SOFIA, Bulgaria (AP) — Bulgaria will allow a Black Sea refinery owned by a Russian oil company to keep operating and exporting oil products to the European Union until the end of 2024 despite warnings by Brussels that it is against the bloc’s sanctions. The deal between Bulgaria and Russian-owned Lukoil will give an additional…
(Reuters) – Abercrombie & Fitch Co said on Tuesday it was “cautiously optimistic” ahead of the holiday season and forecast fourth-quarter sales above analysts’ estimates on resilient apparel demand, sending its shares up about 7% in premarket trading. Abercrombie and Gap Inc have posted better-than-expected results as wealthier shoppers have opted for dressier clothing over…
BRUSSELS (Reuters) – EU antitrust regulators are likely to open a full-scale investigation into French media company Vivendi’s proposed acquisition of French peer Lagardere, people familiar with the matter said on Tuesday. The European Commission is expected to launch an in-depth investigation following the end of its preliminary review of the deal on Nov. 30,…
Hobbled by high interest rates, punishing inflation and Russia’s war against Ukraine, the world economy is expected to eke out only modest growth this year and to expand even more tepidly in 2023. That was the sobering forecast issued Tuesday by the Paris-based Organization for Economic Cooperation and Development. In the OECD’s estimation, the world…
BERLIN (Reuters) – Nearly one in five people in Germany have had to draw on their savings to cover everyday costs as rising inflation cuts into their purchasing power, a survey by the Kantar polling institute published on Tuesday found. According to the survey of 2,000 people, 19.4% of respondents said they were using their…
TOKYO (Reuters) -Japan’s Mazda Motor Corp on Tuesday unveiled a $10.6 billion spending plan to electrify its vehicles and said it was also considering investing in battery production. The company also raised its sales target for electric vehicles (EVs) to up to 40% of its global total by 2030, as automakers worldwide spend billions of…
PARIS (Reuters) -Societe Generale, France’s third-biggest listed bank, and U.S. investment management company Alliance Bernstein plan to form a joint venture focusing on global cash equities and equity research, they said on Tuesday. SocGen plans to take a 51% interest in the venture, with an option to take 100% ownership after five years, the French…
BEIJING (AP) — More than 253,000 coronavirus cases have been found in China in the past three weeks and the daily average is rising, the government said Tuesday, adding to pressure on officials who are trying to reduce economic damage by easing controls that confine millions of people to their homes. The ruling Communist Party…
By Rae Wee SINGAPORE (Reuters) – The dollar retreated on Tuesday following an overnight rally that saw investors flocking to the safe-haven currency on worries over China’s COVID flare ups, though cautious risk sentiment kept the greenback supported. The fresh bout of risk aversion had weighed particularly on the antipodean currencies – often used as…
OMAHA, Neb. (AP) — American consumers and nearly every industry will be affected if freight trains grind to a halt next month. One of the biggest rail unions rejected its deal Monday, joining three others that have failed to approve contracts over concerns about demanding schedules and the lack of paid sick time. That raises…
