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Amundi signed a 10-year distribution accord in 2017 when it bought UniCredit's Pioneer Investments for 3.6 billion euros. Credit Agricole CEO Philippe Brassac told reporters this month it was no secret UniCredit was looking at ways "to optimise" the accord with Amundi. Orcel, sources have said, is unhappy with the amount of Amundi funds the accord binds UniCredit to place with customers. UniCredit had 134 billion euros in AUM from fund and portfolio management as of Sept. 30. If their relationship ended after 2027, it would still take UniCredit time to replace Amundi funds with other products.

Persons: Sarah Meyssonnier, Amundi, Andrea Orcel, UniCredit, Philippe Brassac, Brassac, Orcel, Azimut, Valentina Za, Mathieu Rosemain, Silvia Aloisi, Alexander Smith Organizations: REUTERS, Reuters, Investments, Agricole, Credit, Amundi, Thomson Locations: Paris, France, MILAN, Italy, Italian, Milan

☆ Leasing giant SMBC places order for 60 Airbus A320neo planes
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +2 min

The logo of Airbus is seen at the Milipol Paris, the worldwide exhibition dedicated to homeland security and safety, in Villepinte near Paris, France, November 15, 2023. REUTERS/Sarah Meyssonnier/File Photo Acquire Licensing RightsDUBLIN, Nov 21 (Reuters) - SMBC Aviation Capital placed an order for 60 Airbus (AIR.PA) A320neo family aircraft, the world's second largest aircraft leasing firm said on Tuesday, without disclosing the financial details of the deal. Nikkei Asia, which first reported the deal, said it was thought to be worth around $3.4 billion, based on the A320neo's market price. Boeing won new orders for 196 aircraft while Airbus agreed deals for 55 jets amid soaring demand for wide-body planes. "This transaction is further testament of sustained global demand for technologically advanced, fuel-efficient aircraft, and comes amidst the continuing strong recovery in air travel worldwide," SMBC CEO Peter Barrett said in a statement.

Persons: Sarah Meyssonnier, Peter Barrett, Padraic Halpin, Kirsten Donovan Organizations: Airbus, REUTERS, Rights, SMBC Aviation Capital, Nikkei, Boeing, Dubai Airshow, Japan's Sumitomo Corp, Sumitomo Mitsui Financial Group, Thomson Locations: Paris, Villepinte, France, Nikkei Asia

☆ ECB rates to stay unchanged for next few quarters -Villeroy
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Sarah Meyssonnier/File Photo Acquire Licensing RightsLONDON, Nov 20 (Reuters) - The European Central Bank's interest rates have reached a plateau where they will likely remain for the next few quarters, ECB policymaker Francois Villeroy de Galhau said on Monday, dismissing rate cut talk as premature. The ECB broke a streak of 10 consecutive hikes last month by holding rates steady, prompting investors to turn their attention to when rate cuts could come. The ECB aims to steer euro zone inflation towards its 2% target by 2025, though Villeroy insisted the number was an average and he was not fixated on hitting 2.0% precisely. Euro zone inflation has fallen quickly in recent months as the economy has slowed, though Villeroy said a recession could be avoided and a "soft landing" seemed more likely. ($1 = 0.9168 euros)Reporting by David Milliken, writing by Leigh Thomas, editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Francois Villeroy de Galhau, Sarah Meyssonnier, Villeroy, David Milliken, Leigh Thomas, Christina Fincher Organizations: France, Bank of France, REUTERS, ECB, Society of Professional, Thomson Locations: Paris, France, French, London, Gaza, Israel

☆ Australia criticises China for 'unsafe, unprofessional' naval interaction
▼ + stars: | 2023-11-18 | by ( ) www.reuters.com time to read: +2 min

Australia's Defence Minister Richard Marles attends a joint news conference with France's Foreign and Defence ministers at the Quai d'Orsay in Paris, France, January 30, 2023. REUTERS/Sarah Meyssonnier/File Photo Acquire Licensing RightsSYDNEY, Nov 18 (Reuters) - Australia's government said on Saturday it had expressed serious concerns to China after an "unsafe and unprofessional" interaction between an Australian navy vessel and Chinese warship left Australian military divers injured. He said despite the Australian vessel notifying the Chinese warship of the diving operation and requesting that it keep clear, the destroyer approached "at a closer range". "Soon after, it was detected operating its hull-mounted sonar in a manner that posed a risk to the safety of the Australian divers who were forced to exit the water." The conduct was "unsafe and unprofessional", Marles said.

Persons: Richard Marles, Sarah Meyssonnier, Marles, Sam McKeith, Tom Hogue Organizations: Australia's, France's Foreign, Quai d'Orsay, REUTERS, Rights, Defence, PLA, HMAS, People's Liberation Army Navy, Solomon Islands, U.S, Thomson Locations: Paris, France, China, Australian, Toowoomba, HMAS Toowoomba, Australia, Solomon, United States, Sydney

The Gap logo is seen on the front of the company's store in Paris, France, July 1, 2021. If current gains hold, shares will have nearly doubled since late July after the former Mattel (MAT.O) executive was appointed to revive the once sought-after brand. Gap's third-quarter earnings release Thursday showed significant inventory destocking, even as its holiday-season forecast disappointed. However, Gap joined other retailers in sounding a cautious note on spending, heading into the all-important shopping season. Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shinjini Ganguli and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: Sarah Meyssonnier, Richard Dickson, Dickson, David Swartz, Swartz, Katrina O'Connell, Gap, Ananya Mariam Rajesh, Shinjini Ganguli Organizations: REUTERS, Mattel, Gap's Old Navy, Morningstar, Navy, Walmart, Banana Republic, Thomson Locations: Paris, France, Bengaluru

Snowballs of Paris 2024 Olympics and a miniature of the Eiffel Tower are displayed at the official store during the Paralympic Day at Place de la Republique, Paris, France October 8, 2023. "If we don't have commitments at the beginning of 2024, then in January, February, March, April, we will take action," CGT union representative Celine Verzeletti told Reuters. The French government and the Paris 2024 organising committee did not immediately reply to a Reuters request for comment. France's Alliance police union this week gave the government a Dec. 31 deadline to respond to its demands. State-owned transport operator RATP has also started talks with workers, offering daily extra payments of 15 euros, according to French media reports.

Persons: Sarah Meyssonnier, Celine Verzeletti, Stanislas Guerini, Verzeletti, Emmanuel Macron's, David Leyraud, Tassilo Hummel, Toby Davis Organizations: Eiffel, Republique, REUTERS, Rights, CGT, Reuters, Labour, Games, Paris, France's Alliance police, Alliance, France, HP, State, Thomson Locations: Paris, France

☆ Gap shares soar on Old Navy brand renewal, controlled inventory
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +2 min

Comparable sales at Old Navy rose 1% in the third quarter, the first increase in 10 quarters. "Old Navy gained market share, an encouraging early proof point that work to improve both product assortment and brand messaging" were driving results, Gap Chief Financial Officer Katrina O'Connell said on Thursday following the earnings. Gap's struggles with outdated inventory at its namesake brand and Old Navy had pushed customers to look for newer and fresher styles at rivals like Shein and Amazon.com (AMZN.O). Jefferies analysts said new CEO Richard Dickson's prior experience in reinvigorating brands like Barbie at Mattel (MAT.O) could bring a lift to the Old Navy banner. The apparel maker's executives also alluded to a "longer recovery" time for Banana Republic and Athleta, which has seen "product misfires" and weak "retail execution".

Persons: Sarah Meyssonnier, Katrina O'Connell, Richard Dickson's, Barbie, Ananya Mariam Rajesh, Sriraj Organizations: REUTERS, Old Navy, Walmart, Advisory, Navy, Jefferies, Mattel, Banana Republic, Thomson Locations: Paris, France, trendier, encouragingly, Bengaluru

The 76th Cannes Film Festival - Photocall for the film "Killers of the Flower Moon" Out of Competition - Cannes, France, May 21, 2023. “Killers of the Flower Moon,” distributed by Apple TV, arrived in theaters on Oct. 20. The film also explores the marriage between a white man, played by Leonardo DiCaprio, and his Osage wife, played by Gladstone. Originally, however, Scorsese focused "Killers of the Flower Moon" on FBI investigators that worked on the case. While Hollywood's depictions of American Indians have historically been flawed, DiCaprio said the film aims to tell the truth.

Persons: Leonardo DiCaprio, Sarah Meyssonnier, ” Martin, Lily Gladstone, ” Gladstone, David Grann, Osage, Robert De Niro, DeCaprio, ”, Scorsese, DiCaprio, Rollo Ross, Danielle Broadway, Cynthia Osterman, Stephen Coates Organizations: Cannes, Indians, Reuters, Apple TV, Gladstone, FBI, Thomson Locations: France, Oklahoma, Osage

☆ Lloyd's of London SPAC venture scrapped due to volatile markets
▼ + stars: | 2023-11-13 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

A view shows the Lutine Bell during an event to mark accession of Britain's King Charles at the Lloyd's Building in the City of London, Britain, September 15, 2022. The special purpose acquisition company (SPAC) had unveiled plans to combine with London Innovation Underwriters (LIU) and raise additional funds to deploy in the Lloyd's of London insurance market. The SPAC has an end of year deadline to use funds raised for a takeover, and said it would not seek an extension. LIU said it would consider exploring alternative options to pursue its strategy of accessing the Lloyd's of London insurance market. The failed effort comes amid a dearth of new listings in London and concerns over its appeal as a capital markets hub, despite profits at Lloyds of London which are booming thanks to rising prices for insuring commercial risks.

Persons: Britain's King Charles, Sarah Meyssonnier, LIU, Huw Jones, Sinead Cruise, Jason Neely Organizations: City of, REUTERS, Financials, London Innovation Underwriters, Company, Corp, Lloyds of, Thomson Locations: City, City of London, Britain, London, Lloyds of London

☆ Nigeria restores 275,000 bpd production at TotalEnergies JV
▼ + stars: | 2023-11-12 | by ( Camillus Eboh | ) www.reuters.com time to read: +2 min

A logo of TotalEnergies is seen at an electric vehicle fuelling station in the La Defense business district in Courbevoie near Paris, France, February 8, 2023. "The unions have agreed to suspend ongoing industrial action leading to immediate restoration of 275,000 barrels of oil per day production," NNPC said. NNPC did not disclose the nature of the dispute or the workers' demands, which had not been previously announced. Nigeria's oil production stood at 1.49 million barrels per day in October, according to data from the petroleum regulator, still below the 2023 budget target of 1.69 million bpd. That has led to fears that NNPC may struggle to supply crude to the 650,000 bpd Dangote Refinery, which has missed several targets to start production.

Persons: Sarah Meyssonnier, NNPC, Camillus, Giles Elgood Organizations: La Defense, REUTERS, Rights, NNPC, Petroleum, Natural Gas Senior Staff Association, Nigerian Union of Petroleum, Natural Gas Workers, Dangote, Reuters, Thomson Locations: Courbevoie, Paris, France, Rights ABUJA, TotalEnergies

☆ Upstart steals march on Atos’s M&A battle
▼ + stars: | 2023-11-02 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Sarah Meyssonnier Acquire Licensing RightsLONDON, Nov 2 (Reuters Breakingviews) - Atos (ATOS.PA) may have found a helper, and potential acquirer. Smaller rival Onepoint said on Wednesday that it had bought a 9.9% stake in the ailing French IT company. Mustier is trying to implement a plan devised before he took over, which will see Atos split into two entities. Its 10% stake will have cost no more than 70 million euros. If a 900 million euro rights issue included in the split plan is confirmed, the total outlay for the stake will be about 160 million euros.

Persons: Atos, Sarah Meyssonnier, Onepoint, Jean, Pierre Mustier, Daniel Kretinsky, Mustier, Pierre Briançon, Aston Martin, Neil Unmack, Oliver Taslic Organizations: REUTERS, Reuters, French IT, Airbus, Pfizer, Thomson Locations: Paris, France, French, Czech, Orange, cybersecurity

The special purpose acquisition company (SPAC) unveiled plans earlier this year to combine with London Innovation Underwriters and raise additional funds to deploy in the Lloyd's of London insurance market. The deal by Financials Acquisition Corp differs from a typical SPAC merger because the company has set up London Innovation Underwriters itself. It is not the first time that public market investors in London have backed a new insurance venture. In 2020, Conduit Holdings (CRE.L) listed on the London Stock Exchange, subsequently starting reinsurance activities. UBS and HSBC are joint global coordinators to the Financials Acquisition deal.

Persons: Britain's King Charles, Sarah Meyssonnier, William Allen, Lloyd's, Beazley, Carolyn Cohn, Pablo Mayo Cerqueiro, Anousha Organizations: City of, REUTERS, Financials, London Innovation Underwriters, Lloyds, Innovation Underwriters, Conduit Holdings, London Stock Exchange, UBS, HSBC, Thomson Locations: City, City of London, Britain, London, Lancashire, Lloyd's

☆ French government condemns 'disgusting' Marseille fan violence
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

French Interior and Overseas Minister Gerald Darmanin leaves following the weekly cabinet meeting at the Elysee Palace in Paris, France, October 18, 2023. REUTERS/Sarah Meyssonnier/File Photo Acquire Licensing RightsPARIS, Oct 30 (Reuters) - France's government condemned on Monday "disgusting" weekend violence around the Olympique de Marseille soccer stadium and said nine people had been arrested after visitors Olympique Lyonnais' bus was attacked and their Italian coach injured. Sunday's Ligue 1 match between the arch-rivals of France's south east, who have a history of fan violence, was cancelled. Interior Minister Gerald Darmanin said nine people had been detained so far. Darmanin denied authorities had failed to prepare for the risk, saying 500 police officers were present.

Persons: Gerald Darmanin, Sarah Meyssonnier, Fabio Grosso, Amelie Oudea, Castera, Darmanin, Tassilo Hummel, Sudip Kar, Andrew Cawthorne Organizations: Overseas, REUTERS, Rights, Olympique de Marseille, Olympique Lyonnais, Sunday's Ligue, France, Stade Velodrome, Thomson Locations: Paris, France, France's

☆ Ardie Savea named best rugby player of the year
▼ + stars: | 2023-10-29 | by ( ) www.reuters.com time to read: +1 min

Rugby Union - Rugby World Cup 2023 - Final - New Zealand v South Africa - Stade de France, Saint-Denis, France - October 28, 2023 New Zealand's Ardie Savea in action with South Africa's Jean Kleyn REUTERS/Sarah Meyssonnier Acquire Licensing RightsPARIS, Oct 29 (Reuters) - New Zealand loose forward Ardie Savea was named World Rugby Men's 15s Player of the Year on Sunday, despite ending up on the losing side in Saturday’s Rugby World Cup final. Savea was chosen ahead of Irish centre Bundee Aki, South Africa lock Eben Etzebeth and France captain Antoine Dupont, who won the award two years ago. Savea is the 11th All Black to win the award, which was first introduced in 2001. His award comes after a stellar season in which he helped New Zealand to win the Rugby Championship and a place in the World Cup final, which they lost 12-11 to the Springboks on Saturday. Ireland’s Andy Farrell was chosen as World Rugby Coach of the Year while All Blacks winger Mark Tele'a won the award for Breakthrough Player of the Year.

Persons: Denis, Africa's Jean Kleyn REUTERS, Sarah Meyssonnier, Savea, Bundee Aki, Eben Etzebeth, Antoine Dupont, Black, Ireland’s Andy Farrell, Mark Tele'a, Mark Gleeson, Clare Fallon Organizations: Rugby Union, Rugby, Stade de France, Saint, Africa's, Rights, Saturday’s Rugby, New Zealand, Rugby Championship, Springboks, All Blacks, Thomson Locations: Zealand, South Africa, France, Saturday’s, New

☆ Fittingly fraught finale for fantastic World Cup
▼ + stars: | 2023-10-29 | by ( Mitch Phillips | ) www.reuters.com time to read: +5 min

World Rugby addressed that with a major overhaul of the calendar they described as "the most significant development in the sport since the game went professional" but those long-suffering countries are going to have to suffer for a few years yet before they start to feel the benefits. Elsewhere, England overcame a terrible build-up to win all their pool games and Fiji shocked Australia to go through alongside Wales. FABULOUS BRANDFiji's final pool game against Portugal was one of the best seen at a World Cup, with the Portuguese playing a fabulous brand of all-court rugby reminiscent of France at their pomp. Amid emotional scenes and roared on by neutrals the world over, they secured their first-ever World Cup victory in the last minute, with Fiji scraping through via their losing bonus point. Wales will forever rue their missed chances in the first of them against Argentina before Ireland and New Zealand produced an absolute classic.

Persons: Denis, Mbonambi, Webb Ellis, Sarah Meyssonnier, agonising, England's, Owen Farrell's, Antoine Dupont, Handre, Sam Cane, Mitch Phillips, Pritha Sarkar Organizations: Rugby Union, Rugby, Stade de France, Saint, Rights, Two Nations, New Zealand, Ireland, South, Fiji, Wales, Portugal, Argentina, England, Pumas, Springboks, Thomson Locations: Zealand, South Africa, France, Portugal, England, Ireland, Scotland, Australia, Portuguese, Fiji, Marseille, Paris, New Zealand, Argentina, New

REUTERS/Sarah Meyssonnier/File Photo Acquire Licensing RightsOct 26 (Reuters) - Europe's biggest hotel group Accor on Thursday raised its core profit target for 2023 for the second time this year, citing positive business momentum in all of its markets after another strong post-pandemic summer. The sector continues to benefit from the leisure travel boom despite inflation and the resurgence of recession fears in Europe. It was also boosted by the Rugby World Cup, particularly in cities where hotel supply is more limited, such as Lille and Nantes, Accor said. The group now expects core earnings (EBITDA) of between 955 million euros and 985 million euros for 2023, up from a previous forecast of between 930 million euros and 970 million euros, which was already upgraded in July. It also raised its forecast for growth in RevPAR in 2023 and now expects it to slightly exceed 20%.

Persons: Sarah Meyssonnier, Novotel, Accor, Martine Gerow, Diana Mandiá, Susan Fenton, David Holmes, Sharon Singleton Organizations: REUTERS, Rugby, Lille, Thomson Locations: Issy, Paris, France, Europe, That's, Nantes, Jerusalem, Tel Aviv, RevPAR

☆ STMicro beats third quarter sales forecasts
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Sarah Meyssonnier/File Photo Acquire Licensing RightsOct 26 (Reuters) - European chipmaker STMicroelectronics (STMPA.PA) beat expectations on Thursday for third quarter sales, helped by demand from the automotive sector. However, the company, whose clients include Tesla (TSLA.O) and Apple (AAPL.O), said it expects a drop in sales in the fourth quarter. Third quarter net revenues rose 2.5% year on year to $4.43 billion, beating the average of $4.38 billion expected by analysts in an Refinitiv poll. STMicro said it expects fourth quarter sales to fall about 3% year on year to $4.30 billion. STMicro on Thursday added it projects a gross margin of 46% in the fourth quarter, give or take 200 basis points.

Persons: Sarah Meyssonnier, Jean, Marc Chery, STMicro, Olivier Sorgho, Clarence Fernandez, Sonali Paul Organizations: REUTERS, Apple, Automotive, Electronics, Thomson Locations: Montrouge, Paris, France, U.S, China

☆ France's Valeo third-quarter sales rise driven by key regions, businesses
▼ + stars: | 2023-10-26 | by ( Pierrejohn Felcenloben | ) www.reuters.com time to read: +2 min

Valeo reaffirmed its full-year guidance of between 22-23 billion euros for sales and an operating margin in the range of 3.2-4% for end of 2023. Original equipment, that is vehicle components fitted by a manufacturer as standard, grew 4% on a like-for-like basis during the quarter. Original equipment represents 85% of Valeo sales. Aftermarket product sales, accounting for 11% of total sales, grew 3% on a like-for-like basis to 569 million euros. North America accounted for 21% of original equipment sales this quarter and recent UAW strikes in the United States have "had a negligible impact" on sales, the company said.

Persons: Sarah Meyssonnier, Valeo, Christophe Périllat, Pierre John Felcenloben, Jane Merriman, Cynthia Osterman Organizations: Valeo, REUTERS, Systems, UAW, Thomson Locations: Paris, France, Valeo, North America, United States

[1/2] A view of the Ubisoft Entertainment logo in Saint-Mande, near Paris, France, September 8, 2022. The maker of the blockbuster "Rainbow Six" franchise reported net bookings of 554.8 million euros ($584.09 million)for the three months to September 30, well above its target of 350 million euros. For the third quarter, the company expects net bookings of around 610 million euros. The group reported operating income of 16.1 million euros for the six months to end September, after a loss of 215.3 million euros in the same period last year. ($1 = 0.9498 euros)Reporting by Enrico Sciacovelli and Olivier Cherfan, editing Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

Persons: Sarah Meyssonnier, Ubisoft, Yves Guillemot, Mirage, Enrico Sciacovelli, Olivier Cherfan, Jane Merriman Organizations: Ubisoft Entertainment, REUTERS, Ubisoft, Pandora, Rainbow Six Mobile, Thomson Locations: Saint, Paris, France

☆ Dassault Systemes hikes profit target after strong Q3 subscriptions
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

A logo of Dassault Systemes SE is seen on a company building in Paris, France, January 27, 2023. REUTERS/Sarah Meyssonnier Acquire Licensing RightsOct 25 (Reuters) - French software maker Dassault Systemes (DAST.PA) lifted its 2023 outlook for earnings per share (EPS) on Wednesday, after an uptick in subscriptions boosted its third-quarter sales. The company raised its full-year guidance for diluted EPS to between 1.19 euros and 1.21 euros, compared with a previous target of 1.18-1.20 euros per share, and confirmed annual revenue target for 8-9% growth. Overall software revenue increased by 12% in the quarter, driven by 21% growth in Europe. China stayed resilient with mid-single-digit percentage growth in software revenues despite tough economic conditions, the company said.

Persons: Sarah Meyssonnier, Pierre John Felcenloben, Milla Nissi Organizations: Dassault, REUTERS, Thomson Locations: Paris, France, Europe, Asia, China, Gdansk

☆ OVH forecasts lower revenue growth in 2024 amid tough backdrop
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

The logo of French cloud computing company OVHcloud is seen on the company's building in Paris, France, January 25, 2023. REUTERS/Sarah Meyssonnier Acquire Licensing RightsOct 25 (Reuters) - OVHcloud (OVH.PA) on Wednesday forecast lower organic growth in the next fiscal year, citing uncertain macroeconomic conditions continue to dent the French cloud services provider's operations. OVH sees its revenue in the 2024 fiscal year to rise by 11-13%, while analysts in a company-compiled poll expect full-year revenue growth of 14.7% on average. Revenue in the year rose 13.4% to 897 million euros ($950.91 million), a touch below 899.8 million seen by analysts, OVH said. This came in line with its latest forecast for a 13-14% full-year growth.

Persons: Sarah Meyssonnier, OVH, Boleslaw Lasocki, Christopher Cushing, Sherry Jacob, Phillips Organizations: REUTERS, Revenue, Thomson Locations: Paris, France, North America

☆ Carrefour confident over year-end even as Q3 sales growth slows
▼ + stars: | 2023-10-25 | by ( Dominique Vidalon | ) www.reuters.com time to read: +2 min

[1/2] A customer pushes a shopping trolley as she shops in a Carrefour supermarket in Montesson near Paris, France, September 13, 2023. Third-quarter sales reached 23.63 billion euros ($25 billion), marking like-for-like growth of 9% which was less than 10.3% growth in the second quarter, Carrefour said, adding it confirmed a cost savings target of 1 billion euros for the year. The sales growth moderation reflected a slowdown in food inflation in Carrefour's core markets of France and Brazil. In France, hypermarket sales rose 4.2% in the third quarter of 2023 compared with a 6.6% rise in the second quarter of 2023. The company said it had achieved 664 million euros out of its 800 million euros buyback programme for 2023.

Persons: Sarah Meyssonnier, Dominique Vidalon, Sudip Kar, Gupta, Mike Harrison Organizations: REUTERS, Rights, Carrefour, Thomson Locations: Carrefour, Montesson, Paris, France, Brazil

☆ Kering sales down 9% as luxury slowdown stalls revamp
▼ + stars: | 2023-10-24 | by ( Mimosa Spencer | ) www.reuters.com time to read: +2 min

The logo of French luxury group Kering is seen at Kering headquarters in Paris, France, February 13, 2023. REUTERS/Sarah Meyssonnier/File Photo Acquire Licensing RightsPARIS, Oct 23 (Reuters) - French luxury group Kering(PRTP.PA) reported a bigger-than-expected drop in third quarter sales, underperforming major rivals as its top brand Gucci and other fashion labels all suffered from a slowing appetite for high-end clothes and accessories. LVMH (LVMH.PA), the world's biggest luxury group and one of Europe's biggest companies by market value, this month also reported a slowdown in third-quarter sales -- although it still clocked an increase in revenues with sales at its fashion and leather goods division up 9%. And Birkin bag-maker Hermes on Tuesday reported a rise in sales of 15.6%. Kering has undertaken a sweeping overhaul aimed at reviving Gucci, which has struggled to capitalise on the strong post-pandemic rebound in luxury goods sales and lost ground to rivals like LVMH's Dior and Louis Vuitton.

Persons: Sarah Meyssonnier, Yves, Yves Saint Laurent, Balenciaga, Saint Laurent, Jean, Marc Duplaix, Kering, Birkin, Hermes, LVMH's Dior, Louis Vuitton, Mimosa Spencer, Silvia Aloisi Organizations: REUTERS, Rights, Gucci, Yves Saint, Bottega, Thomson Locations: Paris, France, Bottega, Milan

☆ Euro zone PMI hits lowest in nearly 3 years, stirs recession worries
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +3 min

HCOB's flash euro zone Composite Purchasing Managers' Index (PMI), compiled by S&P Global and seen as a good guide to overall economic health, fell to 46.5 in October from September's 47.2, its lowest since November 2020. "In the euro zone, things are moving from bad to worse," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank. "We wouldn't be caught off guard to see a mild recession in the euro zone in the second half of this year with two back to back quarters of negative growth." While the 20-country euro zone will narrowly dodge a recession, according to a recent Reuters poll, the economy was expected to have only flatlined last quarter and will do the same again in the current one. The composite employment index fell to 49.4 from 50.8.

Persons: Sarah Meyssonnier, Cyrus de la Rubia, Rubia, Jonathan Cable, Hugh Lawson Organizations: Carrefour, REUTERS, P Global, Hamburg Commercial Bank, Service, PMI, Reuters, Thomson Locations: Montesson, Paris, France, September's, Hamburg

☆ Euro zone consumer confidence falls to -17.9 in October
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: 1 min

A customer shops at a Carrefour supermarket in Montesson near Paris, France, September 13, 2023. REUTERS/Sarah Meyssonnier/File Photo Acquire Licensing RightsOct 23 (Reuters) - Euro zone consumer confidence fell by 0.1 points in October from the September number, figures released on Monday showed. The European Commission said a flash estimate showed euro zone consumer morale decreased to -17.9 this month from -17.8 in September. In the European Union as a whole, consumer sentiment remained unchanged at -18.7. For European Commission data click on: https://ec.europa.eu/info/business-economy-euro/indicators-statistics/economic-databases/business-and-consumer-surveys/latest-business-and-consumer-surveys_en#recent-press-releasesReporting by Anastasiia Kozlova in GdanskOur Standards: The Thomson Reuters Trust Principles.

Persons: Sarah Meyssonnier, Anastasiia Kozlova Organizations: Carrefour, REUTERS, European Commission, Reuters, Union, Thomson Locations: Montesson, Paris, France, Gdansk

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