By Julia Payne LONDON (Reuters) – Saudi Aramco is planning to merge two energy trading units, people familiar with the matter said, with Aramco Trading Co (ATC) due to absorb Motiva Trading ahead of a potential initial public offering of the business. The move to combine the businesses is expected to give potential investors a…
BERLIN (Reuters) – Volkswagen-led consortium Green Mobility Holdings has acquired 87.38% of France’s Europcar, enough to give it control over the car rental group but below its targeted 90% threshold, Volkswagen said on Wednesday. Shareholders have the option to tender their stock until June 29, the carmaker said. Volkswagen and its consortium partners, asset manager…
By Anisha Sircar and Devik Jain (Reuters) – Wall Street’s main indexes climbed more than 1% on Wednesday, boosted by gains in beaten-down growth and financial stocks, with investors waiting to see how high the Federal Reserve would raise interest rates at its policy meeting to quell inflation. Ten of the 11 major S&P sectors…
By Balazs Koranyi and Francesco Canepa FRANKFURT/MILAN (Reuters) -The European Central Bank promised fresh support and a new scheme on Wednesday to temper a market rout that has fanned fears of a new debt crisis on the euro area’s southern rim but appears to have disappointed investors looking for bolder steps. Government borrowing costs have…
WASHINGTON (Reuters) – U.S. import prices increased solidly in May amid higher prices for petroleum products, but there were tentative signs of some moderation in underlying imported inflation pressures. Import prices rose 0.6% last month after gaining 0.4% in April, the Labor Department said on Wednesday. In the 12 months through May, import prices increased…
By Rowena Edwards LONDON (Reuters) -Oil prices were stable on Wednesday as the market juggled fears of tight supply with concerns over fuel demand and global economic growth, ahead of an expected big hike in interest rates by the U.S. Federal Reserve. Brent crude futures for August were down 28 cents, or 0.2%, at $120.89…
STOCKHOLM (Reuters) – IKEA said on Wednesday it would sell factories, close offices and reduce its nearly 15,000-strong workforce in Russia, the latest move by the world’s biggest furniture brand to cut its operations there following Moscow’s invasion of Ukraine. “Unfortunately, the circumstances have not improved, and the devastating war continues. Businesses and supply chains…
By Marc Jones LONDON (Reuters) – European markets rallied on Wednesday as the European Central Bank held an emergency meeting on the recent bond market sell-off, ahead of what is expected to be the most aggressive rise in U.S. interest rates since 1994. Hopes of a quiet run in to what is forecast to be…
STOCKHOLM (Reuters) – Furniture giant IKEA said on Wednesday it would further scale its operations in Russia following the country’s invasion of Ukraine. “Unfortunately, the circumstances have not improved, and the devastating war continues. Businesses and supply chains across the world have been heavily impacted and we do not see that it is possible to…
(Reuters) – Global equity funds have shed over 7% this month due to a slump in stock prices as higher inflation levels fuel worries about more aggressive policy tightening by major central banks. Global bond funds have declined 3.5% on average, while money market funds fell 1.4%, data from Refinitiv Lipper showed. With the sharp…
