Europe Business

Ivory Coast cocoa farmers welcome good weather for main crop

06/07 Rainfall was above average over most of Ivory Coast's cocoa growing regions last week, increasing the chances of a strong start to the next main crop in October, farmers said on Monday,  Full story

UK Stocks-Factors to watch on July 7

07h26 Britain's FTSE 100 index is seen opening a point lower at 6,285 on Tuesday, according to financial bookmakers. * RECKITT BENCKISER: UK-based Reckitt Benckiser Group Plc said that the U.S.. . .  Full story

German industry expects production to rise in coming months - Ifo

07h14 Industrial firms in Europe's largest economy expect their production to increase in the coming three months, a survey published by Germany's Ifo institute on Tuesday showed.. . .  Full story

Gold steadies near 8-year high as virus cases surge

07h10 Gold prices held steady near an eight-year high on Tuesday as investors weighed a spike in COVID-19 cases around the world against a survey showing a rebound in U.S. services industry activity and expectations. . .  Full story

Copper scales 5-month high on China recovery hopes, supply fears

07h09 Copper prices rose on Tuesday to a five-month high as hopes of an economic recovery in China and supply fears underpinned sentiment.. . .  Full story

Oil prices fall on demand concerns from U.S. coronavirus case surge

05h43 Oil prices fell on Tuesday, erasing earlier gains, on concerns that the surge in coronavirus cases in the United States, the world's biggest oil user, will limit a recovery in fuel demand.. . .  Full story

COLUMN-London aluminium hit by flash squeeze even as stocks surge: Andy Home

03h00 The London aluminium market was rocked by a short but severe squeeze last week.. . .  Full story

UK's Sunak to spend 3 billion pounds on green projects in economy plan

01h01 British finance minister Rishi Sunak will earmark 3 billion pounds ($3.75 billion) to create green jobs and improve the energy efficiency of public buildings when he announces his broader plans to kickstart the economy. . .  Full story

Global LNG projects jeopardized by climate concerns, pandemic delays -report

01h01 Prospects for nearly half of the world's projects to build infrastructure for exporting liquefied natural gas have faltered in recent months, amid rising concerns about climate change, public protests and delays due to the coronavirus. . .  Full story

An end to Australia's apartment binge looms over jobs, growth

01h00 The hit to Australia's population growth from closing its international borders is quickly turning a long-running housing shortage into a glut, bringing an end to the apartment building boom behind much of the country's. . .  Full story

Soybeans hit four-month high on hot, dry U.S. crop weather

06/07 U.S. corn and soybean futures rose on Monday as expectations for unfavorably hot, dry weather increased concerns over the crops, after the federal government said last week that American farmers planted fewer acres than. . .  Full story

Eni to book 3.5 bln euro asset writedown after cutting price outlook

06/07 Italian energy group Eni said it would write off around 3.5 billion euros ($4 billion) from the value of its assets after revising down its long-term outlook for oil and gas prices due to. . .  Full story

Oil steady as hopeful economic data face spike in virus cases

06/07 Oil futures ended largely steady on Monday as positive economic data supported prices, while a spike in coronavirus cases in the United States that could curb fuel demand pressured prices.. . .  Full story

GAM sales chief Rainsford exits in management revamp

06/07 GAM Investments' head of sales and distribution, Tim Rainsford, is leaving the Swiss asset management group amid a management revamp, GAM said on Monday.. . .  Full story

EU lawmakers ban nuclear from green transition fund, leave loophole for gas

06/07 European Union leaders are split over which fuels deserve support from the bloc's flagship green energy fund, after lawmakers on Monday called for rules that could allow the money to be spent on some. . .  Full story

UK pledges boost for the arts as it eyes socially distant performances

06/07 Britain will invest nearly $2 billion in the arts and hopes to allow outdoor and socially distanced performances at cultural venues as it tries to help a high-profile sector hit hard by the coronavirus.. . .  Full story

French central bank sees full rebound in GDP in wake of virus lockdown

06/07 The French economy is on course to bounce back this quarter as much as it probably slumped in the previous three months, the central bank estimated on Monday, saying it might need to revise. . .  Full story

German prosecutors arrest head of Wirecard's Dubai unit

06/07 German prosecutors said on Monday they had arrested the head of a Dubai-based subsidiary of Wirecard, widening the circle of suspects in a multi-billion-dollar fraud investigation into the collapse of the payments company.. . .  Full story

UK's Raab rejects China's criticism of "gross interference"

06/07 British foreign Secretary Dominic Raab rejected on Monday China's accusation that Britain had indulged in "gross interference" over Beijing's imposition of new security legislation in Hong Kong.. . .  Full story

Dutch central bank gives insurers room to resume dividend payments

06/07 The Dutch central bank (DNB) said on Monday that insurers could restart dividend payments later this year, as the effects of the coronavirus pandemic on their balance sheets has been less dramatic than feared.. . .  Full story

Russia's Rusal calls for meeting of Nornickel board to discuss damages claim from Arctic fuel spill

06/07 Russia's Rusal, a major shareholder in Nornickel, called on Monday for a meeting of the mining giant's board to discuss ways of meeting a demand for $2 billion in damages for a giant Arctic. . .  Full story

UK stocks clock best day in nearly 3-weeks on stimulus hopes

06/07 London stocks logged their best day in nearly three weeks on Monday, with cyclical stocks including banks leading advances on hopes of more stimulus to kickstart a battered global economy, while homebuilders jumped on. . .  Full story

Russian watchdog seeks $2 bln in damages from Nornickel over Arctic fuel spill

06/07 Russia's environmental watchdog has asked a power subsidiary of Russian mining giant Norilsk Nickel (Nornickel) to pay almost 148 billion roubles ($2 billion) in damages over an Arctic fuel spill in Siberia.. . .  Full story

Robust rule of law a must before getting EU money, top official says

06/07 European Union countries should only get money from the bloc's budget and the COVID-19 recovery fund if they have robust courts and safeguards against corruption, a top official said on Monday, a couched warning. . .  Full story

China recovery hopes, upbeat data lift European shares; HSBC leads

06/07 European shares closed at their highest in nearly a month on Monday, as upbeat economic data tied in with a rally in China's markets on hopes of recovery from a coronavirus-induced slump.. . .  Full story

China demand optimism drives copper to five-month high

06/07 Copper prices scaled five-month highs on Monday, boosted by optimism about demand in top consumer China and concerns about the spread of COVID-19 in Chile, the world's largest producer.. . .  Full story

Southern European bond yields fall as markets pin hopes on economic recovery

06/07 Southern European bond yields fell on Monday, supported by expectations for hefty central bank stimulus and hopes that the world economy will bounce back quickly from the COVID-19 shock.. . .  Full story

Thailand says monkey labour "almost non-existent" after UK shop ban

06/07 Monkey labour to harvest coconuts for commercial products "is almost non-existent" in Thailand, the commerce minister said on Monday, after British retailers announced bans on products campaigners say use the animals in their production.. . .  Full story

Britain's first sanctions target Russians, Saudis

06/07 Britain's first sanctions will target 25 Russian nationals it says were involved in the mistreatement and death of lawyer Sergei Magnitsky and 20 Saudi nationals held to be involved in the death of journalist. . .  Full story

EDF preparing cost-cutting plan worth up to 3 bln eur - sources

06/07 French state-controlled utility EDF has started preparing a cost-cutting plan worth between 2 and 3 billion euros ($1.13 billion), two sources told Reuters, confirming a report by French newspaper Le Monde.. . .  Full story

Britain's Boohoo vows to ditch unscrupulous suppliers as shares hammered

06/07 British online fashion retailer Boohoo will end relationships with any supplier found to have breached its code of conduct, it said on Monday following a media report about dire working conditions in one English factory.. . .  Full story

Portugal's Costa says EU must act swiftly on coronavirus response

06/07 Portuguese Prime Minister Antonio Costa urged his fellow leaders in the European Union on Monday to move swiftly when they meet next week to approve plans for a coronavirus recovery fund.. . .  Full story

UK insurer Aviva appoints Blanc as CEO, strategy shake-up seen

06/07 Aviva named independent director and former Zurich Insurance executive Amanda Blanc as its new chief executive on Monday who immediately signalled a potential strategy overhaul, sending the British insurer's shares up.. . .  Full story

London aluminium hit by flash squeeze even as stocks surge: Andy Home

06/07 The London aluminium market was rocked by a short but severe squeeze last week.. . .  Full story

UK decision on Huawei not set in stone, minister says

06/07 Britain's decision to grant Huawei a limited role in building its 5G network is not "fixed in stone" and a government update on the Chinese company will be published before July 22, a government. . .  Full story

Cineworld hits back at Cineplex in tussle over scrapped deal

06/07 Cineworld said on Monday it planned to make a counter-claim against Cineplex following the Canadian cinema chain's legal action against the British group for damages after it scrapped a $1.65 billion takeover.. . .  Full story

China should adhere to international law over Hong Kong citizenship route - UK PM's spokesman

06/07 Britain expects China to adhere to international law, a spokesman for Prime Minister Boris Johnson said on Monday when asked what London could do if Beijing prevents those in Hong Kong with British National Overseas. . .  Full story

FOCUS-Buy now, pay whenever? Lockdown lift for online shopping loans

06/07 Browsing online during lockdown, Jessica Friend spotted a pair of Ray-Ban sunglasses she liked, but the price tag made the 30-year-old Ohio resident think twice.. . .  Full story

EU will stand firm against Washington over trade disputes, says commissioner

06/07 The European Union will take decisive action against the United States if it is unwilling to settle a long-running row over aircraft subsidies and presses ahead with a series of new trade investigations, Europe's. . .  Full story

Britain's Pret A Manger to close 30 UK shops, could cut over 1,000 jobs

06/07 British coffee and sandwich chain Pret A Manger said on Monday it will not reopen 30 UK shops after the coronavirus lockdown and could cut around 1,000 jobs, reflecting a major hit to customer. . .  Full story

Patchy demand at stores spells more pain for garment suppliers

06/07 Fashion brands and retailers re-opening around the world to patchy demand, and carrying unsold stock from spring have cut fall orders by as much as two-thirds in moves spelling more pain for Asian suppliers.. . .  Full story

Lloyds Bank boss Horta-Osório to step down after a decade at the helm

06/07 Lloyds Bank Chief Executive António Horta-Osório said on Monday he would step down next year after a decade at the helm, leaving Britain's biggest domestic bank to find a successor to steer it through. . .  Full story

Intesa defends UBI takeover terms as offer kicks off

06/07 Italy's second-biggest bank Intesa Sanpaolo defended its takeover bid for UBI Banca which kicks off on Monday, saying its target had underestimated advantages for investors in rejecting it.. . .  Full story

Australia's Prospect Resources picks advisor for sale of Zimbabwe lithium mine

06/07 Australian-listed Prospect Resources said on Monday it had picked Renaissance Securities Capital as its exclusive financial advisor for the possible sale of shares in Zimbabwe's Arcadia Lithium mine to Russian energy. . .  Full story

German recovery from COVID-19 will be slow and painful, data shows

06/07 German industrial orders rebounded moderately in May and a fifth of firms in Europe's biggest economy said in a survey published on Monday they feared insolvency, adding to expectations of a slow and painful recovery. . .  Full story

CIMB alleges 'suspicious' Hontop Energy oil deals with BP-affidavit

06/07 Singapore's High Court has appointed an independent supervisor to oversee the restructuring of trader Hontop Energy.. . .  Full story

Big Four told to ring fence auditing in Britain by June 2024

06/07 PwC, Deloitte, KPMG and EY should ring fence auditing in Britain as a separate business by June 2024, their regulator said on Monday in one of the most sweeping changes to the sector globally. . .  Full story

Euro zone retail sales in record rebound in May as lockdowns eased

06/07 Consumers in the euro zone returned en masse to shops in May as lockdowns were eased in the bloc, estimates from the EU statistics agency showed on Monday, signalling a sharp recovery of sales. . .  Full story

Kenya Airways to lay off staff, reduce network and assets -CEO

06/07 Kenya Airways will lay off an unspecified number of workers, reduce its network and also get rid of some assets due to the coronavirus crisis, its chief executive said in an. . .  Full story

Vairo Energy to buy UK-based RockRose in 248 mln pound deal

06/07 UK-based RockRose Energy Plc said on Monday it had agreed to be bought by privately held energy firm Vairo Energy in a deal valuing it at 247.6 million pounds ($309.08 million), as the industry. . .  Full story

UK construction rebounds from lockdown in June -PMI

06/07 Growth returned to British construction companies in June for the first time since the coronavirus lockdown began, albeit from low levels, a business survey showed on Monday.. . .  Full story

Euro zone investor morale up in July but recovery could stall - Sentix

06/07 Investor morale in the euro zone improved for a third month running in July but a dip in expectations suggests the recovery from the impact of the coronavirus pandemic could soon peter out, a. . .  Full story

UK's Sunak plans tax cuts to boost COVID recovery, The Times reports

06/07 British finance minister Rishi Sunak will try to restart the country's economy by giving homebuyers a tax break and cutting value-added tax for pubs, restaurants and other hospitality firms, The Times newspaper reported.. . .  Full story

MTU to slash personnel capacity by 10-15% by end of 2021

06/07 MTU Aero Engines said on Monday it planned to cut staff capacity by 10-15% by the end of 2021 as the coronavirus crisis takes its toll but the German aircraft engine maker said it. . .  Full story

Homebuilder Barratt's volumes drop by a third, but order book thickens

06/07 Barratt Developments said on Monday its deliveries had fallen by a third as the coronavirus crisis halted construction activity, though the British homebuilder added that it was starting the new financial year with "cautious optimism".. . .  Full story

Moderate rebound in German industry orders points to slow recovery

06/07 Orders for German industrial goods rose by 10.4% in May, rebounding from their biggest drop since records began in 1991 the previous month, data showed on Monday, as demand picked up after lockdown measures. . .  Full story

UK Stocks-Factors to watch on July 6

06/07 Britain's FTSE 100 index is seen opening 82 points higher at 6,239 on Monday, according to financial bookmakers, with futures rising 1.6% ahead of cash markets open.. . .  Full story

Sonova sees partial recovery in H1, announces job cuts

06/07 Sonova, the world's biggest hearing aid maker, said on Monday it would close some stores and cut jobs as it expects its first-half results to only partially recover from the effects from the COVID-19. . .  Full story

Norwegian Air's June traffic down 97% yr/yr ahead of restart

06/07 Norwegian Air's June passenger volume was down 96.7% from a year earlier as most of its fleet remained grounded by the coronavirus pandemic, it said on Monday.. . .  Full story

Geberit's quarterly sales drop as pandemic hammers construction sector

06/07 Swiss plumbing supplies company Geberit on Monday reported a 15.9% drop in second-quarter sales and did not provide an annual outlook as construction activity declined during the coronavirus pandemic.. . .  Full story

Banks urge Britain and EU to sort out financial market access

06/07 Britain and the European Union need to make progress on EU financial market access given that the coronavirus crisis will make it even harder to cope with potential disruption if there is no agreement,. . .  Full story

Beware of debt costs and an inflationary bite, former UK advisers say

06/07 The British government should be wary of assuming its mammoth debt pile will always be so cheap to service or that inflation is dead and so must ensure fiscal security by pushing ahead with. . .  Full story

Recent flurry of M&A by China's big miners

06/07 China's big miners are snapping up gold mines and strategic minerals in a deal binge that comes as governments in mineral-rich Canada and Australia tighten restrictions on foreign investment.. . .  Full story

UK Treasury, British Business Bank reviewing access to state-backed loan schemes -Telegraph

05/07 Britain's Treasury and British Business Bank officials are reviewing access to state-backed loan schemes after the European Union relaxed state aid rules, The Daily Telegraph reported.. . .  Full story

French economy probably bouncing back faster than expected - central bank

05/07 The French economy is pulling out of the slump induced by the coronavirus outbreak at least as fast as expected a month ago, and maybe even a little faster, Bank of France Governor Francois. . .  Full story

Spain signals furlough schemes will stretch to year-end - FT

05/07 -- Source link: https://on.ft.com/38ujNQV. . .  Full story

Spain imposes second local coronavirus lockdown in two days

05/07 The northwestern Spanish region of Galicia imposed restrictions on about 70,000 people on Sunday following a COVID-19 outbreak, a day after Catalonia also introduced a local lockdown to curb the spread of the coronavirus.. . .  Full story

Greece bans entry to Serbian citizens until July 15

05/07 Greece will not allow Serbian visitors in from July 6 until July 15, the government said on Sunday, as it moved to contain the spread of coronavirus during its peak tourism season.. . .  Full story

Britain nears $625 mln Sanofi/GSK COVID-19 vaccine deal -report

05/07 Britain is close to a 500 million pound ($624 million) supply deal with Sanofi and GlaxoSmithKline for 60 million doses of a potential COVID-19 vaccine, the Sunday Times reported.. . .  Full story

German union in show of strength as Commerzbank's top duo exits

05/07 Commerzbank's chief executive and chairman were under pressure from activist investors to axe jobs, but they decided to go first after a damaging clash with unions last week, sources close to the situation told Reuters.. . .  Full story

UK minister says Huawei must meet conditions for involvement in 5G network

05/07 China's Huawei has clear conditions to meet for Britain to continue to allow its involvement in the development of 5G telecoms infrastructure, Britain's health minister said on Sunday, after a report that the firm would. . .  Full story

Britain weighs vouchers to boost spending in virus-hit sectors, Guardian says

05/07 British finance minister Rishi Sunak is considering plans to hand out vouchers of 500 pounds ($624) for adults, and 250 pounds for children, to spend in sectors of the economy hit hardest by the. . .  Full story

Greece PM says won't accept strict EU conditions on COVID-19 aid - FT

05/07 Greece will not accept strict European Union conditions on the use of the coronavirus emergency aid, Prime Minister Kyriakos Mitsotakis told the Financial Times newspaper in an interview published on Sunday.. . .  Full story

BoE Governor warns lenders of challenges of negative interest rates - Sunday Times

05/07 Bank of England (BoE) Governor Andrew Bailey has written a letter to lenders warning them of the challenges of negative interest rates, the Sunday Times newspaper reported.. . .  Full story

CIMB alleges "suspicious" Hontop Energy oil deals with BP-affidavit

05/07 Singapore's High Court has appointed an independent supervisor to oversee the restructuring of trader Hontop Energy.. . .  Full story

UK to double work coaches as lockdown hammers jobs market

04/07 Britain's government will double the number of its job coaches as part of a plan to tackle a rise in unemployment triggered by the coronavirus lockdown, the finance ministry said on Saturday.. . .  Full story

German animal-rights protesters target meat plant linked to cornavirus cluster

04/07 German animal-rights activists protested outside a meat factory in North Rhine Westphalia on Saturday where hundreds of employees tested positive for the coronavirus last month, prompting local quarantines and shutdowns.. . .  Full story

Catalonia curbs movement of 200,000 people after new coronavirus outbreaks

04/07 Police at roadblocks warned motorists they were entering a lockdown zone on Saturday as Spain's northeastern region of Catalonia reimposed restrictions on more than 200,000 people following several new coronavirus outbreaks.. . .  Full story

Barcelona's landmark Sagrada Familia reopens for key workers

04/07 Barcelona's Sagrada Familia reopened on Saturday, giving frontline workers the chance to have the usually tourist-packed landmark to themselves in recognition of their efforts during the coronavirus pandemic.. . .  Full story

Italy eyes measures to support auto, tourism industries - PM

04/07 Italy is considering fiscal measures to spur investments in the auto and tourism industries, two of the sectors that have been hardest hit by the coronavirus pandemic, Prime Minister Giuseppe Conte said on Saturday.. . .  Full story

Swiss could pay off COVID debt pile over 15 years - Finance Minister

04/07 Switzerland could start reducing the debt pile it accumulated to help cushion the coronavirus pandemic's impact in two to three years and finish repaying it over 15 years, Finance Minister Ueli Maurer said in. . .  Full story

Commerzbank fined 650,000 euros for deals with defunct Cypriot bank

04/07 Cyprus's securities regulator on Friday imposed a 650,000 euro ($730,800) fine on Germany's Commerzbank for its role in transactions carried out by a local bank that collapsed during the country's 2013 financial crisis.. . .  Full story

Marshall Wace targets $1 billion for new ESG focused fund -source

04/07 Marshall Wace is planning to raise $1 billion for a new fund which will invest based on environmental and other ethical criteria, a source familiar with the matter told Reuters.. . .  Full story

Shell CEO does not rule out moving headquarters to Britain

04/07 Royal Dutch Shell is not ruling out moving its headquarters from the Netherlands to Britain, the oil company's chief executive Ben van Beurden said in a Dutch newspaper interview published on Saturday.. . .  Full story

Wirecard ex-COO Marsalek's entry into Philippines was faked, minister says

04/07 Immigration records showing Wirecard's former chief operating officer Jan Marsalek arrived in the Philippines on June 23 and departed for China the next day were falsified, Philippines Justice Secretary Menardo Guevarra said on Saturday.. . .  Full story

-Portugal fumes at exclusion from UK safe travel list

03/07 Portugal's tourism sector reacted with fury and disbelief at Britain's decision to maintain a quarantine regime for travellers coming from Portugal despite having a higher number of coronavirus cases and deaths.. . .  Full story

Cyprus watchdog imposes Commerzbank fine for deals of defunct bank

03/07 Cyprus's securities regulator on Friday imposed a 650,000 euro ($730,795.00) fine on Germany's Commerzbank for transactions ordered by a now defunct local bank whose demise featured in a financial crisis which roiled the country. . .  Full story

Commerzbank chairman and CEO bow out to give lender a fresh start

03/07 Commerzbank's chairman and chief executive stepped down on Friday, bowing to demands from top shareholder Cerberus that the German lender change its strategy to stop a downward spiral in its financial performance.. . .  Full story

UBI spurns Intesa's offer and pledges to boost dividends

03/07 UBI Banca on Friday rejected a takeover bid by rival Intesa Sanpaolo as inadequate and risky for its shareholders, while pledging to boost dividends despite cutting profit forecasts.. . .  Full story

Air France and sister airline to cut 7,580 jobs

03/07 Air France confirmed plans to cut some 7,500 jobs including 1,000 at sister airline HOP! on Friday, as staff protested over its response to the collapse in travel due to the coronavirus pandemic.. . .  Full story

Gold holds steady as virus fears offset gains in equities

03/07 Gold prices were little changed on Friday as worries over an accelerating number of coronavirus cases countered a fillip to risk sentiment from positive U.S. and Chinese economic data.. . .  Full story

Ukraine central bank chief: I quit over smears and pressure to take bad decisions

03/07 Ukrainian Central Bank Governor Yakiv Smoliy said on Friday he had quit to register a protest against sustained pressure from the government and politicians to take policy decisions that were not based on economics.. . .  Full story

UK stocks slide on COVID-19 concerns, FTSE 100 erases weekly gains

03/07 UK stocks ended lower on Friday, with the FTSE 100 index wiping out gains for the week as a record surge in U.S. COVID-19 cases made investors question the chance of a swift global. . .  Full story

Ryanair to challenge Portugal's TAP bailout in EU courts

03/07 Ryanair said on Friday it will challenge the Portuguese government's investment in ailing flag carrier TAP in the European courts, arguing that it is "illegal state aid".. . .  Full story

Canada suspends its extradition treaty with Hong Kong, eyes immigration boost

03/07 Canada is suspending its extradition treaty with Hong Kong in the wake of new Chinese national security legislation and could take steps to boost immigration, Prime Minister Justin Trudeau said on Friday.. . .  Full story

UBI may consider BPER tie-up again if Intesa's bid fell through - CEO

03/07 UBI Banca CEO Victor Massiah tells media call:. . .  Full story

Swisscom's Fastweb to invest in Telecom Italia last-mile network - sources

03/07 Fastweb, the Italian phone unit of Swisscom, is set to invest in the last-mile network Telecom Italia is looking to develop with U.S. infrastructure fund KKR, two sources familiar with the matter said on Friday.. . .  Full story

European stocks slide as surge in virus cases hits rebound hopes

03/07 European stocks fell on Friday after gaining ground during the week as a surge in U.S. coronavirus cases made investors less optimistic about prospects for a rebound in the global economy.. . .  Full story

Portugal says exemption from UK air corridor "absurd"

03/07 Portugal's foreign ministry said in a tweet on Friday it was "absurd" that Britain imposed quarantine on travellers coming from Portugal despite having 28 times more deaths from the coronavirus.. . .  Full story

Copper rally runs out of steam on worries about China demand

03/07 Copper slipped on Friday as speculators bet a rally had extended too far with demand in top consumer China likely to struggle and after new coronavirus cases in the United States hit record levels.. . .  Full story