France's SBF 120 newcomer OVH reports 9.3% Q3 revenue growth
The company, which joined France's SBF 120 index in June, said its Public Cloud offering grew 17%, with new customer acquisition rising 12%. Its Private Cloud segment also expanded, reporting a 25% increase in new customers during the quarter.
OVH reaffirmed its full-year guidance.
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The Independent
2 hours ago
- The Independent
BT refunds £18m to customers over contract failures
BT has refunded £18 million to customers after Ofcom ruled it did not give them enough information about their contracts. The regulator fined BT £2.8 million last year after it failed to provide some EE and Plusnet customers with 'clear and simple' contract information before signing up to a new deal. Since June 2022, phone and broadband companies have been required to give consumers and small businesses the details of a contract, as well as a short summary of the key terms, before signing up. This includes the price and length of the contract, the speed of the service and any early exit fees. Ofcom opened an investigation into BT, which owns EE and Plusnet, having received information it may have failed to provide the documents. It found more than 1.3 million sales were made without providing customers with the adequate information. At least 1.1 million customers were affected. Ofcom found the telecoms giant broke consumer protection rules, requiring BT to contact affected customers, explaining it had not provided them with the necessary information. However, some affected customers left BT before the end of their contract and may have been charged an early exit fee, according to Ofcom. In a statement, Ofcom said: 'As well as fining BT, we also required it to amend its sales process and refund any affected customers who may have been charged for leaving before the end of their contract period. We told the company that if it was unable to refund any money, it must donate it to charity. 'As a result of this enforcement action, BT has now refunded or credited £18 million back to customers and donated £440,000 across 17 charities where refunds or credits were not possible.' A BT spokesman said: 'We're sorry that pre-contract information and contract summary documents were not available to some of our customers in a timely manner. 'We have taken steps to proactively contact affected customers and refund them if they had subsequently paid any early termination charges. We take compliance seriously at BT and have worked closely with Ofcom to implement all remedial actions.'
The Independent
2 hours ago
- The Independent
Higher US tariffs part of the price Europe was willing to pay for its security and arms for Ukraine
France's prime minister described it as a 'dark day' for the European Union, a 'submission' to U.S. tariff demands. Commentators said EU Commission chief Ursula von der Leyen's handshake with President Donald Trump amounted to capitulation. The trouble is, Europe depends mightily on the United States, and not just for trade. Mirroring Trump, Von der Leyen gushed that the arrangement she endorsed over the weekend to set U.S. tariff levels on most European exports to 15%, which is 10% higher than currently, was 'huge.' Her staff texted reporters insisting that the pact, which starts to enter force on Friday, is the 'biggest trade deal ever.' A month after NATO Secretary-General Mark Rutte ingratiated himself with Trump by referring to him as 'daddy,' the Europeans had again conceded that swallowing the costs and praising an unpredictable president is more palatable than losing America. 'It's not only about the trade. It's about security. It's about Ukraine. It's about current geopolitical volatility. I cannot go into all the details,' EU Trade Commissioner Maroš Šefčovič told reporters Monday. 'I can assure you it was not only about the trade,' he insisted, a day after 'the deal' was sealed in an hour-long meeting once Trump finished playing a round of golf with his son at the course he owns in Scotland. The state of Europe's security dependency Indeed, Europe depends on the U.S. for its security and that security is anything but a game, especially since Russia invaded Ukraine. U.S. allies are convinced that, should he win, President Vladimir Putin is likely to take aim at one of them next. So high are these fears that European countries are buying U.S. weapons to help Ukraine to defend itself. Some are prepared to send their own air defense systems and replace them with U.S. equipment, once it can be delivered. 'We're going to be sending now military equipment and other equipment to NATO, and they'll be doing what they want, but I guess it's for the most part working with Ukraine,' Trump said Sunday, sounding ambivalent about America's role in the alliance. The Europeans also are wary about a U.S. troop drawdown, which the Pentagon is expected to announce by October. Around 84,000 U.S. personnel are based in Europe, and they guarantee NATO's deterrent effect against an adversary like Russia. At the same time, Trump is slapping duties on America's own NATO partners, ostensibly due to concerns about U.S. security interests, using Section 232 of the Trade Expansion Act, a logic that seems absurd from across the Atlantic. Weaning Europe off foreign suppliers 'The EU is in a difficult situation because we're very dependent on the U.S. for security,' said Niclas Poitiers at the Bruegel research institution in Brussels. 'Ukraine is a very big part of that, but also generally our defense is underwritten by NATO.' 'I think there was not a big willingness to pick a major fight, which is the one (the EU) might have needed with the U.S.' to better position itself on trade, Poitiers told The Associated Press about key reasons for von der Leyen to accept the tariff demands. Part of the agreement involves a commitment to buy American oil and gas. Over the course of the Russia-Ukraine war, now in its fourth year, most of the EU has slashed its dependence on unreliable energy supplies from Russia, but Hungary and Slovakia still have not. 'Purchases of U.S. energy products will diversify our sources of supply and contribute to Europe's energy security. We will replace Russian gas and oil with significant purchases of U.S. LNG, oil and nuclear fuels,' von der Leyen said in Scotland on Sunday. 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A price Europe feels it must pay Von der Leyen did not appear obsequious in her meeting with Trump. She often stared at the floor or smiled politely. She did not rebut Trump when he said that only America is sending aid to Gaza. The EU is world's biggest supplier of aid to the Palestinians. With Trump's threat of 30% tariffs hanging over European exports — whether real or brinksmanship is hard to say — and facing the prospect of a full-blown trade dispute while Europe's biggest war in decades rages, 15% may have been a cheap price to pay. 'In terms of the economic impact on the EU economy itself, it will be negative,' Poitiers said. 'But it's not something that is on a comparable magnitude like the energy crisis after the Russian invasion of Ukraine, or even COVID.' 'This is a negative shock for our economy, but it is something that's very manageable,' he said. It remains an open question as to how long this entente will last. ___
Reuters
2 hours ago
- Reuters
Vespa maker Piaggio's profit falls 42% in first half of 2025
July 29 (Reuters) - Italy's Piaggio ( opens new tab said on Tuesday its net profit fell 42.2% to 30.1 million euros ($34.84 million) in the first half of 2025 in a contracting market for motor vehicles. Piaggio, known for its iconic Vespa scooters, sold 238,400 vehicles between January and June this year, compared to 270,100 in the first half of 2024. "In historical moments like these, with international trade disputes and increased geopolitical tensions, being able to remain flexible, controlling liquidity and financial management, is essential," CEO Michele Colaninno said in a statement. The manufacturer said its earnings before interest, taxes, depreciation and amortization (EBITDA) fell 15.3% year-on-year to 147.1 million euros, with an EBITDA margin of 17.3%. The group also pledged to distribute an interim dividend of 4 euro cents per share on its 2025 results. ($1 = 0.8639 euros)
