Global oil market signals short-term weakness ahead of EU ban on Russian oil

NEW YORK, Nov 28 (Reuters) – The global oil market is signaling a potential shift, as traders and analysts worry about reduced crude demand and an oversupplied market in the coming months. After months of strength, crude futures are flirting with lows not seen all year as top oil consumer China enters additional COVID-19 lockdowns … Read more

Exclusive: Poland seeking German support to sanction Russian Druzhba oil pipeline

WARSAW, Nov 25 (Reuters) – Poland is seeking German support to slap EU sanctions on the Polish-German section of the Druzhba crude pipeline so Warsaw can abandon a deal to buy Russian oil next year without paying penalties, two sources familiar with the talks said. The sources also said the pair were nearing an agreement … Read more

Analysis: Out of fashion: Gucci faces daunting task to replace top designer

PARIS, Nov 25 (Reuters) – The abrupt departure from Gucci of Alessandro Michele, the flamboyant designer who was a favorite of Harry Styles and Lady Gaga, increases pressure on owner Kering (PRTP.PA) as it faces slowing revenue growth at the Italian fashion house. News of the creative director’s exit after seven years comes as Kering … Read more

Dollar nears 3-mth low, shares climb after Fed tests the brakes

LONDON, Nov 24 (Reuters) – Shares hit a two-month high and the dollar swooped towards a three-month low on Thursday, after Federal Reserve signals of smaller interest rate rises from next month were followed by the message from Frankfurt that the ECB will plow on. With Wall Street shut for Thanksgiving, it was up to … Read more

Investors batten down ahead of Fed minutes, Eurozone recession fears growing

Fed minutes awaited US Thanksgiving public holiday on Thursday Stock eke out slim gains globally Euro zone economic data points to recession China hit by rising COVID-19 infections LONDON, Nov 23 (Reuters) – Global shares were little changed on Wednesday as investors kept their eyes peeled for the minutes of a Federal Reserve meeting that … Read more

Europe to be hit hardest in global slowdown -OECD

Global growth seen falling from 3.1% in 2022 to 2.2% in 2023 National outlooks vary widely, with UK lagging other economies Central banks urged to keep hiking interest rates PARIS, Nov 22 (Reuters) – The global economy should avoid a recession next year but the worst energy crisis since the 1970s will trigger a sharp … Read more

Chinese carmakers target more European sales with five-star EVs

SOLIHULL, England, Nov 21 (Reuters) – Chinese electric vehicle (EV) makers have set their sights on winning over European drivers and large corporate customers with more affordable cars that come with top safety ratings and lots of high-tech features. In the last few months, several Chinese EVs have received five-star European New Car Assessment Program … Read more

European refiners oversupplied as oil shortage fears subside

LONDON, Nov 18 (Reuters) – European refiners have found themselves oversupplied with crude as an expected shortage owing to the looming EU ban on Russian oil has yet to materialise. The front-month Brent crude futures spread narrowed sharply this week, reflecting better supply in the physical oil market as fears over the EU embargo on … Read more

Roche’s Alzheimer’s drug fails to meet goal in long awaited trial

Trials show small benefit, but without statistical validity Roche’s setback leaves Biogen, Eisai as leaders in the field Onus on Roche CEO-designate to revive development fortunes Roche shares down 3.4%, development partner Morphosys down 29% Nov 14 (Reuters) – Roche’s (ROG.S) Alzheimer’s drug candidate could not be shown to slow dementia progression in two drug … Read more

Nearly half of Meta job cuts were in tech, reorg underway – execs say

OAKLAND, Calif., Nov 11 (Reuters) – Facebook owner Meta Platforms (META.O) told employees on Friday that it would stop developing smart displays and smartwatches and that nearly half of the 11,000 jobs it eliminated this week in an unprecedented cost- cutting move were technology roles. Speaking during an employee townhall meeting heard by Reuters, Meta … Read more