Explainer-Indonesias stop-start controls on palm oil exports
By Bernadette Christina and Fransiska Nangoy
UK retailers report average sales in May, gloomy outlook
LONDON (Reuters) – British retailers reported a normal level of sales for the time of year, defying economists expectations for renewed weakness, but were the most downbeat about the outlook since November 2020, the Confederation of British Industry said on Tuesday.
Billionaire Styers backs climate tech firm Regrow Ag
By Simon Jessop and Karl Plume LONDON/CHICAGO (Reuters) – Billionaire Tom Styers and investment partner Katie Hall have led the latest funding round for technology start-up Regrow Ag, which aims to help accelerate the shift to climate-friendly farming.
Bank of England tells banks to take climate action now or face slashed profits
By Huw Jones and Andy Bruce LONDON (Reuters) – Banks and insurers which fail to properly manage climate risks could face a 10% to 15% hit to annual profits and higher capital requirements, the Bank of England said on Tuesday.
Tide is turning as Canadas banks brace for a Q2 earnings downdraft
By Nichola Saminather TORONTO (Reuters) – Canadas top six banks are expected to post an average 12% drop in second-quarter earnings from the previous three months as increased expenses and loan-loss reserves and lower investment banking revenues outweigh strong loan growth and margin expansion from rising
LOreal CEO says no inflation impact so far on beauty product consumption
DAVOS, Switzerland (Reuters) – French cosmetics group LOreal is not so far seeing any impact from inflation on purchases of beauty products, its chief executive told Reuters on Tuesday.
Polands Unimot bets on EU embargo to boost diesel sales in Germany
WARSAW (Reuters) – Polish energy group Unimot is expanding international trading as it seeks to import diesel to Germany amid potential European Union sanctions on Russian oil and refined products, chief executive said on Tuesday.
European executives confidence plunges on Ukraine crisis – survey
(Reuters) – The Russia-Ukraine crisis and soaring energy prices have nearly halved the confidence of European business leaders in the first half of the year and many corporations have passed on the costs to consumers, an industry survey showed on Tuesday.
Climate protestors disrupt Shell shareholder meeting
LONDON (Reuters) – A couple of dozen climate protestors disrupted Shells annual general meeting (AGM) on Tuesday, chanting slogans and holding banners as Shell Chair Andrew Mckenzie tried to start the meeting.
German inflation expected to reach 7% in 2022 -DIHK
Berlin (Reuters) – Germany‘s 2022 inflation rate will more than double from last year’s 3.1% as already high energy and food prices are pushed up by the war in Ukraine, the countrys Chambers of Industry and Commerce (DIHK) said on Tuesday.
EUs von der Leyen says Russia is using food supplies as a weapon
DAVOS, Switzerland (Reuters) – Russia is using food supplies as a weapon with global repercussions, acting the same way as it does in the energy sector, European Commission President Ursula von der Leyen said on Tuesday.
Russias Avtovaz will restart production in early June, RIA reports
(Reuters) – Russia‘s top carmaker Avtovaz said it will resume production in early June, the RIA Novosti news agency reported on Tuesday, citing the company’s new CEO.
Bid for Siemens Gamesa could launch before September – Siemens Energy CEO
FRANKFURT (Reuters) – Siemens Energy could launch its planned 4.05 billion-euro ($4.34 billion) bid for minorities in Siemens Gamesa sooner than September, its chief executive said, cautioning that the decision was up to Spanish regulators.
France Le Maires confident on EU unanimity on global corporate tax by June 17
By LA BRUSSELS (Reuters) – The 27 members of the European Union should reach a unanimous agreement on the implementation of a global minimum corporate tax by June 17, French Finance minister Bruno Le Maire said on Tuesday, adding Poland will eventually be won over.
Bank of Ireland to help fund smaller rivals as part of KBC deal
DUBLIN (Reuters) – Bank of Ireland has committed to make up to 1 billion euros ($1.07 billion) in total funding available to two smaller non-bank lenders as part of competition clearance granted on Tuesday for its deal to buy most of KBCs Irish assets.
Swiss pumpmaker Sulzer to sell Russia business
ZURICH (Reuters) – Swiss engineering group Sulzer has put its Russia business up for sale, joining the exit from the market hit by Western sanctions over Moscows invasion of Ukraine.
Indonesia central bank holds rates, but to lift RRR more aggressively
By Gayatri Suroyo and Fransiska Nangoy JAKARTA (Reuters) – Indonesias central bank on Tuesday announced more aggressive hikes in the reserve requirement ratio (RRR) for banks, expecting inflation to rise slightly above its target band this year, but kept interest rates unchanged at a record low.
Sterling falls to a more than one-week low versus euro
By Samuel Indyk LONDON (Reuters) – Britain‘s pound fell to a more than one-week low against a strengthening euro on Tuesday but was little changed against the U.S. dollar ahead of data that could provide a clearer picture of the UK’s growth outlook.
The UK Pound Sinks on Weak Private Sector PMI Numbers for May
In the UK, the services PMI slumped to a 15-month low, weighed by economic and geopolitical uncertainty, raising the threat of a recession.
JPMorgan warns 10% of junk-rated emerging markets face debt crises
LONDON (Reuters) – Rising borrowing costs and the global fallout of the Russia-Ukraine war could see up to 10% of riskier, ‘junk’-rated emerging market countries suffer debt crises this year, analysts at U.S. investment bank JPMorgan have warned.