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Lloyds Q1 profits jump, lifts cost cutting target

LONDON (Reuters) - State-backed Lloyds Banking Group reported a jump in first-quarter profits on the back of improved margins and lower costs on Tuesday, and raised the amount it expects to save from...

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High margin output, trading lift BP profits above forecast

LONDON (Reuters) - BP Plc profits outperformed expectations by almost $1 billion (645 million pounds) in the first quarter of 2013 thanks in part to the high margin nature of new production that came...

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Germany and Spain's auto sales spur recovery hopes

By Laurence Frost and Andreas Cremer PARIS/BERLIN (Reuters) - Car sales rose in Germany and Spain last month, industry data showed on Friday, adding to signs that Europe's austerity-driven auto slump...

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Volkswagen committed to European plants - CEO

VIENNA (Reuters) - German carmaker Volkswagen will keep its plants in Europe despite weak markets in the region that will require flexible manufacturing and could entail cuts to temporary staff, Chief...

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VW brand bears brunt of crisis as first-quarter profit halves

BERLIN (Reuters) - First-quarter profit at Volkswagen's core brand almost halved, Europe's biggest carmaker said on Monday, as manufacturers battle the region's protracted slump in demand with ever...

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Volkswagen says Q1 VW brand profit falls to 590 mln euros

BERLIN (Reuters) - Germany's Volkswagen said on Monday that first quarter operating profit at its core namesake brand fell 45 percent to 590 million euros ($769 million), hurt by slumping auto demand...

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Germany rejects joint EU bank deposit scheme - Merkel

DRESDEN, Germany (Reuters) - Germany rejects at least for now a standardised Europe-wide bank deposit guarantee scheme, Chancellor Angela Merkel said on Thursday. Germany, Europe's largest economy,...

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Online growth drives N Brown profit

LONDON (Reuters) - British home-shopping group N Brown met forecasts with a 2.6 percent rise in 2012-13 profit, as it sold more goods online and benefited from customer recruitment initiatives and an...

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Daimler places EADS stake at 37 euro a share

FRANKFURT (Reuters) - Daimler placed shares in Airbus parent company EADS at 37 euros per share, it said Wednesday. Daimler said it would reap proceeds of around 2.2 billion euros (1.9 billion pounds)...

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Tesco quits U.S. as profits fall

LONDON (Reuters) - Tesco , Britain's biggest retailer, confirmed it will exit its loss-making Fresh & Easy business in the United States, taking a 1 billion pound writeoff that sent its year...

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Audi to keep investing in bid for luxury-car sales crown

By Andreas Cremer BERLIN (Reuters) - German luxury automaker Audi plans to keep spending on new vehicles, plants and technology to increase market share as a prolonged weakening in European markets...

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Audi to pay about 860 mln euros for Ducati - sources

By Andreas Cremer and Jan Schwartz BERLIN/HAMBURG (Reuters) - Volkswagen's Audi premium-car division has agreed to buy Italian motorcycle company Ducati for about 860 million euros ($1.12 billion)...

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Spain's BBVA Q1 net profit rises 73 percent on disposals

MADRID (Reuters) - Spain's second-biggest bank, BBVA , beat forecasts on Friday when it reported a 72.6 percent rise in first quarter net profit, helped by one-time gains from disposals. The bank said...

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Volkswagen brand sales rise 13.7 percent in June

BERLIN (Reuters) - Volkswagen said sales of its flagship VW brand rose 13.7 percent in June to 498,600 vehicles, extending the increase in year-to-date deliveries to 10.2 percent, the Wolfsburg-based...

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Volkswagen to invest 50.2 billion euro over next three years

FRANKFURT (Reuters) - Volkswagen said on Friday it will invest 50.2 billion euros ($64.7 billion) in its automotive business in the coming three years. In addition, 9.8 billion euros will be invested...

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Louis Vuitton first quarter growth in line with division - LVMH CFO

PARIS (Reuters) - Growth at Louis Vuitton, LVMH's top brand, was not "materially different" than the average at the group's fashion and leather division in the first quarter, the luxury goods maker's...

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Ducati CEO in pole for Alitalia's top seat -reports

MILAN (Reuters) - Gabriele Del Torchio, chief executive of Italian motorcycle maker Ducati, is the front-runner to take on the driver's seat at loss-making airline Alitalia, Italian newspapers...

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BMW car sales gain in July on China, Russia demand

BERLIN (Reuters) - German carmaker BMW posted a 4.2 percent increase in luxury auto sales in July on strong demand from China and Russia, contrasting rival Mercedes-Benz, which suffered the first drop...

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squeezing discounts catch up with VW's Audi

By Andreas Cremer INGOLSTADT, Germany (Reuters) - German luxury carmaker Audi , source of nearly half Volkswagen's profits, was forced by a weak European market to make margin-squeezing discounts that...

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Spain's Santander misses forecasts as Q1 profit drops 26 percent

MADRID (Reuters) - The euro zone's biggest bank Santander on Thursday posted a 25.9 percent drop in net profit from a year ago to 1.205 billion euros (1 billion pounds), missing analyst forecasts in a...

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VW to boost China production to offset weak Europe

WOLFSBURG, Germany (Reuters) - Volkswagen , Europe's biggest carmaker, will step up production in fast-growing emerging markets like China to offset deteriorating demand closer to home, it said on...

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Volkswagen CEO's pay nearly doubles to 17.5 mln euros

WOLFSBURG, March 12 (Reuters) - Volkswagen Chief Executive Officer Martin Winterkorn's pay nearly doubled last year as Europe's biggest car maker posted record profits and deliveries. Winterkorn...

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Volkswagen to post record profit, cut bonuses

By Andreas Cremer BERLIN (Reuters) - German carmaker Volkswagen is poised to unveil another record profit and limit bonuses for management, further highlighting the gaping divide among Europe's...

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Volkswagen group sales rise 11 percent in June

BERLIN (Reuters) - Volkswagen group sales rose 11 percent in June to 719,400 vehicles, extending six-month deliveries by 8.9 percent to 4.45 million, the company said in a statement on Friday. "We...

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Porsche says new Panamera sales to beat old model

By Andreas Cremer and Hendrik Sackmann (Reuters) - German sports-car maker Porsche said sales of the overhauled Panamera coupe may beat deliveries of the four-door model's first generation. Porsche...

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Volkswagen says to build engine plant in Russia

FRANKFURT (Reuters) - German carmaker Volkswagen said it plans to invest about 250 million euros (198 million pounds) to erect an engine plant in Russia to shore up its presence in one of its key...

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squeezing discounts catch up with Volkswagen's Audi

By Andreas Cremer INGOLSTADT, Germany (Reuters) - German luxury carmaker Audi , Volkswagen's key profit driver, is finally feeling the pinch from weak European markets as stagnant earnings force it to...

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VW says 2013 will be tough, eyes H2 upturn

HANOVER, Germany (Reuters) - Germany's Volkswagen said it was bracing for a tough year, though the automaker trusts that its business may improve in the second half as overseas markets keep growing....

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Daimler has 90,000 orders for revamped A-Class - Report

BERLIN (Reuters) - Germany's Daimler has almost 90,000 orders for the revamped A-class compact of its Mercedes-Benz luxury division, Die Zeit reported, citing Chief Executive Dieter Zetsche. That...

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VW profit slumps on European gloom and tech costs

By Andreas Cremer BERLIN (Reuters) - Volkswagen's third-quarter profit fell by a fifth as the deepening slump in Europe's car market caught up with the region's biggest auto maker and it invested in a...

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VW eyes flat 2013 profit as crisis kicks in

BERLIN (Reuters) - Volkswagen's pursuit of record profits may suffer a setback this year as Europe's biggest carmaker becomes more cautious on its business outlook amid declining European auto...

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Volkswagen earnings growth slowed by tech costs and euro crisis

By Andreas Cremer BERLIN (Reuters) - Germany's Volkswagen AG suffered a slowdown in underlying profit growth in the second quarter, as costs of a technology overhaul and Europe's deepening debt crisis...

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Audi says February sales up 3.2 percent to 110,000 vehicles

FRANKFURT (Reuters) - Volkswagen's luxury division Audi increased sales in February by 3.2 percent to a record 110,000 vehicles, benefiting from double-digit delivery growth in the United States and...

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VW nine-month group sales up 10.6 percent to 6.802 million cars

BERLIN (Reuters) - Volkswagen AG , Europe's largest carmaker, said on Monday that group sales increased 10.6 percent during the first nine months to 6.802 million vehicles, according to an online...

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Volkswagen's Porsche brand aims for flat profits in 2013

STUTTGART, Germany (Reuters) - Volkswagen's sports car brand Porsche is aiming to match last year's profits in 2013, the company said on Friday. In 2012 Porsche posted an operating profit of 2.44...

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Europe's healthier carmakers flinch as market slumps

By Andreas Cremer BERLIN (Reuters) - Europe's deepening car market slump is starting to strain its most prosperous automakers as they respond to profit-crushing discounts imposed by loss-making rivals...

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Volkswagen CEO says "open" to further acquisitions

By Andreas Cremer and Jan Schwartz WOLFSBURG, Germany (Reuters) - Volkswagen remains "open" to making further acquisitions, though the German group has its work cut out integrating its twelve brands,...

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VW's Audi grapples with stagnant profit as crisis kicks in

INGOLSTADT, Germany (Reuters) - Volkswagen's Audi is grappling with stagnant earnings as the world's second-largest luxury car maker feels the impact of slumping auto demand in core European markets....

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Volkswagen's Audi grapples with stagnant profit as crisis kicks in

INGOLSTADT, Germany (Reuters) - Volkswagen's main profit driver Audi is grappling with stagnant earnings as the world's second-largest luxury carmaker feels the pinch of slumping auto demand in core...

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Volkswagen says nine-month operating profit falls 1.6 percent

BERLIN (Reuters) - Germany's Volkswagen said on Wednesday that nine-month operating profit fell 1.6 percent to 8.84 billion euros (7.17 billion pounds), reflecting the costs of a technology overhaul...

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Daimler scraps profit goal after first quarter earnings plunge

BERLIN (Reuters) - German automaker Daimler scrapped its earnings forecast on Wednesday after first-quarter profit plunged more than half due to a prolonged slump in European markets and...

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Bentley H1 sales rise as U.S., Mideast gains offset China drop

BERLIN (Reuters) - Bentley Motors, Volkswagen's ultra-luxury division, said half-year sales rose 9 percent to 4,279 sedans as growth in Europe, the United States and Middle East outweighed falling...

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VW's Audi to hit sales target of 1.5 million two years early-report

BERLIN (Reuters) - Volkswagen's luxury division Audi will hit its sales target of 1.5 million cars in 2013, two years earlier than planned, its Chief Executive Rupert Stadler said in an interview in...

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VW says H1 Audi operating profit drops 8 pct to 2.64 billion euros

BERLIN (Reuters) - German carmaker Volkswagen said on Wednesday that first-half operating profit of its flagship Audi luxury division fell 8 percent to 2.64 billion euros (2.2 billion pounds) from...

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VW brand sales rise despite 'ongoing uncertainty' in markets

BERLIN (Reuters) - German automaker Volkswagen said sales of its core passenger-car brand rose 2 percent in October "despite ongoing economic uncertainty." Deliveries at VW's namesake brand increased...

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German parts maker Schaeffler to cut up to 750 jobs-union

BERLIN (Reuters) - German union IG Metall said on Sunday that car parts supplier Schaeffler plans to weed out as many as half of 1,500 jobs at a facility in western Germany. Schaeffler, a family-owned...

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Daimler likely to cut 2013 outlook on weak European demand

BERLIN (Reuters) - German premium carmaker Daimler is likely to cut its profit expectations for the year, after it said on Wednesday that its core European markets continue to weaken. Daimler has...

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Daimler may cut 2013 outlook on weak European demand

By Hendrik Sackmann BERLIN (Reuters) - German premium carmaker Daimler said it might cut its 2013 profit expectations this month, sparking sharp criticism from shareholders gathering for Wednesday's...

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BMW brand sales up 4 percent in March, outpacing Audi and Mercedes

BERLIN (Reuters) - Germany's BMW increased sales of its luxury-brand vehicles by 4 percent in March to 159,195 autos, its single highest monthly sales tally ever. BMW brand deliveries rose 7 percent...

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Euro zone consumer confidence rises in April

BRUSSELS (Reuters) - Consumer morale in the euro zone improved in April, the European Commission said on Monday, but remained well below the currency area's long-term average. The Commission said...

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