Business

Richemont reported strong quarterly results, driven by festival sales, despite ongoing weak demand in China. The robust earnings lifted rival share prices, buoying the European luxury sector on Thursday. ADVERTISEMENT Despite ongoing challenges in the Chinese market, Richemont delivered a December quarterly result that exceeded analysts’ expectations. Its stock surged more than 16% to a record high of ₣161.8 (€172.45) …

CEOs earn 110 times more than the average worker in Europe. Euronews Business takes a closer look at how much CEOs earn, comparing their pay to average annual salaries across the EU. ADVERTISEMENT Chief executive officers (CEOs) of Europe’s leading companies earned 110 times more than the typical EU worker in 2023. The median CEO remuneration at Europe’s top 100 …

Weak investment and climate change threaten growth in developing economies after a period of strong expansion. ADVERTISEMENT By the end of this year, developing economies are expected to record the weakest long-term growth outlook since 2000, said the World Bank on Thursday. In this case, developing economies include all those that are not classified as advanced economies. Growth in these …

Poland’s central bank has revealed its reluctance to cut interest rates before the end of this year, as a number of economic factors risk pushing inflation up once more. ADVERTISEMENT The National Bank of Poland kept its benchmark interest rate steady at 5.75% at its January meeting on Thursday, in line with analyst estimates. The reference rate has stayed the same …

The European Central Bank cut interest rates by 25 basis points to 3% at its December meeting, aiming to support a weakening eurozone economy. However, minutes from the meeting reveal a sharp divide among policymakers on how aggressive the central bank should be in its approach. ADVERTISEMENT The European Central Bank (ECB) cut interest rates by 25 basis points to …

The energy giant announced earlier this week that weaker oil and gas production would hit its fourth-quarter results for last year. ADVERTISEMENT Energy giant BP is to cut 4,700 jobs from its workforce across the globe and 3,000 from its contractor, making a total of 7,700. The company employs some 90,000 employees worldwide. Its chief executive Murray Auchincloss in April …

The popular app TikTok could be banned on 19 January under a US federal law that would force the video sharing platform to divest itself from its China-based parent company, ByteDance, or shut down its US operations. ADVERTISEMENT Several parties have expressed interest in buying the platform but ByteDance has repeatedly said it does not plan to sell. Experts have …

The increase was mainly led by rising services and food prices, leaving the inflation rate to remain above the European Central Bank’s target of 2%. ADVERTISEMENT The final figure for Germany’s year-on-year inflation rate for December has been confirmed as 2.6%, according to the Federal Statistical Office. That was in line with estimates and the third month in a row …

The UK economy returned to growth in November following an unrevised contraction in October. It is news that will offer relief to Chancellor Rachel Reeves following the bond market turmoil that has seen her fiscal decisions called into question. ADVERTISEMENT Monthly real Gross Domestic Product (GDP) is estimated to have grown by 0.1% in November 2024 largely because of a …

Scott Bessent will appear before politicians on Capitol Hill to answer questions over his stance on taxes, tariffs, trade and other issues during his confirmation hearing before the Senate Finance Committee. ADVERTISEMENT US Treasury nominee Scott Bessent plans to say that the US must secure vulnerable supply chains, levy sanctions to address national security concerns “and critically, we must ensure …