Berin — The number of people out of work in Germany rose less than expected in June, labour office figures showed on Tuesday, as the labour market remains in the grip of an anaemic economy.
The office said the number of unemployed increased by 11,000 in seasonally adjusted terms to 2.97-million. Analysts polled by Reuters had expected a rise of 15,000.
The number of unemployed people in Germany is approaching the 3-million mark for the first time in a decade.
Germany is set to gradually raise its hourly minimum wage to €14.60 by 2027, which can make it less attractive for companies to take on staff. Reuters
Eurozone manufacturing activity edges up
London — Eurozone manufacturing activity showed further signs of recovery in June as new orders stopped falling for the first time in more than three years, suggesting a tentative stabilisation in the bloc’s struggling factory sector, a survey showed.
The HCOB manufacturing purchasing managers’ index, compiled by S&P Global, edged up to 49.5 in June from 49.4 in May, its highest level since August 2022, but remaining below the 50 mark for the 29th consecutive month. A preliminary estimate came in at 49.4.
PMI readings above 50 indicate growth in activity while those below point to a contraction. Reuters
Indian companies ‘could raise $2.4bn in IPOs’
New Delhi — Indian firms could raise about $2.4bn through IPOs in July, investment bankers said, raising hopes of a sustained revival in primary offerings after demand was dented by the US trade war and global geopolitical tensions earlier this year.
That amount would mark the strongest month since December and would follow a robust $2bn raised in June, though most of that was raised by one company, HDB Financial Services.
Education loan provider Credila Financial Services, National Securities Depository, surveillance firm Aditya Infotech and power-transmission-goods maker M&B Engineering are conducting roadshows and are expected to go public this month, bankers said.
They spoke on condition of anonymity as the companies have yet to make the timing of their IPOs and other details public. The companies did not respond to Reuters requests for comment. Reuters
Barclays sets up reshuffle after COO steps down
London — Barclays on Tuesday said COO Alistair Currie will leave the bank, to pursue roles on the boards of other companies.
The bank said chief information officer Craig Bright and former Goldman Sachs banker Anne Marie Darling would assume the role of group co-COOs, as well as heading Barclays Execution Services, the lender’s back-office service company.
Barclays separately announced former ABN AMRO banker Robert Swaak would join the board of its domestic unit Barclays Bank UK, as a non executive director. Reuters
All Nippon Airways gets nod to buy Nippon Cargo
Beijing — China’s market regulator said on Tuesday it has approved All Nippon Airways’ (ANA) acquisition of Nippon Cargo Airlines (NCA) with conditions, including a set of binding commitments to preserve fair competition in the China-Japan air cargo market.
In a statement, the state administration for market regulation said ANA, NCA and their merged entity must continue to honour existing agreements for cargo ground handling at Tokyo Narita and Osaka Kansai airports.
The decision was made to ensure the smooth operation of bilateral trade and safeguard the stability of regional industrial and supply chains, the regulator said. Reuters
HSBC forecasts year-end gold price of $3,175/oz
Bengularu — HSBC has raised its 2025 average gold price forecast to $3,215/oz from $3,015/oz previously, the bank said in a note on Tuesday, while also raising its 2026 price forecast to $3,125/oz from $2,915.
The bank added that it sees year-end gold prices of $3,175/oz in 2025 and $3,025/oz in 2026. Reuters
Renault to book €9.5bn loss on Nissan Motor stake
Paris — Renault will book a one-off loss of about €9.5bn on its stake in Nissan Motor, the French carmaker said on Tuesday, writing down its years-long investment in its Japanese partner that is battling slumping sales.
The move is a further loosening of ties between the companies after a two-decade-old alliance, with Renault gradually lowering its stake in Nissan and shifting largely to collaboration in specific manufacturing projects.
Renault owns 35.7% of Nissan, with 17.05% held directly and the rest through a trust. Reuters
Packaging Corporation of America to buy Greif’s unit
Bengularu — Packaging Corporation of America said on Tuesday it had agreed to buy the containerboard business of peer Greif for $1.8bn in cash.
Greif’s shares rose 1.6% before the bell.
The transaction, expected to close by the end of third quarter, includes the takeover of Greif’s two containerboard mills with about 800,000 tonne production capacity and eight sheet feeder and corrugated plants located across the US. Reuters
SAS to acquire 55 aircraft from Brazil’s Embraer
Copenhagen — Airline SAS said on Tuesday it had agreed to buy up to 55 aircraft from Brazil’s Embraer.
SAS has signed a firm deal for 45 E195-E2 aircraft with an option of an additional 10, CEO Anko van der Werff told reporters at a press conference in Copenhagen on Tuesday.
E195-E2 is a narrowbody aircraft, which seats up to 146 passengers. The deal follows a setback for Embraer earlier this month when Airbus sealed a landmark order for 40 A220 jets from Polish national carrier LOT. Reuters
Gambling firm Cirsa to list on Spanish bourse
Madrid — Blackstone’s gambling company Cirsa intends to have its shares listed on the Spanish stock market on or around July 9, it said on Tuesday after the stock market regulator CNMV authorised the planned initial public offering.
The company said on Monday it would seek a valuation of €2.52bn in an initial public offering of shares worth at least €400m, at €15 a share.
Cirsa operates casinos and gambling platforms in Spain, where it is the largest casino operator, Italy, Morocco, as well as in Latin America. It entered Portugal and Puerto Rico last year.
The IPO would be the first one in Spain since travel tech company HBX Group raised €725m in February in a deal that valued it at €2.84bn at the time. Reuters
Iconic BrandCo snaps up Smythson of Bond Street
Milan — Smythson of Bond Street, the British luxury leather goods and stationery brand, has been bought by Iconic BrandCo, a company controlled by Oakley Capital which invests in heritage brands, the private equity firm said on Tuesday.
Italian leather group Tivoli, which bought Smythson in 2009, said in a separate note that it would continue to produce leather goods for the brand.
Financial details were not disclosed by either side.
Founded in London in 1887, Smythson sells products such as diaries for £195 and leather passport covers starting at £170. It holds two warrants as a supplier to the British royal family. Reuters
Sainsbury’s holds outlook as quarterly sales surprise
Sainsbury’s reported a higher-than-expected rise in quarterly sales on Tuesday, as Britain’s second-largest food retailer benefited from warm weather and a disruption at rival Marks & Spencer (M&S), which suffered a major cyber attack.
Still, Sainsbury’s, which trails market leader Tesco, did not lift its forecast for annual profit, despite its robust sales performance and a rise in its share of Britain’s grocery market to a nine-year high exceeding 15%.
CEO Simon Roberts, explaining why the outlook was maintained, said it was too early in the financial year.
“Let’s see how the rest of the summer plays out. Let’s hope that we continue to see good momentum,” he told reporters on a call.
The cyber attack on M&S in April hit sales for about six weeks as online shopping was suspended and as food availability in stores was hampered. Reuters
BNP Paribas seals AXA Investment Managers takeover
London — BNP Paribas said on Tuesday it had completed the takeover of AXA Investment Managers, creating one of the five biggest asset managers in Europe, and was still discussing with supervisors the hit to its capital ratio after regulators previously opposed it using a favourable capital treatment.
The new combined entity manages more than €1.5-trillion in assets, ranking behind European rivals Amundi, UBS Asset Management, and Allianz (including PIMCO), after last year’s €5.1bn acquisition of AXA’s investment management unit by the French bank.
The acquisition allows BNP to manage long-term savings for insurers and pension funds with about €850bn in assets, while also positioning the bank among the main exchange traded funds (ETFs) providers in Europe and targeting growth in private asset investments, it said in the statement. Reuters
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