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Shares in wind turbine maker Siemens Gamesa tumbled on Friday after it cut its financial outlook for the third time in nine months, dragging down the market value of its rivals as well as German parent Siemens Energy. Siemens Gamesa shares slumped as much as 16.2% to their lowest since July 2020, while Siemens Energy fell as much 17.4%, its biggest intraday loss ever, wiping out 4.6 billion euros ($5.2 billion) in market value between them. Profit margins at wind turbine makers have been squeezed by a surge in costs for vital materials such as steel, forcing companies such as Siemens Gamesa and Danish rival Vestas to increase their prices.
Czech businessman Karel Komarek's European lottery group Allwyn Entertainment will list on the New York Stock Exchange in combination with blank check acquisition company Cohn Robbins Holdings Corp, the companies said on Friday. The transaction will put the combined firm's enterprise value at approximately $9.3 billion, they said in a statement. Allwyn, known as Sazka Entertainment until last year, operates lotteries in the Czech Republic, Italy, Austria, Greece and Cyprus.
Customers who left Virgin Media broadband packages saved over £190 a year.
Wall Street stocks tumbled again Friday following a plunge in Netflix shares that sent the Nasdaq further into correction territory, spurring questions of just how far the market will fall.
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British retail sales suffered a record drop in December as consumers shunned the high street due to Omicron concerns, having snapped up Christmas purchases the previous month, data showed Friday.
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Elon Musk’s quest to make humanity a multi-planet species has a hitch.
Activision Blizzard employees form first of its kind Game Workers Alliance Union. The announcement, in an industry where unions are rare, came on the heels of Microsoft’s acquisition of the company
Evraz and Fresnillo and other big miners were among London’s worst losers.
Jabran Khan details a FTSE 100 stock that has seen its shares drop recently. He explains why he would still add shares despite the recent drop. The post Here’s why I’d buy falling shares in this FTSE 100 stock! appeared first on The Motley Fool UK.
A gas supply crunch in Europe, widely blamed on a dearth of gas flows from Russia, has caused energy prices to soar. Simson said she would attend conferences in Azerbaijan and Washington in February to discuss ways for increasing gas deliveries to Europe. "The gas storage levels in the EU are significantly lower than usual at this time of the year," she told reporters.
In some cases, people could save more than £200 by ditching and switching, Which? research indicates.
Inner London businesses are set for “bounce back” Monday next week as thousands of city workers return to the office. Banks, accountants and other professional services companies with major presences in the city have all told staff to return to the office next week after the government said on Wednesday that work from home guidance introduced in December would be scrapped. Goldman Sachs, Citi, PwC, HSBC, KPMG, Fidelity and Standard Chartered are among the major employers to have encouraged staff back to the office in recent days.
BERLIN (Reuters) -The German government will cut its economic growth forecast for this year to 3.6% from its October estimate of 4.1%, according to a draft of the annual economic report seen by Reuters on Friday. The coalition government of Social Democrats, Greens and Liberals, in power since December, expects the pandemic to further strain businesses and supply bottlenecks for products such as semiconductors to persist, further limiting companies' growth, according to the draft. Most economists expect Europe's largest economy to shrink again in the first three months of 2022 after a fourth-quarter contraction, driving it into another technical recession, defined as two consecutive quarters of declining output.
Unruly, maskless passenger forces London-bound flight to return to Miami. About 500 miles into the journey, the flight had to turn back as the customer refused to comply with the federal mask mandate
Retailers have shown a ‘stubborn refusal’ to pass on wholesale cost savings, according to the motorists’ group.
ROME (Reuters) -Italy approved a set of new measures on Friday designed to curb surging energy bills and help companies cope with the latest wave of coronavirus infections. The scheme, funded by a series of compensatory measures, will not weigh on the public deficit which the Treasury is keen to reduce to 5.6% of growth this year from 9.4% in 2021. Soaring energy prices, triggered by heavy demand for gas as economies look to emerge from the health pandemic, have prompted governments across Europe to introduce measures to try to shield consumers.
Commerzbank on Friday said its fourth-quarter earnings would be impacted by provisions made at its Polish mBank subsidiary but that it would still post a net profit for the full year. The German lender said mBank had made provisions regarding the foreign currency indexed loan agreements in the amount of 2.006 billion zloty ($504 million), adding that its fourth-quarter results would be impacted by a corresponding amount. The additional sum, which translates to around 436 million euros, brings provisions for Germany's No. 2 bank to around 600 million euros.
Schlumberger beat expectations with a rise in fourth-quarter profit on Friday as higher crude and natural gas prices drove demand for the world's largest oilfield services company. The global rig count was 1,563 at the end of the fourth quarter, up around 42% from a year ago, Baker Hughes data shows. "Absent any further COVID-related disruption, oil demand is expected to exceed pre-pandemic levels before the end of the year and to further strengthen in 2023," Schlumberger Chief Executive Olivier Le Peuch said.