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Queen Elizabeth died of ‘old age’, death certificate shows
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ECB policymakers back jumbo rate hike, differ on balance sheet cut
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UK banks and insurers told to step up help for struggling customers
H&M to cut costs as profits hit by inflation, cautious shoppers
Date: September 29, 2022
By Anna Ringstrom STOCKHOLM (Reuters) – H&M, the world’s No.2 fashion retailer, launched a 2 billion Swedish crown ($177 million) cost savings drive on Thursday after reporting weaker-than-expected profits due to soaring input costs, slowing consumer spending and its exit from Russia. In Europe, where H&M does the bulk of its business, the Ukraine conflict,...
CEO Blume hails ‘historic moment’ as Porsche AG lists on Frankfurt exchange
Date: September 29, 2022
FRANKFURT (Reuters) – Porsche AG Chief Executive Oliver Blume rang the bell and hugged colleagues on what he called the “historic moment” of the luxury car brand listing on Thursday after Germany’s biggest initial public offering (IPO) in more than 25 years. Porsche Chief Financial Officer Lutz Meschke added that the company had proven it...
Polish e-commerce leader Allegro trims forecast over inflation fears
Date: September 29, 2022
By Anna Pruchnicka (Reuters) – Poland’s biggest e-commerce company Allegro trimmed its full-year guidance on Thursday for the second time this year, as it anticipates high inflation could lower demand. The wider retail sector had warned of a decline in discretionary purchases as consumers save for essentials and inflation surges across Europe, reaching a 25-year-high...
M&G appoints former head of AXA Investment Managers Andrea Rossi as new CEO
Date: September 29, 2022
LONDON (Reuters) – British investment manager M&G said on Thursday that Andrea Rossi, a former head of AXA Investment Managers, will take over as Chief Executive Officer of the company. Rossi will replace John Foley, who led M&G’s split from parent Prudential in 2019, and who announced in April his intention to retire. Most recently,...
Challenging ‘orthodoxy,’ Kwarteng clings on after UK market rout
Date: September 29, 2022
By Sinead Cruise, Alistair Smout and Elizabeth Piper LONDON (Reuters) – As new British finance minister, Kwasi Kwarteng hoped to take down finance ministry groupthink that he and new Prime Minister Liz Truss saw as holding Britain back. Instead he’s seen his first fiscal statement take down the pound, the bond market, his party’s reputation...
U.S. says it has agreed Pacific Islands partnership, offering ‘big dollar’ aid
Date: September 29, 2022
By David Brunnstrom, Alexandra Alper and Michael Martina WASHINGTON (Reuters) -The United States said at a summit with Pacific island leaders on Wednesday that it had agreed on a partnership for the future with them and held out the prospect of “big dollar” help to a region where it hopes to stem China’s expanding influence....