Europe Business

Miner Anglo American sees higher production between 2018 and 2021

14h04 Miner Anglo American Plc expects an incremental rise in production between 2018 and 2021 and costs to fall, its chief executive officer said on Tuesday.  Full story

China's Huawei turns on humour in campaign to win over Germany

18h39 China's Huawei has turned to humour to burnish its reputation in Germany, as the under-pressure networks group seeks to defend its leading position in Europe's largest market against concerns it poses a national security threat.. . .  Full story

Germany’s Nordzucker looks for takeovers outside Europe

18h38 Sugar refiner Nordzucker said on Tuesday it was seeking takeovers of cane sugar producers outside Europe in addition to one target already announced in Australia and will begin cutting costs in Europe.. . .  Full story

French borrowing costs jump on Macron wage rises, tax cuts

18h34 France's 10-year borrowing costs climbed to their highest level compared with Germany's in a year and a half on Tuesday, as President Emmanuel Macron announced spending measures after weeks of violent protests.. . .  Full story

Italy coalition parties resisting major changes to deficit target -govt source

18h32 Italy's coalition parties are resisting any major reduction to next year's deficit target, complicating efforts to avoid EU disciplinary action over the 2019 budget, a government source said on Tuesday.. . .  Full story

Gold steadies near 5-month peak as U.S. rate hike expectations ease

18h15 Gold held steady near a five-month peak on Tuesday as fading expectations of further interest rate hikes in the United States burnished the appeal of non-interest-bearing bullion.. . .  Full story

EU to give Swiss time until June to agree new treaty- sources

18h04 The European Commission decided on Tuesday to offer Switzerland six additional months to agree on a new treaty that will govern the country's future relations with the European Union, two EU sources told Reuters.. . .  Full story

BlackRock and peers slash research budgets as new EU rules squeeze brokers

18h01 BlackRock and other investment houses have slashed their budgets for external research by as much as half after the introduction of new European Union rules, piling pressure on stockbrokers, a senior executive at the world's. . .  Full story

Brexit Britain's financial sector faces "slow puncture"

17h54 Life in London's financial district will appear little changed when Britain leaves the European Union on March 29, defying predictions of an exodus of high-flyers to rival centres like Paris, Frankfurt and Dublin.. . .  Full story

Australian company targets 'under-explored' gas in Portugal

17h06 A search for hydrocarbons in Portugal's onshore Lusitanian basin could reveal enough natural gas to supply the whole country for two-and-a-half years, according to the boss of Australis Oil & Gas, which has exclusive rights. . .  Full story

Botswana’s Mowana copper mine suspends operations over working capital

17h05 Mowana Mine, Botswana's only operating copper mine, has suspended operations due to working capital constraints which has seen the company fail to pay salaries and suppliers, it said on Tuesday.. . .  Full story

UK's Hammond opposes easing rules to boost finance after Brexit

16h59 Britain will remain a pre-eminent global financial centre after Brexit with an agile, but not lax, system of financial regulation, finance minister Philip Hammond said on Tuesday. "I reject the idea that laxer regulation makes. . .  Full story

Cuadrilla pauses gas fracking at English site after more tremors

16h37 British shale gas company Cuadrilla has again paused fracking at its Preston New Road site in Lancashire, northwest England, after tremors were detected, the company said.. . .  Full story

Coffee prices at near 2-1/2 month lows; pound weighs on London cocoa

16h37 Coffee futures on ICE fell on Tuesday to their lowest in nearly 2-1/2 months as ample supplies and lacklustre buying weighed on prices, while London cocoa eased as the British pound steadied.. . .  Full story

Societe Generale's CGI Finance unit takes stake in Reezocar

16h33 French bank Societe Generale said on Tuesday its unit CGI Finance has taken a minority stake in Reezocar, a French startup focused on the second-hand car market.. . .  Full story

Turnaround specialist Justin King rejoins M&S as non-executive director

16h31 British clothing and food retailer Marks & Spencer has hired Justin King, the former boss of supermarket chain Sainsbury's, as a non-executive director, adding another big-name industry veteran to its board.. . .  Full story

Pooled 'safe' euro zone bond will take time -ECB's Lane

15h43 Euro zone authorities are scrutinising proposals for a synthetic common bond aimed at strengthening banks' immunity to financial shocks but the process will take time given the asset's complexity, ECB governing council member Philip Lane. . .  Full story

U.S. tariffs fail to dent Chinese aluminium export surge: Andy Home

15h31 The U.S. International Trade Commission has just slapped anti-dumping duties on imports of Chinese common aluminium alloy sheet.. . .  Full story

Band of Japan's ETF buying this year reaches 6 trln yen target

15h12 The Bank of Japan (BOJ) has purchased just over a record 6 trillion yen ($53.2 billion) worth of exchange-traded funds this year, central bank data showed on Tuesday, reaching its target still with three. . .  Full story

French sugar group Tereos sinks deeper into red after price slump

15h04 French sugar group Tereos plunged to a first-half loss of almost 100 million euros, hit by a steep fall in sugar prices, and said it expected to be in the red across its. . .  Full story

Bosnian region raises $11.7 mln via 9-mo T-bills at lower cost

13h56 Bosnia's autonomous Bosniak-Croat Federation on Tuesday raised 20 million Bosnian marka ($11.7 million) through an auction of nine-month treasury bills, aimed at helping it finance maturing debt, the Finance Ministry said. Below. . .  Full story

Compagnie des Alpes has high hopes for Fosun Shanghai snow dome

13h49 Compagnie des Alpes said plans to build and operate a snow dome in the Shanghai region with Fosun, as China prepares to host the 2022 Winter Olympics, showed the French ski resort operator was. . .  Full story

Court rejects Nissan ex-chairman Ghosn's appeal to end detention

13h03 A Tokyo court on Tuesday rejected ousted Nissan Motor chairman Carlos Ghosn's appeal to end his detention following his arrest last month on allegations of financial misconduct.. . .  Full story

Asia Fuel Oil-380-cst cash premiums nudge higher as trade liquidity returns

13h02 Buying interest for physical cargoes of 380-cst high-sulphur fuel oil (HSFO) intensified on Tuesday, after muted trade in the previous two sessions, lifting cash premiums of the fuel to a three-session high.. . .  Full story

WPP to splash out to reboot world's biggest ad group

12h34 WPP will invest to hire new creative staff and reduce costs by cutting offices and jobs under a plan by new boss Mark Read to steer the world's biggest advertising group back to growth.. . .  Full story

Royal London to reshuffle top brass as chairman, CEO leave

12h16 Britain's largest mutual insurer Royal London announced the departure of both its chairman and chief executive officer on Tuesday, naming asset management industry veteran Kevin Parry as its new chair and tasking him with finding. . .  Full story

Daimler to buy $23 bln of battery cells for electric car drive

12h14 Daimler will buy battery cells worth more than 20 billion euros ($23 billion) by 2030 as it readies mass production of hybrid and electric vehicles, the maker of Mercedes-Benz cars said on Tuesday.. . .  Full story

UK workers get biggest pay rise in a decade

12h12 British workers received their biggest pay rise in a decade in the three months to October as the country's strong labour market showed no sign of weakening ahead of Brexit, official figures showed on. . .  Full story

Eni must improve safety at Arctic oilfield -Norway watchdog

12h10 Italian oil company Eni must do more to improve safety at its Arctic Goliat oilfield, which produces up to 100,000 barrels of crude per day, Norway's oil safety watchdog said on Tuesday.. . .  Full story

UK shares stage tentative recovery as May seeks Brexit deal tweaks

12h02 UK shares sought to join a global equity recovery on Tuesday as the pound stabilised above 20-month lows, although banks and other domestically exposed stocks fell further as uncertainty grew over Britain's exit from the. . .  Full story

Noble Group taps Bermuda court to keep debt restructuring plan afloat

11h51 Noble Group said on Tuesday it will push on with its $3.5 billion debt restructuring by keeping the new company private, a last-minute effort to avoid seeking insolvency protection for its businesses.. . .  Full story

-Ashtead full-year profits to gain from Sunbelt growth, pound slide

11h47 Ashtead Group Plc expects full-year results to top its already upbeat expectations, the equipment hire company said on Tuesday, as its dominant U.S. Sunbelt business benefits from lower taxes and stronger demand for renting industrial. . .  Full story

Trade war optimism lifts European shares

11h42 European shares traded higher in the morning on Tuesday as a whiff of optimism over the Sino-U.S. trade dispute lifted sentiment after a burst of political risk and worries about global growth hit. . .  Full story

Asda outshines suitor Sainsbury's in last 12 weeks - Kantar Worldpanel

11h16 Asda, the British arm of Walmart that has agreed a takeover by rival Sainsbury's , was alone among the country's big four grocers in holding its market share in the latest 12-week period,. . .  Full story

Germany's VDMA: Chances of avoiding hard Brexit are weakening by the day

11h11 Germany's VDMA engineering association said on Tuesday that the chances of averting a hard Brexit were shrinking by the day, so firms should urgently prepare for such a scenario.. . .  Full story

Norway may further tighten regulation on lending to consumers -finmin

10h28 Norway may further tighten its regulation of banks offering high-interest loans to consumers, Finance Minister Siv Jensen told reporters on Tuesday following a meeting with bank executives and industry lobbyists.. . .  Full story

‍CVC seeks to buy back Sweden's Ahlsell, valuing firm at $2.7 bln

10h16 CVC Capital Partners​ has launched a bid for Sweden's Ahlsell just two years after listing it, valuing the construction products and tools distributor at about 24 billion Swedish crowns ($2.65 billion).. . .  Full story

Vivendi seeks shareholders meeting to change Telecom Italia board

10h00 Vivendi is calling for a shareholders meeting to change the board at Telecom Italia including five members proposed by activist fund Elliott, the French media conglomerate said on Tuesday.. . .  Full story

Gabon oil union begins three-day strike after layoffs

09h55 Gabon's oil union began a three-day strike on Tuesday across all facilities after the layoff of Total workers, it said.. . .  Full story

EU talks to set CO2 emission limits for cars founder

09h54 The European Union failed on Tuesday to reach a compromise over how sharply to curb carbon dioxide emissions from cars and vans as car-producing countries and more environmentally conscious lawmakers could not find a compromise.. . .  Full story

Carpetright losses widen as store closures hit results

09h32 Carpetright's losses ballooned in the first half of the year, the British floor coverings chain said on Tuesday, hit by weak demand from customers and the fallout of a survival plan which has closed. . .  Full story

JGB yields rise, benchmark yield moves off 4-1/2-month low

07h11 Japanese government bond (JGB) prices were slightly weaker on Tuesday, tracking moves in U.S. Treasuries.. . .  Full story

Rio Tinto partner says yet to make big copper find at Western Australia site

07h05 Exploration by Rio Tinto at one of its sites in a part of Western Australia that has been touted as potentially rich in copper has so far failed to find any economically viable veins. . .  Full story

Banco BPM reaches bad loan deal with Credito Fondiario, Elliott

02h36 Banco BPM said on Monday it had agreed to sell up to 7.8 billion euros ($8.9 billion) in bad loans along with a stake in its debt recovery business to Credito Fondiario and U.S.. . .  Full story

Britain to invest 100 mln pounds in sub-Saharan Africa renewables fund

02h01 Britain will provide 100 million pounds ($127 million) for a scheme to help to support renewable power projects in sub-Saharan Africa, the government said on Tuesday.. . .  Full story

Bunge CEO Schroder to step down amid investor pressure

00h19 Bunge Ltd Chief Executive Officer Soren Schroder is stepping down after five years at the helm of the global agribusiness following months of pressure from shareholders to shake up the company amid a prolonged. . .  Full story

To quell unrest, France's Macron speeds up tax cuts but vows no U-turn

10/12 France's President Emmanuel Macron on Monday announced wage rises for the poorest workers and tax cuts for pensioners in further concessions meant to defuse weeks of often violent protests that have challenged his authority.. . .  Full story

EU is closely monitoring France's new budget measures - Dombrovskis

10/12 The European Commission is monitoring the budget impact of possible new fiscal measures to be introduced by the French government, the vice president of the EU executive said on Monday. "We are monitoring closely the. . .  Full story

Executive of China's Huawei asks for bail in U.S. extradition case

10/12 A Canadian provincial court in Vancouver on Monday weighed whether to grant bail in an extradition case to a top executive of China's Huawei Technologies following her arrest at the request of the United States.. . .  Full story

Militia forces Libya's NOC to declare force majeure on biggest oilfield

10/12 Libya's National Oil Company (NOC) on Monday declared force majeure on exports from the El Sharara oilfield, which was seized at the weekend by a local militia group.. . .  Full story

Robusta coffee falls to two-month low, sugar settles down

10/12 Robusta coffee futures on ICE slid to a two-month low on Monday, pressured by ample supplies, while sugar prices also fell, tracking a crude oil decline.. . .  Full story

French nuclear production rose 8 pct year-on-year in November

10/12 Electricity production from French nuclear reactors rose 8 percent in November compared with the same month a year-ago due to a low volume of outages, state-controlled utility EDF said on Monday.. . .  Full story

Interserve shares sink as it battles to avoid Carillion's fate

10/12 Shares in Interserve lost more than half their value on Monday after the British support services provider said it was in rescue talks which may hand control of the company to creditors in a. . .  Full story

Supermarket group Dia drops out of Spain's blue-chip index

10/12 Spanish supermarket chain Dia on Monday dropped out of Spain's blue-chip stock market index, the latest hit to the company that is facing a shrinking market share and a sliding stock price.. . .  Full story

Copper slips as China data reinforces demand worry

10/12 Copper prices slipped on Monday as Chinese import data reinforced worries about growth in demand for industrial metals fuelled by the ongoing U.S.-China trade dispute, while a firmer dollar also weighed.. . .  Full story

Building new nuclear plants in France uneconomical -environment agency

10/12 Building new nuclear reactors in France would not be economical, state environment agency ADEME said in a study on Monday, contradicting the government's long-term energy strategy as well as state-owned utility EDF's investment plans.. . .  Full story

UK stocks battered as PM May delays Brexit vote

10/12 British shares fell on Monday as a delay to a parliamentary vote on Prime Minister Theresa May's Brexit deal threw the country's political future into the unknown, hitting the pound and domestically-exposed companies from housebuilders. . .  Full story

Investors ditch European shares as political risk bursts

10/12 Investors took cover and ditched European shares on Monday as a burst of political risk with a key vote on Brexit being delayed and unrest over the weekend in France added to concerns over. . .  Full story

French bonds feel pain after more violent anti-government protests

10/12 French government bond yields rose on Monday, pushing the gap over safer German peers to its widest since May, after more violent anti-government protests in France over the weekend.. . .  Full story

Avianca seeks to cut Airbus order as much as half -CEO

10/12 Airline Avianca Holdings SA will begin negotiations with Airbus to reduce the 100 planes it had agreed to purchase in a 2015 deal to as few as 50, the chief executive of the Latin. . .  Full story

Prosecutors eye former Deutsche Bank anti-money laundering official - report

10/12 Frankfurt prosecutors have launched a probe against a former anti-money laundering official of Deutsche Bank on suspicion of money laundering, German public broadcaster Hessischer Rundfunk reported on Monday.. . .  Full story

Oil producers Hess, Conoco raise 2019 production outlooks

10/12 Hess Corp and ConocoPhillips expect to produce more oil in 2019 than last year without altering their exploration budget in a big way, the two oil and gas producers said on Monday.. . .  Full story

Ivory Coast dry winds could impact cocoa quality - farmers

10/12 Below-average rainfall in most of Ivory Coast's cocoa growing regions last week could reduce the quality of beans harvested at the end of the October-to-March main crop, farmers said on Monday.. . .  Full story

London's Crossrail gets more money but faces further delay

10/12 London's Crossrail project will receive as much as 1.7 billion pounds ($2.2 billion) in additional public funding to complete the delayed line that will link the Canary Wharf financial district to Heathrow airport.. . .  Full story

GE names Paula Reynolds to board

10/12 General Electric Co on Monday elected Paula Rosput Reynolds to its board of directors, replacing John Brennan who had earlier announced his intention to retire.. . .  Full story

Banco BPM close to bad loan deal with Credito Fondiario/Elliott - sources

10/12 Banco BPM is close to selling up to 7.8 billion euros in bad loans along with a stake in the Italian bank's debt recovery business to Credito Fondiario and U.S fund Elliott, three sources. . .  Full story

Lebanon expects more Mideast spending on economy, less on war

10/12 Lebanon hopes to reap an economic dividend as resources shift away from wars in the Middle East towards peacetime development, an aide to Prime Minister-designate Saad al-Hariri said on Monday.. . .  Full story

Greece gets informal EU approval to push back sale of coal-fired plants -source

10/12 The European Commission has informally allowed Greece's Public Power Corp. (PPC) to extend the deadline for binding bids for three coal-fired plants by three weeks, an energy ministry source said on Monday.. . .  Full story

Rhine river shipping returns to normal as water levels rise

10/12 Freight shipping on the river Rhine in Germany has returned to normal after heavy rain in the past week raised water levels, traders said on Monday.. . .  Full story

Danish services firm ISS to shed 100,000 staff, focus on key clients

10/12 Outsourcing group ISS plans to cut its workforce by 100,000 and raise up to $381 million by selling businesses over the next two years, betting that focusing on its biggest clients will boost sales. . .  Full story

After strike, German rail union seeks talks to end pay dispute

10/12 German rail workers staged a four-hour stoppage on Monday but their union said it would now pursue talks with operator Deutsche Bahn to resolve a dispute over pay.. . .  Full story

Deep losses leave Big Tech with small earnings multiples

10/12 Deep losses in Amazon Inc , Apple Inc, Facebook Inc and Alphabet Inc have left the former tech favorites at their lowest earnings multiples in years, offering potential bargains to cold-blooded investors looking to buy. . .  Full story

Italy's PM Conte to meet EU's Juncker on Wednesday - EU spokeswoman

10/12 Italy's Prime Minister Giuseppe Conte will meet the President of the European Commission Jean-Claude Juncker on Wednesday in Brussels, a spokeswoman for the European Union executive said on Monday.. . .  Full story

Congo's Gecamines to boost stake in Boss Mining JV to 49 pct

10/12 Democratic Republic of Congo's state mining company Gecamines said on Monday it would increase its stake in its Boss Mining joint venture with ENRC Africa Holdings to 49 percent after the two companies renegotiated terms.. . .  Full story

German govt accepts court ruling on Brexit, regrets looming divorce

10/12 The German government accepts a ruling by the European Union's top court that the United Kingdom can unilaterally revoke its divorce notice, a spokeswoman said on Monday, adding that Berlin continued to regret Britain's decision. . .  Full story

"We will not renegotiate" Brexit, EU executive tells Britain

10/12 The European Union's executive said on Monday it would not renegotiate its Brexit agreement sealed with British Prime Minister Theresa May.. . .  Full story

Russia's Antipinsky refinery says oil flows to plant will resume shortly

10/12 New Stream, the owner of Russian private oil refinery Antipinsky, said on Monday oil flows to the plant would resume shortly and the company was processing payments for supplies with Sberbank.. . .  Full story

Palm rebounds to one-week high on lower output data

10/12 Malaysian palm oil futures reversed earlier losses to close over 2 percent higher on Monday, as official data showed falling output for the first time in five months. Data from industry. . .  Full story

UK economy slows in three months to October, Brexit uncertainty looms

10/12 Britain's economy lost speed in the three months to October, reflecting lower car sales and factory stoppages due to weaker demand that business groups blamed on uncertainty about Brexit. Gross domestic. . .  Full story

Societe Generale builds clearing hub in Paris ahead of Brexit

10/12 Societe Generale is opening a Paris hub this month to clear derivatives in the European Union in the latest sign of euro business moving from Britain to the bloc ahead of Brexit.. . .  Full story

UK energy supplier One Select ceases to trade - regulator

10/12 A small British energy supplier, One Select, has ceased to trade, regulator Ofgem said on Monday, promising to find a new supplier soon for its 36,000 customers.. . .  Full story

Equinor halts some Mongstad gasoline production, evacuates workers after leak

10/12 Equinor's Mongstad oil refinery on Norway's west coast evacuated 300 workers and halted part of its gasoline production following a leak, the company said on Monday.. . .  Full story

Russia's Antipinsky refinery halts crude processing - sources

10/12 Russian private oil refinery Antipinsky halted processing on Dec. 5 due to lack of crude supplies, industry sources told Reuters.. . .  Full story

Just Group shares soar after BoE capital rules prove lenient

10/12 Shares in pensions provider Just Group rose as much as 27 percent on Monday after the Bank of England released a final decision on capital requirement changes that the company said would prove less. . .  Full story

Dutch: direct costs to gov't of 'no deal' Brexit 2.3 bln euros

10/12 If Britain leaves the European Union with no deal in place it will cause the Dutch government at least 2.3 billion euros ($2.6 billion) in direct costs through 2023, the Court of Audit. . .  Full story

Oil margin pressure takes shine off Trafigura's annual profits

10/12 Global commodity trader Trafigura Group reported its lowest annual net profit in eight years on Monday as a drop in oil trading margins offset a strong performance by its metals and minerals division.. . .  Full story

Swedish consultancy AF to buy Finland's Poyry for 611 million euros

10/12 Swedish technical consultancy AF has agreed to buy smaller Finnish peer Poyry for 611 million euros ($695 million) to create a leading European engineering and consulting business, AF said on Monday.. . .  Full story

Leading French hotel, transport and retail stocks fall after latest protests

10/12 Major French hotel, transport and retail stocks fell on Monday after another weekend of violent, anti-government protests in the country.. . .  Full story

German Oct trade surplus narrows in "lost year" for exporters

10/12 Germany's trade surplus narrowed in October with imports growing faster than exports which were slowed down by trade disputes between the United States and both China and the European Union.. . .  Full story

UK's November shopper numbers fall worst for a decade

10/12 Shopper numbers in Britain saw their largest November drop for a decade, as Black Friday discounts drove more shopping online, retail researcher Springboard said on Monday.. . .  Full story

China gives go-ahead to rapeseed meal imports from Kazakhstan

10/12 Chinese customs officials said on Monday that they had approved rapeseed meal imports from Kazakhstan, the latest move aimed at diversifying the country's sources of protein for animal feed.. . .  Full story

Bank of Georgia CEO to leave after two years at helm

10/12 Bank of Georgia Group Plc's Chief Executive Officer Kaha Kiknavelidze will step down after two years in the role, the London-listed lender said on Monday.. . .  Full story

Sleeping bags and mini golf as traders brace for Brexit all-nighter

10/12 As lawmakers gather in Britain's parliament on Tuesday to vote on the future of the country's relationship with Europe, traders in London's financial hub will be bracing for a potential burst of market turmoil. . .  Full story

LNG tanker Seri Camar to arrive in Britain on Dec. 11

10/12 Liquefied natural gas (LNG) tanker Seri Cemar is set to arrive at Britain's Isle of Grain terminal on Dec. 11, according to Refinitiv Eikon shipping data.. . .  Full story

Hitachi shares rise after report it is considering scrapping Britain nuclear project

10/12 Hitachi Ltd shares rose as much as 2.9 percent on Monday after Japan's TV Asahi reported the firm is considering scrapping its 3 trillion yen ($26.61 billion) nuclear project in Britain due to projections. . .  Full story

India's Petronet looking for long-term deal to buy U.S. LNG

10/12 Top Indian gas importer Petronet LNG is looking to sign a deal in a year's time to buy at least 1 million tonnes of U.S. natural gas annually for a period of up to. . .  Full story

Italy must be treated like every other country - Eurogroup head

10/12 The president of euro zone finance ministers group said in an interview published on Monday that he hoped the Italian government would be able to submit a revised draft budget to the European Union.. . .  Full story

Euro zone recession risk climbs, rate rise conviction wavers

10/12 The European Central Bank is on course to raise its still-negative deposit rate in the third quarter of 2019 but economists' conviction has faded over the past month as the chances of a recession. . .  Full story

Private firms in Britain to comply with first governance code

10/12 Large private companies in Britain will have to comply with governance standards for the first time from 2020 in a response to the collapse of unlisted retailer BHS that left thousands of people out. . .  Full story

Libya is shutting down El Sharara after field seized by tribesmen-sources

10/12 Libya is shutting down production at its biggest oilfield after tribesmen and state security guards seized the El Sharara facility, field engineers and protesters said on Sunday, but there was no confirmation from state oil. . .  Full story

Investors managing $32 trillion in assets call for action on climate change

10/12 Global investors managing $32 trillion in assets have called on governments to accelerate steps to combat climate change, as policymakers meet for talks at a United Nations conference in Poland.. . .  Full story