European Press Roundup: Portugal Fines Insurer Cartel, German Banks Accused of Withholding Interest Payments

In Europe today, stocks waver a day after the U.S. Federal Reserve cut interest rates but didn't signal more stimulus was on the way. The top business story: Shares in Royal Dutch Shell slide 5% after profits plunged on lower oil and gas prices. Read about the above topics on Dow Jones Newswires or WSJ.com.

In Other Media...

Portugal's competition commission issues a record fine of EUR54 million to a group of insurers including Zurich and Lusitania for operating as a cartel to set prices for business customers. -Jornal de Negocios

The Consumer Protection Association from the German state of Baden-Wuerttemberg accuses the state's Sparkassen banks and 31 other banks from withholding roughly EUR2,000 of interest on average from their customers in savings contracts with variable interest rates. -Handelsblatt

Greece's new government submits a law proposal to cut property tax by up to 30%. -Kathimerini

Davide Campari-Milano reaches a preliminary deal to sell Villa Les Cedres on the French Riviera for about EUR200 million to an unspecified buyer for private use. The villa is part of the assets that the Italian beverage company acquired with the purchase of Grand Marnier Group in 2016. -La Repubblica

France fines electric utility company EDF EUR1.8 million for late payments to suppliers -Les Echos

Snam reports a rise in first-half net profit and raises its full-year earnings guidance. The Italian gas company's net profit rose 11% to EUR581 million. The company expects net profit to rise to between 6% and 7%, compared with an earlier forecast of 5%. -La Repubblica

Spain's Liberbank says its first-half net profit fell 14% year-on-year. -Cinco Dias

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(END) Dow Jones Newswires

August 01, 2019 06:51 ET (10:51 GMT)

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