By Huw Jones LONDON (Reuters) – The European Central Bank (ECB) on Friday rejected calls from Europe’s banks to ease capital rules to boost lending and put them on an equal footing with U.S. rivals. The ECB was responding to a report from the European Banking Federation and consultants Oliver Wyman which said that while…
MILAN (Reuters) – Italian fashion group Prada said on Friday it appointed former Luxottica chief Andrea Guerra as its new chief executive officer, taking the place of Patrizio Bertelli and Miuccia Prada as planned. The group announced in December that Guerra would take the helm of the group, easing a transition to the next generation…
LONDON (Reuters) – H&M said on Friday soaring costs had slashed its profits, the latest fast-fashion retailer to feel the pinch as consumers cut back, while LVMH and Salvatore Ferragamo revealed the damage to luxury sales caused by China’s COVID-19 policies. Shares in H&M, the world’s No. 2 fashion retailer, fell as much as 6%…
By Peter Hobson LONDON (Reuters) -An era of breathtaking palladium rallies is likely to be ending, analysts said, as rising supply and stagnant demand erode prices of the metal used to neutralise vehicle exhaust emissions. Palladium, once the cheapest major precious metal, rocketed from less than $500 an ounce in 2016 to above $3,400 last…
By Shadia Nasralla LONDON (Reuters) -Oil prices rose for a second session on Friday, buoyed by stronger than expected U.S. economic growth, strong middle distillate refining margins and hopes of a rapid recovery in Chinese demand. Brent futures gained $1.15, or 1.3%, to $88.62 a barrel by 0930 GMT. U.S. crude also rose by 1.3%,…
By Diana Mandia (Reuters) – Signify, the world’s largest lighting maker, on Friday gave a more upbeat forecast for operating profitability for 2023, on the back of an improving situation in China. Signify, the former lighting arm of Philips, had earlier this month cut its full-year forecast for 2022 for both profit margin and sales…
By Sudarshan Varadhan (Reuters) -Oil prices edged ahead for a second session on Friday, buoyed by stronger-than-expected U.S. economic growth and hopes of a rapid recovery in Chinese demand as COVID-19 cases and deaths plunged from last month’s peak levels. Brent futures gained 18 cents, or 0.2%, to $87.65 a barrel by 0724 GMT, while…
(Corrects the eighth paragraph to say overstated, not understated) By Satoshi Sugiyama and Tim Kelly TOKYO (Reuters) -Toyota Motor Corp chief Akio Toyoda is set to remain a dominant force inside the world’s largest automaker for years to come, and will continue to influence the agenda after stepping down in April, experts and people familiar…
By Aditi Shah NEW DELHI (Reuters) -Air India will on Friday seal half of an order for some 495 jets with Boeing and engine suppliers General Electric and CFM International, industry sources said, as its new owner seeks to revive the airline and compete with larger rivals. After months of closely guarded, tough negotiations, Air…
By Ankur Banerjee SINGAPORE (Reuters) – Asian stocks rose on Friday and were poised for their fifth straight week of gains after data highlighted a resilient U.S. economy, boosting investor sentiment ahead of next week’s slate of central bank policy meetings. MSCI’s broadest index of Asia-Pacific shares outside Japan rose as much as 0.55% to…
