Europe Business

In Nigeria, Shell’s onshore roots still run deep

09h01 Royal Dutch Shell wants to reweight its footprint in Nigeria to focus on oil and gas fields far offshore, away from the theft, spills, corruption and unrest that have plagued the West African country's onshore industry for decades.  Full story

-Imperial Brands eyes $2 bln boost from vaping products

11h03 Imperial Brands expects alternatives to smoking such as vaping pens and a heated tobacco device to add up to 1.5 billion pounds ($2 billion) to its revenues by 2020, the British tobacco company said. . .  Full story

Trump, Brexit hit German growth, and xenophobia could hurt economy: BDI

11h00 Germany's BDI industry association on Tuesday lowered its 2018 growth forecast on Tuesday and warned of a potential downturn, citing weaker demand for German exports due to U.S. trade policy and Brexit, and a threat. . .  Full story

Bank of England can unwind QE without pushing up yield curve-Vlieghe

10h50 The Bank of England can reverse its huge bond-buying stimulus programme without sharply pushing up long-term interest rates, as long it communicates the plan properly and moves gradually, a top BoE policymaker said on Tuesday.. . .  Full story

Oil majors help FTSE 100 rise, Next shines on brighter profit outlook

10h45 Britain's top share index edged up on Tuesday thanks to a surge in oil majors as crude prices hit a four-year high, while retailer Next stole the spotlight after a strong update confounded expectations.. . .  Full story

BAT picks insider Bowles as CEO to oversee tobacco shift

10h43 British American Tobacco named insider Jack Bowles to succeed Nicandro Durante as chief executive officer on Tuesday, giving him the task of adapting to new tobacco formats as smoking declines.. . .  Full story

OPEC Sec Gen says Important That OPEC, Non-OPEC Countries Cooperate

10h39 OPEC Secretary General Mohammad Barkindo:. . .  Full story

Comcast crosses 30 percent Sky threshold after buying shares

10h36 Comcast, the victor in the $40 billion auction for Sky, said on Tuesday it had bought more than 30 percent of the European pay-TV group's shares in the market.. . .  Full story

Austrian think tank Wifo lowers economic growth data for Q2, 2017

10h35 Austrian think tank Wifo on Tuesday revised lower its economic growth rates for the second quarter of 2018 and for 2017, increasing the probability of its 2018 forecast will be reduced next week.. . .  Full story

Indian hotel chain OYO to raise $1 bln from Softbank, others

10h34 Hotel chain OYO Hotels said on Tuesday it would raise $1 billion from existing investors, including Japan's Softbank Group, to grow its business in India and China, and expand into new international markets.. . .  Full story

Oil boost and Italy budget hopes support European shares; Next shines

10h25 European shares were supported in morning trading on Tuesday by gains among oil stocks, while British clothing retailer Next rallied after raising its profit guidance.. . .  Full story

Italy's bond yields tumble on budget hopes, Bund yields at new highs

10h12 Italian borrowing costs fell on Tuesday, narrowing the gap with its German peers, on signs that Italy's anti-establishment coalition is likely to reach a compromise over the 2019 budget.. . .  Full story

China steel giant Baowu in talks to take over rival Magang -sources

10h05 Top Chinese steelmaker China Baowu Steel Group is in talks to take over rival Magang Group, three sources familiar with the discussions said, a deal that would help entrench the nation's position as a. . .  Full story

Escalation of U.S.-China trade dispute is very worrying - Germany's BDI

10h00 The latest escalation in the U.S.-China trade dispute is very worrying, BDI President Dieter Kempf said on Tuesday, adding that firms which have invested in the United States and China were directly affected by. . .  Full story

Britain and EU must reach Brexit breakthrough in coming weeks - Germany's BDI

10h00 There must be a breakthrough on getting a Brexit deal in the coming weeks to ensure a transition period that would give firms legal certainty until the end of 2020, Germany's BDI industry association. . .  Full story

Gold steady as investors await U.S. Fed move

09h20 Gold held steady on Tuesday as investors were cautious ahead of a U.S. Federal Reserve meeting, which could offer direction on future interest rate hikes, while markets kept a close eye on developments on. . .  Full story

CMC Markets' shares fall after net income warning

09h19 Shares in online spreadbetting firm CMC Markets fell sharply after it said low market volatility and regulatory constraints that curbed client trading activity will reduce its 2019 income more than previously expected.. . .  Full story

Copper down 1.5 pct as U.S.-China trade war raises demand concerns

09h16 London copper prices lost more ground on Tuesday with the market dropping 1.5 percent as an intensifying trade war between Washington and Beijing raised concerns over demand for industrial metals in top consumer China.. . .  Full story

Trump, Brexit bite into German growth outlook - BDI

09h13 Germany's BDI industry association on Tuesday lowered its 2018 growth forecast for Europe's largest economy, citing weaker demand for German goods due to increased business uncertainty caused by U.S. President Donald Trump's trade policy and. . .  Full story

Lundin Petroleum says Arctic oil test points to bigger reservoir

09h11 Swedish oil firm Lundin Petroleum expects to increase its resource estimate for the Alta discovery in Norway's Arctic region following a successful two-month production test.. . .  Full story

Glencore launches $1 bln additional share buyback

09h05 Commodities trader and miner Glencore said on Tuesday it would repurchase more of its shares worth up to $1 billion, increasing the size of an existing buyback programme that followed a subpoena from U.S. authorities.. . .  Full story

Britain's SSE to take full ownership of Scottish offshore wind venture

09h03 British energy supplier SSE has acquired the other half of offshore wind joint venture Seagreen Wind Energy Limited from Fluor Ltd as it increases its renewable energy ambitions, the company said on Tuesday.. . .  Full story

Whistleblower tipped off GAM to director's behaviour

09h00 GAM Holding said its decision to suspend a director in charge of absolute return bond funds in July, which triggered an investor exodus and a sharp fall in the company's shares at the time,. . .  Full story

Germany's BDI warns of risks from trade dispute, Brexit

09h00 Germany's BDI industry association warned that increased business uncertainty caused by U.S. President Donald Trump's trade policy and Brexit was lowering demand for German goods, as it slashed its forecasts for 2018 economic and exports. . .  Full story

French industry morale fell in September to lowest level since March 2017

08h54 Morale in the French industrial sector fell in September to its lowest level since March 2017, according to data from the INSEE state statistics agency, in a further sign that the euro zone's second-biggest. . .  Full story

London court extends injunction against Djibouti co. in DP World dispute: Dubai govt

08h53 Dubai's government said a London court had extended an injunction prohibiting a Djibouti state-owned company from interfering in the management of a port terminal seized from DP World.. . .  Full story

HAL Trust raises stake in Boskalis to above 40 pct - filing

08h47 Hal Investments BV has increased its stake in Dutch dredging and marine engineering firm Boskalis to 40.3 percent from 35.7 percent, according to a filing with the Authority for Financial Markets.. . .  Full story

French building materials group Consolis considers IPO

08h46 French building materials firm Consolis took its first step towards a possible stock market flotation by formally registering plans for an initial public offering (IPO) with the AMF market regulator.. . .  Full story

Novartis to cut 2,200 jobs in Switzerland to boost profitability

08h43 Drugmaker Novartis will cut about 2,200 jobs in Switzerland over the next four years as it consolidates production and shifts positions elsewhere to boost profitability, the Swiss company said on Tuesday.. . .  Full story

StanChart to stop financing new coal-fired power stations

07h54 Standard Chartered said on Tuesday it will stop financing new coal-fired powerd stations, joining the growing ranks of lenders and financiers ending support for the dirtiest fossil fuel amid rising concerns about climate change.. . .  Full story

China trade war poses oil demand shock in 2019 - BP

05h22 U.S. sanctions on Iran will tighten global oil supplies sharply until the end of the year, but a threat to world demand looms in 2019 from the U.S.-China trade war, the head of BP's. . .  Full story

Major powers, Iran agree to keep trying to maintain trade

03h56 The remaining parties to the Iran nuclear deal said on Monday they agreed to continue work to create a special mechanism to maintain trade with Iran, including in oil, following the U.S. withdrawal from. . .  Full story

COLUMN-Hedge funds bet on shortage of Brent oil: Kemp

03h00 Hedge fund managers made only minor adjustments to their overall position in petroleum futures and options in the latest week but continued their rotation out of West Texas Intermediate into Brent.. . .  Full story

COLUMN-Nyrstar profit warning highlights zinc's disconnects: Andy Home

03h00 Belgian zinc producer Nyrstar issued a profits warning last week, citing "adverse market conditions".. . .  Full story

China to set up local govt debt monitoring system - China Daily

01h46 China is building a nationwide system to monitor the income and expenditure of local governments in a bid to control debt, the official China Daily reported on Tuesday, citing finance ministry officials.. . .  Full story

World's wealthiest eye more private equity after bumper 2017

01h01 The world's wealthiest families plan to allocate more money to private equity after the asset class helped drive an average 15.5 percent rise in the value of their investments in 2017, according to a. . .  Full story

UK to favour skilled migration, no EU preference after Brexit-reports

00h59 Prime Minister Theresa May and her ministers have agreed to focus Britain's post-Brexit migration system on high-skilled migrants and will not offer preference to European Union workers, newspapers said.. . .  Full story

UK to take over Liverpool hospital build after Carillion collapse -Sky News

00h31 The British government will step in to bail out a 335 million pound ($439 million) new hospital in the city of Liverpool, after the collapse of Carillion, which was overseeing the deal, Sky News. . .  Full story

Canada's Barrick Gold to buy Randgold for $6.5 bln

24/09 Canada's Barrick Gold Corp has agreed to buy Randgold Resources Ltd in an all-stock deal valuing the Africa-focused miner at $6.5 billion, to create the world's largest gold producer in an industry under investor pressure. . .  Full story

UK PM May to meet Trump in New York to discuss Brexit and trade

24/09 Prime Minister Theresa May will discuss Brexit and a bilateral trade deal with U.S. President Donald Trump on Wednesday on the sidelines of the United Nations General Assembly in New York, amid increasing uncertainty. . .  Full story

Wall Street's S&P communication sector starts with slight gain

24/09 The new S&P 500 communication services sector, which includes such high-profile names as Facebook Inc, Alphabet Inc and Netflix Inc, made its debut on Monday with a small gain, after the largest-ever overhaul of Wall. . .  Full story

Big Oil readies Brazil offshore bets, fearing election result

24/09 Exxon Mobil Corp , Royal Dutch Shell Plc and other companies will gather on Friday in possibly their last crack at Brazil's coveted offshore oil for another four years, as a wide-open election spurs fears. . .  Full story

UK ministers back compromise plan on post-Brexit migration - FT

24/09 Prime Minister Theresa May's cabinet of ministers agreed on a plan to focus Britain's post-Brexit migration system on high-skilled migrant workers but which would also allow companies to hire low-skilled foreign workers, the Financial Times. . .  Full story

Raw sugar slides 4 pct on weak Brazil currency, India export worries

24/09 Raw sugar futures fell more than 4 percent to approach a one-month low on Monday, pressured by a weaker Brazilian currency and worries about possible exports from India, while New York cocoa rallied from. . .  Full story

UK watchdog considers fining Tesco Bank over cyberattack- Sky News

24/09 Britain's finance watchdog is considering fining the banking arm of Tesco Plc more than 30 million pounds ($39 million) over a 2016 cyberattack, Sky News reported on Monday.. . .  Full story

Gold barely changed after dollar pares losses; cautious ahead of Fed

24/09 Gold was barely changed on Monday after the dollar dropped following remarks by the head of the European Central Bank then later pared losses, although activity was muted ahead of a U.S. central bank. . .  Full story

United Technologies explores sale of Chubb Fire & Security -sources

24/09 United Technologies Corp is exploring a sale of its Chubb Fire & Security division for more than $3 billion, people familiar with the matter said on Monday.. . .  Full story

UK's May tells ministers to hold their nerve over Brexit - Downing St

24/09 British Prime Minister Theresa May told her ministers on Monday that they must hold their nerve in an impasse with the European Union over Brexit, her office said after a cabinet meeting.. . .  Full story

Reinsurer Scor's CEO defends rejection of Covea bid

24/09 Reinsurer Scor's Chief Executive Denis Kessler has rejected an attempt by activist investor CIAM to get the French company to hold talks with rival Covea on its 8.2 billion euro ($9.65 billion) takeover offer.. . .  Full story

Deutsche Bank CEO plays down talk of possible merger

24/09 Deutsche Bank's chief executive on Monday dampened speculation of a possible merger, saying the bank must focus on its homework for the time being.. . .  Full story

Siemens to cut 2,900 German jobs as part of 500 mln euro cost-saving plan

24/09 German engineering group Siemens on Monday said it would cut around 2,900 jobs in Germany as part of a restructuring plan to achieve 500 million euros ($589.60 million) in cost savings.. . .  Full story

France's renewables spend to barely increase next year

24/09 The French government will barely increase spending on renewable energy next year, with a planned rise of 1.3 percent effectively flat after taking inflation into account, France's ecology ministry draft's budget showed on Monday.. . .  Full story

Ivorian cocoa farmers welcome drop in rainfall, expect higher farm price

24/09 Dry spells across most of Ivory Coast's cocoa-growing regions last week will help dry the first beans of the October-to-March main crop, farmers said on Monday, as they look for a higher minimum price. . .  Full story

No-deal Brexit may strain UK animal health check system, slow exports

24/09 Britain's system for inspecting live animals destined for export could be strained by a surge in requests and a possible shortage of veterinarians if it leaves the European Union without a deal, the government. . .  Full story

Trade war dents European shares while M&A boosts Sky, Randgold

24/09 The U.S.-China trade war dented European stocks on Monday after tariffs from the world's biggest economies came into force and China cancelled planned talks, triggering new fears of a protracted, costly trade dispute.. . .  Full story

Actis, TPG picked to take over some Abraaj funds -sources

24/09 Actis has been picked as the preferred bidder for the management rights of Abraaj's Africa funds, sources familiar with the matter said, as liquidators begin breaking up the operations of what was once the. . .  Full story

Sky, Randgold surge on deals while trade war weighs on FTSE 100

24/09 Resurgent fears of a protracted and costly trade war dented the FTSE 100 on Monday, while M&A stole the spotlight with Comcast finally clinching a takeover of Sky, and Randgold Resources agreeing a tie-up. . .  Full story

Activist hedge fund TCI cuts stake in London Stock Exchange

24/09 Activist hedge fund TCI has cut its stake in London Stock Exchange Group Plc, less than a year after its push to oust the stock exchange's chairman failed.. . .  Full story

"No-deal" Brexit would hit trucks, airlines and pet owners - govt papers

24/09 Leaving the European Union without a proper divorce deal could ground airlines, stop hauliers from lugging goods to the world's biggest trading bloc and even make headaches for pet owners who want to take. . .  Full story

Big Oil pledges to slash potent greenhouse gas emission

24/09 A group of the world's top oil and gas companies pledged on Monday to slash emissions of a potent greenhouse gas by a fifth by 2025 in an effort to battle climate change.. . .  Full story

UK details what a no-deal Brexit would mean for planes, trucks and pets

24/09 Britain's government published its third batch of advice to companies and individuals on how to prepare for any disruption that might follow a disorderly Brexit where there is no deal with the European Union.. . .  Full story

Poland plans to put Innogy power distributor on protected list

24/09 Poland's energy ministry plans to add German-owned Innogy Stoen Operator, an electric power distributor, to a list of assets deemed important for the country's energy security which prevents them being sold without Warsaw's consent.. . .  Full story

Oil major Total makes major offshore UK gas discovery

24/09 French oil and energy group Total said on Monday it had made a major gas discovery on the Glendronach prospect, located off the coast of the Shetland islands in the North Sea.. . .  Full story

Deutsche Bank ordered to do more to prevent money laundering

24/09 Germany's financial watchdog has ordered Deutsche Bank to do more to prevent money laundering and "terrorist financing," and has appointed a third party to assess progress.. . .  Full story

Canada's Barrick Gold to buy Randgold Resources in $18.3 bln deal

24/09 Canada's Barrick Gold has agreed to buy Randgold Resources Ltd in a $18.3 billion share deal to create the world's largest gold company in an industry under investor pressure to put capital to good. . .  Full story

Sky's shares jump after Comcast wins auction with big bet

24/09 Sky shares jumped 9 percent on Monday to within touching distance of what Comcast will pay to buy Europe's biggest pay-TV group after seeing off competition from Twenty-First Century Fox.. . .  Full story

Despite Brexit planning, EMA fears disruption for 39 medicines

24/09 Despite actions taken by companies to prepare for Brexit, there is still a risk of serious supply disruptions for 39 medicines as a result of Britain's departure from the European Union, the bloc's drugs regulator. . .  Full story

Nyrstar profit warning highlights zinc's disconnects: Andy Home

24/09 Belgian zinc producer Nyrstar issued a profits warning last week, citing "adverse market conditions".. . .  Full story

Iran says oil to rise as Saudi, Russia do 'little and late'

24/09 Saudi Arabia and Russia won't add significantly more oil to the market because of a lack of capacity, a top Iranian official said on Monday, predicting prices will probably rise further.. . .  Full story

Copper steady near 10-week high, focus on U.S.-China trade dispute

24/09 Copper prices slipped on Monday, but held near 10-week highs hit last week as the market waited to see how the U.S.-China trade dispute would develop after both countries imposed new tariffs on imports.. . .  Full story

Ditch EU for change, Corbyn supporters stick to Brexit script

24/09 On a cold autumn night, trade union activist Paula Barker made a passionate plea to fellow members of Britain's Labour Party to be positive about leaving the European Union and make way for leader. . .  Full story

French state-owned bank drops plan to aid trade with Iran

24/09 French state-owned bank Bpifrance has abandoned its plan to set up a mechanism to aid French companies trading with Iran, in the face of U.S. sanctions against Tehran.. . .  Full story

Volvo halts Iran truck assembly due to U.S. sanctions

24/09 Swedish truckmaker AB Volvo has stopped assembling trucks in Iran because U.S. sanctions are preventing it from being paid, a spokesman for the company said on Monday.. . .  Full story

Hedge funds bet on shortage of Brent oil: Kemp

24/09 Hedge fund managers made only minor adjustments to their overall position in petroleum futures and options in the latest week but continued their rotation out of West Texas Intermediate into Brent.. . .  Full story

Euro zone bond yield rise as Italy, Fed tests loom

24/09 Italy led bond yields in the euro area up on Monday, as investors braced for the new government in Rome to present its budget targets in a week that is also likely to see. . .  Full story

Serbia, IMF begin review of advice and monitoring arrangement

24/09 An International Monetary Fund mission began 10 days of talks with Serbian officials on Monday to review progress on its new non-financial arrangement with Belgrade, the central bank said.. . .  Full story

France's 2019 budget to ease tax burden on households, firms

24/09 France will reduce the tax burden on households and companies by nearly 25 billion euros ($29.4 billion) next year, the government said in its 2019 budget bill, pushing the deficit up towards an EU. . .  Full story

FOCUS-As China builds biotech sector, cash floods U.S. startups

24/09 For three whirlwind days in June, U.S. scientist Zhi Hong went shopping at the Boston Bio Conference to find drugs to fill the pipeline of his two-week-old drug company.. . .  Full story

Thomas Cook suffers as heatwave keeps customers at home

24/09 British holiday company Thomas Cook cut its 2018 profit forecast, blaming a heatwave in northern Europe for hitting demand in the most profitable part of the summer season and hurting winter trading, sending its shares. . .  Full story

Zurich CEO says insurer may exceed its 2019 goals - Repubblica

24/09 Zurich Insurance will meet all the targets laid out in its business plan to 2019 and could even beat them, Chief Executive Mario Greco said in an interview published in an Italian newspaper on. . .  Full story

Germany on track for solid growth as business morale holds steady

24/09 Business morale held steady in Germany in September, propped up by consumer spending and construction, a survey showed, to leave the country on track for further growth even if a uncertain global economic outlook worsens.. . .  Full story

Private equity investors weigh exit from UAE school operator GEMS-sources

24/09 A group of private equity investors, including Fajr Capital, Blackstone and Bahrain's Mumtalakat, is weighing the sale of their combined stake in the emerging market business of UAE-based GEMS Education, three sources said.. . .  Full story

Casino rejects merger approach that Carrefour denies making

24/09 Two of France's biggest supermarket groups were locked in a dispute on Monday after Casino said it had rejected a tie-up approach from larger rival Carrefour that Carrefour denied ever making.. . .  Full story

Boutique firm Robey Warshaw delivered Comcast's knockout blow for Sky

24/09 A banker from one of Britain's leading boutique advisory firms pressed the button on Comcast's knockout $40 billion bid for broadcaster Sky.. . .  Full story

German chip plant builder Exyte to list on stock exchange

24/09 German chip factory builder Exyte is planning to list on the Frankfurt stock exchange this year, the company said on Monday, adding to a flurry of initial public offerings in Europe's largest economy.. . .  Full story

Oil could rise to $100 by 2019 as global markets tighten, merchants warn

24/09 Oil prices could rise towards $100 per barrel towards the end of the year or by early 2019 as sanctions against Iran bite, commodity merchants Trafigura and Mercuria said on Monday at the Asia. . .  Full story

CEOs of Casino and Carrefour met on Sept 12 - sources

24/09 The heads of French supermarket retailers Casino and Carrefour met on Sept 12 to discuss a broad range of topics regarding opportunities for the two companies, said two sources with knowledge of the matter.. . .  Full story

Norway's DNB, Sparebank 1 agree $2.4 bln insurance merger

24/09 Norway's DNB and the Sparebank 1 consortium of banks have agreed to merge their insurance operations in a jointly owned company valued at 19.75 billion Norwegian crowns ($2.43 billion), the companies said on Monday.. . .  Full story

Utility Engie sees Belgian nuclear reactors' availability around 74 pct by next year

24/09 Engie said its 2018 core earnings will be slightly below the utility's target due to outages at its Belgian nuclear plants, but the Belgian nuclear availability rate should go back to at least 74. . .  Full story

Low interest rates spawn rise in number of zombie firms - BIS

24/09 Decades of falling interest rates have led to a sharp increase in the number of "zombie" firms, a report for the Bank for International Settlements said, potentially threatening economic growth and preventing interest rates from. . .  Full story

World still waiting for wages boost despite stronger economy-Hays

24/09 A meaningful boost to wage growth still looks elusive for most countries despite a robust global economy over the last year, an annual report on the world's labour market showed on Monday.. . .  Full story

TIMELINE-Shell's operations in Nigeria

24/09 Royal Dutch Shell pioneered Nigeria's oil and gas industry and remains a major investor in the West African country. But over the decades it has come under fire over spills in the Delta region. . .  Full story

INSIGHT-In Nigeria, Shell’s onshore roots still run deep

24/09 Royal Dutch Shell wants to reweight its footprint in Nigeria to focus on oil and gas fields far offshore, away from the theft, spills, corruption and unrest that have plagued the West African country's. . .  Full story

ECB orders ING to return London trading jobs to EU - report

24/09 ING Groep, which consolidated trading jobs from Amsterdam and Brussels to London in 2016, faces pressure from the European Central Bank to return them to continental Europe, daily Het Financial Dagblad reported on Monday, citing. . .  Full story

Equinor to open offices in Tokyo, India to expand Asian presence

24/09 Equinor will open a new office in Tokyo later this week and its first office in India by early next year, said Tor Martin Anfinnsen, senior vice president for trading and marketing for Equinor.. . .  Full story

Australian mining's macho image worsens pain of labour shortage

24/09 When the song "Eagle Rock" played at a bar in an outback Australian mining town of Kalgoorlie late one night, a dozen young men scattered around a pool table dropped their trousers and heartily. . .  Full story

Barrick Gold is in late-stage talks to buy Randgold Resources -source

24/09 Canada's Barrick Gold Corp is in late-stage talks to acquire Randgold Resources Ltd, which operates mines in Africa, a person familiar with the matter said on Sunday.. . .  Full story

Third of EU financial secrecy comes from inside its borders - report

23/09 People or firms in the European Union that wish to keep their financial affairs secret more often find the services they require inside the EU than in one of the tax havens blacklisted by. . .  Full story

UK Labour's Corbyn says prefers election to second Brexit referendum

23/09 Britain's opposition Labour Party leader Jeremy Corbyn said on Sunday he would prefer a national election to a second referendum on Brexit.. . .  Full story

Nepal restores $2.5 bln hydropower plant contract to Chinese firm

23/09 Nepal’s new government has reversed its predecessor's decision and has asked China Gezhouba Group Corporation to build the nation’s biggest hydropower plant, an official said on Sunday, as it seeks to woo Chinese investment in. . .  Full story

UK's Labour wants election if PM May can't get backing for Brexit deal

23/09 Britain's opposition Labour Party wants a national election if Prime Minister Theresa May cannot win the support of parliament for her Brexit deal, its business spokeswoman said on Sunday.. . .  Full story