Essity mulls selling Vinda stake and Consumer Tissue Private Label Europe business
STOCKHOLM (Reuters) – Hygiene products group Essity said on Wednesday it has initiated a strategic review of its stake in China-..
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Markets mixed as tech boosts US stock futures, Europe dips
By Naomi Rovnick LONDON (Reuters) – Global stock markets were mixed on Wednesday as recession fears and banking sector strain we..
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Elevator maker Kone hikes outlook as Q1 profit, orders beat forecasts
(Reuters) -Finnish elevator maker Kone raised its 2023 sales outlook on Wednesday after its first-quarter profit beat market expectati..
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Companies’ cost inflation is slowing but shoppers may wait for lower prices
By Richa Naidu and Dominique Vidalon LONDON/PARIS (Reuters) -The world’s top consumer goods companies, making everything from in..
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Tech CEOs wax poetic on AI, big adds to sales will take time
By Noel Randewich and Akash Sriram (Reuters) -Microsoft Corp and Google-parent Alphabet Inc talked up investments in artificial intell..
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Sacyr shortlists four bidders for its service, waste management unit – Expansion
MADRID (Reuters) – Spanish conglomerate Sacyr has shortlisted four firms as potential buyers of its service and waste management..
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Startup e-commerce platform Temu expands to Europe
By Casey Hall SHANGHAI (Reuters) – Ultra low-cost e-commerce platform Temu, owned by PDD Holdings has started selling to Europea..
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Beiersdorf benefits from bump in Nivea sales
(Reuters) -Beiersdorf’s Nivea brand recorded 18% sales growth in the first quarter of 2023 thanks to price hikes, the German fir..
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Puma expects Q2 sales growth below full-year target
(Reuters) – German sportswear maker Puma on Wednesday said it expected second-quarter sales to grow at a low- to mid-single-digi..
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Mercedes-Benz launches E-Class, its last new combustion engine model
BERLIN (Reuters) – Mercedes-Benz on Tuesday launched its last new combustion engine model – the next generation of the E-C..
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Spotify’s monthly active users top 500 million, beat estimate
By Supantha Mukherjee STOCKHOLM (Reuters) -Spotify Technology SA has crossed the half billion mark for monthly active users for the fi..
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Kremlin remains downbeat on state of Black Sea grain deal
(Reuters) – The Kremlin reaffirmed its position on Tuesday that the Black Sea grain deal is not working for Moscow, a day after ..
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BoE’s Broadbent says QE not to blame for surge in inflation
LONDON (Reuters) -Bank of England (BoE) Deputy Governor Ben Broadbent said central banks should not ignore measures of money supply bu..
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Anglo American’s first-quarter copper output rises 28%
LONDON (Reuters) -Anglo American’s overall first-quarter production rose 9% from a year earlier, helped by a 28% jump in copper ..
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KitKat sweetens Nestle sales with Easter, Valentine’s Day comeback
By Richa Naidu LONDON (Reuters) – In a quarter that saw Nestle’s overall sales volumes dip, the KitKat maker’s candy..
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Spotify’s monthly active users top 500 million, beat estimate By Supantha Mukherjee STOCKHOLM (Reuters) -Spotify Technology SA has crossed the half billion mark for monthly active users for the first time, helped by the music streaming company’s expansion into more markets, it said on Tuesday, sending its shares up 5%. The number of monthly active users rose to 515 million in the first quarter, beating Spotify’s guidance and analysts’ forecast of 500 million, according to IBES data from Refinitiv. Premium subscribers, who account for most of its revenue, rose 15% to 210 million, topping estimates of 206 million. Its premium subscriber forecast of 217 million for the current quarter also beat expectations of 212 million. The company forecast monthly active users of 530 million. Spotify last year laid out plans to get one billion users by 2030 and reach $100 billion in annual revenue. It also promised high-margin returns from its costly expansion into podcasts and audiobooks. “Spotify is not sort of one silver bullet, but it’s rather 100 or 1,000 things that we are doing that sort of compounds and adds to the story,” CEO Daniel Ek told Reuters. However, the company’s quarterly revenue of 3.04 billion euros ($3.35 billion) missed analyst estimates of 3.08 billion euros, and it posted a bigger loss than expected. “There’s still a kind of a lot of macro choppiness in Q1 so that impacts us a little bit,” Ek said. A lot of subscribers come on free trials, or part of a family plan, and Spotify doesn’t get revenue right away, which starts coming in a quarter later, he said. A soft ad market due to ongoing economic uncertainty has led to lower prices, hitting Spotify’s margins. Gross margin dipped to 25.2% from 25.3% in the year-earlier quarter. Spotify’s current-quarter revenue forecast of 3.2 billion euros also missed expectations of 3.26 billion euros. ($1 = 0.9066 euros) (Reporting by Supantha Mukherjee in StockholmEditing by Niklas Pollard and Mark Potter)
STOCKHOLM (Reuters) -Spotify Technology SA has crossed the half billion mark for monthly active users for the first time, helped by th..
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Recruiter Randstad beats Q1 earnings estimates despite hiring slowdown
(Reuters) -Dutch recruitment firm Randstad reported better-than-expected first-quarter core earnings on Tuesday, despite a slowdown in..
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ABB dispels industrial gloom to raise full-year outlook
ZURICH (Reuters) -ABB Ltd raised its full-year outlook for sales and profit outlook on Tuesday after the Swiss engineering and technol..
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Tiffany, now owned by LVMH, reopens on a Fifth Avenue in flux
NEW YORK (Reuters) – The splashy reopening of Tiffany & Co’s flagship store on the corner of Fifth Avenue and East 57th Stre..
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Oil prices steady on uncertain global outlook and supply concerns
By Noah Browning LONDON (Reuters) – Oil prices were steady on Monday as concern over rising interest rates, the global economy a..
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Britain sets up $125 million taskforce to drive AI
LONDON (Reuters) – Britain on Monday announced 100 million pounds ($124.5 million) in initial funding for a taskforce to help de..
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Climate change fight a ‘core duty’ for central banks – ECB’s Villeroy
LONDON (Reuters) – France’s central bank governor François Villeroy de Galhau has pushed back against criticism of central..
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German economy likely grew in Q1, beating expectations – Bundesbank
FRANKFURT (Reuters) – The German economy is likely to have expanded in the last quarter on a rebound in industrial production, t..
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Bitcoin could hit $100,000 by end-2024, Standard Chartered says
By Elizabeth Howcroft LONDON (Reuters) – Top cryptocurrency bitcoin could reach $100,000 by the end of 2024, Standard Chartered ..
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Factbox-Europe’s ongoing strike-related travel disruptions
(Reuters) – Strikes in Europe could disrupt travel into the summer, as passengers numbers globally recover to pre-pandemic level..
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PIRC recommends vote for BP climate activist resolution
LONDON (Reuters) – Investor advisory firm PIRC on Monday recommended that BP shareholders vote against the company’s chair..
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Credit squeeze ‘biggest threat’ to economic outlook, Fidelity International says
By Nell Mackenzie PARIS (Reuters) – The biggest threat to the economic outlook is a credit squeeze that has not finished filteri..
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Dollar heads for first weekly gain since February
By Amanda Cooper LONDON (Reuters) – The dollar headed for its first weekly gain in nearly two months on Friday as investors rais..
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Norway sovereign fund backs Teck Resources in battle with Glencore
OSLO (Reuters) -Norway’s sovereign wealth fund, one of the world’s largest investors, said on Friday it will support a pla..
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MG Motor launches plug-in hybrid option in Mexico as EV race heats up
By Kylie Madry MEXICO CITY (Reuters) – MG Motor is launching a plug-in hybrid SUV in Mexico, the carmaker said on Thursday, as t..
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Marketmind: Purchasing managers of the world, diverge
A look at the day ahead in European and global markets from Tom Westbrook A month-long risky-asset rally, in the absence of any furthe..
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Siemens Energy signs 7-billion-eur offshore power deal with TenneT
BERLIN (Reuters) – Siemens Energy has won contracts worth almost 7 billion euros ($7.68 billion) as part of a consortium with Sp..
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IKEA plans new U.S. stores in $2.2 billion push to challenge Walmart and Wayfair
By Helen Reid LONDON (Reuters) – IKEA stores owner Ingka Group will spend 2 billion euros ($2.2 billion) expanding in the United..
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PGE signs wind turbine supply deal for Baltica 2
GDANSK (Reuters) – Poland’s biggest utility PGE said on Thursday a unit of the company had signed a deal with Siemens Game..
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Investors warn big consumer firms over price hikes as competitors gain
By Richa Naidu and Jessica DiNapoli LONDON/NEW YORK (Reuters) – Consumer goods companies like P&G, Unilever and Nestle shoul..
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GSK-spinoff Haleon forecasts 2023 organic revenue growth at top-end of view
(Reuters) – Consumer healthcare group Haleon expects 2023 organic revenue growth towards the upper end of its 4%-6% forecast, it..
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Analysis-Crisis radar falls on fault lines in Europe’s commercial property
By Chiara Elisei and Dhara Ranasinghe LONDON (Reuters) – European banks appear better positioned than U.S. peers to weather any ..
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