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Europe Business

Merkel, Macron back euro zone budget in "new chapter" for bloc

21h56 The leaders of Germany and France agreed on Tuesday to create a budget for the euro zone and hailed a "new chapter" for the currency union, but they left the details to be worked. . .  Full story

Arabica coffee extends losses to 2016 low, sugar also drops

20h16 Arabica coffee futures on ICE fell for the fifth straight session to reach the lowest in more than two years on Tuesday, while raw sugar also dropped on spillover pressure from weakness in larger. . .  Full story

Sarepta shares soar as Duchenne gene therapy shows promise

19h36 Sarepta Therapeutics' shares jumped 60 percent on Tuesday after promising results from a gene therapy study positioned the specialty drugmaker as a potential leader in the market for Duchenne muscular dystrophy (DMD) treatments.. . .  Full story

Escalating tariff war hits Europe's autos stocks and multinationals

18h32 European shares extended a sell-off on Tuesday as a trade war between the United States and China escalated, with autos, mining and technology stocks taking the brunt.. . .  Full story

Hospital bed maker LINET in private equity talks on stake sale -sources

18h22 European hospital and nursing bed maker LINET Group is in talks with private equity firms interested in buying a stake in the company, sources with knowledge of the deal said.. . .  Full story

French growth to slow as oil, euro and trade cloud outlook- INSEE

18h19 French economic growth should slow this year in the face of a stronger euro, higher oil prices and uncertainty about protectionism, the INSEE stats agency forecast on Tuesday.. . .  Full story

U.S.-China trade spat pushes copper to three-week low

18h11 Copper prices hit three-week lows on Tuesday as worries about a trade war were reinforced after U.S. President Donald Trump threatened to impose a 10 percent tariff on $200 billion of Chinese goods and. . .  Full story

British shares dip as UK corporate woes add to trade war fears

18h03 UK shares fell on Tuesday on a global selloff prompted by fears of a full-blown trade war between the U.S. and China, and disappointing domestic corporate news including a profit warning by Debenhams.. . .  Full story

Naftogaz says British court grants Gazprom asset freeze in UK

17h54 Ukraine state oil and gas firm Naftogaz said on Tuesday a London court has granted its request to freeze the British assets of Russia's Gazprom, part of its efforts to enforce an earlier arbitration. . .  Full story

Ireland won't fuel economic boom with fiscal firepower next year

17h44 Ireland will not use all the fiscal leeway available next year to cut taxes and raise spending to avoid adding the kind of stimulus that could overheat a booming economy, Finance Minister Paschal Donohoe said.. . .  Full story

Oil slips on U.S./China trade dispute, OPEC supply outlook

17h44 Oil fell on Tuesday ahead of a possible increase in OPEC crude supply, and as an escalating trade dispute between the United States and China unleashed sharp selloffs in many global markets.. . .  Full story

Trade war fears boost demand for core European debt

17h38 Core euro zone government bond yields fell across the board on Tuesday as escalating trade tensions between the United States and China, the world's top two economies, lifted demand for safe-haven debt.. . .  Full story

Banco BPM's bad loan sale drawing strong interest -sources

17h37 A bad loan sale by Italy's third-largest bank Banco BPM is attracting strong interest from investors who are also keen to buy its debt collection business, two sources familiar with the matter said.. . .  Full story

Engie sees British customer base and profitability growth -UK CEO

17h32 French power producer Engie , which entered the British retail market last year, will have a 100,000-strong customer base in the country by the end of 2018, a year that will also be more. . .  Full story

Euro reforms will be backed by German coalition, lawmakers - Merkel

17h24 German Chancellor Angela Merkel said on Tuesday a euro zone reform package agreed with French President Emmanuel Macron would be supported by all parties in her ruling coalition.. . .  Full story

Airbus seeks China deal after diplomatic gaffe -sources

17h21 Airbus is in talks to rescue a plane sale to China thrown into doubt earlier this year shortly after a perceived gaffe by two European envoys over China's sensitive historical relationship with Japan,. . .  Full story

Scottish government wins fracking case against INEOS

17h12 Scotland's highest court ruled against petrochemicals company INEOS on Tuesday, after it challenged a devolved Scottish government moratorium against fracking for oil and gas.. . .  Full story

Audi CEO crisis threatens fragile truce among VW stakeholders

17h01 The arrest and detention of Audi's chief executive forces Volkswagen Group's competing stakeholders to renegotiate the delicate balance of power that has helped keep Rupert Stadler in office.. . .  Full story

ECB's Nouy says could take case-by-case approach to banks' bad loans

16h49 The European Central Bank could ditch a plan to impose new rules on all euro zone banks under its watch to reduce their bad loans, and could instead move towards a "case-by-case approach", the. . .  Full story

VW names interim Audi boss, seeking to steady brand after CEO arrest

16h26 Volkswagen suspended Audi boss Rupert Stadler and announced an interim replacement on Tuesday, seeking to steady its most profitable business after German authorities arrested Stadler as part of an emissions probe.. . .  Full story

Norway wealth fund nears blacklisting greenhouse gas emitters

16h20 Norway's $1 trillion wealth fund's process to blacklist firms for producing too much greenhouse gases has taken longer than expected, but recent clarifications from its ethics watchdog could mean a decision is near, a. . .  Full story

Slovak GDP growth forecast to accelerate on booming car output

16h13 Slovakia's economic growth will accelerate to over four percent next year on strong domestic demand and a booming car sector, the finance ministry and central bank forecast on Tuesday.. . .  Full story

Germany considering ways to fend off State Grid investment - source

16h06 Germany is considering options to prevent Chinese utility State Grid from buying a 20 percent stake in local network operator 50Hertz, which is majority-owned by Belgium's Elia, a government source familiar with the matter said.. . .  Full story

EU set to push for WTO reform to ease global trade tensions

15h40 European Union countries will commit to drive reform of the World Trade Organization to ensure trade is both free and fair, assuming their leaders adopt draft conclusions prepared ahead of next week's EU summit.. . .  Full story

EDF says strike hits hydro plants, data shows output unaffected

15h01 France's EDF said workers had gone on strike on Tuesday at the utility's hydroelectric plants and that a fall in power output was possible, although latest data from the grid operator showed no dip for. . .  Full story

Capita's shares rise on defence contract, business sale

14h28 British outsourcing company Capita plc said it had sold a supply chain business and won a government contract to provide firefighting services on military sites, showing progress in its turnaround plan and lifting its shares.. . .  Full story

Vattenfall, TenneT eye Dutch-British power link after 2023

14h19 A power cable connecting cross-border wind farms in the North Sea to Britain and the Netherlands could be in place after 2023, if the plan secures approval, a partner in the project said.. . .  Full story

Report claims Britain's Lloyds misled investors over HBOS fraud

13h39 An internal Lloyds Banking Group report written by a former manager at the bank and published on Tuesday alleges serious misconduct by the lender over the handling and disclosure of a fraud at its. . .  Full story

Abraaj gets $50 mln Abu Dhabi bid for investment management business

13h31 An Abu Dhabi Financial Group company has made a conditional $50 million offer to buy private equity firm Abraaj's investment management business, a document reviewed by Reuters shows.. . .  Full story

Audi appoints Abraham Schot as interim CEO to replace Rupert Stadler

13h21 Audi on Tuesday said it has suspended Chief Executive Rupert Stadler and appointed sales executive Abraham Schot as an interim replacement with immediate effect, a day after Stadler's arrest in connection with a diesel probe.. . .  Full story

Deutsche Bank sells $1 bln ship loan portfolio to Oak Hill and Varde

13h18 Deutsche Bank is selling a $1 billion portfolio of legacy shipping loans to an entity owned by funds managed by Oak Hill Advisors and Varde Partners, it said on Tuesday.. . .  Full story

Ryanair's Irish union extends vote on possible strike action

13h00 Ryanair's Irish union extended a ballot on industrial action by two weeks on Tuesday, saying its members wanted more time to consider the move, which could lead to a strike.. . .  Full story

EU looks into extending import controls on Chinese solar panels

12h44 The European Commission is examining whether to extend measures to control imports of solar panels from China, a move that could fuel tensions with Beijing which had welcomed plans to phase them out in. . .  Full story

Energy price changes by utilities in Britain

12h20 All of Britain's biggest energy companies have announced price increases this year, citing higher wholesale prices and the cost of government policies to support renewable energy generation.. . .  Full story

French property group Nexity targets earnings growth, shares surge

12h18 French property group Nexity set out plans to achieve annual earnings and sales growth of 10 percent over the next three years, causing its shares to surge higher as investors welcomed the plans.. . .  Full story