BERLIN (Reuters) -The German government’s council of economic advisers more than halved its growth forecast for Europe’s largest economy on Wednesday and flagged a “substantial” recession risk as a result of Russia’s invasion of Ukraine. The advisers, whose forecasts guide the German government in setting fiscal policy, cut their 2022 economic growth forecast to 1.8%…
By Ron Bousso, Shadia Nasralla and Chen Aizhu LONDON (Reuters) – China’s biggest offshore producer CNOOC Ltd is preparing to exit the North Sea’s largest field in a strategic shift of focus to newer oil and gas developments and away from Western assets, banking and industry sources said. CNOOC has hired Bank of America to…
By Kirstin Ridley, Brenna Hughes Neghaiwi and Danielle Kaye LONDON/ZURICH/NEW YORK (Reuters) – Yevgeny Chichvarkin, a telecoms tycoon who fled Russia in 2008 and became a high-profile London restaurateur, has long been a vocal supporter of Ukraine. Together with wife Tatiana Fokina, the multimillionaire says he has sent four truckloads of medical and protective equipment…
By Andy Bruce and William Schomberg LONDON (Reuters) -Bank of England Deputy Governor Ben Broadbent said on Wednesday that policymakers should be clear about how they plan to react to changes in the economy, but he warned against types of guidance that risked being viewed as promises about the future. The BoE wrong-footed many investors…
By Chris Prentice WASHINGTON (Reuters) – The U.S. securities regulator on Wednesday will unveil a proposal to tighten its rules on special purpose acquisition companies (SPACs) after a frenzy of deals in 2020 and early 2021 sparked concerns some investors are getting a raw deal. Wall Street’s biggest gold rush of recent years, SPACs are…
LONDON (Reuters) – Home furnishings retailer IKEA said on Wednesday it planned to close its store in Tottenham, north London, impacting 450 workers. IKEA said it was committed to retaining as many affected workers as possible, noting it would create over 600 other jobs across the capital this year. (Reporting by James Davey; editing by…
By Noah Browning LONDON (Reuters) -Oil prices clawed back heavy losses to rise more than 2% on Wednesday on supply tightness and the growing prospect of new Western sanctions against Russia even as signs of progress emerged from peace talks between Moscow and Kyiv. Brent crude futures were up $2.48, or 2.3%, at $112.71 by…
By Aditya Kalra and Aditi Shah NEW DELHI (Reuters) -India’s antitrust agency on Wednesday raided offices of tyre companies including Germany’s Continental AG and India’s Apollo Tyres and CEAT in a case of suspected competition law violations, four sources told Reuters. Shares of Apollo, one of India’s biggest tyre makers, fell as much as 3%…
PARIS (Reuters) – Carrefour said on Wednesday it aims to install over 700 electric vehicles charging stations and 5,000 charging points at its French hypermarkets and Carrefour Market supermarkets by 2025. Carrefour is joining a host of retailers worldwide such as Starbucks which are banking on the extra service to woo shoppers and also boost…
(Corrects Thyssenkrupp statement in fourth paragraph after company clarifies that the facility assembles production lines for powertrains and other products rather than producing powertrains) SHANGHAI (Reuters) -Shanghai’s COVID-19 lockdown roiled auto production on Tuesday as two major suppliers joined Tesla in shutting plants to comply with measures to control the spread of the coronavirus. General…
