Breaking News: Europe
Starbucks will exit Russia after 15 years, closing 130 licensed cafes
A woman drinks coffee in a Starbucks in a mall in Khimki outside Moscow. Alexander Natruskin | Russia After 15 years operating in Russia, Starbucks will exit the market, joining companies like McDonald’s, Exxon Mobil and British American Tobacco in withdrawing from the country completely. The coffee giant announced Monday that it will no longer …
Bank of England hikes interest rates in bid to fight soaring inflation
BOE Governor Andrew Bailey has warned the Bank is walking a “narrow path” between growth and inflation. Bloomberg | Bloomberg | Getty Images LONDON — The Bank of England on Thursday raised interest rates to their highest level in 13 years in a bid to tackle soaring inflation. In a widely expected move, policymakers at the …
Russia, Ukraine agree ceasefire to let people leave Mariupol, Volnovakha
A view shows a residential building, which locals said was damaged by recent shelling, in Mariupol, Ukraine February 26, 2022. Nikolay Ryabchenko | Reuters Russia and Ukraine have agreed to a temporary ceasefire in Ukraine to allow civilians to leave the cities of Mariupol and Volnovakha. The ceasefire was expected to begin at 10 a.m. …
UK economy contracted by 1.5% in the first quarter
Commuters walk along the Thames Path in view of Tower Bridge in London, U.K., on Monday, Dec. 14, 2020. Hollie Adams | Bloomberg via Getty Images LONDON — The U.K. economy contracted by 1.5% in the first quarter of 2021 as nationwide lockdown measures continued to weigh on activity, preliminary estimates revealed on Wednesday. Economists …
Credit Suisse takes $4.7 billion hit from Archegos hedge fund scandal
A Swiss flag flies over a sign of Credit Suisse in Bern, Switzerland FABRICE COFFRINI | AFP | Getty Images Credit Suisse on Tuesday announced several high-level staff departures and proposed a cut to its dividend as it weighs heavy losses from the Archegos Capital saga. The Swiss lender now expects a first-quarter pre-tax loss …
UK hikes corporation tax to 25% as pandemic supports hits £407 billion
Britain’s Chancellor of the Exchequer Rishi Sunak takes part in a national “clap for carers” to show thanks for the work of Britain’s National Health Service (NHS) workers and frontline medical staff around the country as they battle with the coronavirus pandemic, on the steps of the Foreign and Commonwealth Office (FCO) on April 16, …
Italy’s government in crisis after former PM pulls support
Italian current Senator, former premier and head of the political party ‘Italia Viva’ (IV), Matteo Renzi holds a press conference on January 13, 2021 at the Italian Chamber of Deputies in Rome. ALBERTO PIZZOLI | AFP | Getty Images LONDON — Italy’s former Prime Minister Matteo Renzi on Wednesday announced his intention to pull his …
British Airways boss Alex Cruz steps down
British Airways’ announcement fell short for some frequent fliers who expressed their disappointment online. Scott Barbour British Airways Chairman and CEO Alex Cruz will step down as the airline’s chief executive, parent firm IAG announced on Monday, with Aer Lingus Chairman and CEO Sean Doyle set to take the reins after a transition period. “We’re …
UK economy grew 2.1% in August, as recovery from the pandemic slows
The White Lion pub seen at the Covent Garden. UK Covid-19 cases are now doubling every seven to eight days, Prime Minister Boris Johnson is considering national restrictions for a short period to “short-circuit” the virus. SOPA Images | LightRocket | Getty Images LONDON – The U.K. economy grew 2.1% in August on a monthly …
Shell’s second-quarter profit slumps 82% on coronavirus hit to oil prices, energy demand
Carl Court | AFP | Getty Images Oil giant Royal Dutch Shell on Thursday reported a sharp drop in net profit for the three months through to the end of June, following an unprecedented period of energy market turmoil and significantly weaker oil and gas prices. The Anglo-Dutch company reported adjusted earnings of $638 million …
