Breaking News: Europe

UK inflation hits new 40-year high of 10.1%

Liz Truss and Rushi Sunak during The Sun’s Showdown: The Fight for No10, the latest head-to-head debate for the Conservative Party leader candidates. The next prime minister will be forced to confront a historic cost of living crisis as food and energy prices soar and real income shrinks. Dominic Lipinski | Pa Images | Getty …

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Economy contracts by 0.1% in second quarter

Shoppers walk through the rain on Oxford Street in London. Tolga Akmen/AFP/Getty Images The UK economy contracted in the second quarter of 2022, as the country’s cost-of-living crisis hit home. Official figures published Thursday showed that gross domestic product (GDP) shrank by 0.1% quarter on quarter in the second three months of the year, less …

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Bank of England launches biggest interest rate hike in 27 years

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 hiked interest rates by 50 basis points, its largest single increase since 1995, and projected the UK’s longest recession since the global financial crisis. …

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SocGen earnings Q2 2022

French bank Societe Generale’s headquarters in Paris. Chesnot | Getty Images News | Getty Images Societe Generale on Wednesday reported better-than-expected earnings despite taking a 3.3 billion euro ($3.36 billion) hit from exiting its Russian operations. The French lender saw every unit grow in the second quarter, which helped offset the impact of its departure …

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Oil major BP earnings Q2 2022

A BP gas station in Madrid, Spain. Stick Images | Lightrocket | Getty Images LONDON — UK oil giant BP on Tuesday reported bumper second-quarter profits, benefitting from a surge in commodity prices. The British energy major posted second-quarter underlying replacement cost profit, used as a proxy for net profit, of $8.5 billion. That compared …

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Growth accelerates for euro zone

Growth in the euro zone economy accelerated in the second quarter of the year, but the region’s prospects get hit as Russia continues to reduce gas supplies. The 19-member bloc registered a gross domestic product rate of 0.7% in the second quarter, according to Eurostat, Europe’s statistics office, beating expectations of 0.2% growth. It comes …

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Barclays posts profit slump after hit from costly trading error in the US

A branch of Barclays Bank is seen, in London, Britain, February 23, 2022. Peter Nicholls | Reuters Barclays on Thursday saw a slump in second-quarter profit after taking a substantial provision relating to a costly trading error in the US The British bank reported a £1.071 billion ($1.30 billion) net profit attributable to shareholders, meeting …

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Credit Suisse names Ulrich Koerner as CEO, launches strategic review as losses deepen

Credit Suisse on Wednesday announced that CEO Thomas Gottstein would step down as the bank reported a massive second-quarter loss, as poor investment bank performance and mounting litigation provisions hammered earnings. The embattled Swiss bank posted a net loss of 1.593 billion Swiss francs ($1.66 billion), far below consensus expectations among analysts for a 398.16 …

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Deutsche Bank beats expectations to post eighth straight quarter of profit

A statue is pictured next to the logo of Germany’s Deutsche Bank in Frankfurt, Germany, September 30, 2016. Kai Pfaffenbach | Reuters Deutsche Bank beat market expectations to post an eighth straight quarter of profit on Wednesday, recording a second-quarter net income of 1.046 billion euros ($1.06 billion). The German lender exceeded consensus expectations among …

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IMF cuts global GDP forecast as economic outlook grows gloomy

The International Monetary Fund on Tuesday cut its global growth projections for 2022 and 2023, dubbing the world’s economic outlook “gloomy and more uncertain.” The IMF now expects the world economy to grow 3.2% this year, before slowing further to a 2.9% GDP rate in 2023. The revisions mark a downgrade of 0.4 and 0.7 …

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