Europe Business

Lawmakers back plan to nationalise Kenya Airways

16h39 Kenya's parliament voted on Tuesday to nationalise the country's main airline Kenya Airways to save it from mounting debts.  Full story

UK's Johnson to take helm of economy as warning signs flash

17h36 Britain's incoming Prime Minister Boris Johnson will inherit an economy that could be heading for a slowdown or even a recession, weakening his hand in the battles ahead as the country prepares to leave. . .  Full story

Britain's new leader Johnson says: "We are going to get Brexit done"

17h29 Boris Johnson, the Brexiteer who has promised to lead Britain out of the European Union with or without a deal by the end of October, will replace Theresa May as prime minister after winning. . .  Full story

Kenyan finance minister denies corruption charges, given bail

17h18 Kenya's Finance Minister Henry Rotich pleaded not guilty on Tuesday to corruption charges over the award of two dam tenders, in an unprecedented legal move against a sitting minister in a country notorious for. . .  Full story

EDF cuts output at St. Alban nuclear power plant as France boils

17h12 French utility EDF will cut output at the two reactors at its St. Alban nuclear power plant from Tuesday evening due to scorching temperatures and dry weather which have limited its use of river. . .  Full story

More than 200 jobs at risk from RBS call centre closure - Unite

16h55 British trade union Unite said on Tuesday that the closure of Royal Bank of Scotland's Brunswick Gate customer contact centre in Southampton would result in the loss of 227 bank staff.. . .  Full story

BHP makes $400 million climate-change emissions pledge

16h27 Leading resources company BHP will invest $400 million over five years to reduce emissions, it said on Tuesday, becoming the first miner to pledge to tackle pollution caused when customers use its products.. . .  Full story

France's Macron congratulates Boris Johnson, as ex-minister warns "EU not for turning"

16h17 French President Emmanuel Macron and future head of the European Commission Ursula von der Leyen both congratulated Boris Johnson on becoming Britain's next prime minister, although a key Macron ally warned Johnson that the EU. . .  Full story

Kenya court frees finance minister on cash bail after graft charges

16h09 A Kenyan court freed Finance Minister Henry Rotich and his number two at the ministry, Principal Secretary Kamau Thugge, on cash bail on Tuesday after they were charged with various corruption offences.. . .  Full story

Arcelormittal's Ukraine mill expects to lose $1 mln due to investigation

16h06 The acting head of Arcelormittal's Ukraine plant Oleksandr Ivanov said on Tuesday the mill is expected to lose $1 million in July due to an investigation by the Ukrainian security services.. . .  Full story

Power traders tackle renewables puzzle in Danish "Silicon Valley"

16h01 Far from the sprawling financial hubs of London or Frankfurt, high-tech traders in the Danish university city of Aarhus are driving rapid change in European power markets, easing the shift to renewables with technology that. . .  Full story

Siemens bags contract for UK-Denmark subsea power cable

16h00 National Grid and Energinet have awarded contracts to Germany's Siemens and others, as they take a decisive step towards building what is set to be the world's longest subsea power cable, the Viking Link. . .  Full story

Oil slips to around $63 as Iran concerns fade for now

15h40 Oil slipped to around $63 a barrel on Tuesday as concerns faded for now that rising tensions in the Middle East would escalate and hit oil supplies, compounding the impact of a weaker demand. . .  Full story

UK's SFO probes De La Rue over 'suspected corruption' in South Sudan

15h33 The UK's Serious Fraud Office has opened an investigation into British banknote and passport printer De La Rue over "suspected corruption" in its business in South Sudan, sending shares to a. . .  Full story

World aluminium output falls as China growth engine stalls: Andy Home

15h00 Global aluminium production fell by 0.5% in the first half of this year, according to the International Aluminium Institute (IAI).. . .  Full story

Nickel clings to one-year high, but rally seen as excessive

14h37 Nickel rebounded on Tuesday, supported by steadily declining inventories, but analysts said lofty prices for the metal used to make stainless steel were not supported by most fundamentals. Benchmark nickel. . .  Full story

Gold eases as dollar strengthens on U.S. debt deal

14h25 Gold prices slipped to a near one-week low on Tuesday as the dollar strengthened following a deal on extending a debt limit in the United States.. . .  Full story

India moves to overhaul labour laws in bid to boost job creation

14h20 India moved on Tuesday to overhaul decades-old labour laws, some dating from British colonial rule, by introducing two key measures in parliament that aim to make it easier for industry to meet labour standards and. . .  Full story

Bank of Italy new board member to take on ECB supervisory role - sources

14h18 Italy's central bank board member Alessandra Perrazzelli will take up a seat on the European Central Bank's Single Supervisory Mechanism (SSM) board, Bank of Italy sources said on Tuesday.. . .  Full story

French President Macron to speak to Boris Johnson in the coming days

14h12 French President Emmanuel Macron will speak to Britain's incoming Prime Minister Boris Johnson in the coming days, said an official from Macron's Elysee presidential office, who declined to provide further details.. . .  Full story

Crude futures pricing in Hormuz tensions, physical oil not so much: Russell

14h00 Crude oil markets are having to grapple with how to price the risk of an escalation in the conflict threatening shipments through the Strait of Hormuz and the reality that there isn't an actual physical. . .  Full story

FT calls in law firm to review reporting on Wirecard

13h57 The Financial Times has hired a law firm to review its investigations into German payments company Wirecard, which has sued the newspaper over a series of reports alleging accounting irregularities.. . .  Full story

Spanish costs and weak UK push Santander profit 18% lower

13h35 Spanish lender Santander reported an 18% fall in quarterly net profit hurt by one-off restructuring costs from its acquisition of Banco Popular and a weak performance in Britain despite a solid performance in Latin America.. . .  Full story

No-deal Brexit would be tragedy, EU will stick to agreement - Timmermans

13h35 A no-deal Brexit would be a tragedy for both the EU and Britain but the bloc will stick to its withdrawal agreement with London, a deputy head of the European Commission said on Tuesday.. . .  Full story

Global regulators delay new derivatives rule to September 2021

13h34 Global regulators have delayed by a year the final phase of new rules that require smaller fund managers to set aside cash or margin to cover their derivatives transactions for the first time.. . .  Full story

Euro zone bond yields' rise curbed by day of political news

13h30 Euro zone government bond yields edged higher on Tuesday after U.S. lawmakers averted a government shutdown, but a crowded calendar of political events in Europe capped the rise.. . .  Full story

Aluminium producers in Canada cash in on U.S. tariff exemption

13h24 Canada's exemption from U.S. tariffs on imports of aluminium metal has boosted earnings at the Canadian operations of companies such as Rio Tinto and Alcoa, but has not cut costs for U.S. consumers.. . .  Full story

Italy banks to rescue Carige via depositor protection fund

13h11 Italy's depositor protection fund on Tuesday kicked off a 900 million euro rescue process for troubled bank Carige via the conversion of around 313 million euros ($350 million) of a bond into shares.. . .  Full story

Madrid court rules Deliveroo couriers are employees, not freelancers

12h47 A Madrid court ruled on Tuesday that couriers for online food delivery group Deliveroo are company employees, not just freelancers, clearing the way for workers to demand a formal contract and corresponding benefits.. . .  Full story

Santander to contest 100 million euro Orcel claim

12h43 Santander said it would fight a 100 million euro ($112 million) lawsuit being brought by Italian banker Andrea Orcel after it withdrew an offer to make him its chief executive earlier this year.. . .  Full story

Santander vs Andrea Orcel: how did things go sour?

12h36 Spanish lender Santander said on Tuesday that it would fight in court a lawsuit being brought by Italian banker Andrea Orcel after it dropped an offer to make him chief executive.. . .  Full story

UK regulator fines Standard Life Assurance over past annuity sales

12h32 Britain's financial watchdog has fined Standard Life Assurance Ltd (SLAL), part of insurer Phoenix Group, 30.8 million pounds ($38 million) for failures related to the sale of annuities.. . .  Full story

UK new factory orders weakest since financial crisis - CBI

12h11 New British factory orders from the home market and abroad fell at their fastest pace since the financial crisis a decade ago in the three months to July, the Confederation of British Industry said,. . .  Full story

Guinea seeks developers for Simandou iron ore deposit

11h47 Guinea has launched an international tender for blocks 1 and 2 of Simandou, giving companies until Aug. 2 to outline their bids, as the country seeks to revive interest in the. . .  Full story

Finland's UPM to press on with $3 bln Uruguay pulp plant

11h44 Finnish pulp and paper maker UPM said on Tuesday it has decided to go ahead with its plans to build a new pulp plant in Uruguay and it will invest around $3 billion in. . .  Full story

LG Display aims to diversify suppliers due to S.Korea-Japan spat

11h34 LG Display Co Ltd on Tuesday said it is looking to diversify its supplier base in case a diplomatic spat sees Japan extend export curbs on display-making materials bound for South Korea.. . .  Full story

Capital & Regional says fire at London mall under control

11h32 Shopping centre owner Capital & Regional Plc said on Tuesday a fire at The Mall, Walthamstow in London had been brought under control.. . .  Full story

China's BAIC buys 5% Daimler stake to cement alliance

11h23 China's Beijing Automotive Group Co Ltd (BAIC) has bought a 5% stake in Daimler , cementing their long-standing alliance after China's Geely emerged as a potential rival by also taking a stake in the German. . .  Full story

Britain's grocery sales fall for first time since June 2016 -Kantar

11h02 British grocery sales fell by 0.5% in the latest 12 week period in their first decline since June 2016, industry data showed on Tuesday, sending shares across the sector lower. Market. . .  Full story

Trading platform IG confident of turning corner after profit slump

10h49 IG Group expects to return to revenue growth in the second half of this year after the online trading platform reported a 31% slump in annual earnings due to Europe's clampdown on high-stakes financial. . .  Full story

Belarus clears pipeline to Naftan refinery of tainted oil

10h48 Belarus has cleaned the section of the Druzhba pipeline that leads to the Naftan refinery of dirty oil following a contamination crisis earlier this year, the Polotsktransneft Druzhba pipeline operator said on Tuesday.. . .  Full story

Upbeat earnings lift European shares, autos zoom

10h45 European shares were set to rise for a third straight session on Tuesday, tracking rises on Wall Street and in Asia, with auto stocks leading the charge.. . .  Full story

UK's IQE reassures investors with Asian orders

10h43 Cardiff-based IQE Plc expects new supply chains in Asia to provide significant orders, the supplier of semiconductor wafer to Apple Inc said on Tuesday, sending its shares up more than 13%.. . .  Full story

France's Faurecia holds course in 'tougher than expected' auto market

10h40 French auto parts maker Faurecia said it maintained first-half profitability despite a China-led decline in auto production, sending its shares sharply higher on Tuesday.. . .  Full story

Global mood, weaker pound lift FTSE 100

10h37 Britain's FTSE 100 tracked other major stock markets higher Tuesday, with weakness of the pound ahead of the expected annointment of Boris Johnson as prime minister also aiding some of its largely internationally-focussed companies.. . .  Full story

Kenya to seek extradition of Italian construction boss on corruption charges

10h28 Kenya will seek the extradition of Paolo Porcelli, the Italian director of construction firm CMC di Ravenna, to face corruption charges related to the tenders for two dam projects, the director of public prosecutions. . .  Full story

LG Display says to diversify supply channels amid Japan's export curbs

10h11 LG Display Co Ltd says during Q2 earnings call:. . .  Full story

UK's Paragon Banking braces for Brexit as loans rise 20%

09h04 Paragon Banking on Tuesday reported a 20% jump in new lending in the first nine months of 2019 and stuck by its financial guidance for the whole year, while saying it was keeping a. . .  Full story

Staffing firm Randstad's earnings hit by slowdown at German carmakers

08h57 Netherlands-based staffing group Randstad on Tuesday said its underlying earnings fell 4% in the second quarter, below analyst forecasts, due to a slowdown in Europe, particularly among German automotive manufacturers.. . .  Full story

Strong Asian demand buoys sales at Birkin bag maker Hermes

08h55 Surging demand in Asia and especially mainland China helped Birkin handbag maker Hermes post better-than-expected sales growth for the second quarter, in an encouraging signal for some of its major luxury goods rivals.. . .  Full story

Insurer Beazley's profit jumps on higher policy rates

08h32 Lloyd's of London insurer Beazley Plc said on Tuesday its first-half earnings nearly tripled from last year, as it wrote more policies at higher rates and said it expects double-digit premium growth over the. . .  Full story

Channel Tunnel group Getlink says 'no-deal' Brexit is becoming very likely

07h35 Channel Tunnel operator Getlink posted lower first-half operating profits on Tuesday and said the scenario of Britain leaving the European Union without a divorce deal on October 31 was becoming "very likely".. . .  Full story

Bunge and BP team up in Brazil bioenergy venture, create No. 3 sugarcane processor

22/07 U.S. commodities trader Bunge Ltd and British energy company BP Plc said on Monday they will merge their Brazilian sugar and ethanol operations to create the world's third-largest sugarcane processor.. . .  Full story

Oil prices strengthen more than 1% on Iran risk

22/07 Oil prices rose more than 1% on Monday, as investors worried about possible supply disruptions in the energy-rich Middle East after Iran's seizure of a British tanker last week.. . .  Full story

Witness tells court Eni official bribed him to retract allegation

22/07 A witness in a corruption case involving Italian oil firm Eni told a court on Monday that a senior official from the company had bribed him to withdraw his allegations of graft, which he. . .  Full story

Hong Kong police criticised over failure to stop attacks on protesters

22/07 Hong Kong police faced criticism on Monday for an apparent failure to protect anti-government protesters and passersby from attack by what opposition politicians suspected were gang members at a train station over the weekend.. . .  Full story

Greece's newly-elected govt wins confidence vote on economic policy

22/07 Greece's newly-elected conservative government won a confidence vote on Monday on its economic policy, which includes tax cuts and measures to speed up investments.. . .  Full story

Britain delays decision on Huawei's role in 5G networks

22/07 Britain on Monday postponed a decision on whether Huawei could participate in building next-generation 5G mobile networks until it had a clearer picture of the impact of U.S. measures taken against the Chinese company.. . .  Full story

India's Kotak Mahindra Bank joins rivals in warning of challenges ahead

22/07 Kotak Mahindra Bank Ltd reported a 32.7% jump in its first-quarter profit on Monday, but its results fell marginally shy of estimates and it became the third private-sector Indian bank in a row to. . .  Full story

Mediaset snubs Vivendi request for new vote as tensions rise

22/07 Mediaset rejected a request by investor Vivendi to reconvene an extraordinary shareholder meeting as the French group tries to scrap a loyalty share scheme allowing the Berlusconi family to keep its grip on the Italian. . .  Full story

Ships urged to alert navies before sailing through Strait of Hormuz

22/07 Shipping associations have called on ship owners to inform Britain's navy of their movements before sailing into the Middle East Gulf and Strait of Hormuz because of the escalating international crisis in the region.. . .  Full story

Britain delays judgment on Huawei's role in 5G networks

22/07 Britain on Monday postponed its decision on whether Huawei could participate in next-generation 5G telecoms networks until there was a clearer picture about the impact of measures taken against the Chinese company by the United. . .  Full story

European stocks end quiet trading session barely up

22/07 European shares ended flat on Monday as a summer lull hit trading volumes at the start of a pivotal week that will see the European Central Bank meet over monetary policy and a deluge. . .  Full story

Sports Direct drops challenge to Debenhams restructuring

22/07 British department store group Debenhams said former shareholder Sports Direct had withdrawn from a challenge to its rescue plan because it did not have sufficient legal grounds, but the sports retailer would continue to fund. . .  Full story

UK to scrutinise takeover of satellite firm Inmarsat

22/07 Britain said on Monday it would scrutinise the acquisition of satellite communications firm Inmarsat by a private equity-led consortium to examine any potential impact on national security.. . .  Full story

BA pilots vote for strike action, no dates set

22/07 British Airways pilots have voted overwhelmingly for strike action in a pay dispute that could disrupt the British flag carrier's peak summer holiday season.. . .  Full story

Nickel slides from peak as speculators take profits

22/07 Nickel prices fell on Monday as speculators locked in profits by liquidating bullish positions after the market surged to levels not supported by current supply-demand fundamentals.. . .  Full story

Strait of Hormuz: the world's most important oil artery

22/07 Iran's ambassador to Britain warned against escalating tensions on Sunday, a day ahead of an expected response from the UK which could include fresh sanctions on Tehran or other steps after its seizure of. . .  Full story

Oil majors lift FTSE 100, Ted Baker surges on M&A chatter

22/07 Gains in oil heavyweights amid heightened tensions in the Middle East helped London's main index hold steady on Monday, while Ted Baker was in demand after several media reports of takeover plans.. . .  Full story

Greece to overhaul troubled utility Public Power Corp - minister

22/07 Greece unveiled on Monday a plan to overhaul loss-making state-controlled Public Power Corp. (PPC) to shore up its finances, including voluntary redundancies and selling shares in its distribution network.. . .  Full story

IEA ready to act quickly to keep oil market supplied

22/07 The International Energy Agency (IEA) is closely monitoring developments in the Strait of Hormuz and ready to take swift action if needed to keep the global oil market supplied, it said on Monday.. . .  Full story

Just Eat to cut some jobs in Britain to streamline operations

22/07 Just Eat Plc will lay off "a number" of jobs in Britain as it combined its customer and restaurant operations, the online takeaway service said on Monday.. . .  Full story

UniCredit could cut around 10,000 jobs under new plan -sources

22/07 Italy's biggest bank by assets UniCredit is considering cutting around 10,000 jobs, or 10% of its global workforce, as part of a new business plan to be unveiled in December, two sources close to. . .  Full story

Euro zone watchdog tells banks to press on with Brexit plans

22/07 European Union banks should press ahead with Brexit preparations despite Britain's departure from the bloc having been being postponed to October, the head of the euro zone's banks resolution board (SRB) said on Monday.. . .  Full story

Iran's ability to influence oil market is limited - U.S.'s Perry

22/07 The rise in new suppliers of oil and gas has reduced the ability of Iran to influence global oil markets, U.S. Energy Secretary Rick Perry said on Monday.. . .  Full story

Greece to launch tourist investment project Hellenikon this year

22/07 Greece's government plans to speed up the regulatory process so that a long-delayed tourist investment project at a disused Athens airport can be launched by the end of the year, Development Minister Adonis Georgiadis said. . .  Full story

Political concerns take edge off stellar Italy bond rally

22/07 Benchmark Italian bond yields rose from three-year lows on Monday as investors geared up for a showdown between Italy's coalition partners this week.. . .  Full story

Switzerland's SIX to launch marijuana data service

22/07 SIX, the operator of Switzerland's stock exchange, said it plans to launch a data service for more than 30,000 securities connected to marijuana related businesses (MRB) to help investors assess their exposure to cannabis-linked companies.. . .  Full story

Bayer sells Dr. Scholl's footcare brand to Yellow Wood Partners

22/07 Germany's Bayer signed a deal on Monday to sell its Dr. Scholl's footcare brand to U.S. private investment firm Yellow Wood Partners for $585 million, the second of two consumer care products it had. . .  Full story

BP says biofuel to add to rather than replace gasoline in Brazil

22/07 BP does not expect supply from additional biofuel capacity in Brazil - where it is combining its unit with U.S. grain trader Bunge's - to replace diesel and gasoline demand, BP's head of Alternative Energy,. . .  Full story

More rain and sun needed ahead of Ivory Coast main cocoa crop, say farmers

22/07 Rains were below average last week in most of Ivory Coast’s cocoa growing regions and more sun was needed for the main October-to-March main crop to develop well, farmers said on Monday.. . .  Full story

France's Hulot calls on parliament to vote against EU-Canada trade deal

22/07 Popular former environment minister Nicolas Hulot on Monday urged the French parliament to vote against the EU-Canada trade deal in a last-minute bid to block the agreement.. . .  Full story

Nigeria agrees plan with Siemens to nearly triple power supply by 2023

22/07 Nigeria and German company Siemens have agreed a roadmap to nearly triple the country's "reliable" power supply by 2023, President Muhammadu Buhari said on Monday.. . .  Full story

Nigeria, Siemens agree roadmap to increase power: President Buhari

22/07 Nigeria and German company Siemens have agreed a roadmap to increase Nigeria's "reliable" power supply to 11,000 megawatts by 2023, President Muhammadu Buhari said on Monday.. . .  Full story

Ted Baker soars on reports founder Ray Kelvin considering buyout

22/07 Shares in British fashion retailer Ted Baker surged as much as 17% on Monday on reports that its founder and former chief executive Ray Kelvin would support a private equity buyout months after he. . .  Full story

E.ON expects British energy price cap cut in October

22/07 Britain is likely to cut its cap on household energy prices by around 5.6% or 70 pounds ($87) a year from October, E.ON UK said on Monday, meaning lower power bills for around 11. . .  Full story

COLUMN-Rio Tinto's Mongolia copper problems highlight frontier country risks: Russell

22/07 Looking for a long-term bullish signal for copper? Then look no further than Rio Tinto's struggles with the Oyu Tolgoi mine and expansion project in Mongolia.. . .  Full story

Air Force suspends fee payments to landlord Balfour Beatty following Reuters report

22/07 The U.S. Air Force has suspended paying incentive fees at all 21 military housing bases operated by landlord Balfour Beatty Communities following a Reuters-CBS News report that the company falsified maintenance records at an Oklahoma. . .  Full story

London mall owned by Capital & Regional evacuated after fire

22/07 Shopping centre owner Capital & Regional Plc said on Monday The Mall, Walthamstow in London had been evacuated after a fire and firefighers were on site dealing with the incident.. . .  Full story

Julius Baer misses new money goal on Kairos outflows

22/07 Swiss private bank Julius Baer missed its target for net new client money in the first six months of the year as outflows from funds at its Italian subsidiary Kairos hampered growth at the. . .  Full story

Culture minister to make statement on 5G review on Monday - UK PM spokesman

22/07 British culture minister Jeremy Wright is due to make a statement on a review of next generation 5G telecommunications networks on Monday, Prime Minister Theresa May's spokesman said, adding it would depend on the parliamentary. . .  Full story

Funds managing $2 trillion urge cement makers to act on climate impact

22/07 European funds managing $2 trillion in assets called on cement companies to slash their greenhouse gas emissions on Monday, warning that a failure to do so could put their business models at risk.. . .  Full story

Currencies sneak higher, forint off lows ahead of central bank meeting

22/07 Central Europe's currencies edged higher on Monday but remained mostly within a holding pattern, with the forint off recent lows before Hungary's central bank meets on policy this week. The European. . .  Full story

China fast-tracks railway, highway projects to spur growth

22/07 China has approved or revived railway and highway projects since the second half of 2018, as Beijing accelerated infrastructure spending to spur growth in the world's second-biggest economy. The. . .  Full story

BT picks new home in London's Aldgate area

22/07 Britain's BT Group Plc said on Monday it will relocate its global headquarters from the St Paul's area of London to a new site in the city's Aldgate area.. . .  Full story

Atom Bank raises 50 mln stg from funds including Woodford

22/07 Under fire fund manager Neil Woodford is among investors who have put an additional 50 million pounds ($62.42 million) into digital lender Atom Bank, the company confirmed https://www.atombank.co.uk/newsroom/atom-bank-raises-50m-in-latest-fundraising-round on Monday.. . .  Full story

France asks EU for early farm aid to help drought-hit farmers

22/07 France will ask the European Commission to bring forward the payment of 1 billion euros ($1.12 billion) of subsidies to help farmers cope with a hot spell that hurt crops and pasture, with more. . .  Full story

French retailer Casino sells subsidiary Vindémia to cut debt

22/07 French supermarket retailer Casino, under pressure to reduce its high debts, has agreed to sell its subsidiary Vindemia for 219 million euros ($246 million).. . .  Full story

Oil company Amerisur snubs bid overture from French rival Maurel & Prom

22/07 Latin America-focused oil exploration company Amerisur Resources on Monday snubbed bid overtures from French rival Maurel & Prom, saying Maurel's possible 210 million pounds sterling ($263 million) offer undervalued it.. . .  Full story

Struggling UK lender Metro Bank in talks to sell loans

22/07 Metro Bank is in talks to sell a portfolio of loans in the British lender's latest attempt to strengthen its finances after an accounting error hammered its shares.. . .  Full story

Activist investor Cat Rock slashes stake in UK's Staffline

22/07 Activist investor Cat Rock Capital cut its stake in Staffline Group Plc by more than half, less than a month after the British recruiter swung to a 2018 loss as it booked a charge. . .  Full story

Profits rise at recruiter SThree, UK revenue drops

22/07 Recruiter SThree Plc posted an 18% rise in pretax profit in the first half of the year, bolstered by strong international hiring as it battles a significant slowdown in a British home market whose. . .  Full story