Business

Italy to spend 222 bln euros of EU funds to revive economy

Italy plans to spend more than 222 billion euros ($272 billion) from various European Union funds to revive its coronavirus-battered economy, a draft government document seen by Reuters showed. Rome…

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Bitcoin slides more than 5% after topping $40,000 for first time

Bitcoin fell more than 5% on Friday, a day after topping $40,000 for the first time. The world's most popular digital currency slid to as low as $36,618.36 on Bitstamp…

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Oil hovers near 11-mth highs, sustained by Saudi output cuts pledge

Oil prices held near 11-month highs on Friday and were on track for a strong weekly gain as Saudi Arabia's pledge to cut output continued to buoy market sentiment. Brent…

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Gold eases as stronger dollar, higher yields weigh

Gold inched lower on Friday as the U.S. dollar and Treasury yields firmed, although hopes for additional stimulus in the world's largest economy kept bullion on course for a second…

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UPDATED: Hyundai says in early talks with Apple after electric vehicle tie-up report

South Korea's Hyundai Motor Co said on Friday it was in early talks with Apple , after local media reported the firms were discussing an electric car and battery tie-up,…

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United States suspends French tariffs over digital services tax

WASHINGTON, Jan 7 (Reuters) - The United States has indefinitely suspended 25% tariffs on French cosmetics, handbags and other imports it had planned in retaliation for a digital services tax…

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Saudi’s surprise output cut to lift Brent to $60/bbl by mid-year – UBS

UBS raised its forecast for Brent oil prices to $60 per barrel by mid-year, following Saudi Arabia's surprise unilateral production cut and expectations of a sharp recovery in demand in…

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U.S. federal investigators probe business-card sales practices at AmEx – WSJ

Jan 7 (Reuters) - Federal investigators are probing business-card sales practices at American Express Co, the Wall Street Journal reported on Thursday, citing people familiar with the matter. The investigators…

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Wizz Air to cut January flights due to UK lockdowns

Hungarian airline Wizz Air has cancelled flights as a result of Britain's new coronavirus lockdowns, with its chief executive forecasting January capacity will fall to 25% of year-earlier levels from…

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World food price index rises for seventh month running in Dec -FAO

World food prices rose for a seventh consecutive month in December, with all the major categories, barring sugar, posting gains last month, the United Nations food agency said on Thursday.…

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EU fiscal rules must remain flexible until 2022 -Portugal finance minister

Flexible EU fiscal rules meant to help member states weather the pandemic and return to growth should stay in place until 2022, Portugal's finance minister said in an interview, adding…

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Maersk says European lockdowns have not dented demand for shipping

High shipping rates are set to continue for at least several weeks, despite new coronavirus lockdowns in Europe, boosted by demand for furniture, exercise equipment and home improvement goods, shipping…

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Natural disasters cause $210 billion in damage in 2020, insurer says

Natural catastrophes around the world resulted in $210 billion in damage in 2020, with the United States especially hard hit by hurricanes and wildfires, a top insurer said on Thursday.…

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Bridgestone to sell Firestone Building Products to LafargeHolcim for $3.4 bln

LafargeHolcim, the world's biggest cement maker, on Thursday announced $3.4 billion deal to buy Firestone Building Products from Japan's Bridgestone Corporation in its biggest acquisition in more than a decade.…

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OPEC December oil output rises for sixth month led by Libya – survey

OPEC oil output rose for a sixth month in December, a Reuters survey found, buoyed by further recovery in Libyan production and smaller rises elsewhere in the group. The 13-member…

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Britain’s Sainsbury’s seeing good flow of supplies from Europe

Sainsbury's, Britain's second largest supermarket group, has seen goods flow well from continental Europe since a post-Brexit trade deal with the European Union kicked in on Jan. 1, its boss…

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Up to 4,000 financial firms could fail due to COVID, says UK regulator

Around 4,000 financial firms in Britain were at "heightened risk" of collapsing due to fallout from the pandemic, the Financial Conduct Authority said on Thursday. The FCA surveyed 23,000 financial…

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‘Hardships’ coming for traders at N.Ireland’s post-Brexit borders, lobby groups say

Traders selling goods between Northern Ireland and the rest of the United Kingdom will face "real hardships" in the coming weeks after the post-Brexit regulatory border shattered normal operations, lobby…

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Moderna aiming to make up to 1 bln doses of COVID-19 vaccine this year

Moderna Inc is on track to deliver between 600 million and 1 billion doses of its COVID-19 vaccine this year, Chief Executive Stephane Bancel said on Thursday. Bancel said Moderna…

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Ryanair slashes annual traffic forecast as fresh lockdowns hit

Ryanair slashed its annual traffic forecast by around 5 million passengers on Thursday, citing fresh lockdowns in the United Kingdom and Ireland introduced to curb a highly contagious new variant…

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Danish prosecutors drop money laundering charges against ex-Danske Bank staff

Danish prosecutors said on Thursday they had dropped charges against six former Danske Bank employees as part of an investigation into the bank's involvement in one of the world's biggest…

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Gold inches down as higher yields outweigh stimulus optimism

Gold prices edged lower on Thursday as firmer Treasury yields eclipsed support from a Democrat sweep in Georgia Senate runoffs that boosted hopes for more stimulus. Spot gold eased 0.1%…

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Oil price rises as supply constraints remain focus amid U.S. Capitol drama

Oil prices rose on Thursday as Saudi Arabia, the world's biggest exporter, unilaterally agreed to cut output over the next two months and as U.S. crude stockpiles fell. It was…

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Corporate group urges officials consider Trump’s removal ‘to preserve democracy’

The head of a major U.S. business group that represents 14,000 companies including Exxon Mobil Corp, Pfizer Inc and Toyota Motor Corp urged senior U.S. officials to consider removing President…

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Dubai launches fifth coronavirus economic stimulus package

The Emirate of Dubai has announced a new stimulus package worth 315 million dirhams ($86 million) to help the economy cope with the effects of the coronavirus pandemic. The package,…

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Euro zone contraction deeper than thought in Dec as lockdowns bite -PMI

Economic activity in the euro zone contracted more sharply than previously thought at the end of 2020 and could get worse as renewed lockdown restrictions imposed to contain the coronavirus…

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Google to add App Store privacy labels to its iOS apps as soon as this week

Alphabet Inc's Google announced it will add App Store privacy labels to applications using the iOS operating system from Apple Inc as soon as this week or by next week.…

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Biggest drop in UK new car sales since World War Two

British new car sales fell nearly 30% last year in their biggest annual drop since 1943 as lockdowns to curb the spread of the coronavirus hit the sector, an industry…

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Photo Story: Malaysia considering opening its border to help boost the tourism sector

Workers clean the 272 steps at the major Hindu temple and tourist attraction Batu Caves Temple in Kuala Lumpur, Malaysia, 06 January 2021. 'The government is considering opening its border…

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Canary Islands beaches deserted as COVID decimates Spanish tourism

International tourist arrivals in Spain fell 90% year-on-year in November, official data showed on Tuesday, after authorities imposed new travel restrictions to curb an increase in coronavirus infections. Over the…

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Michelin plans to scrap up to 2,300 jobs over three years, no layoffs

French tyre maker Michelin said on Wednesday it would cut up to 2,300 jobs over three years as part of a new simplification and competitiveness plan in France, adding this…

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Pandemic shows importance of diversified investment, Norway wealth fund says

Norway's $1.3 trillion sovereign wealth fund, the world's largest, said the COVID-19 pandemic and subsequent financial market upheaval had shown the importance of a diverse portfolio. The fund, which invests…

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Court in Italy orders Facebook to pay $5 million in damages for copying app

A Milan-based appeals court on Tuesday ordered Facebook to pay 3.83 million euros ($4.70 million) in damages to an Italian software development company for copying an app, a court document…

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Sit-in by guards at Libya’s Hariga oil port blocks loading

Petroleum facilities guards at Libya's eastern Hariga oil terminal have delayed the loading of a one million-barrel cargo as they press salary demands, the port's manager said on Wednesday. The…

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Italy’s CNH revives Iveco sale talks with Chinese automaker FAW

CNH Industrial has revived talks to sell the bulk of Italian truck group Iveco to Chinese automaker FAW Group, three people with knowledge of the matter told Reuters. Discussions were…

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Virgin joins Tui and Thomas Cook in cancelling holiday bookings

Virgin Holidays has become the latest travel firm to cancel holidays after new coronavirus lockdown restrictions were imposed. It said schedules will be cancelled until mid-February, joining similar moves by…

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German cabinet agrees quota for women on company boards

Germany's cabinet approved on Wednesday legislation to force larger listed companies to have at least one woman on their management boards, following years of debate over the issue. The law…

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Britain signs 550 mln stg weapons contract for F-35 jets

Britain said on Wednesday that it signed a 550 million pound ($751 million) contract with European weapons-maker MBDA to manufacture surface-attack missiles for use on the country's F-35B fighter jets.…

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UK car sector warns of Brexit costs as it pushes for investment

Britain's car industry warned on Wednesday the Brexit trade deal will add additional costs to firms, despite the sector securing tariff-free trade with the European Union, just as it needs…

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Honda halts UK car output due to supply delays

Japanese carmaker Honda said it was halting output at its British factory till today due to global supply delays. Honda also suspended production for a few days in December as…

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Bitcoin breaks above $35,000 to touch new high

Bitcoin traded above $35,000 for the first time in Asia on Wednesday, rising to a high of $35,879 and extending a rally that has seen the digital currency rise more…

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Gold eases as dollar gains

Gold edged lower on Wednesday as the dollar firmed with investors tracking two closely contested U.S. Senate runoff races in Georgia that will likely determine President-elect Joe Biden administration's fiscal…

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Brent oil rises to highest since February after Saudi Arabia output cut

Brent oil prices rose on Wednesday to the highest since February after Saudi Arabia agreed to make bigger cuts in output than expected during a meeting with allied producers, while…

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Trump bans Alipay and seven other Chinese apps

U.S. President Donald Trump signed an executive order banning transactions with eight Chinese software applications, including Ant Group's Alipay, the White House said, escalating tensions with Beijing just over two…

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UK introduces new business support measures

Britain on Tuesday offered a 4.6 billion pound support package for businesses struggling to cope with a third national lockdown, imposed this week to stem a new wave of COVID-19…

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M&S branch in France says post-Brexit rules disrupt ready-meal supplies

A Paris branch of British retailer Marks & Spencer said fresh ready-made pasta dishes were unavailable on Monday because post-Brexit trade rules had disrupted deliveries across the Channel. As of Jan.…

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New wage subsidy scheme for Maltese businesses announced

Newly-appointed Energy and Business Minister Miriam Dalli announced a new wage subsidy scheme which is based on the level of losses suffered by businesses as a result of COVID-19. Government's…

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European shares inch higher as oil, retail stocks jump

European shares edged up on Tuesday, lifted by oil and retail stocks, while investors looked past a new national lockdown in Britain to contain a surge in coronavirus cases. The pan-European STOXX 600 index was up 0.1%…

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OPEC+ deadlocked over raising oil output, to resume talks today

OPEC+ will resume talks today after reaching a deadlock over February oil output levels as Saudi Arabia argued against pumping more due to new lockdowns while Russia led calls for…

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Aviation reinsurance rates rise by up to 250% – report

Aviation reinsurance rates rose by up to 250% at the key Jan. 1 renewal date, broker Willis Re said in a report on Monday, with the market still reeling from…

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Irish manufacturing sector growth hits 5-month high in December

The pace of growth in Ireland's manufacturing sector hit a five-month high in December as firms stockpiled ahead of neighbouring Britain's Dec. 31 departure from European Union trading rules, a…

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Italy factory activity grows for sixth month running in December

Italian manufacturing activity expanded for a sixth straight month in December though at a slightly slower rate than expected, a survey showed on Monday, as the country battles with the…

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UK factory PMI hits three-year high in December

A closely watched gauge of growth in British manufacturing activity rose to its highest level in three years last month, as factories rushed to complete work before the end of…

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Spanish factory activity grows in December after November dip

Spanish factory activity expanded in December after a dip in November, a survey showed on Monday, even though the effects of the coronavirus pandemic are still weighing on businesses. IHS…

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After golden year for precious metals, silver set to shine in 2021

After a spectacular year, precious metals are set for further gains in 2021, with silver tipped to outperform, but analysts are growing more cautious about the prospects for gold as…

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Hundreds of Google employees in United States form workers’ union

More than 200 Google employees in the United States have formed a workers' union, the elected leaders of the union wrote in a New York Times opinion piece on Monday.…

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Hyundai Motor reports 2020 global sales of 3.74 million vehicles

South Korea's Hyundai Motor Co said on Monday its 2020 global sales were 3.74 million vehicles, missing its target of 4.58 million. The South Korean automaker set its 2021 sales…

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