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Business

  • Two countries, one decision

    The two countries referred to in the title of this week’s contribution are the US and Germany. The decision that each has to take is their future medium- to long-term economic strategy. Both countries will be having an election over the next 12...

  • Germany denies preparing to rescue Deutsche Bank

    Germany denies preparing to rescue Deutsche Bank

    The German government denied that it was working on a rescue of Deutsche Bank after a newspaper report about such plans fuelled fears over the future of the biggest lender in Europe’s largest economy. European Central Bank president Mario Draghi...

  • Opec agrees modest oil output curbs in first deal since 2008

    Opec agrees modest oil output curbs in first deal since 2008

    Opec agreed on modest oil output cuts in the first such deal since 2008, with the group’s leader, Saudi Arabia, softening its stance on arch-rival Iran amid mounting pressure from low oil prices. “Opec made an exceptional decision today... After...

  • Commerzbank to cut nearly 10,000 jobs, halt dividend

    Commerzbank to cut nearly 10,000 jobs, halt dividend

    Commerzbank yesterday said it would cut nearly 10,000 jobs or more than a fifth of its workforce and stop paying dividends for the time being as it restructures to become profitable on a more sustainable basis by 2020. Germany’s second biggest...

  • Oil gains, energy shares buoy global stocks

    Energy shares buoyed global stocks yesterday as crude prices added to the previous session’s gains on optimism over a plan among Opec members to curb output. The expected agreement lifted the currencies of crude-producing countries like Norway and...

  • Share index halts 5-day positive streak

    The share index closed lower for the first time in a week as it retreated by a minimal 0.08 per cent to 4,455.970 points, reflecting the declines in the share prices of Lombard and RS2 which outweighed the gains in Mapfre Middlesea, BOV and Malta...

  • New CEO for AX Holdings

    New CEO for AX Holdings

    Michael Warrington has been appointed the new CEO of AX Holdings, the group announced today. Mr Warrington has been working with the AX Group for over 16 years and has worked closely with chairman and now former CEO Angelo Xuereb. He will assume...

  • NXP Semiconductors pushing the boundary of the internet of things

    NXP Semiconductors pushing the boundary of the internet of things

    The roller coaster ride in equity markets experienced in the past few years has led many to believe that somehow industrial innovation has stood still. This is far from the truth; the boundary that limits everyday life is being pushed aggressively...

  • Wells Fargo CEO forfeits millions as board orders review

    Wells Fargo CEO forfeits millions as board orders review

    Wells Fargo & Co. said chief executive officer John Stumpf will forfeit unvested equity awards worth about $41 million and will not get a salary while the company’s board investigates the bank’s sales practices. Carrie Tolstedt, the former head of...

  • Global stocks fall as oil seesaws

    US stock prices slipped yesterday after comments from Federal Reserve Chair Janet Yellen raised concerns about increased banking regulations, while oil prices rose in choppy trading amid hopes of an output agreement and data showing a...

  • Britain, France to sign Hinkley Point nuclear deal today

    Britain, France to sign Hinkley Point nuclear deal today

    The British government and France’s EDF will officially sign a contract to build Britain’s first new nuclear power plant in a generation today, after months of wrangling over the involvement of EDF’s Chinese partner, sources said...

  • Shipping movements

    The following ships are expected in Malta: The MSC Deila from Singapore to Barcelona, the MSC Margrit from Valencia to Salalah (bogh John Ripard & Son Ltd), the Seago Istanbul from Algeciras to Piraeus, the Avera from Tunis to Tunis (both Thomas...

  • RBS to pay $1.1bn to resolve US mortgage claims

    Royal Bank of Scotland Group Plc will pay $1.1 billion to resolve claims that it sold toxic mortgage-backed securities to credit unions that later failed, the US National Credit Union Administration (NCUA) said. The resolution comes as RBS...

  • Greek PM Tsipras expects ‘positive news’ on debt by year end

    Greek Prime Minister Alexis Tsipras said yesterday he expected a positive outcome to discussions on debt relief for the country this year. Greece’s debt pile corresponds to 176 per cent of its national output. Lenders have promised to look at...

  • Deutsche Post buys UK Mail

    Deutsche Post yesterday has reached an agreement to acquire UK Mail Group for cash, valuing it at £243 million. Deutsche Post hopes the deal will deliver significant synergy benefits and strengthen its position in the British mailing...

  • Termination of SAD’s export business dents PTL’s results

    PTL Holdings plc was established in 2013 and in November 2014, it issued €36 million in bonds in order to repay bank loans and other short-term borrowings taken out to finance the acquisitions of two of its subsidiaries, SAD and Apco. PTL Holdings...

  • Material impacts and the US Presidential saga

    Material impacts and the US Presidential saga

    It’s been an interesting couple of weeks. The building pressure of an upcoming US election coupled with Brexit uncertainties, central bank policy meetings and false hope out of the energy sector have done enough to rattle financial markets, albeit...

  • Limits to use of fixed-term contracts

    The use by employers of successive fixed-term contracts in order to cover permanent employment requirements is illegal, the Court of Justice of the European Union (CJEU) recently affirmed. EU law seeks to safeguard employees engaged on fixed-term...

  • WTO cuts its forecast for world trade growth to 1.7%

    WTO cuts its forecast for world trade growth to 1.7%

    The World Trade Organisation cut its forecast for global trade growth this year by more than a third yesterday, reflecting a slowdown in China and falling levels of imports into the US. The new figure of 1.7 per cent, down from the WTO’s previous...

  • France unlikely to achieve 2017 deficit target – fiscal watchdog

    France is unlikely to meet its 2017 budget deficit target, the country’s independent fiscal watchdog said yesterday, casting doubt on the government’s plan to cut the shortfall to less than three per cent of output. The High Council of Public...