09 June

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French retailer Auchan outlines online expansion in Russia By Reuters

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By Katya Golubkova ST PETERSBURG, Russia (Reuters) - French retailer Auchan plans to spend more than 20 billion roubles ($277 million) on developing digital services in Russia by 2024 to boost online sales, the company's country head said. Auchan has faced increased competition from fast-expanding Russian retailers and online delivery firms, including Magnit and Lenta. Auchan, which started to expand its online delivery in Russia during the coronavirus crisis, has increased its online sales in Russia from virtually zero to 6%-10% of turnover in the country, Philippe Brochard told Reuters. "We are developing...

09 June

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Wizz Air expects its summer flying to beat pre-pandemic levels By Reuters

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LONDON (Reuters) - Wizz Air is likely to fly more this summer than it did pre-pandemic, said its chief executive, as European COVID-19 travel restrictions loosen. "We are ramping up. We are seeing a less constrained environment going into peak summer and quite likely we're going to be above our 2019 capacity in a month or two from now," chief executive Jozsef Varadi told an online airlines event on Wednesday. He said Wizz was already operating about 90% of its pre-pandemic 2019 capacity. That puts Hungary-based Wizz, which has an eastern European...

09 June

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Volkswagen reaches $351 million dieselgate settlement with former execs By Reuters

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BERLIN (Reuters) - Volkswagen (DE:VOWG_p) on Wednesday said it had agreed with former executives, including ex-CEO Martin Winterkorn, to settle claims related to the dieselgate scandal in a 288 million euro ($351 million) deal. The agreement, which consists mainly of a 270 million euro payment from directors' and officers' liability (D&O) insurances, also includes a settlement with former Audi boss Rupert Stadler. It still needs to be approved at the company's annual general meeting on July 22. Volkswagen in late March said it would claim damages from Winterkorn and Stadler on account of breaches of...

09 June

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Delta variant curbs UK equity fund flows in May – Calastone By Reuters

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LONDON (Reuters) - Rising cases in Britain of the Delta variant of COVID-19 first detected in India discouraged investors from buying UK-focused equity funds in May, data from fund network Calastone showed on Wednesday. Flows into UK equity funds slowed to 147 million pounds ($208 million) from 335 million pounds in April and 572 million in March, with inflows switching to outflows from the middle of May as infection rates rose, Calastone said in a statement. The drop-off in enthusiasm came after "a lot of hope has been baked into UK-focused equity funds since the end...

09 June

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Brexit bureaucracy creates British nightmare for Dutch boat captain By Reuters

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By Andrew MacAskill and Guy Faulconbridge LONDON (Reuters) - When Dutch boat captain and engineer Ernst-Jan de Groot applied to continue working in Britain after Brexit, he became ensnared in a bureaucratic nightmare because of an online glitch and says he is now likely to lose his job. Under new immigration rules coming into force, de Groot faces the prospect of losing the right to come to Britain to work unless he can successfully apply for a visa through a government website by the end of June. Following its departure from the European Union's orbit...

09 June

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Japan will aim to meet fiscal targets, raise minimum wage – PM By Reuters

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TOKYO (Reuters) - Japanese Prime Minister Yoshihide Suga said on Wednesday the government will aim to achieve its fiscal targets including its goal to bring the primary balance to a surplus. Suga also said the government will strive to raise the nationwide average minimum wage to 1,000 yen ($9) an hour soon. Suga made the remarks at a meeting of the government's top economic council, which approved the government's fiscal blueprint for this year. ($1 = 109.4700 yen) ...

09 June

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Shell to seek ways to deepen carbon cuts following court ruling -CEO By Reuters

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LONDON (Reuters) - Royal Dutch Shell (LON:RDSa) will seek ways to accelerate its energy transition strategy and deep greenhouse gas emission cuts following a Dutch court ruling last month, CEO Ben van Beurden said on Wednesday. "For Shell, this ruling does not mean a change, but rather an acceleration of our strategy," van Beurden said in a LinkedIn post https://www.linkedin.com/pulse/spirit-shell-rise-challenge-ben-van-beurden. "Now we will seek ways to reduce emissions even further in a way that remains purposeful and profitable. That is likely to mean taking some bold but measured steps over the coming years." The May...

09 June

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Factbox-Who is the new Ferrari CEO? By Reuters

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MILAN (Reuters) - Italian luxury sports car maker Ferrari (NYSE:RACE) on Wednesday named as its new chief executive Benedetto Vigna, a physics graduate who has spent the last 26 years at chip maker STMicroelectronics (ST). Following are some highlights of Vigna's career. * Vigna, 52, leads ST's division in charge of sensors and micro-electromechanical systems (MEMS), the company's biggest and most profitable business in 2020. * ST's Analog, MEMS and Sensors division, where Vigna was appointed president in January 2016, had revenues of $3.89 billion in 2020 with an operating margin of 20.8%. * Vigna, who...

09 June

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Solarwatt and BMW cooperate on home batteries By Reuters

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FRANKFURT (Reuters) - Solarwatt will start selling storage batteries from this autumn in cooperation with carmaker BMW amid an ongoing convergence of renewable power and electric mobility, the German photovoltaic firm announced on Wednesday. Under the deal, BMW will supply battery components also used in its electric vehicles for Dresden-based Solarwatt which will develop and assemble photovoltaic (PV) storage products under the brand name Battery flex in Germany to complement rooftop solar installations. "We are delighted that, through our partnership with Solarwatt, we can make an additional positive contribution to bringing photovoltaics and electromobility closer together,"...

09 June

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Bank of England’s Haldane sees ‘pretty punchy pressures on prices’ By Reuters

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LONDON (Reuters) - Bank of England Chief Economist Andy Haldane said there were already "some pretty punchy pressures on prices" and it might at some stage be time to reduce the huge monetary stimulus that was rushed out at the start of the coronavirus crisis. "We could start tightening the tap on that, slowing down the amount of money we're printing, and ultimately, perhaps even starting to turn that around," Haldane said in an interview with LBC radio on Wednesday. Haldane is due to leave the BoE later this month. He voted in...

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French retailer Auchan outlines online expansion in Russia By Reuters

Wizz Air expects its summer flying to beat pre-pandemic levels By Reuters

Volkswagen reaches $351 million dieselgate settlement with former execs By Reuters

Delta variant curbs UK equity fund flows in May – Calastone By Reuters

Brexit bureaucracy creates British nightmare for Dutch boat captain By Reuters

Japan will aim to meet fiscal targets, raise minimum wage – PM By Reuters

Shell to seek ways to deepen carbon cuts following court ruling -CEO By Reuters

Factbox-Who is the new Ferrari CEO? By Reuters

Solarwatt and BMW cooperate on home batteries By Reuters

Bank of England’s Haldane sees ‘pretty punchy pressures on prices’ By Reuters

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