit company UkrTransNafta has resumed oil transit towards European consumers after Hungary confirmed that it was ready to receive Russian oil, the company said on Tuesday.. . .  Full story

Galliford Try promises better margins, cost savings after review

21/05 UK construction firm Galliford Try unveiled a retrenchment programme on Tuesday that it said would deliver 15 million pounds ($19 million) of savings a year from 2021 and a faster rise in operating margins,. . .  Full story

U.S., China need to reverse course in trade row to help economy-OECD

21/05 Economic growth in China and the United States could be 0.2-0.3% lower on average by 2021 and 2022 if the two countries do not row back on tit-for-tat tariffs in their dispute that has. . .  Full story

India's Congress urges workers to ignore ominous exit polls, be vigilant

21/05 India's main opposition Congress party has told its workers not to lose heart and to remain vigilant at vote-count centres after exit polls predicted a clear election victory for Prime Minister Narendra Modi.. . .  Full story

Italy must rebuild trust in economic programmes - minister

21/05 Italy must rebuild trust in its economic programmes rather than focus on European Union rules on budget deficits, Italian Economy Minister Giovanni Tria said on Tuesday.. . .  Full story

Congo Republic senate approves restructuring of China debt

21/05 Congo Republic's senate on Monday voted to restructure some of its debt with China, a move that the International Monetary Fund has said was necessary to unlock financial support, the finance. . .  Full story

Tata Motors shares hit by Jaguar Land Rover woes, weak home market

21/05 Tata Motors Ltd gave an uninspiring outlook for its luxury brand Jaguar Land Rover and forecast weak demand in the Indian automaker's home market, sending its shares 6% lower on Tuesday.. . .  Full story

Miner Fresnillo warns of "more challenging" 2019

21/05 Fresnillo said on Tuesday the current year would be more challenging than 2018 as a number of industry variables were "working against" the precious metals miner.. . .  Full story

WH Smith chief Clarke steps down, shares fall

21/05 WH Smith Plc announced the departure of Chief Executive Officer Stephen Clarke after six years in charge on Tuesday, as the British books, stationery and newspaper chain reported another double-digit rise in sales in the. . .  Full story

UK's Halfords profit falls 18%, sees flat outcome in new year

21/05 British bicycles and car parts retailer Halfords on Tuesday reported a 18% fall in annual profit and, with consumer confidence "fragile", forecast a flat outcome in its new financial year.. . .  Full story

In hometown, Macron battles disillusion and apathy ahead of EU election

21/05 In Emmanuel Macron's hometown of Amiens, it's hard to find enthusiasm for either the French president or the European Union, less than a week before European parliament elections.. . .  Full story

Hundreds of foreign companies attend N.Korea trade fair despite sanctions

21/05 An international trade fair in North Korea this week may be the largest such event on record, analysts said on Tuesday, with hundreds of Chinese and other foreign vendors taking part despite sanctions pressure.. . .  Full story

HSBC plans more China tech jobs in push for market share

21/05 HSBC Holdings PLC plans to add more than a 1,000 jobs this year at its technology development centres in China, as the Asia-focused lender seeks to bolster its presence in the world's second largest. . .  Full story

China's CNPC breaks into Myanmar fuel retailing with Singapore brand

21/05 China National Petroleum Corp is planning to open dozens of petrol stations in Myanmar, the first major foreign investor to enter the fast-growing Southeast Asian fuel market, as the state giant expands its retail oil. . .  Full story

Spanish retailer DIA strikes rescue deal with banks

20/05 Struggling Spanish retailer DIA reached an eleventh-hour agreement to secure financing on Monday, new owner LetterOne said in a statement, staving off the imminent risk of having to start insolvency proceedings.. . .  Full story

UK firms likely to scrap planned investment on a no-deal Brexit -BoE's Broadbent

20/05 British companies are likely to cancel projects that they have put on hold because of Brexit uncertainty if the country leaves the European Union without a deal to smooth the shock, Bank of England. . .  Full story

Greenpeace activists block BP London HQ demanding end to oil exploration

20/05 Greenpeace activists blocked the entrance to BP's London headquarters on Monday, demanding one of the world's biggest energy companies ends all new oil and gas exploration or goes out of business.. . .  Full story

U.S. unlikely to suffer big damages from China trade dispute: Fed

20/05 Trade tensions with China need to linger for an extended period to cause real damage to the United States economy, St. Louis Fed President James Bullard said in remarks published on Monday.. . .  Full story

Swedbank to rebuild board at June 19 extraordinary meeting

20/05 Swedbank on Monday called an extraordinary general meeting on June 19 to vote on three new board members as it tries to rebuild its scandal-hit reputation.. . .  Full story

European stocks fall on worries about Huawei fallout

20/05 European stocks recorded broad-based losses on Monday, as a U.S. crackdown on China's Huawei Technologies rekindled concerns about worsening global trade and wilted the continent's trade-exposed tech and auto stocks.. . .  Full story

Zinc slides to 4-month low as China supplies ramp up

20/05 Zinc prices hit four-month lows on Monday as investors fretted about rising supplies from top producer China, while industrial metals overall came under pressure from trade tensions between the United States and China.. . .  Full story

Trade jitters drag UK shares, turbulence hits Ryanair

20/05 Britain's main share index slipped again on Monday as worries over international trade increased on the back of U.S. curbs on China's Huawei, while weak results from Ryanair triggered a sell-off in airlines across. . .  Full story

Euro zone bond yields up; Austria in focus as video sting brings down govt

20/05 Euro zone government bond yields edged up on Monday from last week's multi-year lows, with focus on Austria after the collapse of its coalition at the weekend raised the chances of a snap national. . .  Full story

Russia's Antipinsky refinery files for bankruptcy

20/05 Russia's Antipinsky oil refinery said on Monday it had filed for bankruptcy, weeks after a London court ordered its assets be frozen in response to a lawsuit from a trading house.. . .  Full story

Goldman switches to Mazars for European audit

20/05 Goldman Sachs International has appointed Mazars to audit its London-based European operations in a major coup for the accounting firm.. . .  Full story

British police begin removing Greenpeace activists who blocked BP HQ

20/05 British police began removing Greenpeace activists who had blocked BP headquarters in London, a Reuters photographer at the scene said.. . .  Full story

Huawei mobile users ponder switching brand after Google news

20/05 Time to abandon the Huawei phone? That was what some owners asked after U.S. tech giant Google said it would suspend its business with China's top mobile maker, threatening future access to Gmail, YouTube and. . .  Full story