UniCredit says it is withdrawing bid for Banco BPM
Italy's second-biggest bank said in a statement government-set terms for the bid, which it has been fighting in court scoring a partial victory earlier this month, had derailed the bid.
($1 = 0.8514 euros)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
14 minutes ago
- Reuters
EDF posts 17% drop in first-half profit on low power prices
PARIS, July 24 (Reuters) - France's EDF posted a 17% drop in first-half core profit on Thursday, after low European power prices eroded earnings from higher nuclear power output. The state-owned utility said earnings before interest, taxes, depreciation and amortisation (EBITDA) for the six months to end-June came to 15.5 billion euros ($18.24 billion), down from 18.7 billion a year earlier. Net debt stood at 50 billion euros, down from the 54.3 billion euros recorded at the end of last year. Low power prices are impacting profitability at Europe's leading nuclear power producer as it prepares to build six new reactors over the next 15 years. Prices have continued to drop from highs hit in 2022 and 2023, with weak industrial demand and higher renewable energy generation pushing prices below the French energy regulator's estimated cost of operating a nuclear plant. EDF warned in February that its EBITDA would fall by as much as 9 billion euros this year due to weaker prices. The company will provide a cost estimate for the new plants by the end of this year, CEO Bernard Fontana told reporters, with a final investment decision to be taken in the second half of 2026. EDF added in a statement that with new bond issues of around 7.4 billion euros and the decrease in interest rates and short-term debt, financing costs were "under control". ($1 = 0.8498 euros)
Reuters
17 minutes ago
- Reuters
LVMH sales weaker than expected as luxury sector awaits US trade deal
PARIS, July 24 - Luxury bellwether LVMH ( opens new tab reported a slightly worse than expected 4% decline in quarterly sales on Thursday, though CFO Cecile Cabanis expressed confidence for the rest of the year. Sales for the second quarter to the end of June fell 4% to 19.5 billion euros ($22.96 billion) compared with a consensus forecast for a 3% decline compiled by Visible Alpha, cited by UBS. Sales at the group's fashion and leather division, accounting for the bulk of profits, were down 9% amid a deepening gloom in the industry, below expectations for a 6% drop. Chief Financial Officer Cabanis said on a call with reporters that she was still "rather confident" about the rest of the year as the group expected trade talks between the EU and the Trump administration to deliver good news soon. Asked how LVMH would view a potential general tariff rate of 15% anticipated for exports to the United States, Cabanis said that would be an "overall good outcome for the general mood of our clients". With the exception of wines and spirits, where customers are much more resistant to price rises, Cabanis said LVMH's brands, which include Louis Vuitton, Dior and Bulgari could draw on their pricing power to mitigate the tariff impact. ($1 = 0.8493 euros)
Reuters
17 minutes ago
- Reuters
France's EDF reports 17% drop in first-half profit
PARIS, July 24 (Reuters) - France's EDF posted a 17% drop in first-half core profit on Thursday, after low European power prices eroded earnings from higher nuclear power output. The state-owned utility said earnings before interest, taxes, depreciation and amortisation (EBITDA) for the six months to end-June came to 15.5 billion euros ($18.24 billion), down from 18.7 billion a year earlier. Net debt stood at 50 billion euros, down from the 54.3 billion euros recorded at the end of last year. ($1 = 0.8498 euros)
