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International

  • EU to propose ‘binding’ multinational tax rules

    EU to propose ‘binding’ multinational tax rules

    The European Commission will propose a new set of binding rules by the end of January to curb corporate tax avoidance, in another move to counter unfair or illegal tax practices of multinationals, EU officials said. Multinational corporations have...

  • Oil’s slide below $30 sends shockwaves

    US oil stumbled below $30 for the first time in 12 years to levels that threaten the survival of many US shale firms, spur more belt-tightening by oil majors and spell more pain for crude-producing nations and regions. A seven-day losing streak...

  • BP to slash thousands more jobs in face of oil downturn

    BP to slash thousands more jobs in face of oil downturn

    British oil and gas company BP announced plans to slash five per cent of its global workforce in the face of a continued slump in oil prices. It said it aims to reduce its global oil production, or upstream, headcount by 4,000 to 20,000 as it...

  • Oil rally stalls after stockpile data as shares pull back

    A rebound in oil prices faltered yesterday as US data showed a rise in crude inventories, while US and European shares gave up earlier gains. The retreat in oil prices cut short a rally in commodities and equities that had been fuelled by...

  • GE plans to cut 6,500 jobs in Europe in next two years

    GE plans to cut 6,500 jobs in Europe in next two years

    General Electric plans to cut 6,500 jobs in Europe over the next two years a spokesman for the company in France said yesterday. The spokesman added that GE was sticking to its pledge to create 1,000 net jobs in France in the next three years as...

  • Excess emissions detected in Mercedes model – German lobby

    German environmental lobby group DUH turned on carmaker Daimler yesterday, saying test results had shown nitrogen oxide emissions from one of its Mercedes diesel models far exceeded European legal limits. Daimler described the results from the...

  • Markets ‘overreacted’ to ECB’s December 3 move

    Markets ‘overreacted’ to ECB’s December 3 move

    Measures announced on December 3 by the European Central Bank, including €360 billion of additional asset buying, were sufficiently accommodative and the market reaction excessive, France’s ECB governing council member said. The ECB surprised...

  • Barclays considers scaling back in Africa – FT

    New Barclays chief executive Jes Staley is considering selling some or all of the British bank’s African operations as part of his strategic review, the Financial Times said. Staley has raised questions about the strategic fit of the large African...

  • Shell, Gunvor to supply 120 LNG cargoes to Pakistan – sources

    Oil major Shell and trading house Gunvor will supply Pakistan with 120 liquefied natural gas (LNG) cargoes between 2016 and 2020 after both companies submitted the lowest offers in two highly sought after tenders, trade sources said. Pakistan...

  • Eurozone inflation revised up to 0.2% in November

    Eurozone inflation revised up to 0.2% in November

    Eurozone inflation was revised up to 0.2 per cent in November, rising slightly more than expected mostly because of a slowdown in the decline of energy prices, the EU statistics agency said yesterday. Eurostat previously estimated inflation at 0.1...

  • US Fed signals faith in economy with first interest hike in 10 years

    Global equity markets rallied in volatile trade while the dollar and US Treasury yields rose yesterday after the US Federal Reserve announced it would raise interest rates for the first time in nearly a decade. The US central bank's policy-setting...

  • Eurozone core inflation fall bolsters ECB case for easing

    Eurozone core inflation fall bolsters ECB case for easing

    Eurozone core inflation unexpectedly slowed in November, offering yet another argument for the European Central Bank to ease policy today as price growth looks set to stay below its target for years to come. Headline inflation across the 19-member...

  • Bank of China may make Vienna its hub for emerging Europe

    Bank of China is expected to open an office in Vienna at the start of next year and could make Austria its hub for central and eastern Europe (CEE) if the conditions are favourable, Forbes Austria reported yesterday. “The decisive thing for us is...

  • Dollar strength continues after Yellen comments

    The dollar extended gains yesterday and stocks dipped on Wall Street, as Federal Reserve Chair Janet Yellen signalled a readiness to hike interest rates and investors took in US data that indicated a strengthening labour market. Ms Yellen said she...

  • VW, banks agree terms of a €20bn bridge loan

    VW, banks agree terms of a €20bn bridge loan

    Volkswagen has reached an agreement with banks on the terms of a planned €20 billion bridge loan to help it shoulder the costs of its emissions scandal, three people familiar with the matter said. Europe’s largest automaker is under pressure to...

  • ON Semiconductor is to buy Fairchild in $2.4 billion deal

    ON Semiconductor Corp. said it would buy Fairchild Semiconductor International Inc in a $2.4 billion deal, the latest in a rapidly consolidating semiconductor industry. The offer of $20 per share represents a premium of nearly 12 per cent to...

  • Oil firm Total to spend less on Norway in 2016

    Oil firm Total to spend less on Norway in 2016

    French oil firm Total will spend slightly less next year on the Norwegian continental shelf than it did this year, a senior company official told Reuters yesterday. “What we’re looking at is now the number of wells that we will have and of course...

  • US-backed Pacific trade deal a boon for e-commerce – FedEx, DHL

    A landmark US-backed Pacific trade deal will give a boost to an already booming e-commerce industry in the region, executives at global delivery firms FedEx Corp and Deutsche Post DHL Group told Reuters. The Trans-Pacific Partnership agreement,...

  • European shares dip

    European shares fell yesterday, retreating from solid gains in the previous session, with French industrial gas company Air Liquide slipping after announcing an expensive-looking acquisition. There appeared to be limited market reaction to news...

  • Renault-Nissan boardroom fight intends to mask French merger

    Renault-Nissan boardroom fight intends to mask French merger

    French Economy Minister Emmanuel Macron is pressuring Renault boss Carlos Ghosn to undertake a full merger with alliance partner Nissan on the government’s terms, people with knowledge of the matter told Reuters. Macron’s push sheds more light on...

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