(Reuters) – TJX Cos Inc raised its annual profit forecast on Wednesday, banking on lower costs and resilient demand from inflation-hit consumers switching to discount retailers. The discount store operator now expects 2024 adjusted profit per share to be between $3.39 and $3.48, compared with its previous range of $3.29 to $3.41. (Reporting by Granth…
MILAN (Reuters) – Telecom Italia’s top shareholder Vivendi has proposed Luciano Carta, a former chairman at Italian defence group Leonardo to fill a vacant seat on the former phone monopoly’s board, two sources said on Wednesday. Vivendi is currently at loggerheads with Telecom Italia (TIM) management over its plans to revamp its domestic business through…
By Victoria Waldersee and Joseph White MUNICH (Reuters) -Volkswagen Chief Financial Officer Arno Antlitz said on Wednesday rising battery material costs mean it will be 2025 before the automaker can build some electric vehicles at the same profit margins as combustion models. “A lot of the margin parity depends on raw materials,” Antlitz told the…
(Reuters) – Britain’s Frasers Group raised its stake in online fashion retailer ASOS, a filing showed on Wednesday, as the Mike Ashley-owned sportswear retailer continues its drive into a more premium market. Frasers, formerly called Sports Direct, increased its stake in ASOS to 7.4% from a prior stake of more than 5%, as of May…
By Tom Sims FRANKFURT (Reuters) -Deutsche Bank investors on Wednesday questioned the sustainability of the lender’s growth plans and called for a shift of resources from the investment bank, even as they praised CEO Christian Sewing for stabilising the bank. The statements, made at Deutsche Bank’s annual general meeting, come after the bank booked 11…
By Timothy Gardner WASHINGTON (Reuters) – Companies looking to harness the process that powers the sun and stars to generate electricity expect to spend about $7 billion by the time their first nuclear fusion plants come online, a survey published on Wednesday said. Fusion occurs when the nuclei of two light atoms such as hydrogen,…
By Tassilo Hummel PARIS (Reuters) -Former president Nicolas Sarkozy lost his appeal against a 2021 conviction for corruption and influence peddling at the Paris Court of Appeals on Wednesday, prompting his legal team to promise a challenge at France’s highest court. The appeals court upheld a three-year prison sentence. In line with the initial ruling,…
By Horacio Soria BUENOS AIRES (Reuters) – In Juan Capano’s shoemakers’ workshop on the outskirts of Buenos Aires, 109% inflation makes a painful daily impact: constantly changing input costs for the leather, laces and rubber that workers assemble into boots at whirring machines. Argentina is battling one of the highest inflation rates in the world,…
LONDON (Reuters) -Bank of England Governor Andrew Bailey said on Wednesday there were some signs of a cooling of inflation pressure in Britain’s labour market but it was too soon to say the risks posed by the shortage of workers was over. “There are signs that the labour market is loosening a little,” Bailey said…
FRANKFURT (Reuters) – The European Central Bank on Wednesday told banks to step up how they manage struggling borrowers and their own currency trading in an environment of higher interest rates and jittery financial markets. Andrea Enria, head of the ECB’s Supervisory Board, has long worried about the economic fallout of rising borrowing costs and…
