By David Morgan and Nandita Bose WASHINGTON (Reuters) -President Joe Biden and House Speaker Kevin McCarthy could not reach an agreement Monday on how to raise the U.S. government’s $31.4 trillion debt ceiling with just 10 days before a possible default that could sink the U.S. economy, but vowed to keep talking. The Democratic president…
BERLIN (Reuters) – German business activity expanded for a fourth month running in May, driven exclusively by a services sector revival that more than offset a manufacturing decline in Europe’s largest economy, a preliminary survey showed on Tuesday. The HCOB German Flash Composite Purchasing Managers’ Index (PMI), compiled by S&P Global, rose to 54.3 in…
PARIS (Reuters) – French business activity expanded at is slowest pace in four months in May, a survey showed on Tuesday, as manufacturing continued to contract and growth in the dominant services sector decelerated. The HCOB Purchasing Managers Index (PMI) flash reading for France’s services sector in May, compiled by S&P Global, stood at 52.8…
By James Davey LONDON (Reuters) – British grocery inflation eased slightly for the second month in a row in May but remained close to record highs, industry data showed on Tuesday, providing little comfort for consumers grappling with a cost-of-living crisis. Market researcher Kantar said annual grocery inflation was 17.2% in the four weeks to…
By Mathieu Rosemain PARIS (Reuters) – Slawomir Krupa has one clear mission when he takes over at Societe Generale on Tuesday: remake France’s third-largest lender as a top-tier bank with a distinct identity. The 48-year-old, who has spent his whole career at SocGen, must perform a tricky balancing act, improving returns for shareholders without taking…
By Alexandra Schwarz-Goerlich and John O’Donnell VIENNA/FRANKFURT (Reuters) – Raiffeisen Bank International (RBI) is stepping up moves to hand its money-spinning Russian arm to shareholders, three people familiar with the matter said, amid mounting pressure to cut its ties to Moscow. Austria’s second-largest bank is making preparations for a spin-off after months of unsuccessfully trying…
(Reuters) – Tesla is listing China-made Model 3 and Model Y models for sale in Canada, the company’s website showed on Tuesday, confirming the electric car maker has completed its first shipments to North America from its Shanghai factory. Tesla’s website showed both rear-wheel drive Model Y vehicles and the long-range, all-wheel drive version of…
By Nick Carey LONDON (Reuters) – Proposed Euro 7 emissions regulations will lead to direct costs for auto manufacturers that are up to 10 times higher than the European Commission’s forecasts, Europe’s car industry group said on Tuesday, citing a new study. The European Automobile Manufacturers Association (ACEA) said a study by consultancy Frontier Economics…
By Doyinsola Oladipo and Philip Blenkinsop NEW YORK/BRUSSELS (Reuters) – As investors try to assess the fallout on global brewing leader Anheuser-Busch InBev from a backlash against Bud Light, rival Heineken is spending $100 million to promote a new light beer to Americans. The Dutch brewer sees Heineken Silver driving fresh momentum into its U.S….
By Joe Cash BEIJING (Reuters) -A majority of British companies are taking a “wait and see approach” on new investments in China amid their pessimism hitting record levels, according to the British Chamber of Commerce in China. Increasingly strained geopolitical relationships, a slowing global economy, growing talk of self-sufficiency, and shifting investor perceptions were the…
