London ― JPMorgan said on Thursday it would build a new tower in the Canary Wharf financial district in East London, committing billions of pounds to Britain on the heels of a closely watched UK budget that has sought to reassure investors of the nation’s finances.
JPMorgan said the project would contribute £9.9bn over six years to the local economy — including the cost of construction — and create 7,800 jobs.
A source familiar with the project said it would cost a few billion pounds to build and designs were still being finalised, including the height.
But it would be one of Europe’s biggest towers by floor space. The planned 280,000m² will be more than double the floor space of Britain’s tallest building, The Shard, and Germany’s Commerzbank Tower.
JPMorgan is the biggest bank in the US and also has a big investment bank with a sizeable presence in London. The new tower will house up to 12,000 of JPMorgan’s employees and will be its largest office in Europe, the Middle East and Africa, the bank said. Reuters
Remy Cointreau CEO plans to lift sales on lower prices
Paris ― Remy Cointreau’s new CEO outlined a series of strategic changes on Thursday, including lowering prices to sell more cognac, and said the worst was over for the embattled French spirits maker in the top US market.
The Remy Martin cognac and Cointreau liqueur maker said its first-half operating profit fell by less than expected and CEO Franck Marilly promised a return to growth in the second half.
He also spelt out a plan that shifted focus to reviving volumes rather than preserving profits through high prices.
Remy’s shares rose 6% before falling back to stand 2.5% higher at €39.06 in morning trade.
The stock has tanked since 2023, losing more than 70% of its value amid years of steep sales declines, repeated cuts to sales forecasts and the scrapping of 2030 sales targets due to downturns in its major markets in the US and China. Reuters
Intesa Sanpaolo CEO urges Italy to ease bank taxes
Milan — Intesa Sanpaolo CEO Carlo Messina urged Italy’s government not to single out banks with excessive tax rises on Thursday, stressing the support they provide in buying public debt.
Messina, who leads Italy’s largest lender, also told Il Sole 24 Ore in an interview that banks faced regulatory pressure to reduce their holdings of domestic debt.
Italy is considering raising further the IRAP corporate tax levied on banks and insurers to fund costly amendments to next year’s budget, political sources said on Wednesday. Reuters
Italian businesses are more confident in November
Rome — Morale among Italian businesses jumped in November to the highest since April 2024 but consumer sentiment fell, data showed on Thursday, in mixed signs for the eurozone’s third largest economy.
National statistics institute ISTAT’s composite business morale index, combining surveys of the manufacturing, retail, construction and services sectors, rose to 96.1 this month from 94.4 in October.
The sub-index for manufacturing climbed to 89.6, the highest level since June 2023 and well above a forecast of 88.5 in a Reuters survey of 7 analysts.
Consumer confidence, however, worsened in November to 95.0 from 97.6 the previous month, ISTAT said, below the median forecast of 97.6 in Reuters’ poll of analysts. Reuters
Toyota lifts output on US hybrid vehicles demand
Tokyo — Toyota Motor said on Thursday its global production rose for a fifth consecutive month in October, lifted by strong US demand for hybrid vehicles that offset weaker sales in Japan and China.
Global output climbed 4% to 926,987 cars from a year earlier, while worldwide sales advanced 2% to 922,087 vehicles, marking a tenth consecutive monthly gain, according to data released by the Japanese automaker.
In the US, Toyota’s top market, production surged 26% for the month, marking its fifth straight double-digit increase as hybrid demand stayed robust and output recovered from last year’s production stoppage of two models.
Output in Japan rose 7% but sales fell 4%. Toyota did not disclose a reason for the decline. Reuters
Indian firm aims to double clean energy capacity
New Delhi — Indian company Serentica Renewables plans to raise $6bn-$8bn over the next five years to help fund acquisitions and build projects as it looks to more than double its clean energy capacity, a top executive said.
Serentica, backed by private equity giant KKR, is looking to invest $10bn-$11bn to expand its clean energy portfolio to 17GW by 2029/30, chair Pratik Agarwal said.
The company is looking to acquire projects that are already operating or are under construction. Reuters
Bicycle sales boost Halfords’ first-half profit
London — Britain’s Halfords reported a 1% rise in first-half profit on Thursday, as strong bicycle sales helped offset costs and other inflationary pressures.
A combination of elevated inflation, higher labour costs and tempering consumer spending on discretionary purchases has pushed retailers such as Halfords to tighten costs and use more flexible pricing to support demand and protect margins.
The bicycles and car parts provider’s group sales rose 4.1% on a like-for-like basis, with revenue from bicycles jumping 9% along with growth in both its retail and car maintenance businesses. Reuters
