France has not respected fiscal rules for decades, economist says Financial markets have allowed countries like France to get away with disrespecting the euro zone’s fiscal rules for too long, economist Raphael Gallardo told CNBC Wednesday. France is among a number of euro zone member states that have failed to meet the single currency union’s…
SSE plans $28 billion investment in U.K. grid infrastructure Electricity pylons hold power cables leading away from the SSE (Scottish and Southern Energy) gas-fired Keadby Power Station near Scunthorpe in northern England on September 6, 2022. Lindsey Parnaby | Afp | Getty Images British energy company SSE said Tuesday that its electricity network subsidiary SSEN…
A pedestrian walks past a Vodafone store in central London on May 16, 2023. British mobile giant Vodafone is to axe 11,000 jobs over three years in the latest cull to hit the tech sector, as new boss Margherita Della Valle slammed recent performance. Adrian Dennis | AFP | Getty Images Britain’s competition regulator on…
Business activity in France contracts at fastest pace since January, PMIs show Business activity in France shrunk in November, according to S&P Global’s Purchasing Managers’ Index, amid a broad decline in new orders. The composite PMI output index — which encompasses both services and manufacturing activity — fell to 44.8 in November, down from 48.1…
U.K. inflation picks up in October A shopper browses fruit and vegetables for sale at an indoor market in Sheffield, UK. The OECD recently predicted that the UK will experience the highest inflation among all advanced economies this year. Bloomberg | Bloomberg | Getty Images U.K. inflation picked up sharply to a higher-than-expected 2.3% in…
Nestle to cut additional $2.8 billion of costs by 2027 The company’s logo is seen at a Nestle plant in Konolfingen, Switzerland September 28, 2020. Arnd Wiegmann | Reuters Nestle on Tuesday said it would cut at least a further 2.5 billion swiss francs ($2.8 billion) on top of existing initiatives by the end of…
Bank of England cuts rates by 25 basis points Commuters outside the Bank of England (BOE) in the City of London, UK, on Monday, Sept. 16, 2024. The central bank’s Monetary Policy Committee’s interest rate decision is scheduled for release on Sept. 19. Bloomberg | Bloomberg | Getty Images The Bank of England on Thursday…
A Volkswagen automobile factory stands on October 28, 2024 in Osnabrueck, Germany. Sean Gallup | Getty Images German automaker Volkswagen on Wednesday reported a 42% drop in operating profit in the third quarter. Operating profit fell to 2.86 billion euros ($3.1 billion), while third quarter sales revenues slipped 0.5% year on year to around 78.5…
LONDON — British bank Barclays on Thursday reported £1.6 billion ($2 billion) net profit attributable to shareholders for the third quarter, beating expectations. The result compared with the £1.17 billion net profit forecast in an LSEG poll of analysts and was 23% higher than the same period in 2023. Revenue for the period came in at £6.5 billion,…
The Raytheon Technologies, recently renamed RTX Corporation, headquarters building is seen at dusk on January 20, 2024, in Arlington, VA. J. David Ake | Getty Images The Raytheon subsidiary of defense contractor RTX agreed Wednesday to pay more than $950 million to settle Department of Justice investigations into an alleged government contract fraud scheme, violations…
