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Ternium CEO says could build new $2 billion steel plant in northern Mexico

MEXICO CITY (Reuters) – Steelmaker Ternium is considering building a new $2.2 billion steel production plant near its current Pesqueria site in northern Mexico, the company’s chief executive said Wednesday, though a final decision has not yet been made. “We will disclose the location pretty soon,” Chief Executive Maximo Vedoya said in a call with …

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Lufthansa IT meltdown strands thousands of passengers

By Ilona Wissenbach and Hakan Ersen FRANKFURT (Reuters) -An IT failure at Lufthansa stranded thousands of passengers and forced flights to Germany’s busiest airport to be cancelled or diverted on Wednesday, with the airline blaming botched railway engineering works that damaged broadband cables. More than 200 flights were cancelled in Frankfurt, a vital international transit …

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France’s blue-chip index powers gains in European shares

By Shreyashi Sanyal and Amruta Khandekar (Reuters) – European shares ended higher on Wednesday, as gains in luxury firms pushed France’s blue-chip index close to its record high level, offseting concerns that strong U.S. data would pave the way for further monetary tightening by the Federal Reserve. The pan-European STOXX 600 index closed 0.4% higher, …

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Ford fights $8 billion cost deficit, aims to secure 8% EV margins

By Aishwarya Nair, Paul Lienert and Joseph White (Reuters) -Ford Motor Co has identified measures to secure 8% margins on its next-generation electric vehicles due at mid-decade, but could take years to close an overall cost disadvantage of up to $8 billion against competitors, executives said on Wednesday. Ford can save up to $2.5 billion …

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Slowdown in UK inflation eases pressure on Bank of England

By Andy Bruce and William Schomberg LONDON (Reuters) – British inflation fell by more than expected in January and there were signs of cooling price pressure in parts of the economy watched closely by the Bank of England, adding to signs that further hefty interest rate hikes are unlikely. Annual consumer price inflation (CPI) cooled …

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Fitch considera adecuada liquidez de empresas peruanas, preocupa la crisis política

15 feb (Reuters) – La mayoría de las empresas peruanas evaluadas por Fitch Ratings no encara un riesgo inmediato de refinanciamiento, aunque ciertas compañías con perfiles más débiles podrían tener problemas para accceder a capital y cumplir con pagos de deuda en el corto plazo, dijo el miércoles la agencia crediticia. Solo un 20% de …

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Grifols to lay off 8.5% of workforce under $427 million savings plan

BARCELONA (Reuters) – Spanish pharmaceutical firm Grifols plans to lay off around 2,300 employees, or 8.5% of its global workforce, amid a strategy overhaul aimed at reaching annual savings of around 400 million euros ($427 million), it said on Wednesday. The company, which uses blood plasma to make medicines, said in a statement it would …

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Fertilizer makers in for another slow quarter as demand wilts

By Sourasis Bose (Reuters) – Fertilizer companies Nutrien Ltd, Mosaic Co and CF Industries are expected to take a sales hit in the fourth quarter as farmers cut back on purchases to offset high energy costs. “The inventory levels are low and they need to be restocked, yet the buying patterns are still very, very …

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U.S. retail sales roar back; manufacturing shows improvement

By Lucia Mutikani WASHINGTON (Reuters) – U.S. retail sales increased by the most in nearly two years in January after two straight monthly declines as Americans boosted purchases of motor vehicles and other goods, pointing to the economy’s continued resilience despite higher borrowing costs. Coming on the heels of news on Tuesday that monthly inflation …

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Barclays tightens lending for dirtiest fossil fuels

LONDON (Reuters) -Barclays on Wednesday said it was tightening lending criteria for coal power and would stop financing oil sands exploration and production, but did not announce new restrictions on oil and gas lending as some rivals have. The British bank extended a previously announced plan to phase out financing for clients involved in coal-fired …

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