Business

Nord Stream 1 gas nominations, physical flows fall

Physical flows and requests for Russian natural gas flows through Nord Stream 1 into Germany fell on Wednesday morning after Gazprom further cut capacity of the pipeline that provides more than a third of Russian gas exports to the European Union. Data on the Nord Stream AG website showed nominations nearly halved from 8 a.m […]

Business

Smurfit Kappa profits jump 50% but warns some demand slowing

Packaging giant Smurfit Kappa (SKG.I) posted a 50% jump in first-half core profit on Wednesday, sending shares in Europe’s largest paper packaging producer sharply higher. Revenue growth of 33% pushed its core earnings up to a fresh record 1.2 billion euros ($1.22 billion), prompting Smurfit to increase its interim dividend by 8% to 31.6 euro […]

Business

UBS plans to expand China footprint with new mutual fund unit

UBS Group AG (UBSG.S) plans to set up a wholly owned mutual fund business in China, two people with direct knowledge of the matter told Reuters, as the Swiss bank seeks to expand its footprint in the country’s $3.9 trillion retail fund market. UBS aims to launch the China fund unit in about two years, […]

Business

France’s Danone raises sales outlook despite hiking prices

Danone (DANO.PA) raised its annual revenue growth forecast after its second-quarter sales beat analysts’ estimates on strong demand for baby food and bottled water, even as the company raised prices to mitigate higher costs. Danone, whose brands include Evian and Badoit water, Activia yoghurt and Aptamil baby formula, said it now expects like-for-like sales to […]

Business

Holcim stock surges after cement maker raises sales outlook

Holcim (HOLN.S) was the biggest gainer among European construction stocks on Wednesday after the world’s biggest cement maker beat earnings forecasts and raised its full year sales outlook. The Swiss group successfully offset higher energy costs which have been a worry for other companies, adding it expected demand from the construction industry to be unaffected […]

Business

Global growth headed down as inflation surge to endure

The global economy is mired in a serious slowdown, with some key economies at high risk of recession and only sparse meaningful cooling in inflation likely over the coming year, according to Reuters polls of hundreds of economists worldwide. Most central banks are only part-way through a still-urgent cycle of interest rate rises as many […]

Business

Fed day

A look at the day ahead in markets from Dhara Ranasinghe. A second straight 75 basis-point interest rate hike from the U.S. Federal Reserve later on Wednesday looks like a done deal. After all, when markets started to bet on a 100 bps move after latest inflation data, Fed policymakers reacted with a concerted push […]