Reuters UK

UK coal mine decision delayed a second time

LONDON (Reuters) -A British government decision on whether to allow the construction of a new coal mine in Cumbria, northwest England, has been delayed for the second time in just over a month, according to a government letter seen by Reuters. A decision on the mine was originally expected in July, but was delayed to "on or before Aug. 17" after the minister responsible for the relevant department was sacked by Prime Minister Boris Johnson. Johnson himself then resigned, and the contest to replace him as prime minister and leader of the governing Conservative Party is due to run until Sept. 5....

Dollar drops on cooler-than-expected U.S. inflation data

By John McCrank NEW YORK (Reuters) - The dollar fell broadly on Wednesday following a cooler-than-expected U.S. inflation report for July that raised expectations of a less aggressive interest rate hike cycle than previously anticipated from the Federal Reserve. U.S. consumer prices were unchanged on a monthly basis in July as the cost of gasoline plunged, delivering the first notable sign of relief for Americans who have watched inflation climb over the past two years. [nL1N2ZL0KI] Economists polled by Reuters had forecast a 0.2% rise in the monthly Consumer Price Index (CPI) on the heels of ...

Deliveroo to exit Netherlands, loss widens in first-half

LONDON (Reuters) - Britain's Deliveroo said it would quit the Netherlands after failing to gain a strong local position, as it reported a larger pretax loss in "challenging market conditions" in the first half. The food delivery company, which slashed its full-year revenue outlook last month after a sharp slowdown in its second quarter, reported a pretax loss of 147 million pounds ($177 million) in the first half compared to a 95 million pounds loss a year ago. Deliveroo, which competes with Just Eat Takeaway and Uber Eats, said the Netherlands accounted for 1% of its gross transaction value (...

Explainer-How could the new U.S. corporate minimum tax affect companies?

By Rose Horowitch and David Lawder WASHINGTON (Reuters) - The main revenue source in the U.S. Senate's newly passed tax, climate and drugs bill is a novel 15% corporate minimum tax aimed at stopping large, profitable companies from gaming the Internal Revenue Service code to slash their tax bills to zero. The nonpartisan Joint Committee on Taxation estimates that the new tax will add around $222 billion to U.S. government coffers over the next 10 years, down from a previous projection of $313 billion after last-minute changes to the bill. It will apply to companies with more than $1 billion in...

Stocks climb, dollar falls after inflation data

By Sinéad Carew NEW YORK (Reuters) - Wall Street equities rallied and the dollar tumbled after signs of sharply decelerating U.S. inflation prompted bets that the Federal Reserve would raise interest rates at a slower pace than previously expected. While Treasury yields since regained some ground, they had tumbled after data showed consumer prices did not rise in July as the cost of gasoline fell, delivering the first notable sign of relief for Americans who have watched inflation soar over the past two years. Traders priced in a 50 basis points rate hike next month, compared with the 75 bps i...

Oil rises on renewed gasoline demand, weak dollar

By David Gaffen NEW YORK (Reuters) -Oil prices rose on Wednesday, rebounding from losses early in the session, helped by encouraging figures on U.S. gasoline demand and as lower-than-expected U.S. inflation data drove investors into riskier assets. Brent crude futures settled up $1.09, or 1.1%, to $97.40 a barrel, while U.S. West Texas Intermediate crude futures gained $1.43, or 1.6%, to $91.93. U.S. crude oil stocks rose by 5.5 million barrels in the most recent week, the U.S. Energy Information Administration said, more than the expected increase of 73,000 barrels. However, U.S. gasoline sto...

Trump declines to answer questions in N.Y. attorney general investigation

By Karen Freifeld NEW YORK (Reuters) -Former U.S. President Donald Trump said on Wednesday he refused to answer questions during an appearance before New York state's attorney general in a civil investigation into his family's business practices, citing his constitutional right against self-incrimination. Trump, his son Donald Trump Jr. and daughter Ivanka Trump had fought unsuccessfully to avoid appearing for testimony in state Attorney General Letitia James's probe into whether the Trump Organization inflated real estate values to obtain favorable loans and understated asset values to get ta...

Coca-Cola bottler to detail costs of exiting Russia

By Jessica DiNapoli NEW YORK (Reuters) - Coca-Cola Co's bottler Coca Cola HBC AG will on Thursday detail the cost of stopping production and sales of Coke in Russia, a goal that has taken five months to reach as the company used up its existing supplies. Atlanta-based Coca-Cola Co, which relied on Coca Cola HBC to manufacture and distribute its sodas in Russia, said in March it would suspend production in the country. The Swiss-based bottler, in which Coca-Cola has a 20% stake, has since then been using up its remaining stock. It placed its last orders for concentrate in March. Coca-Cola HBC l...

China military 'completes tasks' around Taiwan, plans regular patrols

By Martin Quin Pollard and Yimou Lee BEIJING/TAIPEI (Reuters) -China's military has "completed various tasks" around Taiwan but will conduct regular patrols, it said on Wednesday, potentially signalling an end to days of war games but also that Beijing will keep up its pressure on the island. Furious at a visit to Taipei last week by U.S. House of Representatives Speaker Nancy Pelosi, China had extended its largest-ever exercises around the self-ruled island it claims as its own beyond the four days originally scheduled. Last week's drills included launches of ballistic missiles, some of which...

Ukraine and Russia: What you need to know right now

(Reuters) - Ukraine on Wednesday accused Russia of exploiting its position in a nuclear power plant it had seized to target a nearby town in a rocket attack that killed at least 13 people and left many others seriously wounded. FIGHTING * Russia launched 80 Grad rockets at the town of Marhanets across the Dnipro river from the Zaporizhzhia plant on Tuesday, Valentyn Reznychenko, governor of the central Dnipropetrovsk region, said, adding that more than 20 buildings were damaged. * There was no immediate comment from Russia, which has accused Ukraine of shelling the plant, something Kyiv denies...