By Valentina Za and Giuseppe Fonte MILAN (Reuters) -Monte dei Paschi di Siena must submit an updated capital plan to the European Central Bank by end March, the Italian bank said in its 2021 annual report, highlighting that the Ukraine crisis could affect its cash needs. The bank said the war could prompt a revision…
By Eric Onstad LONDON (Reuters) – The London Metal Exchange’s (LME) benchmark nickel surged 15% on Wednesday to hit its upper trading limit, reversing direction and climbing for the first time since trading resumed last week. LME nickel gained 5.5% at the open and hovered at stronger levels for the first few hours of trade,…
By Richa Naidu LONDON (Reuters) -Nestle said on Wednesday it will suspend several brands including KitKat and Nesquik in Russia, days after Ukrainian President Volodymyr Zelenskiy criticised the world’s biggest consumer goods company for continuing to operate in Russia. Nestle has in recent weeks faced backlash from consumers, activist groups and politicians for not fully…
By Brenda Goh SHANGHAI (Reuters) -Revenue at Chinese social media and gaming giant Tencent grew just 8% in the fourth quarter, the slowest pace since it went public in 2004, reflecting regulatory scrutiny that has hurt both its gaming business and advertising sales. China has frozen game approvals since August last year and curtailed gaming…
By Steve Scherer and Nia Williams OTTAWA/CALGARY, Alberta (Reuters) – Canada on Thursday will outline plans to increase oil exports to help alleviate the tight global market following Russia’s invasion of Ukraine, but the hike will not undermine Ottawa’s long-term climate commitments, a government source said. Federal Natural Resources Minister Jonathan Wilkinson will detail Canada’s…
By Jarrett Renshaw WASHINGTON (Reuters) – U.S. President Joe Biden has few appealing policy options to get record high U.S. gasoline prices under control ahead of the critical summer driving season, when millions of Americans fill their tanks and hit the road for vacations. “The President and our national security team and our economic team…
FRANKFURT (Reuters) -A pay increase for thousands of workers at Deutsche Bank’s retail unit Postbank has been agreed with management, brightening prospects for a wage deal for the broader German industry after months of wrangling and strikes. The deal, sealed on Tuesday evening, comes as inflation in Germany hovers above 5% and after Deutsche paid…
BARCELONA (Reuters) – Volkswagen’s planned battery cell plant in Spain will be located in Sagunto, on the outskirts of Valencia, and will have around 3,000 employees and a production of 40 gigawatt hours (GWh) a year, the carmaker said on Wednesday. The German group has embarked in an ambitious plan to build six large battery…
By Andy Bruce LONDON (Reuters) -British inflation shot up faster than expected last month to hit a new 30-year high, worsening a historic squeeze on household finances that finance minister Rishi Sunak is under pressure to ease in a budget update later on Wednesday. The Office for National Statistics said consumer prices rose by 6.2%…
ROME (Reuters) -Automotive Cells Company (ACC), a joint venture between Stellantis , Mercedes-Benz and TotalEnergies, said on Wednesday it plans to build a battery plant in Italy. ACC will convert an existing Stellantis plant in Termoli, in southern Italy, into a battery facility as agreed in a March 21 memorandum of understanding with Italian authorities….
