Business

Ahold turns to solar panels, lowers thermostats to save energy

Supermarket group Ahold Delhaize is turning to renewable energy and lowering the temperature in its stores to help offset soaring gas prices. Energy bosses and government officials throughout Europe have urged people and businesses to reduce power use and put in place contingency plans so they are less reliant on gas imports if there are […]

Business

Iveco Group relies on strong pricing as the truckmaker lifts FY forecasts

Truck maker Iveco Group (IVG.MI) said on Wednesday pricing power would offset higher raw material and energy costs as it raised its forecasts for this year’s revenues, operating profit and cash generation. The Italian manufacturer said that its consolidated adjusted earnings before interest and tax (EBIT) would come in at between 420-440 million euros ($423-$443 […]

Business

Shanghai bourse unit suffers temporary glitch in a market data system

A Shanghai Stock Exchange (SSE) unit said on Wednesday a market data system had resumed normal service following a temporary glitch that had led to abnormal data being supplied to information providers. In early trading on Wednesday, some investors complained in social media of abnormal data on various stock trading platforms, which affected their investment. […]

Business

Russia to give central bank more time to complete Otkritie sale

Russia’s government has submitted a draft law to parliament that would extend the central bank’s right to sell bailed-out lender Otkritie to Russia’s no. 2 bank VTB (VTBR.MM) without a tender for another year. The bill, published on the State Duma’s online portal on Wednesday, would give the banks and the regulator until the end […]

Business

Britain’s M&S warns of ‘gathering storm’ of higher costs and weak consumer

British retailer Marks & Spencer (MKS.L) warned on Wednesday of a “gathering storm” of higher costs and pressure on household budgets, as it reiterated full-year profits would fall. The 138-year old clothing and food group, one of the biggest names in British business, reported a 24% decline in profit before tax and adjusting items to […]

Business

COMAC, Boeing agree to step up research co-operation

Chinese planemaker Commercial Aircraft Corporation of China (COMAC) and Boeing signed an agreement to expand co-operation on their joint research centre, state media Shanghai Securities News said on Wednesday. The pact, signed at the Zhuhai airshow, aims to further support sustanable development of aviation, it added.

Business

Russian rouble holds around 61 vs dollar

The Russian rouble was trading down slightly on Wednesday, holding close to 61 against the U.S. dollar after briefly hitting one-month highs during yesterday’s session. At 0703 GMT, the rouble was 0.1% weaker against the dollar at 61.03 and had lost 0.4% to trade at 61.22 versus the euro . Against the Chinese yuan the […]